Shift Business Index


September 2022

Shift uses transaction data from a representative sample of business in Australia to gain insights into their financial and operational performance.

Last month: 83
YoY: 109
Last month: 109
YoY: 87
Last month: 117
YoY: 100
Last month: 117
YoY: 114
Table of Contents

Liquidity Index

The Liquidity Index is calculated by measuring changes in business liquidity to garner insights into the overall level of business health.

Liquidity is down 3 points in September, and down 22 points YoY.

  • The Hospitality sector followed a similar decline, falling 6 points against rising wages with a 9-point decline in Sales.


Sales declined in September, falling 6 points. The largest falls occurred within the Hospitality and Manufacturing sectors, down 9 and 11 points in the Sales Index.

Transport however continued its growth over Q3, with strong sales continuing to drive liquidity growth within the sector.

Supplier Spend

Supplier spend tracks business costs and expenditure on goods and services, material and equipment, utilities, fuel and insurance.

Supplier spend fell by 6 points over September, however remains up 11 points YoY. The Transport sector rising 1 point on the index was an outlier this month, with rising fuel spend contributing to this increase.

Wage Spend

Wage Spend tracks business spend on wages and salary payments.

Wage growth continued over September, rising one point. After a sharp growth in August, wage spend in the Hospitality sector fell 1 point, however Hospitality remains the leading industry in Wage spend. In the Construction sector, wage spend continued its growth, rising 3 points to a 111 point high, up 9 points YoY.

About the data

Shift Business Index

The Business Index is baselined to February 2021, using six months of average transactions as the denominator.

The Index is calculated by taking a representative sample of businesses from around Australia varied by size, industry and location and looking at their credit transactions across all account types (e.g. transaction, savings and credit card).