Company gross operating profits are continuing to grow, but at a below-average rate, according to the most recent data from the Australian Bureau of Statistics (ABS).

Since the turn of the century, gross profits in the March quarter have increased by an average of 3.1% on a quarterly basis and 10.6% on an annualised basis.

However, in the March 2023 quarter, gross profits rose by 0.5% on a quarterly basis and 7.1% on an annualised basis.

Focusing solely on the annualised results, these were the industries that recorded the biggest increases in gross profits:

• Accommodation & food services: up 130.2%
• Administrative & support services: up 37.5%
• Transport, postal & warehousing: up 37.3%

Meanwhile, these industries recorded the biggest declines:

• Rental, hiring & real estate services: down 13.4%
• Arts & recreation services: down 19.2%
• Financial & insurance services: down 41.5%