5676.0 - Business Indicators, Australia, Sep 2008
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/12/2008
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SEPTEMBER KEY POINTS
CHAIN VOLUME ESTIMATES
CURRENT PRICE ESTIMATES
CHANGES IN THIS ISSUE
A new base year, 2006-07, has been introduced into the chain volume estimates which has resulted in minor revisions to growth rates in subsequent periods. In addition, the chain volume estimates have been re-referenced to 2006-07. Additivity is preserved in the quarters of the reference year and subsequent quarters. Re-referencing affects the level of, but not the movements in, chain volume estimates.
As happens each year, a seasonal re-analysis has been undertaken based on estimates up to and including the June quarter 2008. No significant changes have occurred this re-analysis, resulting in only minor revisions to the seasonally adjusted estimates.
COMPARISON BETWEEN COMPANY GROSS OPERATING PROFITS AND GROSS OPERATING SURPLUS
Price changes have had an impact on the value of inventories held by Australian businesses this quarter. An inventories valuation adjustment (IVA) is applied in the calculation of the gross operating surplus of private non-financial corporations (GOS) estimate in the Australian National Accounts. As prices for inventories have risen in the September quarter, growth in GOS will be lower after the application of the IVA. The IVA for the September quarter is $3741m which is $564m higher than the June quarter IVA of $3177m. No adjustment is made to the company gross operating profits (CGOP) estimate in this publication and, as a result, users should exercise caution when comparing the two series. It should be noted that there are other differences between the two series. In particular, changes are made to GOS when annual benchmarks are applied and slightly different seasonal factors apply to the two series. Given this, while CGOP movements are an appropriate indicator for GOS, it is not the case that the two series will have equivalent seasonally adjusted movements from quarter to quarter.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Didier Rivet on Sydney (02) 9268 4900.
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