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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Jun 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/09/2008   
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JUNE KEY FIGURES

% change Mar qtr 08 to Jun qtr 08
% change Jun qtr 07 to Jun qtr 08

GDP (Chain volume measure)
Trend
0.5
2.7
Seasonally adjusted
0.3
2.7
Final consumption expenditure (Chain volume measure)
Trend
0.6
3.4
Seasonally adjusted
0.2
3.3
Gross fixed capital formation (Chain volume measure)
Trend
2.3
7.7
Seasonally adjusted
2.9
7.0
GDP chain price index
Original
4.0
6.5
Terms of trade
Seasonally adjusted
13.1
15.6
Real net national disposable income
Trend
2.0
5.5
Seasonally adjusted
3.6
6.6


GDP growth rates, Volume measures, quarterly change
Graph: GDP growth rates, Volume measures, quarterly change

Contributions to GDP growth, Expenditure: Seasonally adjusted
Graph: Contributions to GDP growth, Expenditure: Seasonally adjusted




JUNE KEY POINTS


KEY AGGREGATES
  • In trend terms, GDP increased 0.5% and Non-farm GDP increased by 0.6%. GDP per hour worked in the market sector was flat and the Household saving ratio was 0.5.
  • In seasonally adjusted terms, GDP increased by 0.3% in the June quarter. Non-farm GDP increased by 0.5%. The Terms of trade rose 13.1% and Real gross domestic income rose 3.3%.


EXPENDITURE ON GDP
  • In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Machinery and equipment investment (0.9 percentage points) and Exports (0.5 percentage points). The largest negative contributions came from Imports (-0.6 percentage points), Inventories (-0.5 percentage points), Engineering construction investment (-0.2 percentage points) and Defence investment (-0.2 percentage points).


INDUSTRY GROSS VALUE ADDED
  • In seasonally adjusted terms, Property and business services contributed 0.3 percentage points to GDP growth, while Transport and storage contributed 0.2 percentage points. Agriculture, forestry and fishing detracted 0.2 percentage points from GDP growth.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
September 2008 3 December 2008
December 2008 4 March 2009



REVISIONS IN THIS ISSUE

Revisions have been made to a number of aggregates as follows:
  • the normal quarterly revisions due to the incorporation of more up-to-date source data and concurrent seasonal adjustment. Of note are revisions to quarters from 2006-07 onwards to the expenditure estimates of equipment, inventories, household consumption, the income estimates for wages and salaries, and the value added estimates for construction and finance and insurance.

The overall effect of these revisions has been to increase growth in the seasonally adjusted volume measure of GDP in March quarter 2008 by 0.1 percentage points.

The global financial crisis has caused changes in the structure and behaviour of financial markets. Sudden shifts in structural relationships which have existed for some time mean that data supplied by businesses to the ABS and ABS editing and compilation practices may not reflect the impact of these changes fully and in a timely manner. The ABS is working with providers and reviewing and updating, where needed, a range of methods relating to the collection and compilation of financial sector output, income, transactions, positions and prices.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Malcolm Adamson on Canberra (02) 6252 6711, email <national.accounts@ abs.gov.au>.


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