The chart below shows the trend series, to November 2008, and seasonally adjusted series, to May 2009.
As the seasonally adjusted series are currently estimated using forward seasonal factors based on data to the June 2008 reference month, the seasonal adjustment factors have not been influenced by spending associated with the stimulus package.
In current price seasonally adjusted terms, Australian turnover increased by 1.0% in May 2009, following increases of 0.3% in April and 2.2% in March. Australian turnover increased in four of the five months prior to March 2009 including a 3.8% increase in December 2008.
All industry and state seasonally adjusted estimates for May 2009 are above the level of the comparable trend estimate at November 2008.