SEPTEMBER KEY FIGURES
Inventories (volume terms),
Trend estimates -
Company gross operating profits
Trend estimates -
SEPTEMBER KEY POINTS
CHAIN VOLUME ESTIMATES
- The trend estimate for inventories increased 1.0% in the September quarter 2007. The seasonally adjusted estimate increased 1.3% this quarter with Wholesale the largest contributor.
- The trend estimate for Manufacturing sales of goods and services decreased 0.2% this quarter. The seasonally adjusted estimate was unchanged following a 0.4% fall in the June quarter.
- The trend estimate for Wholesale trade's sales of goods and services decreased 0.1% this quarter. The seasonally adjusted estimate increased 0.4% following a 1.2% decrease in the previous quarter.
CURRENT PRICE ESTIMATES
- The trend estimate for company gross operating profits decreased 0.1% in the September quarter 2007. The seasonally adjusted estimate also decreased 2.1% this quarter.
- The seasonally adjusted estimate for wages and salaries increased by 1.5% this quarter, following a 2.7% rise in the previous quarter.
|ISSUE (QUARTER) ||Release Date|
|December 2007 ||3 March 2008|
|March 2008 ||2 June 2008|
CHANGES IN THIS ISSUE
This quarter the ABS has implemented improved methods of producing seasonally adjusted estimates, focused on the application of Autoregressive Integrated Moving Average (ARIMA) modelling techniques. This collection now uses concurrent seasonal adjustment with ARIMA modelling where applicable to reduce the level of revision to seasonally adjusted estimates.
In this quarter the new reference year will be 2005-06 for chain volume estimates. This will result in revisions to growth rates in quarters following 2005-06 but will preserve additivity in those quarters. For earlier periods re-referencing affects the levels of, but not the movements in, chain volume estimates.
This quarter a trend break has been applied to Other selected industries sales of goods and services as a result of a change from public sector to private sector of two entities. The change has impacted on the data series presented in this publication in regards to September quarter 2007 movements.
REVISIONS IN THIS ISSUE
There have been revisions to the Manufacturing Industry in this publication extending back to September 2001. As a result, the following series have been revised: Sales of Goods and Services, Company Gross Operating Profits and the related profits measures. These revisions have raised the level estimates for these series but have not significantly altered the movements.
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 fallen in the September quarter, growth in GOS will be higher after the application of the IVA. The IVA for the September quarter is $222m which is $611m lower than June quarter IVA of $833m. 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 4241.