JUNE KEY FIGURES
Inventories (volume terms),
Trend estimates -
Company gross operating profits (current prices),
Trend estimates -
JUNE KEY POINTS
CHAIN VOLUME ESTIMATES
- The trend estimate for inventories increased 0.8% in the June quarter 2007. The seasonally adjusted estimate increased 0.4% this quarter with Manufacturing and Mining the largest contributors.
- The trend estimate for Manufacturing sales of goods and services increased 0.5% this quarter. The seasonally adjusted estimate fell 0.3% following a 1.3% rise in the March quarter.
- The trend estimate for Wholesale trade's sales of goods and services increased 1.0% this quarter. The seasonally adjusted estimate increased 0.4% following a 1.5% increase in the previous quarter.
CURRENT PRICE ESTIMATES
- The trend estimate for company gross operating profits increased 1.4% in the June quarter 2007. The seasonally adjusted estimate also increased 1.4% this quarter.
- The seasonally adjusted estimate for wages and salaries increased by 2.2% this quarter after a strong rise of 4.1% the previous quarter.
|ISSUE (QUARTER) ||Release Date|
|September 2007 ||3 December 2007|
|December 2007 ||3 March 2008|
CHANGES IN THIS ISSUE
This quarter seasonally adjusted and trend estimates have been included for the first time for sales of goods and services by state and for wages and salaries by state.
REVISIONS IN THIS ISSUE
This quarter there has been a change to the methodology of seasonal adjustment for Mining inventories. Rather than being seasonally adjusted at the current price level and the resulting factors being applied to the chain volume series, the chain volume series is now seasonally adjusted independently. This is now consistent with the methodology applied to sales of goods and services and is necessary because there appears to be some seasonality in prices.
This quarter trend breaks have been applied to Mining company gross operating profits and related profits series to be more consistent with sales of goods and services. These changes have resulted in revisions to the seasonally adjusted series.
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 June quarter, growth in GOS will be lower after the application of the IVA. The IVA for the June quarter is $825m which is $1,221m higher than March quarter IVA of -$397m. 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 Fiona Cotsell on Sydney (02) 9268 4241.