Australian National Accounts: National Income, Expenditure and Product

Latest release

Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving

Reference period
December 2023
Released
6/03/2024
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    Australian National Accounts: National Income, Expenditure and Product, March 2024
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    Australian National Accounts: National Income, Expenditure and Product, June 2024
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    Australian National Accounts: National Income, Expenditure and Product, September 2024
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Key statistics

  • The Australian economy rose 0.2% in seasonally adjusted chain volume measures 
  • In nominal terms, GDP rose 1.4% 
  • The terms of trade rose 2.2%
  • Household saving to income ratio increased to 3.2% from 1.9% 

In this release

Economic overview

Unless otherwise stated all figures are in seasonally adjusted, chain volume measures.

The reference year for chain volume measures is 2021-22.

December quarter key figures, percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Through the year, Dec 22 to Dec 23
Chain volume GDP and related measures (b)    
 GDP0.80.60.50.30.21.5
 GDP per capita (c)0.3--0.2-0.5-0.3-1.0
 Gross value added market sector (d)0.60.70.60.10.11.5
 Real net national disposable income0.61.6-0.9-0.51.41.6
Productivity      
 GDP per hour worked-1.2-0.3-1.71.00.5-0.4
 Real unit labour costs0.2-0.22.71.1-3.7
Prices       
 GDP chain price index (original)0.61.6-2.10.52.02.0
 Terms of trade-3.23.2-7.1-2.02.2-3.9
Current price measures      
 GDP1.52.3-0.71.41.44.4
 Household saving ratio3.83.53.01.93.2na

- nil or rounded to zero 
na not available 
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year. 
b. Reference year for chain volume measures and real income measures is 2021-22. 
c. Population estimates are as published in National, state and territory population and ABS projections. 
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector. 
 

Australian economy grew 0.2% in the December quarter 2023

Gross domestic product (GDP) rose 0.2%, driven by government expenditure and private business investment. Domestic demand continued to slow in the December quarter as households cut back on discretionary spending while investment slowed following three quarters of growth. 

Export prices rise while domestic inflation eases

Nominal GDP rose 1.4%. The GDP implicit price deflator (IPD) increased 1.2%, driven by a rise in export prices as demand from export markets for iron ore and coal increased. Import prices rose 0.8% driven by a weaker Australian dollar.

The domestic final demand IPD (+1.0%) experienced its softest rise since December quarter 2021. Prices for household consumption increased 0.8%, driven by prices for services which grew by 1.3%. Prices for goods declined for the first quarter since the September quarter 2021 COVID lockdowns as supply chains improved. 

Government spending continues to grow

Domestic final demand contributed 0.1 percentage points to GDP growth, driven by consumption.

Consumption contributed 0.2 percentage points to growth. Government consumption rose 0.6% to be 2.7% higher through-the-year. Household expenditure (+0.1%) had a small rise.

Investment detracted 0.1 percentage points from GDP growth, with both private (-0.2%) and public investment (-0.2%) falling over the quarter.

Changes in inventories detracted 0.3 percentage points from growth, recording a $2.7 billion run down in the December quarter. Mining inventories declined as coal inventories were run down to meet rising international demand. Wholesale Trade inventories also experienced a run-down driven by weaker grain production. 

  1. Contributions may not be additive due to rounding.

Fall in imports drives net trade

Imports of goods and services fell 3.4%, driven by falls in imports of consumption and capital goods. Imports of consumption goods fell across the board, while imports of capital goods declined with falls in industrial equipment and imports of agricultural machinery in line with a smaller winter harvest. Imports of services declined as Australians spent less money overseas.

Exports of goods and services fell 0.3%, driven by exports of goods (-0.4%). Exports of non-monetary gold drove the falls following strength in the September quarter. Exports of rural goods also fell as global demand for Australian grain softened. Non-rural goods offset the falls with rising international demand for coal and mineral ores.

Exports of services rose 0.5% as numbers of incoming travelers and international students continued to grow.

  1. Contributions may not be additive due to rounding.

Government sector expenditure rises

Government expenditure (+0.6%) contributed 0.1 percentage points to GDP. National non-defence rose 2.0% with strength in social benefits to households and employee expenses. Social benefits experienced broad based strength driven by a rise in health programs through Medicare and Pharmaceutical Benefits Scheme. Employee expenses rose with some Commonwealth agencies increasing staffing levels, including staff for the Referendum on an Aboriginal and Torres Strait Islander Voice.  

Defence spending fell 3.5% in the quarter following strength in the September quarter driven by defence exercises.

  1. Contributions may not be additive due to rounding.

Households stay at home due to cost-of-living pressures

Household spending rose 0.1% in December quarter as a rise in spending on essentials (0.7%) was offset by a fall in discretionary spending (-0.9%).

The rise in essential spending was driven by spending on Food and on Electricity, gas and other fuels, with higher demand for cooling as a result of warmer than average weather for the December quarter. Spending in Food coincides with a fall of 2.8% in Hotels, cafes and restaurant spending, suggesting households substituted eating out for cooking at home. Purchase of vehicles declined 3.6% following high levels of growth in the September quarter, but remained elevated through-the-year at 13.8%. 

 

Public and private investment slows

Investment fell 0.2% in the December quarter, with falls recorded in both private and public investment.

Private investment (-0.2%) fell driven by a fall in dwellings as elevated interest rates led to weak approvals and new dwelling commencements. Renovation activity also decreased in the quarter following strength in the September quarter.

Machinery and equipment (-1.6%) fell driven by lower demand for agricultural equipment and transport equipment.

Non-dwelling construction (+2.7%) partly offset the falls with work on data centres and warehouses during the quarter. 

Ownership transfer costs (+3.5%) also increased with rises observed across most states as residential housing market activity continued to grow.

Public investment (-0.2%) had a small fall driven by a fall in general government offset by a rise in public corporations investment. Despite the fall in the current quarter, the series remains at elevated levels.

Mining leads industry rises

Gross value added (GVA) rose 0.2% this quarter, with 12 out of 19 industries rising.

Mining rose 1.0% as activity increased following maintenance activity in the September quarter. International demand for iron ore and coal exports was serviced by rising levels of production as well as a large drawdown in mining inventories.

Public administration and safety rose 1.0%, driven by work on the Referendum on an Aboriginal and Torres Strait Islander Voice in October. Agriculture, Forestry and Fishing fell 3.4%, as dry conditions affected yields of winter crops such as wheat.

Accommodation and Food Services fell 3.2% as hotels, cafes and restaurants experienced a downturn in consumer spend.
 

Mining GOS rises for the first time since June 2022

Gross operating surplus (GOS) rose by 2.6%. Strength was driven by private non-financial corporations (+2.9%) as mining profits rebounded after five quarters of declines. Demand for steelmaking inputs in China boosted commodity prices and exports of iron ore and metallurgical coal. Non-mining industries GOS offset the rises with decreases in profits driven by higher operating expenses and falling domestic demand.

Financial corporations GOS (+1.6%) rose for the eighth consecutive quarter as households continued to roll-off fixed rate mortgages onto higher variable rates. 

Dwelling GOS rose 2.8% and remained at elevated levels through-the-year supported by strong ongoing demand for housing.

Public non-financial corporations GOS (-1.1%) partly offset the rises with falls observed in water and electricity infrastructure projects in the quarter.

COE maintains elevated levels in the December quarter

Compensation of employees (COE) rose 1.4%. Private COE rose 0.9%, with rises occurring across 12 of 16 market sector industries. Growth has moderated following the strong rise in the September quarter but remained at elevated levels amid strong competition to attract and retain skilled workers in the tight labour market.

Public COE rose 3.3% in the December quarter. It rose 9.1% through-the-year, the strongest growth since March 2011. The quarterly rise was driven by industrial reforms and new enterprise bargaining agreements following the lifting of wage caps across a number of states and territories. Wages were also boosted by increased employment at some government agencies including the Australian Electoral Commission with the Referendum on an Aboriginal and Torres Strait Islander Voice taking place during the quarter. 
 

Household saving ratio rose

The household saving to income ratio increased from 1.9% to 3.2% and has returned to the 3.0% growth range seen since the December 2022 quarter. 

The decline in the September quarter was driven by a significant increase in income tax payable due to a change in timing of final tax return submissions compared to previous years. Saving rose in the December quarter due to a rise in gross disposable income and a fall in income payable. Compensation of employees (+1.4%), social assistance benefits (+5.9%), and interest received (+6.7%) drove growth in income receivable, while income payable declined through a fall in income tax paid by households (-3.3%). 

Nominal household final consumption expenditure (+0.9%) partly offset household saving as prices for essential goods and services continued to rise.

Expenditure

Expenditure
 Sep 23 to Dec 23Dec 22 to Dec 23Sep 23 to Dec 23
 % change% change% points contribution to GDP growth
Final consumption expenditure   
 General government0.62.70.1
 Households0.10.1-
 Total final consumption expenditure0.20.90.2
Gross fixed capital formation   
 Private   
  Dwellings-3.8-3.1-0.2
  Ownership transfer costs3.54.80.1
  Non-dwelling construction2.79.10.1
  Machinery and equipment-1.67.4-0.1
  Cultivated biological resources-2.7-3.7-
  Intellectual property products0.98.6-
 Public-0.213.6-
 Total gross fixed capital formation-0.26.7-0.1
Changes in inventoriesnana-0.3
Gross national expenditure-0.21.3-0.2
Exports of goods and services-0.34.2-0.1
Imports of goods and services-3.43.50.7
Statistical discrepancy (E)nana-0.2
Gross domestic product0.21.50.2

- nil or rounded to zero (including null cells) 
na not available 
 

Final consumption expenditure (FCE) 0.2%

Household FCE rose 0.1%, driven by a:

  • 6.9% rise in electricity, gas and other fuel
  • 0.4% rise in rent and other dwelling services
  • 0.9% rise in food
  • 0.9% rise in health
  • 1.1% rise in furnishings and household equipment

The increase was partly offset by a:

  • 2.8% fall in hotels, cafes and restaurants
  • 3.6% fall in purchase of vehicles
  • 2.5% fall in clothing and footwear
  • 6.2% fall in cigarettes and tobacco

General government FCE rose 0.6%, driven by a:

  • 2.0% rise in national non-defence
  • 0.1% rise in state and local

The increase was partly offset by a:

  • 3.5% fall in national defence

Gross fixed capital formation (GFCF) -0.2%

Private investment decreased 0.2%, driven by a:

  • 3.8% fall in dwellings
  • 1.6% fall in machinery and equipment
  • 2.7% fall in cultivated biological resources

The decrease was partly offset by a:

  • 2.7% rise in non-dwelling construction
  • 3.5% rise in ownership transfer costs
  • 0.9% rise in intellectual property products

Public investment decreased 0.2%, driven by a:

  • 2.7% fall in state and local general government
  • 2.2% fall in commonwealth public corporations
  • 2.0% fall in national defence

The decrease was partly offset by a:

  • 7.6% rise in state and local public corporations
  • 2.0% rise in national non-defence

Changes in inventories

Total inventories fell $2,709m following a fall of $640m in the September quarter. The largest contributors to the decrease were a:

  • $1,607m fall in Mining
  • $1,112m fall in Wholesale Trade
  • $692m fall in Manufacturing
  • $171m fall in Farm
  • $134m fall in Other Non-Farm
  • $111m fall in Retail Trade

 
The fall was partly offset by a:

  • $1,117m rise in Public Authorities

Exports and imports of goods and services

Exports of goods and services fell 0.3%, driven by a:

  • 8.8% fall in non-monetary gold
  • 2.3% fall in other mineral fuels
  • 6.3% fall in cereals
  • 3.8% fall in other manufactures nes
     

The decrease was partly offset by a:

  • 3.9% rise in coal
  • 0.5% rise in mineral ores
  • 5.3% rise in metals and metal manufacturing
  • 1.2% rise in travel services

Imports of goods and services fell 3.4%, driven by a:

  • 9.0% fall in travel services
  • 8.1% fall in non-industrial transport equipment
  • 4.5% fall in consumption goods nes
  • 4.9% fall in machinery and industrial equipment
  • 3.8% fall in other services
  • 3.2% fall in processed industrial supplies nes

The fall was partly offset by a:

  • 9.8% rise in parts for transport equipment
  • 1.6% rise in fuels and lubricants  

Income

Income estimates are in seasonally adjusted current prices

Income
 Sep 23 to Dec 23Dec 22 to Dec 23Sep 23 to Dec 23
 % change% change% points contribution to GDP growth
Compensation of employees1.48.40.7
Gross operating surplus  
 Private non-financial corporations2.9-3.90.6
 Other (a)2.210.10.4
Gross mixed income-4.1-8.6-0.3
Taxes less subsidies on production and imports-0.35.5-
Statistical discrepancy (I)nana0.1
Gross domestic product1.44.41.4

- nil or rounded to zero (including null cells) 
na not available 
a. Includes Public non-financial corporations, Financial corporations, General government and Dwellings owned by persons. 
 

Compensation of employees (COE) 1.4%

Compensation of employees rose 1.4%, private sector COE rose 0.9% and public sector COE rose 3.3%. Strength in private sector COE was driven by increased wages, bonus payments and mandatory requirements related to aged care sector. Public sector COE rose due to increased activity from the the referendum on an Aboriginal and Torres Strait Islander Voice, various bonuses across state departments and higher wage outcomes for jobs paid by enterprise agreements. 

All states and territories recorded quarterly rises in COE. The largest increases were:

  • 3.7% rise in SA
  • 2.6% rise in NT
  • 2.1% rise in WA

Gross operating surplus (GOS) 2.6%

Private non-financial corporations GOS increased 2.9%, driven by a:

  • rise in Mining due to increase commodity prices for iron ore and coal, partly offset by a decrease in lithium and nickel prices
  • rise in Transport, Postal and Warehousing due to an increase in air travel and increased demand for postal services.
  • rise in Electricity, Gas, Water and Waste Services due to an increase in electricity after warmer than average temperatures and sustained retail prices for energy.

Other sectors GOS rose 2.2%, driven by a:

  • 2.8% rise in dwellings owned by persons
  • 1.6% rise in financial corporations
  • and offset by a 1.1% fall in public non-financial corporations

Taxes less subsidies on production and imports -0.3%

Taxes less subsidies on production and imports fell 0.3%. Taxes on production and imports fell 0.1% driven by a decrease in taxes on international trade, offset by rises in excise, payroll and gambling taxes. The fall in taxes on international trade was due to a decrease in import volumes of tobacco following a strong rise in the previous quarter. Subsidies on production rose 2.3% driven by a rise in payments to public non-financial corporations related to transport. 

Production

Production
 Sep 23 to Dec 23Dec 22 to Dec 23Sep 23 to Dec 23
 % change% change% points contribution to GDP growth
Agriculture, Forestry and Fishing-3.47.0-0.1
Mining1.0-0.30.1
Manufacturing-1.20.7-0.1
Electricity, Gas, Water and Waste Services0.92.6-
Construction0.63.6-
Wholesale Trade-0.6-1.4-
Retail Trade0.3-0.2-
Accommodation and Food Services-3.2-0.9-0.1
Transport, Postal and Warehousing-0.33.7-
Information Media and Telecommunications0.15.8-
Financial and Insurance Services0.41.2-
Rental, Hiring and Real Estate Services-0.72.5-
Professional, Scientific and Technical Services1.21.40.1
Administrative and Support Services0.70.2-
Public Administration and Safety1.03.30.1
Education and Training0.41.7-
Health Care and Social Assistance0.53.2-
Arts and Recreation Services-0.80.7-
Other Services1.45.6-
Ownership of dwellings0.41.6-
Taxes less subsidies on products-1.1-0.3-0.1
Statistical discrepancy (P)nana0.1
Gross domestic product0.21.50.2

- nil or rounded to zero (including null cells) 
na not available 
 

Agriculture, Forestry and Fishing -3.4%

The decrease was driven by a:

  • 3.7% fall in Agriculture as drier weather impacted grain yields.
  • 0.7% fall in Forestry and Fishing due to falls in agricultural support services.

Mining 1.0%

The increase was driven by a:

  • 1.9% rise in Iron Ore Mining due to reduced maintenance work.
  • 1.6% rise in Coal Mining from increased coking coal production.
  • 1.1% rise in Exploration and Mining Support Services.
  • 0.4% rise in Other Mining from increased gold and copper production. 


This was partly offset by a:

  • 0.8% fall in Oil and Gas Extraction.

Manufacturing -1.2%

The decrease was driven by a: 

  • 2.5% fall in Food, Beverage and Tobacco Products.
  • 2.1% fall in Other Manufacturing.
  • 1.8% fall in Machinery and Equipment, driven by Transport Equipment Manufacturing.

Electricity, Gas, Water and Waste Services 0.9%

The increase was driven by a:

  • 1.2% rise in Electricity Supply from warmer than average conditions, increasing household consumption.
  • 0.7% rise in Water Supply and Waste Services.
  • 0.7% rise in Gas Supply.

Construction 0.6%

The increase was driven by a:

  • 1.8% rise in Heavy and Civil Engineering driven by public energy and transport projects. 
  • 0.5% rise in Construction Services driven by finishing trades working through residential completions.

This was partly offset by a:

  • 0.5% fall in Building Construction due to decreased new residential building activity.

Wholesale Trade -0.6%

The decrease was driven by:

  • Basic Materials Wholesaling, due to decreased grain exports.
  • Grocery, Liquor, and Tobacco, due to weakness in tobacco and food wholesale. 

This was partly offset by:

  • An increase in Motor Vehicle and Motor Vehicle Parts Wholesaling driven by business investment

Retail 0.3%

The increase was driven by:

  • Other Store-Based Retailing due to increased demand for discounted household goods during sales events.
  • Food Retailing, driven by increased household spending at supermarkets and grocers.

This was partly offset by a:

  • Fall in Motor Vehicle and Motor Vehicle Parts Retailing as sales of motor vehicles eased. 

Accommodation and Food Services -3.2%

The decrease was driven by:

  • Food and Beverage Services due to easing demand for cafes, restaurants and pubs and clubs.
  • Accommodation Services driven by weakness in domestic tourism, as domestic tourists took shorter holidays.

Transport, Postal and Warehousing -0.3%

The decrease was driven by a:

  • 1.5% fall in Transport, Postal and Storage Services.
  • 0.5% fall in Road Transport in line with a fall in imports.

This was partly offset by a:

  • 2.3% rise in Air and Space Transport due to increased international travel.
  • 1.4% rise in Rail, Pipeline and Other Transport in line with strong commodity exports.

Information Media and Telecommunications 0.1%

The increase was driven by a: 

  • 2.7% rise in Telecommunication Services.

This was partly offset by a: 

  • 1.8% fall in Other Information & Media Services.

Financial and Insurance Services 0.4%

The increase was driven by a:

  • 0.8% rise in Other Financial and Insurance Services, driven by increases in superannuation, and mortgage brokering. 
  • 0.2% rise in Finance, driven by strength in dwelling loan and household deposit balances. 

Rental, Hiring and Real Estate Services -0.7%

The decrease was driven by a:

  • 2.8% fall in Rental and Hiring Services driven by decreased machinery hire.
  • 0.3% fall in Property Operators and Real Estate Services.

Professional, Scientific and Technical Services 1.2%

The increase was driven by a:

  • 2.2% rise in Other Professional, Scientific and Technical Services due to demand for engineering services.

This was partly offset by a:

  • 1.9% fall in Computer System Design and Related Services.

Administrative and Support Services 0.7%

Administrative Services increased, due to increased labour hire and recruitment activity.

Public Administration and Safety 1.0%

Public Administration and Safety rose driven by activity from the Referendum on the Aboriginal and Torres Strait Islander Voice. Partly offset by a fall in defence activities.

Health Care and Social Assistance 0.5%

Health Care and Social Assistance increased, driven by public health services.

Arts and Recreation Services -0.8%

Arts and Recreation Services decreased, driven by Sports and Recreation Activities. 

Other Services 1.4%

Other Services increased, driven by Personal and Other Services.

State and territory final demand

State and territory final demand, percentage changes (a)
         Sep 23 to Dec 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure        
 General government0.70.40.71.50.0-0.41.00.30.6
 Households-0.20.20.2-0.30.90.2-0.70.30.1
Gross fixed capital formation        
 Private-1.7-0.20.8-3.60.2-2.515.015.3-0.2
 Public-2.2-2.32.22.95.95.23.4-8.1-0.2
State final demand-0.40.00.6-0.40.80.03.01.10.1

- nil or rounded to zero (including null cells) 
a. Change on preceding quarter 
b. Australia estimates relate to Domestic final demand. 
 

Quarterly volume measures, seasonally adjusted

Loading map...

The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand decreased -0.4% for the quarter.
Victoria's state final demand remained flat at 0.0% for the quarter.
Queensland's state final demand increased 0.6% for the quarter.
South Australia's state final demand decreased -0.4% for the quarter.
Western Australia's state final demand increased 0.8% for the quarter.
Tasmania's state final demand remained flat at 0.0% for the quarter.
Northern Territory's state final demand increased 3.0% for the quarter.
Australian Capital Territory's state final demand increased 1.1% for the quarter.

New South Wales -0.4%

Total final consumption expenditure was flat in the December quarter.

Government consumption rose 0.7%, driven by:

  • Strength in national general government (1.6%) due to an increase in commonwealth spending on social benefits programs and the Referendum on an Aboriginal and Torres Strait Islander Voice.

This was offset by a 0.2% fall in household consumption driven by:

  • Hotels, cafes and restaurants (-3.5%), purchase of vehicles (-6.2%) and clothing and footwear (-4.2%). The fall was partly offset by a rise in food (1.0%).

Private gross fixed capital formation decreased 1.7%, driven by a:

  • 5.1% fall in total dwellings driven by weakness in alterations and additions (-7.4%) and new and used dwellings (-3.3%).
  • 6.0% fall in total machinery and equipment driven by reduced vehicle and data centre equipment purchases and transport fleet upgrades. 

Partly offset by a:

  • 3.2% rise in total non-dwelling construction driven by strength in new building investment on data centres, office buildings, retail and warehouses.

Public gross fixed capital formation decreased 2.2%, driven by a:

  • 1.7% fall in general government driven by decreased state and local investment (-2.3%) on road, transport and health infrastructure. 
  • 3.4% fall in public corporations led by falls in state and local (-7.4%) transport, utilities and social housing projects.

Victoria 0.0%

Total final consumption expenditure increased 0.2%, driven by a:

  • 0.4% rise in general government driven by increased national general government (1.1%) spending on social benefit programs and the Referendum on an Aboriginal and Torres Strait Islander Voice.
  • 0.2% rise in household consumption driven by health (2.3%), operation of vehicles (2.2%) and electricity, gas and other fuel (3.5%). The fall was partly offset by weakness in hotels, cafes and restaurants (-2.3%), clothing and footwear (-2.7%) and cigarettes and tobacco (-6.0%)

Private gross fixed capital formation decreased 0.2%, driven by a:

  • 5.2% fall in total machinery and equipment led by less vehicle purchases by businesses. 
  • 3.1% fall in total dwellings driven by declines in new and used dwellings (-4.3%) and alterations and additions (-0.9%). 

Partly offset by a: 

  • 4.4% rise in total non-dwelling construction led by increased new building investment (7.4%) on warehouses, office buildings, retail upgrades, warehousing and aged care facilities.

Public gross fixed capital formation decreased 2.3%, driven by a:

  • 5.3% fall in general government driven by decreased state and local investment (-6.1%) on road and health infrastructure. 

Partly offset by a:

  • 6.6% rise in public corporations led by state and local (12.0%) investment in new road infrastructure projects and public housing. 

Queensland 0.6%

Total final consumption expenditure increased 0.4%, driven by a: 

  • 0.7% rise in government consumption led by state and local government (1.0%) spending by health and transport departments. Strength was also driven by increased national government (0.4%) spending on social benefit programs and the Referendum on an Aboriginal and Torres Strait Islander Voice.
  • 0.2% rise in household consumption driven by food (1.3%), furnishings and household equipment (2.1%) and electricity, gas and other fuel (9.0%). The rise was partly offset by falls in hotels, cafes and restaurants (-2.4%), cigarettes and tobacco (-6.6%) and purchase of vehicles (-2.0%).

Private gross fixed capital formation increased 0.8%, driven by a: 

  • 6.2% rise in total machinery and equipment led by strength in mining and transport industries. 
  • 3.8% rise in ownership transfer costs. 
  • 0.5% rise in total non-dwelling construction driven by new building (1.7%) construction on accommodation, warehouses, education buildings, office buildings and retail upgrades. 

Partly offset by a: 

  • 3.8% fall in total dwellings driven by alterations and additions (-5.9%) and new and used dwellings (-2.2%).

Public gross fixed capital formation increased 2.2%, driven by a: 

  • 8.8% rise in public corporations driven by increased state and local investment (13.3%) on renewable energy and utilities projects.

South Australia -0.4%

Total final consumption expenditure increased 0.2%, driven by a:

  • 1.5% rise in government consumption led by increased state and local government (+1.9%) spending on health, education, police and transport, as well as increased electricity rebates for households. National general government (1.1%) also contributed to growth with increased spending on social benefit programs and the Referendum on an Aboriginal and Torres Strait Islander Voice.

Partly offset by a:

  • 0.3% fall in household consumption with declines in hotels, cafes and restaurants (-4.3%), cigarettes and tobacco (-6.7%), electricity, gas and other fuel (-4.7%) and clothing and footwear (-2.1%). The fall was partly offset by strength in health (+1.6%) and operation of vehicles (+1.4%).

Private gross fixed capital formation decreased 3.6%, driven by a:

  • 7.8% fall in total non-dwelling construction led by decreased investment in the mining industry.
  • 11.0% fall in total machinery and equipment driven by falls in the agriculture, mining and transport industries.

Partly offset by a:

  • 5.1% rise in total dwellings driven by alterations and additions (+6.2%) and new and used dwellings (+4.3%).

Public gross fixed capital formation increased 2.9%, driven by a:

  • 2.5% rise in general government led by strength in state and local investment (+4.0%) on road infrastructure and health and education buildings.
  • 4.3% rise in public corporations driven by state and local (+5.2%) expenditure on utilities projects and public housing.

Western Australia 0.8%

Total final consumption expenditure increased 0.6%, driven by a: 

  • 0.9% rise in household consumption driven by electricity, gas and other fuel (+39.1%), rent and other dwelling services (+0.6%), food (+1.0%) and operation of vehicles (1.5%). The rise was partly offset by falls in purchase of vehicles (-3.6%), health (-0.6%) and hotels, cafes and restaurants (-0.5%). 
  • Government consumption was flat this quarter, with strength in national government (+0.9%) spending on social benefit programs and the Referendum on an Aboriginal and Torres Strait Islander Voice offset by reduced state and local general government (-0.5%) spending on electricity rebates this quarter.

Private gross fixed capital formation increased 0.2%, driven by a: 

  • 2.8% rise in total non-dwelling construction driven by new buildings (6.9%) with an increase in mining and student accommodation construction, as well as new engineering construction (1.4%) with increased construction on renewable energy and utilities projects.

Partly offset by a:

  • 4.6% fall in total dwellings driven by new and used dwellings (-8.1%).
  • 1.2% fall in total machinery and equipment led by reduced investment by the mining industry.

Public gross fixed capital formation increased 5.9%, driven by a:

  • 10.6% rise in public corporations driven by state and local investment (+11.3%) on energy, education and utilities projects.
  • 1.5% rise in general government led by increased investment in state and local (+2.5%) road projects and education buildings. 

Tasmania 0.0%

Total final consumption expenditure was flat this quarter 

Household consumption rose 0.2%, driven by:

  • Food (+1.8%), health (+2.1%) and furnishings and household equipment (+2.1%). The rise was partly offset by falls in hotels, cafes and restaurants (-4.0%), cigarettes and tobacco (-6.6%) and recreation and culture (-1.1%). 

This was offset by a 0.4% fall in government consumption, driven by:

  • Reduced state and local government (-1.7%) spending on electricity rebates.

Private gross fixed capital formation decreased 2.5%, driven by a: 

  • 12.9% fall in total machinery and equipment driven decreased purchases of agricultural machinery.
  • 5.2% fall in ownership transfer costs. 
  • 1.3% fall in total dwelling driven by new and used dwellings (-9.4%).

Partly offset by a:

  • 13.1% rise in total non-dwelling contruction driven by new building (16.5%) construction of warehouses and office buildings, and strength in new engineering construction (8.5%) in the mining industry.

Public gross fixed capital formation increased 5.2%, driven by a: 

  • 6.5% rise in general government driven by national investment (+11.3%) in education buildings, and state and local investment (+3.7%) in road infrastructure and health and education buildings.
  • 3.0% rise in public corporations driven by increased state and local investment (+2.5%) in energy infrastructure.

Northern Territory 3.0%

Total final consumption expenditure increased 0.1%, driven by a:

  • 1.0% rise in government consumption led by strength in state and local government (+3.1%) spending on frontline service departments and education.  

Partly offset by a:

  • 0.7% fall in household consumption driven by decreases in hotels, cafes and restaurants (-3.3%), recreation and culture (-3.8%) and electricity, gas and other fuels (-13.7%). The fall was partly offset by strength in other goods and services (+3.0%) and food (+1.6%).

Private gross fixed capital formation increased 15.0%, driven by a: 

  • 29.7% rise in total non-dwelling construction driven by increased mining investment in new engineering construction (35.6%).
  • 14.3% rise in total machinery and equipment led by the mining industry.

Partly offset by a:

  • 9.1% fall in total intellectual property products driven by mineral and petroleum exploration. 
  • 1.8% fall in total dwellings driven by new and used dwellings (-16.0%).

Public gross fixed capital formation increased 3.4%, driven by a:

  • 22.2% rise in public corporations driven by state and local (+24.6%) investment on utilities and energy projects.

Partly offset by a:

  • 0.8% decrease in general government led by a fall in national government investment (-20.0%) on buildings. This was partly offset by increased state and local investment (+8.4%) in road projects. 

Australian Capital Territory 1.1%

Total final consumption expenditure increased 0.3%, driven by a: 

  • 0.3% rise in government consumption driven by national general government (0.8%) with additional employees hired across various departments. 
  • 0.3% rise in household consumption led by operation of vehicles (1.9%), recreation and culture (1.0%), other goods and services (1.1%) and health (1.2%). The rise was partly offset by weakness in purchase of vehicles (-5.8%) and hotels, cafes and restaurants (-1.5%).

Private gross fixed capital formation increased 15.3%, driven by a:

  • 56.1% rise in non-dwelling construction. 
  • 35.1% rise in machinery and equipment
  • 1.1% rise in total dwellings driven by new and used dwellings (5.0%).

Public gross fixed capital formation decreased 8.1%, driven by a:

  • 8.7% fall in general government driven by state and local investment (-30.0%). National general government (+2.7%) partly offset the fall with increased investment on office buildings and machinery and equipment. 
     

Key tables

Key national accounts aggregates

Key national accounts aggregates, percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Through the year, Dec 22 to Dec 23
Chain volume GDP and related measures (b)    
 GDP0.80.60.50.30.21.5
 GDP per capita (c)0.3--0.2-0.5-0.3-1.0
 Gross value added market sector (d)0.60.70.60.10.11.5
 Net domestic product0.90.60.40.20.21.3
Real income measures (b)      
 Real gross domestic income-1.4-1.5-0.30.80.5
 Real gross national income0.61.4-0.6-0.21.21.8
 Real net national disposable income0.61.6-0.9-0.51.41.6
 Real net national disposable income per capita (c)0.11.0-1.5-1.20.8-0.9
Current price measures     
 GDP1.52.3-0.71.41.44.4
Productivity      
 Hours worked2.10.92.2-0.7-0.32.0
 Hours worked market sector (d)2.0-0.31.9-0.8-0.50.3
 GDP per hour worked-1.2-0.3-1.71.00.5-0.4
 Gross value added per hour worked market sector (d)-1.41.0-1.20.90.61.2
 Real unit labour costs0.2-0.22.71.1-3.7
 Real unit labour costs - non-farm0.1-0.42.81.1-0.33.1
Prices      
 GDP implicit price deflator0.71.7-1.21.11.22.8
 Domestic final demand implicit price deflator1.51.11.21.21.04.6
 Terms of trade-3.23.2-7.1-2.02.2-3.9

- nil or rounded to zero 
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year. 
b. Reference year for chain volume measures and real income measures is 2021-22. 
c. Population estimates are as published in National, state and territory population and ABS projections. 
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector. 
 

Key national accounts aggregates, levels
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23
Chain volume GDP and related measures (a)    
 GDP ($m)600 452603 969606 725608 293609 750
 GDP per capita (b) ($)22 82122 82022 78022 67422 596
 Gross value added market sector (c) ($m)410 294413 141415 799416 065416 480
 Net domestic product ($m)498 208501 060503 097503 960504 744
Real income measures (a)     
 Real gross domestic income ($m)598 863607 446598 436596 848601 736
 Real gross national income ($m)573 156581 448577 840576 668583 409
 Real net national disposable income ($m)470 417478 147473 876471 591478 051
 Real net national disposable income per capita (b) ($)17 87918 06617 79217 57917 716
Current price measures     
 GDP ($m)637 241651 596646 972656 059665 426
 GDP per capita (b) ($)24 21924 61924 29124 45524 660
 Gross national income ($m)610 271624 805624 855633 765644 491
 National net saving ($m)48 59554 36344 95042 26644 683
 Household saving ratio3.83.53.01.93.2
Prices     
 Terms of trade (index) (d)99.0102.295.093.095.1

- nil or rounded to zero 
a. Reference year for chain volume measures and real income measures is 2021-22. 
b. Population estimates are as published in National, state and territory population and ABS projections. 
c. ANZSIC divisions A to N, R and S. See Glossary - Market sector. 
d. Reference year for indexes is 2021-22 = 100.0. 
 

Key national accounts aggregates, revisions to percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23
Chain volume GDP and related measures (b)   
 GDP-0.10.10.10.1
 GDP per capita (c)---0.1-
 Gross value added market sector (d)-0.10.1-0.2
 Net domestic product-0.1-0.1
Real income measures (b)    
 Real gross domestic income-0.2--0.2
 Real gross national income-0.4-0.20.1
 Real net national disposable income-0.5-0.30.1
 Real net national disposable income per capita (c)-0.5-0.20.1
Current price measures    
 GDP-0.2--0.2
 Household saving ratio (e)--0.20.8
Productivity    
 Hours worked0.6-0.30.1-
 Hours worked market sector (d)-0.10.1-0.2
 GDP per hour worked-0.60.4-0.10.1
 Gross value added per hour worked market sector (d)-0.1--0.3
 Real unit labour costs----0.1
 Real unit labour costs - non-farm0.10.1-0.1-
Prices    
 Terms of trade-0.7-0.10.6

- nil or rounded to zero 
a. Change on preceding quarter. 
b. Reference year for chain volume measures and real income measures is 2021-22. 
c. Population estimates are as published in National, state and territory population and ABS projections. 
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector. 
e. Revisions to levels. 
 

Analytical expenditure aggregates

Analytical expenditure aggregates, percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Through the year, Dec 22 to Dec 23Contribution to growth, Sep 23 to Dec 23
Final consumption expenditure      
 General government0.60.10.61.50.62.70.1
 Households0.20.10.1-0.20.10.1-
  Goods-0.3-0.6--1.50.9-1.20.2
  Services0.50.50.20.6-0.40.8-0.1
  Essential0.70.50.5-0.50.71.20.2
  Discretionary-0.6-0.6-0.40.3-0.9-1.6-0.2
Gross fixed capital formation       
 Private-0.52.11.31.5-0.24.7-
  Mining1.91.70.99.0-5.35.9-0.2
  Non-mining-0.15.01.4-0.52.88.90.2
  Total private business investment0.34.21.31.70.78.20.1
 Public0.33.87.91.7-0.213.6-
Final demand      
 Public0.50.82.01.50.44.80.1
 Private-0.60.40.3-1.3-

- nil or rounded to zero 
a. Last column shows the percentage point contribution to growth in GDP. 
 

Analytical expenditure aggregates, revisions to percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23
Final consumption expenditure   
 General government-0.30.2-0.4
 Households----0.2
  Goods-0.10.1-0.2-0.2
  Services0.1-0.1-0.2
  Essential----
  Discretionary----0.4
Gross fixed capital formation    
 Private0.2-0.20.10.3
  Mining-0.30.20.7-0.6
  Non-mining0.2-0.5-0.10.5
  Total private business investment--0.30.10.2
 Public1.0-0.3-1.0
Final demand    
 Public-0.10.1-0.5
 Private0.1-0.1--

- nil or rounded to zero 
a. Change on preceding quarter. 
 

Expenditure aggregates

Expenditure aggregates, contributions to growth
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23
Final consumption expenditure    
 General government0.1-0.10.30.1
 Households0.1-0.1-0.1-
Gross fixed capital formation     
 Private-0.10.40.20.3-
 Public-0.20.40.1-
Domestic final demand0.10.60.80.60.1
Changes in inventories-0.60.3-1.20.3-0.3
Exports of goods and services0.80.11.1-0.1-0.1
Imports of goods and services0.9-0.6-0.4-0.50.7
Statistical discrepancy (E)-0.40.2--0.1-0.2
Gross domestic product0.80.60.50.30.2

- nil or rounded to zero
 

Expenditure on GDP

Expenditure on GDP, percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Through the year, Dec 22 to Dec 23Contribution to growth, Sep 23 to Dec 23
Final consumption expenditure      
 General government0.60.10.61.50.62.70.1
 Households0.20.10.1-0.20.10.1-
 Total final consumption expenditure0.30.10.20.30.20.90.2
Private gross fixed capital formation       
 Dwellings-0.4-0.50.70.6-3.8-3.1-0.2
 Ownership transfer costs-6.6-4.93.23.23.54.80.1
 Non-dwelling construction-0.34.3-1.63.52.79.10.1
 Machinery and equipment-0.85.23.8-0.1-1.67.4-0.1
 Cultivated biological resources4.80.12.2-3.3-2.7-3.7-
 Intellectual property products3.22.92.91.70.98.6-
 Total private gross fixed capital formation-0.52.11.31.5-0.24.7-
Public gross fixed capital formation       
 Public corporations6.13.99.612.14.633.40.1
 General government-1.53.77.4-1.9-2.17.0-0.1
 Total public gross fixed capital formation0.33.87.91.7-0.213.6-
Total gross fixed capital formation-0.42.42.81.6-0.26.7-0.1
Domestic final demand0.10.60.90.60.12.30.1
Changes in inventories. .. .. .. .. .. .-0.3
Exports of goods and services2.90.34.4-0.2-0.34.2-0.1
Imports of goods and services-4.43.01.72.3-3.43.50.7
Statistical discrepancy (E). .. .. .. .. .. .-0.2
Gross domestic product0.80.60.50.30.21.50.2

. . not applicable 
- nil or rounded to zero 
a. Last column shows the percentage point contribution to growth in GDP. 
 

Expenditure on GDP, revisions to percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23
Final consumption expenditure   
 General government-0.30.2-0.4
 Households----0.2
 Total final consumption expenditure-0.10.1-0.1-0.1
Private gross fixed capital formation    
 Dwellings0.4-0.30.20.4
 Ownership transfer costs-0.3--0.11.2
 Non-dwelling construction-0.50.10.20.2
 Machinery and equipment0.9-0.8-0.10.4
 Cultivated biological resources0.5-1.4-0.50.1
 Intellectual property products--0.1-0.1
 Total private gross fixed capital formation0.2-0.20.10.3
Public gross fixed capital formation    
 Public corporations0.30.61.23.2
 General government1.2-0.7-0.40.1
 Total public gross fixed capital formation 1.0-0.3-1.0
Total gross fixed capital formation0.3-0.30.10.5
Domestic final demand--0.1-0.1
Gross national expenditure0.1-0.2-0.1
Exports of goods and services0.4-0.2-0.10.5
Imports of goods and services0.4-0.3-0.10.2
Gross domestic product-0.10.10.10.1

- nil or rounded to zero 
a. Change on preceding quarter. 
 

Household final consumption expenditure

Household final consumption expenditure, percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Through the year, Dec 22 to Dec 23Contribution to growth, Sep 23 to Dec 23
Food2.10.20.1-0.50.90.60.1
Cigarettes and tobacco-1.0-1.7-1.4-5.1-6.2-13.7-0.1
Alcoholic beverages-1.6-1.2-0.6-1.80.1-3.6-
Clothing and footwear-2.2-1.00.10.3-2.5-3.1-0.1
Rent and other dwelling services0.50.40.40.40.41.70.1
Electricity, gas and other fuel3.24.72.0-16.86.9-5.10.1
Furnishings and household equipment-1.1-2.7-2.31.31.1-2.7-
Health0.70.70.40.30.92.30.1
Purchase of vehicles-0.1-1.25.713.2-3.613.8-0.1
Operation of vehicles-1.80.40.3-1.00.90.6-
Transport services3.24.92.23.10.611.2-
Communications0.81.30.8-0.50.42.2-
Recreation and culture-1.5-0.3-2.5-1.00.2-3.6-
Education services0.40.30.10.70.71.8-
Hotels, cafes and restaurants1.2-0.10.5-0.3-2.8-2.7-0.2
Insurance and other financial services-0.30.50.50.41.7-
Other goods and services-0.3-1.40.2-3.10.7-3.5-
Total0.20.10.1-0.20.10.10.1

- nil or rounded to zero 
a. Last column shows the percentage point contribution to growth in GDP. 
 

Industry gross value added

Industry gross value added, percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Through the year, Dec 22 to Dec 23Contribution to growth, Sep 23 to Dec 23
Agriculture, Forestry and Fishing8.413.40.2-2.5-3.47.0-0.1
Mining1.8-0.70.3-0.91.0-0.30.1
Manufacturing-1.71.50.7-0.3-1.20.7-0.1
Electricity, Gas, Water and Waste Services-3.41.62.0-2.00.92.6-
Construction-0.91.10.90.63.6-
Wholesale Trade-1.22.0-1.6-1.1-0.6-1.4-
Retail Trade-0.8-0.1-0.60.30.3-0.2-
Accommodation and Food Services2.60.50.31.5-3.2-0.9-0.1
Transport, Postal and Warehousing1.40.61.91.5-0.33.7-
Information Media and Telecommunications3.11.51.52.60.15.8-
Financial and Insurance Services-0.30.20.30.20.41.2-
Rental, Hiring and Real Estate Services1.5-0.82.81.2-0.72.5-
Professional, Scientific and Technical Services-1.9-0.90.11.01.21.40.1
Administrative and Support Services2.7-0.91.8-1.40.70.2-
Public Administration and Safety1.50.80.41.11.03.30.1
Education and Training0.40.40.40.40.41.7-
Health Care and Social Assistance-0.11.10.80.80.53.2-
Arts and Recreation Services2.2-1.20.62.2-0.80.7-
Other Services2.61.02.60.51.45.6-
Ownership of dwellings0.40.40.40.40.41.6-
Gross value added at basic prices0.60.70.60.20.21.80.2
Taxes less subsidies on products-2.10.50.7-0.3-1.1-0.3-0.1
Statistical discrepancy (P). ..  ..  ..  ..  .. .0.1
Gross domestic product0.80.60.50.30.21.50.2

. . not applicable 
- nil or rounded to zero 
a. Last column shows the percentage point contribution to growth in GDP. 
 

Industry value added, revisions to percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23
Agriculture, Forestry and Fishing2.2-0.10.31.0
Mining-0.30.10.10.1
Manufacturing0.3-0.3--
Electricity, Gas, Water and Waste Services-0.3--0.10.6
Construction-0.40.10.20.1
Wholesale Trade0.2-0.10.2-0.2
Retail Trade0.20.6-0.4-0.3
Accommodation and Food Services----
Transport, Postal and Warehousing0.2-0.1-0.1
Information Media and Telecommunications0.3-0.5--
Financial and Insurance Services-0.20.2-0.1
Rental, Hiring and Real Estate Services-0.1--0.10.3
Professional, Scientific and Technical Services-0.40.1-0.10.4
Administrative and Support Services-0.2--0.10.3
Public Administration and Safety----
Education and Training----
Health Care and Social Assistance0.20.2--1.0
Arts and Recreation Services0.1-0.3-0.2
Other Services-0.5-0.10.10.5
Ownership of dwellings----
Gross value added at basic prices-0.1--
Taxes less subsidies on products0.4-0.1--0.3
Gross domestic product-0.10.10.10.1

- nil or rounded to zero 
a. Change on preceding quarter. 
 

Income from GDP

Income estimates are in seasonally adjusted current prices

Income from GDP, percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Sep 23 to Dec 23Through the year, Dec 22 to Dec 23Contribution to growth, Sep 23 to Dec 23
Compensation of employees      
 Wages and salaries1.62.21.62.61.48.10.6
 Employers' social contributions (b)1.62.71.84.21.610.60.1
 Total compensation of employees1.62.31.62.81.48.40.7
Gross operating surplus       
 Non-financial corporations       
  Private non-financial corporations0.85.1-7.5-3.92.9-3.90.6
  Public non-financial corporations7.6-7.25.13.3-1.1-0.4-
  Total non-financial corporations1.04.6-7.1-3.72.7-3.80.6
 Financial corporations1.70.91.52.21.66.30.1
 Total corporations1.14.1-5.8-2.72.5-2.30.7
 General government2.82.72.62.32.510.50.1
 Dwellings owned by persons2.23.13.43.62.813.60.2
 Total gross operating surplus1.43.8-3.7-1.22.61.41.0
Gross mixed income1.6-3.5-2.00.9-4.1-8.6-0.3
Total factor income1.52.5-0.91.01.54.21.4
Taxes less subsidies on production and imports2.31.2-0.44.9-0.35.5-
Statistical discrepancy (I). ..  ..  ..  ..  .. .0.1
Gross domestic product1.52.3-0.71.41.44.41.4

. . not applicable 
- nil or rounded to zero 
a. Last column shows the percentage point contribution to growth in GDP. 
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums. 
 

Income from GDP, revisions to percentage changes (a)
 Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23
Compensation of employees   
 Wages and salaries-0.1--0.1
 Employers' social contributions (b)-0.40.1-0.4
 Total compensation of employees-0.10.1-0.2
Gross operating surplus    
 Non-financial corporations    
  Private non-financial corporations-1.20.80.10.6
  Public non-financial corporations0.3-0.2-0.7-1.0
  Total non-financial corporations-1.20.70.10.5
 Financial corporations-0.20.1-0.1
 Total corporations-1.10.60.10.5
 General government----
 Dwellings owned by persons-0.3--0.1
 Total gross operating surplus-0.90.4-0.3
Gross mixed income0.40.3-0.40.6
Total factor income-0.40.2-0.3
Taxes less subsidies on production and imports0.4-0.40.2-0.5
Gross domestic product-0.2--0.2

- nil or rounded to zero 
a. Change on preceding quarter. 
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums. 
 

State final demand

State and territory final demand, percentage changes (a)
         Sep 23 to Dec 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure        
 General government0.70.40.71.50.0-0.41.00.30.6
 Households-0.20.20.2-0.30.90.2-0.70.30.1
Gross fixed capital formation        
 Private-1.7-0.20.8-3.60.2-2.515.015.3-0.2
 Public-2.2-2.32.22.95.95.23.4-8.1-0.2
State final demand-0.40.00.6-0.40.80.03.01.10.1

- nil or rounded to zero (including null cells) 
a. Change on preceding quarter 
b. Australia estimates relate to Domestic final demand. 
 

Revisions and changes

Revisions in this issue

19/3/2024 - There was an error in the heading of the economic overview which reflected the September quarter instead of the December quarter 2023.

There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment. 

Interest receivable and payable in the Income Accounts

This issue includes revisions to interest receivable and interest payable in the Income Accounts, affecting the financial corporations, non-financial corporations and household sectors, between September quarter 2022 to September quarter 2023. Previous estimates were overstated for both interest series through this period. These revisions do not materially impact key aggregates in the National Accounts.

Upcoming changes to Agricultural estimates - Agriculture modernisation

The ABS is undergoing a process of modernising the collection of agriculture statistics, which is detailed in the information paper Modernising ABS agricultural statistics | Australian Bureau of Statistics

Changes in data availability and timing of ABS agricultural statistics requires re-engineering of compilation methods for Agricultural estimates in the National Accounts. As a result of this users should expect relatively small data revisions, commencing in the Australian National Accounts: National Income, Expenditure and Product, March quarter 2024. Levels and annual movements of Agricultural estimates have historically been updated for the March quarter release to incorporate detailed commodity data from the latest complete financial year using agricultural value estimates from the Agricultural Commodities Produced (VACP) collection. From the March quarter 2024 Supply Use estimates will be spliced forward using Agricultural commodity data from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABAREs).

Data revisions will occur to the following estimates;

  • Agriculture Gross Value Added (GVA) (Table 6)
  • Forestry and fishing GVA (Table 6)
  • Agricultural income (Table 10)
  • Farm and Non-farm splits of GDP (Table 24)
  • Agriculture Gross operating surplus and gross mixed income (Table 45)

Revisions prior to the September quarter 2022 will be suppressed in line with National Accounts revision policy. Any revisions required prior to September quarter 2022 will be incorporated into the Annual National Accounts, released in October 2024.

More analysis on revisions to the data will be included as part the March quarter 2024 release. 

Suppression of data

The ABS has suppressed the release of some data in the December quarter release of Australian National Accounts: National Income and Product. Tables affected include Tables 26 and 33 State Final Demand, Detailed Components for New South Wales and Australian Capital Territory.
The data items affected include original and seasonal measures for current price and chain volume measures of:

  • Private ; Gross fixed capital formation - Non-dwelling construction - New building
  • Private ; Gross fixed capital formation - Non-dwelling construction - New engineering construction
  • Private ; Gross fixed capital formation - Non-dwelling construction - Net purchase of second hand assets
  • Private ; Gross fixed capital formation - Machinery and equipment - New
  • Private ; Gross fixed capital formation - Machinery and equipment - Net purchase of second hand assets

The reason for the data being suppressed is to confidentialise the transfer of a second hand asset from the private sector.

Seasonally adjusted and trend estimates

In the March quarter 2020 issue of Australian National Accounts: National Income, Expenditure and Product, the ABS advised that the method used to produce seasonally adjusted estimates would be changed from the ‘concurrent’ method to the ‘forward factors’ method for series with significant and prolonged impacts from COVID-19. Trend estimates for all series were also suspended from June 2019 (inclusive).

Over the March 2024 and June 2024 quarters, annual seasonal reanalysis of national accounts series will be conducted. As part of this process, the suspension of trend estimates and use of the forward factor method for series with significant and prolonged impacts from COVID-19 will be reviewed. Revisions to seasonally adjusted estimates will occur as part of this process.

Data downloads

Time series spreadsheets

Data files

Data cubes

HFCE Food Estimates, current price and chain volume measures, COICOP Group, SUPC, Original

Related releases

Monthly Household Spending Indicator

The January 2024 issue of the Monthly Household Spending Indicator will be released on 7 March 2024. The experimental Monthly Household Spending Indicator is derived using aggregated, de-identified banks transactions data from some of Australia’s banking and financial institutions. The ABS transforms the banks transactions data in order to derive the Monthly Household Spending Indicator. As this data is not designed for statistical purposes, its scope varies from Australian National Accounts concept of household final consumption expenditure (HFCE) and the Retail Trade turnover estimates for retail businesses. The indicator should be considered experimental at this stage, as further enhancement to the transformation processes and methodology are expected in the future.

Australian National Accounts: Input-Output Tables

The 2021-22 issue of Australian National Accounts: Input-Output Tables will be released on 27 March 2024. This product provides detailed information about the supply and use of products in the Australian economy and the structure of, and inter-relationships between, Australian industries. It presents information on input by industry and output by product group, use of domestic production, imports by industry and final demand categories, taxes and margins on supply by product, and industry and product concordances.

Australian National Accounts: Finance and Wealth

The December quarter 2023 issue of Australian National Accounts: Finance and Wealth will be released on 28 March 2024. This publication includes the quarterly household balance sheets with an estimate of net worth. It also provides quarterly estimates of the financial flows and balance outstanding between sectors and various sub-sectors of the domestic economy and with the rest of the world. Other key estimates within the publication include the financial instrument markets, demand for credit by non-financial domestic institutional sectors during the quarter, and their corresponding levels of credit outstanding and quarterly sectoral capital accounts (current price).

Published Releases

Estimates of Industry Multifactor Productivity

The 2022-23 issue of Estimates of Industry Multifactor Productivity was released on 13 December 2023. It provides updated estimates of multifactor productivity (MFP) for the 16 industries defined to comprise the market sector. Longer time series are produced for 12 selected industries, Also included are productivity growth cycles for market sector industries and selected industries aggregates back to 1989-99 and 1973-74, respectively. The release includes experimental estimates of productivity growth cycles for individual industries, sources of aggregate labour productivity growth and its industry origin, Experimental estimates of state productivity back to 1994-95 are also provided.

Australian National Accounts: Tourism Satellite Account, 2022-23

The 2022-23 issue of Australian National Accounts: Tourism Satellite Account was released on 6 December 2023. This publication provides estimates of tourism's direct contribution to the economy including GDP, value added, employment and consumption by product and industry. It adopts the basic system of concepts, classifications, definitions, tables and aggregates of the System of National Accounts 2008 (2008 SNA), the international standard for a systematic summary of national economic activity, from a functional perspective.

Previous catalogue number

This release previously used catalogue number 5206.0.

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