5206.0 - Australian National Accounts: National Income, Expenditure and Product, Dec 2015 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 02/03/2016   
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DECEMBER KEY FIGURES

Sep Qtr 2015 to Dec Qtr 2015
Dec Qtr 2014 to Dec Qtr 2015
% change
% change

GDP (Chain volume measure)
Trend
0.7
2.8
Seasonally adjusted
0.6
3.0
Final consumption expenditure (Chain volume measure)
Trend
0.8
3.1
Seasonally adjusted
0.7
3.1
Gross fixed capital formation (Chain volume measure)
Trend
-1.8
-4.7
Seasonally adjusted
-0.6
-4.7
GDP chain price index
Original
-0.7
-1.2
Terms of trade
Seasonally adjusted
-3.2
-12.0
Real net national disposable income
Trend
-0.3
-1.2
Seasonally adjusted
-0.1
-1.1


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

Contribution to GDP growth, Seasonally adjusted
Graph: Contribution to GDP growth, Seasonally adjusted




DECEMBER KEY POINTS


GDP SUMMARY
  • The December quarter 2015 National accounts show the Australian economy growing by 0.6% in seasonally adjusted chain volume terms.
  • The major contribution to economic growth this quarter came from Household final consumption expenditure, which contributed 0.4 percentage points, and Public gross fixed capital formation, which contributed 0.2 percentage points to GDP growth.
  • The growth in Household final consumption expenditure is reflected in growth in the service industries of Information, media and telecommunications (2.7%), Retail trade (1.0%), and Arts and recreation services (2.2%).
  • These positive contributions were offset by a fall in Private gross fixed capital formation of 1.9%, driven by falls in New engineering construction, which detracted 0.6 percentage points from GDP growth.
  • Exports and Imports both rose by 0.6% in seasonally adjusted chain volume terms.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2016 1 June 2016
June 2016 7 September 2016
September 2016 7 December 2016
December 2016 1 March 2017



REVISIONS IN THIS ISSUE

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


CHANGES IN THIS ISSUE

In recent quarters a number of privatisations of government businesses occurred. Where these privatisations were considered a sale of equity, the consequent stamp duties collected is not considered a tax on production because the transactions are considered to be financial and not capital. Therefore stamp duties should not appear in either the Income or Expenditure approaches to GDP.

This rationale is based on the ASNA 2014, p341, "Other current taxes on income, wealth etc., consists mainly of payments by households to obtain licences to own or use vehicles, boats or aircraft, and for licences to hunt, shoot or fish". However, these are no longer the only Other current taxes received by General government. The General government can receive these taxes from non-household sectors. For example, 2008 SNA lists the following as examples of Other current taxes; Current taxes on land and buildings (excluding those used in production), Current taxes on net wealth, Current taxes on other assets, Poll taxes, Expenditure taxes, Payments by households to obtain certain licences, and Taxes on international transactions (2008 SNA, p166).

This will cause a change in compilation, as the General Government Income Account will no longer equal the Household Income Account for Other current taxes on income, wealth, etc. The General Government Income Account, Seasonally Adjusted, Taxes - Taxes on financial and capital transactions and State and Local General Government Income Account, Seasonally Adjusted and Original, are the Tables affected. The following series ids for General government Secondary income receivable - Other current taxes on income, wealth, etc are affected:

Series Type Old Series ID New Series ID

Trend A2302907V A85106741W
Seasonally adjusted A2302934A A85106740V
Original A2302081K A85106739K




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INQUIRIES

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