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MANUFACTURING INDUSTRIES PRODUCER PRICE INDEXES
During the September quarter 2008, the prices paid by manufacturers for material inputs increased by 6.0%, while the prices they received for their outputs increased by 1.6%. Through the year to September quarter 2008, prices of material inputs increased by 21.1%, while prices for their outputs rose by 10.9%.
Price increases for products from oil and gas extraction (+7.9%) and coal mining (+192.3%) drove the rise in the cost of materials used in the manufacturing industries. Major contributors to these price increases were imported crude oil and black coal. Price decreases for products from dairy cattle farming (-8.5%) provided offsets to the price increases.
The increase in prices received for articles produced by manufacturing industries was mainly due to rises in the price of outputs from meat and meat product manufacturing (+6.4%) - driven by beef, lamb and mutton; basic chemical manufacturing (+13.1%) - driven by fertilisers; and iron and steel manufacturing (+11.8%) - driven by flat rolled steel and steel plate. These increases were partly offset by decreases in the prices received for outputs in petroleum refining (-1.2%).
CONSTRUCTION INDUSTRIES PRODUCER PRICE INDEXES
The price index for materials used in house building rose by 2.6% in the September quarter 2008. This follows consecutive price increases of 1.5% in the June quarter 2008, 1.3% in the March quarter 2008 and 0.9% in the December quarter 2007. The largest contributors to the increase this quarter were price rises for steel products (+22.9%), other metal products (+2.9%) and timber, board and joinery (+1.6%).
Melbourne (+2.5%) contributed the most to the overall weighted average of six capital cities quarterly movement, followed by Perth (+4.2%) and Brisbane (+2.4%). The largest percentage increase was for Adelaide (+5.0%). Increases were recorded for all the state capitals.
Through the year to September 2008, the materials used in house building price index rose by 6.4%. This rise was mainly attributed to increases in prices paid for timber, board and joinery (+6.8%) and steel products (+36.5%). These increases were partly offset by a decrease in prices paid for electrical equipment (-2.5%).
The price index for the output of the general construction industry increased by 1.8% in the September quarter 2008 and by 6.9% through the year. This increase reflects strong price increases across all sectors of the building industry. The common influence on price increases across the construction industry this quarter was price increases in steel and concrete across all states.
Increases in the September quarter 2008 were registered in all contributing industries, with non-residential building construction (+2.2%) contributing the most to the general construction movement, followed by house construction (+1.4%), residential building construction n.e.c. (+1.7%) and road and bridge construction (+3.2%). The increase in road and bridge construction was the largest quarterly movement since the series began in the September quarter 1997, due to high asphalt, steel and concrete prices.
Queensland made the greatest contribution to the increase in the general construction industry (+2.5%) in the September quarter 2008. This was driven primarily by increases in house construction (+2.2%) and non-residential building construction (+2.7%). This was followed by New South Wales (+1.5%) and Victoria (+1.4%).
SERVICE INDUSTRIES PRODUCER PRICE INDEXES
The property and business services industries price index increased by 1.7% in the September quarter 2008 and by 6.0% through the year.
The property services index increased by 1.0% in the September 2008 quarter and by 9.2% through the year. The main contributor to the increase was commercial property operators and developers (+1.5%). The business services index increased by 2.2% in the September quarter 2008 and by 3.9% through the year. The main contributors to the increase were legal services (+5.2%), consultant engineering services (+8.0%), computer consultancy (+2.7%) and accounting services (+2.3%).
The transport (freight) and storage industries index increased by 3.5% in the September quarter 2008 and by 7.7% through the year. The most significant contributors to the increase were road freight transport (+4.9%), international sea transport (+8.3%) and pipeline transport (+10.0%).
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