Australian National Accounts: National Income, Expenditure and Product

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

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Reference period
March 2021
Released
2/06/2021
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Key statistics

  • The Australian economy rose 1.8% in seasonally adjusted chain volume measures
  • Through the year GDP rose 1.1%
  • The terms of trade rose 7.4%
  • Household saving ratio decreased to 11.6% from 12.2%

Articles

This quarter's National Accounts includes the following articles:

Economic overview

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

The reference year for chain volume measures is 2018-19.

For more information about the changes in this issue, please see revisions and changes on this page.

March key figures, percentage changes (a)

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 20 to Mar 21
Chain volume GDP and related measures (b)
 GDP-0.3-7.03.53.21.81.1
 GDP per capita (c)-0.6-7.13.53.11.70.8
 Gross value added market sector (d)-0.7-7.73.23.62.00.6
 Real net national disposable income-0.3-7.35.05.53.46.1
Productivity
 GDP per hour worked0.62.8-0.9-0.30.82.5
 Real unit labour costs-0.3-9.0-0.96.90.5-3.2
Prices
 GDP chain price index (original)1.0-0.4-0.11.63.14.3
 Terms of trade-0.30.71.15.57.415.4
Current price measures
 GDP0.1-7.34.04.43.54.0
 Household saving ratio7.922.018.612.211.6na

a not available
a. Change on preceding quarter, except for the last column which shows the change between the current quarter and the corresponding quarter of the previous year. Excludes Household saving ratio.
b. Reference year for chain volume measures and real income measures is 2018-19.
c. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

Australian economy rose 1.8% in March quarter

Gross Domestic Product (GDP) rose 1.8% this quarter, reflecting the continued easing of COVID-19 restrictions and the recovery in the labour market. The level of economic activity is now 0.8% above December quarter 2019 pre-pandemic levels and has grown 1.1% in through the year terms.

Strong growth in the terms of trade

The terms of trade rose 7.4% this quarter and is at its highest level since December quarter 2011. Stronger export prices, particularly for iron ore and LNG, drove the quarterly rise. The strength in the terms of trade contributed to a 3.5% increase in nominal GDP.

Private demand drives growth

Domestic final demand contributed 1.6 percentage points to GDP growth. Private investment contributed 0.9 percentage points and household final consumption expenditure contributed 0.7 percentage points.

Private investment records strongest rise since September quarter 2017

Private investment rose 5.3% in March quarter to be 3.6% higher through the year, the first through the year rise since June quarter 2018. Both business and housing investment increased, supported by government initiatives and improved confidence.

Business investment was driven by a 11.6% rise in machinery and equipment, the strongest increase since December quarter 2009. Dwelling investment rose 6.4% with increased construction activity on renovations and detached housing, coinciding with the federal government’s HomeBuilder scheme.

Household spending on services continues to recover

Household expenditure rose 1.2% this quarter, but remained 1.5% below December quarter 2019 pre-pandemic levels.

Spending on services (+2.4%) drove the quarterly rise. Hotels, cafes and restaurants, recreation and culture and transport services continued to rebound as movement and trading restrictions eased. Spending on services remains down on pre-pandemic levels, particularly those impacted by the closure of international borders.

Spending on goods declined 0.5% this quarter, but remained at elevated levels. Expenditure on both food (-1.4%) and alcoholic beverages (-3.9%) fell, reflecting a shift towards dining out as restrictions eased.

Household saving ratio remains elevated

The household saving to income ratio declined from 12.2% to 11.6% and remained at elevated levels. Saving fell as growth in household consumption outpaced the rise in gross disposable income.

Gross disposable income rose 1.0% in the quarter. Compensation of employees rose 1.5%, reflecting increases in employment and hours worked as economic activity continued to recover. This was partly offset by a decline in benefit payments as additional COVID-19 support wound back.

Increased demand drives gross value added (GVA)

Easing restrictions and increased confidence drove a 1.5% rise in GVA this quarter, with increases in 15 out of the 19 industries. Government incentives on residential building contributed to a 4.4% rise in Construction. Rental, Hiring and Real Estate Services rose 5.3% driven by confidence in the housing market and low interest rates.

Transport, Postal and Warehousing, Accommodation and Food Services and Arts and Recreation Services, industries heavily impacted by the pandemic, continued to rebound this quarter as restrictions eased. Despite this, the activity in all three industries remains below pre-pandemic levels.

Compensation of employees (COE) rises with underlying activity

COE rose 1.5% this quarter with a 2.4% rise in private COE, reflecting increased employment and hours worked. Public COE fell 1.6%, reflecting redundancies paid by universities in the previous quarter. Public COE remained 3.6% higher through the year.

Operating surplus declines following reductions in government support for business

Gross operating surplus plus gross mixed income (GOSMI) fell 1.2%, driven by non-mining industries as support payments from government declined.

Mining operating surplus partly offset the fall, rising 10.2%, reflecting strong iron ore and LNG prices.

Expenditure

 % Change% Change% points contribution
to growth in GDP
Dec 20 to
Mar 21		Mar 20 to
Mar 21		Dec 20 to Mar 21
Final consumption expenditure   
 General government-0.55.0-0.1
 Households1.2-0.7
 Total final consumption expenditure0.71.30.5
Gross fixed capital formation   
 Private   
  Dwellings6.47.90.3
  Ownership transfer costs10.626.80.2
  Non-dwelling construction-1.1-9.3-0.1
  Machinery and equipment11.68.60.4
  Cultivated biological resources3.616.7-
  Intellectual property products2.4-0.8-
 Public2.94.90.2
 Total gross fixed capital formation4.73.91.1
Changes in inventoriesnana0.7
Gross national expenditure2.32.92.3
Exports of goods and services0.5-6.20.1
Imports of goods and services3.71.0-0.7
Statistical discrepancy (E)nana0.1
Gross domestic product1.81.11.8

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

Final consumption expenditure (FCE) 0.7%

Household FCE increased 1.2%, this was driven by a:

  • 14.8% rise in hotels, cafes and restaurants
  • 3.3% rise in recreation and culture
  • 3.3% rise in other goods and services
  • 1.6% rise in operation of vehicles

The increase was partly offset by a:

  • 1.4% fall in food
  • 3.8% fall in electricity, gas and other fuel
  • 3.9% fall in alcoholic beverages
  • 2.7% fall in purchase of vehicles

General government FCE detracted from growth with a fall of 0.5%, driven by a:

  • 1.5% fall in national non-defence
  • 0.2% fall in state and local

The increase was partly offset by a:

  • 1.2% rise in national defence

Gross fixed capital formation (GFCF) 4.7%

Private investment increased 5.3%, driven by a:

  • 11.6% increase in machinery and equipment
  • 6.4% increase in dwellings
  • 10.6% increase in ownership transfer costs

Public investment increased 2.9%, driven by a:

  • 5.7% increase in state and local general government

The increase was partly offset by a:

  • 10.6% decrease in Commonwealth public corporations

Changes in inventories

Total inventories rose $3,339m following a fall of $36m in the December quarter. The largest contributors to the rise were a:

  • $2,365m rise in wholesale trade 
  • $2,295m rise in retail trade
  • $375m rise in public authorities

The rise was partly offset by a:

  • $994m fall in mining
  • $568m fall in farm

Exports and imports of goods and services

Exports of goods and services rose 0.5%, driven by a:

  • 31.8% rise in cereals
  • 17.7% rise in other rural
  • 9.9% rise in non-monetary gold

The rise was partly offset by a:

  • 17.4% fall in travel services

Imports of goods and services rose 3.7%, driven by a:

  • 6.5% rise in processed industrial supplies
  • 20.6% rise in household electrical items
  • 31.4% rise in non-monetary gold
  • 9.4% rise in telecommunications equipment
  • 5.4% rise in other services

Income

Income estimates are in seasonally adjusted current prices

 % Change% Change% points contribution
to growth in GDP
Dec 20 to Mar 21Mar 20 to Mar 21Dec 20 to Mar 21
Compensation of employees1.53.00.7
Gross operating surplus   
 Private non-financial corporations-2.610.9-0.6
 Other(a)0.72.6-
Gross mixed income-1.210.6-0.1
Taxes less subsidies on production and imports62.3-9.23.4
Statistical discrepancy (I)nana-0.1
Gross domestic product3.54.03.5

- 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) 1.5%

Compensation of employees rose 1.5% as employment and hours worked increased. Private sector COE rose 2.4%, partly offset by a 1.6% fall in public sector COE. 

All states and territories recorded quarterly rises, with the exception of ACT. The largest increases were:

  • 3.5% rise in Victoria
  • 3.6% rise in Tasmania
     

Gross operating surplus (GOS) -1.2%

Private non-financial corporations GOS declined 2.6%, driven by a large decline in subsidies received from government with reduced JobKeeper and Boosting cash flow for employers. These falls were recorded in 14 of 18 industries.

This was partly offset by a rise in Mining GOS, driven by strong international demand for iron ore and a rise in commodity prices.

Other sectors GOS rose 0.7%, driven by a:

  • 0.9% rise in financial corporations
  • 0.4% rise in dwellings owned by persons

Partly offset by a:

  • 0.1% fall in public non-financial corporations

Taxes less subsidies on production and imports 62.3%

Taxes less subsidies on production and imports rose 62.3% reflecting a fall in subsidies on production and imports (–48.0%). The decrease in subsidies was driven by large falls in both the JobKeeper and Boosting cash flow for employers policies. Taxes on production and imports rose 8.2% driven by payroll taxes, stamp duties and GST.

Production

 % Change% Change% points contribution to growth in GDP
Dec 20 to Mar 21Mar 20 to Mar 21Dec 20 to Mar 21
Agriculture, Forestry and Fishing2.934.20.1
Mining0.7-2.30.1
Manufacturing3.0-0.40.2
Electricity, Gas, Water and Waste Services-0.9-1.4-
Construction4.4-0.80.3
Wholesale Trade2.96.30.1
Retail Trade-1.03.6-
Accommodation and Food Services5.2-0.10.1
Transport, Postal and Warehousing5.0-7.80.2
Information Media and Telecommunications-1.90.6-
Financial and Insurance Services0.22.6-
Rental, Hiring and Real Estate Services5.32.20.1
Professional, Scientific and Technical Services1.21.70.1
Administrative and Support Services1.9-10.00.1
Public Administration and Safety-0.72.0-
Education and Training0.31.0-
Health Care and Social Assistance1.24.00.1
Arts and Recreation Services5.7-0.8-
Other Services5.81.70.1
Ownership of dwellings0.41.7-
Taxes less subsidies on products4.93.50.3
Statistical discrepancy (P)nana-
Gross domestic product1.81.11.8

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

Agriculture, Forestry and Fishing 2.9%

This increase was driven by a:

  • 3.4% rise in Agriculture, driven by other crops due to favourable weather conditions

This was partly offset by a: 

  • 0.5% fall in Forestry and Fishing 

Mining 0.7%

This increase was driven by a:

  • 2.1% rise in Oil and Gas Extraction due to unplanned maintenance and shutdowns at some LNG plants in the previous quarter
  • 0.2% rise in Coal Mining reflecting improved global demand for thermal coal
  • 0.4% rise in Exploration and Other Mining Support Services driven by mineral and petroleum exploration 

This was partly offset by a:

  • 0.2% fall in Iron Ore Mining due to weather disruptions in WA 

Manufacturing 3.0%

This increase was driven by a: 

  • 7.2% rise in Food, Beverage and Tobacco Products reflecting increased demand from the hospitality sector
  • 7.2% rise in Metal Products with increased demand for gold, silver, copper and other metal refinery
  • 2.8% rise in Machinery and Equipment with increased demand for industrial machinery and equipment

This was partly offset by a:

  • 4.9% fall in Petroleum, Coal, Chemical and Rubber Products 

Construction 4.4%

This increase was driven by a: 

  • 6.0% rise in Construction Services as it supported dwelling construction
  • 3.1% rise in Building Construction with continued strength in residential construction and home renovations
  • 1.5% rise in Heavy and Civil Engineering Construction driven by road, highways, bridges, railway and telecommunications infrastructure

Wholesale Trade 2.9%

The increase was driven by:

  • Machinery & Equipment Wholesaling due to increased demand for farm and construction equipment and improvements in global supply chains
  • Basic Material Wholesaling due to grain wholesalers and higher demand for petroleum products as domestic travel increased

Accommodation and Food Services 5.2%

The increase was driven by:  

  • Food and Beverage Services as hotels, cafes, restaurants, reception venues and event caterers continued to recover with the easing of COVID-19 restrictions
  • Accommodation reflecting continued growth in domestic travel

Transport, Postal and Warehousing 5.0%

The increase was driven by a:

  • 4.7% rise in Transport, Postal and Storage Services driven by increased demand for freight and delivery services
  • 3.3% rise in Road Transport driven by increased passenger movement with further easing of restrictions and increased freight services
  • 46.7% rise in Air Transport as domestic travel increased

Information Media and Telecommunications -1.9%

The decrease was driven by a:

  • 3.0% fall in Other Information and Media Services, driven by internet publishing and broadcasting
  • 0.8% fall in Telecommunications Services coming off high demand in the previous quarter where businesses and offices across the country reopened

Financial and Insurance Services 0.2%

This rise was driven by a:

  • 0.2% rise in Finance driven by an increase in dwelling loans, consistent with increased housing market activity
  • 0.2% rise in Other Financial and Insurance Services, driven by superannuation funds due to a rise in employer and personal contributions

Rental, Hiring and Real Estate Services 5.3%

This rise was driven by a:

  • 6.1% rise in Property Operators and Real Estate Services reflecting continued improvement in the housing market. Auction clearance rates remained high.
  • 0.8% rise in Rental and Hiring Services driven by continued demand for heavy machinery rentals and car rentals with the rise in domestic travel

Professional, Scientific and Technical Services 1.2%

The increase was driven by a:

  • 1.5% rise in Other Professional, Scientific and Technical Services driven by increased services from research and development, engineering and conveyancing 
  • 0.4% rise in Computer System Design and Related Services

Administrative and Support Services 1.9%

Administrative Services continued to rise with increased demand for labour hire.

Health Care and Social Assistance 1.2%

Health Care and Social Assistance rose 1.2%, driven by both private and public health due to increased general practitioner visits and diagnostic imaging.

Arts and Recreation Services 5.7%

The rise was broad based across the industry with rises in sports and recreation, gambling activities and performing arts as COVID-19 restrictions eased.

Other Services 5.8%

The rise was broad based across the industry with increased demand for personal care, automotive repair and maintenance and other services as businesses opened at increased capacity following further easing of restrictions.

State and territory final demand

 Percentage change from Dec 20 to Mar 21
NSWVic.QldSAWATas.NTACTAust.(a)
Final consumption expenditure         
 General government-1.5-0.80.0-0.10.60.71.7-0.1-0.5
 Households1.03.2-0.30.50.31.9-0.90.61.2
Gross fixed capital formation         
 Private7.22.02.34.610.82.5-12.64.95.3
 Public0.25.83.48.54.50.5-3.9-1.92.9
State final demand1.52.30.41.43.01.6-1.90.51.6

- nil or rounded to zero (including null cells)
a. Australia estimates relate to Domestic final demand.

Quarterly volume measures, seasonally adjusted

The map of shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 1.5% for the quarter.
Victoria's state final demand increased 2.3% for the quarter.
Queensland's state final demand increased 0.4% for the quarter.
South Australia's state final demand increased 1.4% for the quarter.
Western Australia's state final demand increased 3.0% for the quarter.
Tasmania's state final demand increased 1.6% for the quarter.
Northern Territory's state final demand decreased 1.9% for the quarter.
Australian Capital Territory's state final demand increased 0.5% for the quarter.

New South Wales 1.5%

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

  • 1.0% increase in household consumption, reflecting the continued recovery in expenditure on hotels, cafes and restaurants and other goods and services

Partly offset by a:

  • 1.5% decrease in government consumption led by a fall in employee expenses by universities and state and local government

Private gross fixed capital formation increased 7.2%, due to a:

  • 9.6% increase in total dwellings driven by an increase in alterations and additions supported by the HomeBuilder scheme
  • 15.2% increase in machinery and equipment investment reflecting increased purchases of vehicles and machinery by Professional, Scientific and Technical Services, Construction and Other Services
  • 8.5% rise in ownership transfer costs reflecting increased housing activity 

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

  • 2.0% increase in state and local general government reflecting an increase in work done on road and rail infrastructure

Partly offset by a:

  • 12.6% decrease in Commonwealth public non-financial corporations as less work was done on utility and transport infrastructure

Victoria 2.3%

Total final consumption expenditure increased 2.1%, driven by a:

  • 3.2% increase in household final consumption expenditure as continued easing of COVID-19 restrictions led to higher expenditure on recreation and culture, hotels, cafes and restaurants, and operation of vehicles

Partly offset by a:

  • 0.8% decrease in government final consumption expenditure due to reduced employee expenses by universities which was partly offset by an increase in state and local government 

Private gross fixed capital formation increased 2.0%, driven by a:

  • 7.5% increase in machinery and equipment, reflecting increased purchases of passenger and heavy vehicles across industries including Construction, Health and Social Assistance and Transport, Postal and Warehousing
  • 12.9% increase in ownership transfer costs reflecting increased housing activity 

Public gross fixed capital formation increased 5.8%, driven by a:

  • 9.1% rise in state and local general government, reflecting increased investment in road and rail infrastructure and health related projects

Partly offset by a:

  • 9.3% decrease in Commonwealth public non-financial corporations as a result of reduced work done on utility and transport infrastructure
  • 1.5% decrease in state and local public non-financial corporations driven by a fall in investment in utilities

Queensland 0.4%

Total final consumption expenditure decreased 0.2%, due to a: 

  • 0.3% fall in household consumption expenditure driven by decreased spending on food, clothing and footwear and purchase of vehicles  

Government expenditure was flat. State and local government employee expenses fell following the state election in the previous quarter. This was offset by increased expenditure by Commonwealth non-defence.

Private gross fixed capital formation increased 2.3%, due to a:

  • 10.8% increase in dwelling investment in new houses and alterations and additions following increased approvals supported by the HomeBuilder scheme
  • 9.8% increase in ownership transfer costs reflecting increased housing activity

Partly offset by a:

  • 9.8% decrease in non-dwelling construction driven by new engineering construction work done by the mining industry and reduced new-building investment

Public gross fixed capital formation increased 3.4%, due to a:

  • 7.2% increase in state and local general government driven by increased work done on road and rail infrastructure projects

Partly offset by a:

  • 5.4% decrease in state and local public non-financial corporations as a result of reduced work carried out on utilities infrastructure

South Australia 1.4%

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

  • 0.5% increase in household consumption led by increased expenditure on hotels, cafes and restaurants, clothing and footwear and other goods and services

Partly offset by a:

  • 0.1% decrease in government final consumption expenditure with reduced employee expenses by universities and state and local government. This was partly offset by increased Commonwealth defence and non-defence expenditure

Private gross fixed capital formation increased 4.6%, driven by a:

  • 6.9% increase in total dwelling construction as the HomeBuilder scheme supported increased investment in new and used dwellings and alterations and additions
  • 6.4% increase in non-dwelling construction, reflecting greater investment in new buildings

Public gross fixed capital formation increased 8.5%, driven by a:

  • 15.4% rise in state and local general government, reflecting the continued high investment in education infrastructure and commencement of major road projects 

Partly offset by a:

  • 11.1% decrease in Commonwealth public non-financial corporations as a result of reduced work carried out on utilities infrastructure

Western Australia 3.0%

Total final consumption expenditure increased 0.4%, due to a:

  • 0.6% increase in government consumption driven by state and local government
  • 0.3% increase in household consumption driven by increased expenditure on hotels, cafes and restaurants and recreation and culture with household consumption returning to pre-pandemic levels

Private gross fixed capital formation increased 10.8%, driven by a:

  • 21.5% increase in machinery and equipment as a result of increased investment in vehicles and heavy machinery by small businesses and the mining industry
  • 6.8% increase in non-dwelling construction led by increased investment into new-engineering construction by mining businesses

Public gross fixed capital formation increased 4.5%, driven by a:

  • 3.8% increase in state and local general government due to increased investment in education infrastructure
  • 11.7% increase in state and local public non-financial corporations reflecting the ramp-up in work on transport infrastructure

Tasmania 1.6%

Total final consumption expenditure increased 1.6%, due to a:

  • 1.9% increase in household consumption led by the continued recovery in expenditure on hotels, cafes and restaurants, transport services and other goods and services
  • 0.7% increase in government consumption expenditure driven by increased state and local government employee expenses on front line services

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

  • 24.3% rise in machinery and equipment driven by purchases of heavy machinery and vehicles by the Construction and Manufacturing industries
  • 2.4% rise in total dwelling construction, reflecting increased alterations and additions supported by state and Commonwealth government initiatives

Public gross fixed capital formation increased 0.5%, driven by a:

  • 2.8% rise in state and local general government with continued work on road projects and the commencement of work on education projects

Partly offset by a:

  • 9.0% decrease in Commonwealth public non-financial corporations as a result of reduced work carried out on utilities infrastructure

Northern Territory -1.9%

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

  • 1.7% increase in government final consumption expenditure led by increased use of goods and services associated with COVID-19 quarantine facilities

Partly offset by a:

  • 0.9% decrease in household final consumption expenditure driven by recreation and culture, transport services and clothing and footwear

Private gross fixed capital formation decreased 12.6%, due to a:

  • 30.2% decrease in machinery and equipment following a large amount of expenditure in the previous quarter
  • 16.2% decrease in non-dwelling construction led by reduced investment in new-buildings

Partly offset by a:

  • 8.4% increase in ownership transfer costs reflecting increased housing activity
  • 1.9% increase in total dwellings driven by increased investment into new and used dwellings

Public gross fixed capital formation decreased 3.9%, driven by a:

  • 8.1% decrease in state and local general government due to reduced work done on road projects

Partly offset by a:

  • 18.6% increase in state and local public non-financial corporations reflecting the increased work done on utility infrastructure

Australian Capital Territory 0.5%

Total final consumption expenditure increased 0.2% driven by a:

  • 0.6% increase in household consumption expenditure led by the continued recovery in expenditure on hotels, cafes and restaurants and other goods and services

Partly offset by a:

  • 0.1% decrease in government consumption expenditure due to reduced expenditure by universities partly offset by increased Commonwealth non-defence expenditure

Private gross fixed capital formation increased 4.9%, driven by a:

  • 7.8% increase in dwelling investment with rises in alterations and additions and new and used dwellings
  • 46.1% increase in ownership transfer costs reflecting increased housing activity 

Public gross fixed capital formation decreased 1.9%, driven by a:

  • 2.6% decrease in national general government led by weakness amongst the university sector
  • 2.0% decrease in state and local general government reflecting completed work on health and education infrastructure

Partly offset by a:

  • 13.3% increase in state and local public non-financial corporations reflecting an increase in purchases of dwellings

Key tables

Key national accounts aggregates

  Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Through the year, Mar 20 to Mar 21
Percentage change (a)
Chain volume GDP and related measures (b)
 GDP-0.3-7.03.53.21.81.1
 GDP per capita (c)-0.6-7.13.53.11.70.8
 Gross value added market sector (d)-0.7-7.73.23.62.00.6
 Net domestic product-0.5-8.64.13.82.10.9
Real income measures (b)
 Real gross domestic income-0.4-6.83.74.53.54.5
 Real gross national income-0.1-5.94.14.62.95.5
 Real net national disposable income-0.3-7.35.05.53.46.1
 Real net national disposable income per capita (c)-0.6-7.55.05.33.45.8
Current price measures
 GDP0.1-7.34.04.43.54.0
Productivity
 Hours worked-0.9-9.54.43.51.0-1.3
 Hours worked market sector (d)-1.4-11.55.13.41.7-2.1
 GDP per hour worked0.62.8-0.9-0.30.82.5
 Gross value added per hour worked market sector (d)0.74.4-1.80.10.22.8
 Real unit labour costs-0.3-9.0-0.96.90.5-3.2
 Real unit labour costs - non-farm-0.2-9.5-1.17.40.4-3.5
Prices
 GDP implicit price deflator0.4-0.40.51.11.62.9
 Domestic final demand implicit price deflator0.3-0.20.00.30.30.4
 Terms of trade-0.30.71.15.57.415.4
Levels
Chain volume GDP and related measures (b)
 GDP ($m)495 564461 035476 976492 269501 065. .
 GDP per capita (c) ($)19 32017 93918 57019 14419 478. .
 Gross value added market sector (d) ($m)335 442309 688319 613331 009337 615. .
 Net domestic product ($m)409 229374 208389 646404 454412 756. .
Real income measures (b)
 Real gross domestic income ($m)494 840461 135478 222499 564516 903. .
 Real gross national income ($m)484 360456 020474 779496 574510 848. .
 Real net national disposable income ($m)397 740368 763387 129408 244422 119. .
 Real net national disposable income per capita (c) ($)15 50614 34915 07215 87716 409. .
Current price measures
 GDP ($m)505 320468 263486 854508 132525 730. .
 GDP per capita (c) ($)19 70018 22118 95519 76120 437. .
 Gross national income ($m)495 732462 181482 189504 355519 498. .
 National net saving ($m)32 89629 83728 09235 58445 986. .
 Household saving ratio7.922.018.612.211.6. .
Prices
 Terms of trade (index) (e)99.4100.1101.2106.8114.7. .

. . not applicable
- 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 2018-19.
c. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
e. Reference year for indexes is 2018-19 = 100.0.

Revisions to percentage changes (a)

  Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20
Percentage change (a)
Chain volume GDP and related measures (b)
 GDP--0.10.1
 GDP per capita (c)-0.10.20.1
 Gross value added market sector (d)-0.10.2-0.2
 Net domestic product---0.1
Real income measures (b)
 Real gross domestic income-0.2--0.3
 Real gross national income---0.20.5
 Real net national disposable income-0.1--0.20.6
 Real net national disposable income per capita (c)-0.1--0.20.6
Current price measures
 GDP-0.20.2-0.2
 Household saving ratio (e)---0.10.2
Productivity
 Hours worked-0.5-0.50.3
 Hours worked market sector (d)-0.2-0.40.1
 GDP per hour worked--0.60.5-0.3
 Gross value added per hour worked market sector (d)-0.10.20.4-
 Real unit labour costs0.3-0.1--
 Real unit labour costs - non-farm0.3-0.2-0.1-
Prices
 Terms of trade-0.7-0.1-0.20.8

- nil or rounded to zero
a. Change on preceding quarter.
b. Reference year for chain volume measures and real income measures is 2018-19.
c. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
e. Revisions to levels.

Analytical expenditure aggregates

Percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Through the year, Mar 20 to Mar 21Contribution to growth, Dec 20 to Mar 21
Final consumption expenditure
 General government1.73.01.50.9-0.55.0-0.1
 Households-1.4-12.37.84.51.2-0.7
  Goods1.0-3.35.32.9-0.54.3-0.1
  Services-2.8-17.69.55.52.4-2.60.8
  Essential0.5-4.74.51.20.21.00.1
  Discretionary-4.4-24.614.510.62.9-1.80.6
Gross fixed capital formation  
 Private-0.4-5.70.63.85.33.60.9
  Mining3.10.9-5.15.32.53.40.1
  Non-mining-1.7-6.7-1.30.84.5-3.00.3
  Total private business investment-0.5-4.8-2.32.04.0-1.30.4
 Public-0.5-0.40.12.22.94.90.2
Final demand       
 Public 1.22.31.31.10.24.9-
 Private -1.2-10.75.94.32.20.91.6

- nil or rounded to zero

 

Revisions to percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20
Final consumption expenditure
 General government-0.30.1-0.1
 Households---0.10.2
  Goods-0.3-0.30.20.1
  Services0.10.2-0.30.3
  Essential-0.1-0.1-
  Discretionary0.10.1-0.50.7
Gross fixed capital formation
 Private-0.10.2-0.1-0.1
  Mining-0.10.3-1.83.9
  Non-mining--0.10.2-1.7
  Total private business investment--0.1-0.3-0.2
 Public-0.4-0.3-0.3
Final demand    
 Public -0.40.10.1-
 Private -0.1--0.10.1

- nil or rounded to zero

Expenditure aggregates

Contributions to growth

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21
Final consumption expenditure
 General government0.30.60.30.2-0.1
 Households-0.8-6.74.02.40.7
Gross fixed capital formation
 Private-0.1-1.00.10.60.9
 Public---0.10.2
Domestic final demand-0.5-7.14.43.31.6
Changes in inventories-0.2-0.50.9-0.10.7
Exports of goods and services-1.1-1.7-0.80.90.1
Imports of goods and services1.52.4-1.0-1.0-0.7
Statistical discrepancy (E)--0.2-0.10.10.1
Gross domestic product-0.3-7.03.53.21.8

- nil or rounded to zero

Expenditure on GDP

Percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Through the year, Mar 20 to Mar 21Contribution to growth, Dec 20 to Mar 21
Final consumption expenditure
 General government1.73.01.50.9-0.55.0-0.1
 Households-1.4-12.37.84.51.2-0.7
 Total final consumption expenditure-0.6-8.25.93.40.71.30.5
Private gross fixed capital formation
 Dwellings-0.5-4.41.74.26.47.90.3
 Ownership transfer costs0.6-18.221.615.210.626.80.2
 Non-dwelling construction0.4-1.8-3.7-2.9-1.1-9.3-0.1
 Machinery and equipment-1.4-8.2-3.09.411.68.60.4
 Cultivated biological resources5.39.22.70.43.616.7-
 Intellectual property products-1.8-7.12.22.02.4-0.8-
 Total private gross fixed capital formation-0.4-5.70.63.85.33.60.9
Public gross fixed capital formation
 Public corporations8.5-7.67.3-2.5-3.0-6.2-
 General government-3.01.9-1.93.74.68.30.2
 Total public gross fixed capital formation-0.5-0.40.12.22.94.90.2
Total gross fixed capital formation-0.4-4.50.53.44.73.91.1
Domestic final demand-0.6-7.34.63.41.61.91.6
Changes in inventories.  ..  ..  ..  ..  ..  .0.7
Exports of goods and services-4.5-7.3-3.34.10.5-6.20.1
Imports of goods and services-7.2-12.55.65.43.71.0-0.7
Statistical discrepancy (E).  ..  ..  ..  ..  ..  .0.1
Gross domestic product-0.3-7.03.53.21.81.11.8

. . not applicable
- nil or rounded to zero

Revisions to percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20
Final consumption expenditure
 General government-0.30.1-0.1
 Households---0.10.2
 Total final consumption expenditure-0.1--0.2
Private gross fixed capital formation
 Dwellings-0.40.50.10.1
 Ownership transfer costs ----
 Non-dwelling construction ---0.6-1.0
 Machinery and equipment ---0.5
 Cultivated biological resources -0.90.3-1.70.4
 Intellectual property products -0.10.1-0.6
 Total private gross fixed capital formation -0.10.2-0.1-0.1
Public gross fixed capital formation
 Public corporations0.8-0.50.1-1.9
 General government-0.70.20.40.2
 Total public gross fixed capital formation -0.4-0.3-0.3
Total gross fixed capital formation-0.20.1--0.2
Domestic final demand-0.20.1-0.1
Gross national expenditure-0.1-0.10.1
Exports of goods and services-0.30.30.70.3
Imports of goods and services--0.2-0.30.5
Gross domestic product--0.10.1

- nil or rounded to zero

Household final consumption expenditure

Percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Through the year, Mar 20 to Mar 21Contribution to growth, Dec 20 to Mar 21
Food5.5-3.03.8-1.6-1.4-2.5-0.1
Cigarettes and tobacco-4.0-3.1-1.3-6.7-0.4-11.2-
Alcoholic beverages2.812.3-0.6-0.3-3.97.0-0.1
Clothing and footwear-9.4-17.921.916.0-0.415.6-
Rent and other dwelling services0.40.40.30.40.41.60.1
Electricity, gas and other fuel-0.34.24.9-7.7-3.8-3.0-0.1
Furnishings and household equipment1.19.8-0.91.2-0.29.9-
Health-1.5-20.025.25.80.16.1-
Purchase of vehicles-1.9-17.915.231.7-2.721.2-0.1
Operation of vehicles-4.0-25.310.312.81.6-5.60.1
Transport services-14.9-85.746.424.48.8-71.60.1
Communications1.81.71.30.82.26.2-
Recreation and culture-1.8-15.612.59.13.37.00.3
Education services0.30.30.91.00.42.7-
Hotels, cafes and restaurants-9.9-55.749.418.214.8-10.20.7
Insurance and other financial services-0.40.50.81.20.53.0-
Other goods and services-1.0-31.523.111.83.3-2.50.2
Total-1.4-12.37.84.51.2-1.2

- nil or rounded to zero

Industry gross value added

Percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Through the year, Mar 20 to Mar 21Contribution to growth, Dec 20 to Mar 21
Agriculture, Forestry and Fishing-0.5-0.71.429.52.934.20.1
Mining-0.70.1-2.2-0.90.7-2.30.1
Manufacturing1.7-8.34.21.23.0-0.40.2
Electricity, Gas, Water and Waste Services-2.1-1.60.60.4-0.9-1.4-
Construction-0.9-7.82.40.64.4-0.80.3
Wholesale Trade1.5-5.85.24.12.96.30.1
Retail Trade1.6-4.55.73.6-1.03.6-
Accommodation and Food Services-8.0-37.942.27.65.2-0.10.1
Transport, Postal and Warehousing-4.9-21.14.36.75.0-7.80.2
Information Media and Telecommunications0.4-8.15.75.6-1.90.6-
Financial and Insurance Services0.61.31.00.10.22.6-
Rental, Hiring and Real Estate Services-1.7-15.57.76.75.32.20.1
Professional, Scientific and Technical Services0.9-6.02.44.41.21.70.1
Administrative and Support Services-2.9-18.7-0.49.01.9-10.00.1
Public Administration and Safety2.30.61.30.8-0.72.0-
Education and Training0.20.20.20.20.31.0-
Health Care and Social Assistance-0.1-8.18.92.71.24.00.1
Arts and Recreation Services-2.7-24.014.47.95.7-0.8-
Other Services-3.5-16.56.08.65.81.70.1
Ownership of dwellings0.40.40.40.40.41.7-
Gross value added at basic prices-0.3-6.13.12.91.51.11.5
Taxes less subsidies on products-0.2-16.48.58.74.93.50.3
Statistical discrepancy (P).  ..  ..  ..  ..  ..  .-
Gross domestic product-0.3-7.03.53.21.81.11.8

. . not applicable
- nil or rounded to zero
a. Excludes ownership of dwellings.

Revisions to percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20
Agriculture, Forestry and Fishing2.81.21.62.7
Mining-0.20.1-0.10.1
Manufacturing-0.20.7-0.2-
Electricity, Gas, Water and Waste Services-0.6-0.1-0.51.3
Construction-0.6-0.2-0.20.3
Wholesale Trade-0.60.40.10.5
Retail Trade-0.1-0.2-0.1
Accommodation and Food Services-0.10.60.1-0.3
Transport, Postal and Warehousing-0.40.2-0.6
Information Media and Telecommunications-0.10.5-0.4
Financial and Insurance Services-0.50.50.5-0.3
Rental, Hiring and Real Estate Services0.20.3-0.7-0.7
Professional, Scientific and Technical Services-0.30.1--0.3
Administrative and Support Services0.80.2-1.1-0.4
Public Administration and Safety--0.2-0.2-
Education and Training----
Health Care and Social Assistance---0.20.5
Arts and Recreation Services0.1-0.1--0.5
Other Services0.60.7-0.2-1.3
Ownership of dwellings----
Gross value added at basic prices-0.2-0.2
Taxes less subsidies on products-0.9-0.91.50.1
Gross domestic product--0.10.1

- nil or rounded to zero
a. Excludes ownership of dwellings.

Income from GDP

Seasonally adjusted current prices, percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Through the year, Mar 20 to Mar 21Contribution to growth, Dec 20 to Mar 21
Compensation of employees
 Wages and salaries0.5-2.32.31.51.53.00.6
 Employers' social contributions (a)0.8-1.82.31.51.23.10.1
 Total compensation of employees0.5-2.32.31.51.53.00.7
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations-2.018.73.8-7.5-2.610.9-0.6
  Public non-financial corporations2.8-1.75.58.8-0.112.6-
  Total non-financial corporations-1.817.93.9-7.0-2.511.0-0.6
 Financial corporations1.0-0.81.01.10.92.1-
 Total corporations-1.213.93.3-5.5-1.99.1-0.5
 General government1.31.41.51.41.45.8-
 Dwellings owned by persons0.8-0.10.10.50.40.9-
 Total gross operating surplus-0.710.22.6-4.0-1.27.2-0.5
Gross mixed income0.221.16.8-13.4-1.210.6-0.1
Total factor income-4.52.9-2.30.15.30.1
Taxes less subsidies on production and imports0.9-118.549.4697.362.3-9.23.4
Statistical discrepancy (I).  ..  ..  ..  ..  ..  .-0.1
Gross domestic product0.1-7.34.04.43.54.03.5

. . not applicable
- nil or rounded to zero
a. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

Revisions to percentage changes

 Dec 19 to Mar 20Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20
Compensation of employees
 Wages and salaries-0.1-0.1-
 Employers' social contributions (a)0.1--0.1
 Total compensation of employees---0.1-
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations----
  Public non-financial corporations-0.11.01.6-2.6
  Total non-financial corporations-0.10.1-0.1
 Financial corporations-0.10.1-0.2
 Total corporations-0.1--0.1
 General government----
 Dwellings owned by persons-0.10.10.1-
 Total gross operating surplus-0.1---
Gross mixed income0.8-1.40.1-0.7
Total factor income--0.1--0.1
Taxes less subsidies on production and imports-0.60.1-3.5-30.2
Gross domestic product-0.20.2-0.2

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

State final demand

 Percentage change from Dec 20 to Mar 21
NSWVic.QldSAWATas.NTACTAust.(a)
Final consumption expenditure         
 General government-1.5-0.80.0-0.10.60.71.7-0.1-0.5
 Households1.03.2-0.30.50.31.9-0.90.61.2
Gross fixed capital formation         
 Private7.22.02.34.610.82.5-12.64.95.3
 Public0.25.83.48.54.50.5-3.9-1.92.9
State final demand1.52.30.41.43.01.6-1.90.51.6

- nil or rounded to zero (including null cells)
a. Australia estimates relate to Domestic final demand.

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Revisions and changes

Revisions in this issue

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

Suspension of trend estimates

Due to the impacts of COVID-19 on the economy, trend estimates for all series in the National Accounts have been suspended from June 2019 (inclusive). In the short term, this measurement will be significantly affected by changes to regular patterns in economic activity. If trend estimates were to be calculated without fully accounting for this unusual event, they would likely provide a misleading view of the underlying trend in the economy. 

Extraordinary Annual Seasonal Review (EASR)

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. 

Given the large changes in the Australian economy during the COVID-19 period and the continuing use of a forward factors approach to seasonal adjustment, the ABS has undertaken an extensive annual review of seasonally adjusted series. This review changed a range of time series treatments to ensure that the seasonal adjustment process continues to be less influenced by the large irregular movements over the past year. Revisions to most seasonally adjusted series are relatively minor, but larger than would be observed on a quarterly basis through the use of concurrent seasonal adjustment. 

For some series, the review has allowed a return to concurrent seasonal adjustment, where economic conditions are assessed to have returned to pre COVID-19 patterns. For the remaining series where this is not the case, forward factors have been calculated for the next 12 months through this annual process.

Upcoming changes to publication tables

The June quarter 2021 issue of this publication, scheduled for release on 1 September 2021, will include changes to publication tables 24. Selected Analytical Series and 34. Key Aggregates and Analytical Series, Annual. The changes include the addition of analytical series for household final consumption expenditure, currently presented in the Analytical expenditure aggregates table on this page. For further information on the changes, please contact national.accounts@abs.gov.au.

Data downloads

Next quarter's release of this publication will include changes to publication tables 24. Selected Analytical Series and 34. Key Aggregates and Analytical Series, Annual. For further information regarding these changes, see the revisions and changes section above.

Download all (6.07 MB)

Time series spreadsheets

Data files

Previous catalogue number

This release previously used catalogue number 5206.0.
 

Methodology

Australian National Accounts: National Income, Expenditure and Product methodology, March 2021

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