5676.0 - Business Indicators, Australia, Jun 2011
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/09/2011
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JUNE KEY POINTS
CHAIN VOLUME ESTIMATES
CURRENT PRICE ESTIMATES
COMPARISON BETWEEN COMPANY GROSS OPERATING PROFITS AND GROSS OPERATING SURPLUS
Valuation changes have had an impact on the value of inventories held by Australian businesses this quarter. An inventories valuation adjustment (IVA) is applied in the calculation of the gross operating surplus of private non-financial corporations (GOS) estimate in the Australian National Accounts. The IVA for the June quarter 2011 is $1,408m which is $1,556m lower than the March quarter 2011 IVA of $2,964m.
No adjustment is made to the company gross operating profits (CGOP) estimate in this publication and, as a result, users should exercise caution when comparing CGOP and GOS. It should be noted that there are other differences between the two series. In particular, changes are made to GOS when annual benchmarks are applied and slightly different seasonal factors apply to the two series. Given this, while CGOP movements are an appropriate indicator for GOS, the two series will not have equivalent seasonally adjusted movements from quarter to quarter.
CHANGES IN THIS ISSUE
A review of methods to produce Chain Volume Measures (CVMs) has occurred this quarter. This has resulted in revisions to a number of data series, however historical GDP quarterly estimates are unaffected. These revised series include: CVM original series for Retail trade division; CVM original series and CVM seasonally adjusted series for Manufacturing division and Petroleum and Coal Product Manufacturing subdivision; CVM seasonally adjusted series for Electricity, Gas, Water and Waste services division and Waste Collection, Treatment and Disposal services subdivision; and CVM seasonally adjusted series for Other Services division and Personal and Other services subdivision.
CHANGES IN NEXT ISSUE
As happens in September quarter each year, revisions to previously released data will occur as a result of the annual re-analysis of seasonally adjusted data series and the movement forward of the base year for the calculation of chain volume measures.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Didier Rivet on Sydney (02) 9268 4900.
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