5676.0 - Business Indicators, Australia, Sep 2016
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/12/2016
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SEPTEMBER 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 September quarter 2016 is $1,188m which is $597m higher than the June quarter 2016 IVA of $591m.
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
Each September quarter the reference and base year for chain volume estimates for the Business Indicators Survey are updated. A new base year, 2014-15, has been introduced into the chain volume estimates which has resulted in minor revisions to growth rates in subsequent periods. In addition, the chain volume estimates have been re-referenced to 2014-15. Additivity is preserved in the quarters of the reference year and subsequent quarters. Re-referencing affects the level of, but not the movements in, chain volume estimates.
As happens each year, a seasonal re-analysis has been undertaken based on estimates up to and including the June quarter 2016. No significant changes have occurred in this re-analysis, resulting in only minor revisions to the seasonally adjusted estimates.
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