5206.0 - Australian National Accounts: National Income, Expenditure and Product, Sep 2019

Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 04/12/2019

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Main Features Analysis Expenditure chain volume measures Income at Current Prices Production chain volume measures State final demand chain volume measures Recent and upcoming releases About this Release 60 years of national accounts statistics in Australia (Feature Article) Economy grew 0.4 per cent in September quarter (Media Release)	Analysis Australian economy grew by 0.4% Australia's gross domestic product (GDP) grew by 0.4% in the September quarter 2019, following a 0.6% rise in the June quarter. The Australian economy grew 1.7% through the year. Gross domestic product, Chain volume measures: Seasonally adjusted Household consumption remains subdued Household final consumption expenditure increased 0.1% in the quarter, with through the year growth softening to 1.2%. The quarterly rise in household consumption was driven by modest growth in expenditure on essential goods and services. Consumption of discretionary goods and services fell 0.3% this quarter. Household final consumption expenditure, Chain volume measures: Seasonally adjusted Essential and discretionary consumption expenditure, Chain volume measures: Seasonally adjusted Fall in income tax payable drives growth in household savings ratio Growth in household gross disposable income outpaced subdued household final consumption expenditure, leading to a sharp rise in the household saving ratio (4.8). Household gross disposable income increased 2.5%, driven by a decline in income tax payable, which was impacted by the introduction of the low and middle income tax offset. Household saving ratio, Seasonally adjusted Public spending drives domestic final demand Domestic final demand contributed 0.2 percentage points to GDP growth, with government final consumption expenditure and public gross fixed capital formation both contributing to the rise. Government final consumption expenditure rose 0.9% in the quarter and remains strong through the year at 6.0%. National non-defence consumption expenditure contributed to growth with continued spending on disability and aged care services. Public gross fixed capital formation grew 1.9% in the September quarter, with state and local public corporations and national general government the main contributors. Domestic final demand, Chain volume measures: Seasonally adjusted - Contributions to growth Continued strength in Healthcare drives Gross Value Added Health Care and Social Assistance GVA rose 2.6% in the September quarter and has risen 8.3% through the year. Growth is attributed to both the public and private sectors, reflecting continued demand for disability, health and aged care services. Health Care and Social Assistance gross value added, Chain volume measures: Seasonally adjusted Dwelling investment continues to decline Investment in new and used dwellings fell 2.8% in the quarter and 11.0% through the year, reflecting continued weakness in dwelling approvals. Both houses (-2.1%) and other residential dwellings (-3.7%) contributed to the decline this quarter. All states and territories recorded falls with the exception of Victoria. New and used dwelling investment, Chain volume measures: Seasonally Adjusted Mining drives fall in private business investment Mining business investment fell 7.8% this quarter and 11.2% through the year, reflecting the transition of LNG projects from investment to production. Non-mining business investment rose 1.2% this quarter, driven by non-residential building and road projects. Mining and non-mining investment, Chain volume measures: Seasonally adjusted Document Selection These documents will be presented in a new window.