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MANUFACTURING INDUSTRIES PRODUCER PRICE INDEXES
During the June quarter 2008, the prices paid by manufacturers for material inputs increased by 6.3%, while the prices they received for their outputs increased by 4.2%. Through the year to June quarter 2008, prices of material inputs increased by 15.8%, while prices for manufacturers' outputs rose by 8.7%.
Price increases for products from oil and gas extraction (+17.4%) and dairy cattle farming (+13.9%) drove the rise in the cost of materials used in the manufacturing industries. Major contributors to these price increases were crude oil and whole milk. Price decreases for products from metal ore mining (-2.9%) and fabricated metal product manufacturing (-9.7%) 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 petroleum refining (+14.6%) - driven by diesel, kerosene, aviation fuel and unleaded petrol; meat and meat product manufacturing (+6.7%) - driven by fresh and frozen beef and edible offal; and iron and steel manufacturing (+12.3%) - driven by steel plate and alumina products. These increases were partly offset by decreases in the prices received for outputs in other transport equipment (-3.1%).
CONSTRUCTION INDUSTRIES PRODUCER PRICE INDEXES
The price index for materials used in house building rose by 1.5% in the June quarter 2008. This follows consecutive price increases of 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 (+9.8%), timber, board and joinery (+1.0%), and other metal products (+1.4%).
Melbourne (+1.4%) contributed the most to the overall weighted average of six capital cities quarterly movement. Increases were recorded for all the state capitals.
Through the year to June quarter 2008, the materials used in house building price index rose by 4.6%. This rise was mainly attributed to increases in prices paid for timber, board and joinery (+6.5%) and other metal products (+4.2%).
The price index for the output of the general construction industry increased by 1.6% in the June quarter 2008, and by 6.4% through the year. Increases were registered in all component industries. The largest contributor this quarter was non-residential building construction (+2.0%), followed by house construction (+1.1%), residential building construction n.e.c. (+1.9%), and road and bridge construction (+2.0%).
New South Wales made the greatest contribution to the general construction industry index increase this quarter (+2.5%), followed by Queensland (+1.7%). This was driven by non-residential building construction (+3.5%) in New South Wales, and house construction (+1.4%) and non-residential building construction (+1.9%) in Queensland.
The common influence on price increases across the construction industry and regions this quarter was increasing material prices, such as concrete and steel. Diesel and bitumen prices also contributed to the movement of the road and bridge construction price index.
SERVICE INDUSTRIES PRODUCER PRICE INDEXES
The property and business services industries price index increased by 1.1% in the June quarter 2008, and by 7.0% through the year.
The property services index increased by 1.9% in the June quarter 2008, and by 11.9% through the year. The main contributors to the quarterly increase were commercial property operators and developers (+1.8%) and real estate agents (+2.5%). The business services index increased by 0.5% in the June quarter 2008 and by 3.5% through the year. The main contributors to the quarterly increase were contract staff services (+2.6%) and business management services (+1.7%). These increases were partially offset by a decrease in accounting services (-1.6%).
The transport (freight) and storage industries index increased by 2.0% in the June quarter 2008, and by 4.6% through the year. The most significant contributors to the quarterly increase were road freight transport (+2.1%), rail transport (+7.5%) and coastal water transport (+7.1%). These increases were partially offset by decreases in international sea transport (-2.3%).
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