5676.0 - Business Indicators, Australia, Mar 2017
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 05/06/2017
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MARCH 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 March quarter 2017 is $1,516m which is $1,746m lower than the December quarter 2016 IVA of $3,262m. 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
For the March quarter 2017 release, an improvement was applied to the seasonal adjustment method of current price data within the Mining aggregate estimates. Seasonal factors derived from the corresponding chain volume measures were used to seasonally adjust the current price values for selected components. This change is consistent with improvements to the March quarter 2017 release of the Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) and the Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).
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