5206.0 - Australian National Accounts: National Income, Expenditure and Product, Mar 2020 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 03/06/2020   
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March key figures


GDP summary

  • The Australian economy contracted by 0.3% in seasonally adjusted chain volume terms in the March quarter 2020
  • Through the year GDP was up 1.4%
  • The terms of trade rose 2.9%
  • Household saving ratio increased to 5.5% from 3.5%.

Seasonally adjusted, percentage change (a)

Dec 18 to
Mar 19
Mar 19 to
Jun 19
Jun 19 to
Sep 19
Sep 19 to
Dec 19
Dec 19 to
Mar 20
Mar 19 to
Mar 20

Chain volume GDP and related measures (b)
GDP
0.5
0.6
0.6
0.5
-0.3
1.4
GDP per capita (c)
0.1
0.3
0.2
0.2
-0.7
-
Gross value added market sector (d)
0.7
0.3
0.3
0.4
-0.6
0.3
Real net national disposable income
1.0
1.7
0.9
-0.7
0.5
2.4
Productivity
GDP per hour worked
-0.4
0.7
-0.2
            0.3
0.5
1.4
Real unit labour costs
            -0.7
0.3
0.1
1.4
-1.0
0.7
Prices
GDP chain price index (original)
1.2
1.1
0.7
-1.2
1.1
1.7
Terms of trade
3.2
1.5
0.1
-5.2
2.9
-0.9
Current price measures
GDP
1.6
1.4
1.2
-0.2
0.8
3.1
Household saving ratio
3.4
2.6
4.8
3.5
5.5
 na

na not available
(a) Change on preceding quarter, except for the last column which shows the change between the current quarter and the corresponding quarter of the previous year. Excludes Household saving ratio.
(b) Reference year for chain volume measures and real income measures is 2017-18.
(c) Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
(d) ANZSIC divisions A to N, R and S. See Glossary - Market sector.


GDP growth rates, chain volume measures: seasonally adjusted
Graph shows GDP growth rates, chain volume measures: seasonally adjusted


Contribution to GDP growth, seasonally adjusted
Graph shows Contribution to GDP growth, seasonally adjusted


Notes

Forthcoming issues

Issue (quarter)Release date
June 20202 September 2020
September 20202 December 2020
December 20203 March 2021
March 20212 June 2021


Revisions in this issue

There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.


Suspension of trend estimates

Due to the impacts of COVID-19 on the economy, trend estimates for all series in the National Accounts have been suspended from June 2019 (inclusive). In the short term, this measurement will be significantly affected by changes to regular patterns in economic activity. If trend estimates were to be calculated without fully accounting for this unusual event, they would likely provide a misleading view of the underlying trend in the economy.

Changes in the seasonal adjustment process

Series with significant and prolonged impacts from COVID-19 will use forward seasonal factors to produce seasonally adjusted estimates instead of the standard concurrent seasonal factors method. The forward factors approach is better suited to managing large movements at the end of a series and will ensure that large movements do not have a disproportionate influence on the seasonal factors. A number of series across all measures have been moved to forward factors this quarter.


Changes to Hours worked

National Accounts has incorporated hours worked from the Labour Accounts as of March quarter 2020. Labour Accounts are produced within the same framework used by National Accounts and are consistent in concept and scope.


New ABS website

The ABS will be launching a new website in 2020. You will soon be able to see how this release will appear on the new website by exploring our Beta site. Regular users of this information are encouraged to explore the Beta site and consider if this will affect the way you access and consume ABS data and information. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email newABSwebsite@abs.gov.au.


Privacy

The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to the ABS.


Inquiries

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts by email <national.accounts@abs.gov.au>.