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Business Indicators, Australia

Quarterly estimates of private sector sales, wages, profits, and inventories

Reference period
December 2019
Released
2/03/2020

Key statistics

  • The trend estimate for company gross operating profits fell 0.9%.
  • The trend estimate for inventories fell 0.2%.
  • The seasonally adjusted estimate for company gross operating profits fell 3.5%.
  • The seasonally adjusted estimate for wages and salaries rose 1.0%.

Main features

December key figures

Sep Qtr 19 to Dec Qtr 19 (%)Dec Qtr 18 to Dec Qtr 19 (%)
Sales of goods and services (Chain volume measures)
Manufacturing
Trend0.3-1.3
Seasonally Adjusted1.0-1.0
Wholesale trade
Trend-0.6-1.3
Seasonally Adjusted-0.4-0.9
Inventories (Chain volume measures)
Trend-0.2-0.8
Seasonally Adjusted0.3-0.2
Company gross operating profits
Trend-0.94.6
Seasonally Adjusted-3.52.3
Wages and salaries
Seasonally Adjusted1.05.0
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December key points

Chain volume estimates

  • The trend estimate for inventories fell 0.2% in the December quarter 2019. The seasonally adjusted estimate rose 0.3% this quarter.
  • The trend estimate for Manufacturing sales of goods and services rose 0.3% this quarter. The seasonally adjusted estimate rose 1.0% this quarter.
  • The trend estimate for Wholesale trade sales of goods and services fell 0.6% this quarter. The seasonally adjusted estimate fell 0.4%.
     

Current prices estimates

  • The seasonally adjusted estimate for company gross operating profits fell 3.5% in the December quarter 2019.
  • The seasonally adjusted estimate for wages and salaries rose 1.0% in the December quarter 2019.
     

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 December quarter 2019 is -$1,097m, which is $1,676m lower than the September quarter 2019 IVA of $579m.

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.

Bushfires in December and January

      Bushfires resulted in only minor disruption to data collection activities during January 2020 in New South Wales, Victoria and the Australian Capital Territory. Quality assurance undertaken by the ABS confirmed that these disruptions to data collection did not result in any significant impact to the quality of December Business Indicators statistics. Whilst some individual businesses did report some negative impacts from bushfires in New South Wales in December the impacts were not apparent at the aggregate level.

      Analysis by industry

      Featured series

      The following graphs and commentary refer to seasonally adjusted and trend estimates for sales of goods and services and inventories in volume terms, and wages and salaries and company gross operating profits in current price terms.
       

      Total all industries

      In current prices, the trend estimate for company gross operating profits fell 0.9% this quarter. The seasonally adjusted estimate fell 3.5%. In current price terms, the trend estimate for wages and salaries rose 1.1% this quarter. The seasonally adjusted estimate rose 1.0%.

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      In volume terms, the trend estimate for total inventories fell 0.2% this quarter. The seasonally adjusted estimate rose 0.3%.

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      Mining

      In current prices, the trend estimate for company gross operating profits fell 2.3% this quarter. The seasonally adjusted estimate fell 8.0%. In current price terms, the trend estimate for wages and salaries rose 1.4% this quarter. The seasonally adjusted estimate rose 1.4%.

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      In volume terms, the trend estimate for sales of goods and services rose 0.3% this quarter. The seasonally adjusted estimate rose 1.0%. In volume terms, the trend estimate for inventories rose 3.4% this quarter. The seasonally adjusted estimate rose 8.5%.

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      Manufacturing

      In current prices, the trend estimate for company gross operating profits rose 0.6% this quarter. The seasonally adjusted estimate rose 1.0%. In current price terms, the trend estimate for wages and salaries rose 1.2% this quarter. The seasonally adjusted estimate rose 1.9%.

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      In volume terms, the trend estimate for sales of goods and services rose 0.3% this quarter. The seasonally adjusted estimate rose 1.0%. In volume terms, the trend estimate for inventories fell 0.6% this quarter. The seasonally adjusted estimate fell 0.5%.

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      Electricity, gas, water and waste services

      In current prices, the trend estimate for company gross operating profits fell 0.8% this quarter. The seasonally adjusted estimate rose 2.4%. In current price terms, the trend estimate for wages and salaries fell 0.9% this quarter. The seasonally adjusted estimate fell 3.0%.

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      In volume terms, the trend estimate for sales of goods and services fell 0.7% this quarter. The seasonally adjusted estimate fell 3.9%. In volume terms, the trend estimate for inventories rose 1.7% this quarter. The seasonally adjusted estimate rose 5.3%.

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      Construction

      In current prices, the trend estimate for company gross operating profits rose 2.5% this quarter. The seasonally adjusted estimate fell 6.9%. In current price terms, the trend estimate for wages and salaries rose 0.4% this quarter. The seasonally adjusted estimate rose 1.4%.

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      In volume terms, the trend estimate for sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 1.7%.

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      Wholesale trade

      In current prices, the trend estimate for company gross operating profits rose 0.3% this quarter. The seasonally adjusted estimate fell 1.0%. In current price terms, the trend estimate for wages and salaries rose 1.2% this quarter. The seasonally adjusted estimate rose 0.1%.

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      In volume terms, the trend estimate for sales of goods and services fell 0.6% this quarter. The seasonally adjusted estimate fell 0.4%. In volume terms, the trend estimate for inventories fell 0.2% this quarter. The seasonally adjusted estimate fell 0.3%.

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      Retail trade

      In current prices, the trend estimate for company gross operating profits rose 1.3% this quarter. The seasonally adjusted estimate rose 0.5%. In current price terms, the trend estimate for wages and salaries rose 0.7% this quarter. The seasonally adjusted estimate rose 0.9%.

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      In volume terms, the trend estimate for sales of goods and services fell 1.0% this quarter. The seasonally adjusted estimate fell 0.6%. In volume terms, the trend estimate for inventories fell 1.4% this quarter. The seasonally adjusted estimate fell 1.4%.

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      Accommodation and food services

      In current prices, the trend estimate for company gross operating profits rose 0.9% this quarter. The seasonally adjusted estimate fell 1.9%. In current price terms, the trend estimate for wages and salaries rose 1.5% this quarter. The seasonally adjusted estimate rose 2.6%.

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      In volume terms, the trend estimate for sales of goods and services rose 0.6% this quarter. The seasonally adjusted estimate rose 0.1%. In volume terms, the trend estimate for inventories rose 0.5% this quarter. The seasonally adjusted estimate fell 1.7%.

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      Transport, postal and warehousing

      In current prices, the trend estimate for company gross operating profits fell 2.0% this quarter. The seasonally adjusted estimate rose 4.0%. In current price terms, the trend estimate for wages and salaries rose 1.0% this quarter. The seasonally adjusted estimate rose 0.8%.

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      In volume terms, the trend estimate for sales of goods and services rose 0.5% this quarter. The seasonally adjusted estimate rose 1.1%.

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      Information media and telecommunications

      In current prices, the trend estimate for company gross operating profits rose 2.8% this quarter. The seasonally adjusted estimate rose 1.6%. In current price terms, the trend estimate for wages and salaries fell 2.5% this quarter. The seasonally adjusted estimate fell 2.4%.

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      In volume terms, the trend estimate for sales of goods and services fell 0.1% this quarter. The seasonally adjusted estimate fell 1.1%.

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      Financial and insurance services

      In current prices, the trend estimate for company gross operating profits fell 23.8% this quarter. The seasonally adjusted estimate fell 23.7%. In current price terms, the trend estimate for wages and salaries rose 0.5% this quarter. The seasonally adjusted estimate rose 1.6%.

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      In volume terms, the trend estimate for sales of goods and services rose 1.3% this quarter. The seasonally adjusted estimate rose 3.4%.

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      Rental, hiring and real estate services

      In current prices, the trend estimate for company gross operating profits fell 2.2% this quarter. The seasonally adjusted estimate rose 0.5%. In current price terms, the trend estimate for wages and salaries rose 0.9% this quarter. The seasonally adjusted estimate rose 2.5%.

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      In volume terms, the trend estimate for sales of goods and services rose 1.2% this quarter. The seasonally adjusted estimate rose 2.6%.

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      Professional, scientific and technical services

      In current prices, the trend estimate for company gross operating profits rose 2.7% this quarter. The seasonally adjusted estimate fell 1.9%. In current price terms, the trend estimate for wages and salaries rose 1.9% this quarter. The seasonally adjusted estimate rose 1.0%.

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      In volume terms, the trend estimate for sales of goods and services rose 0.8% this quarter. The seasonally adjusted estimate remained relatively unchanged this quarter.

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      Administrative and support services

      In current prices, the trend estimate for company gross operating profits rose 0.3% this quarter. The seasonally adjusted estimate rose 0.5%. In current price terms, the trend estimate for wages and salaries rose 1.1% this quarter. The seasonally adjusted estimate rose 0.4%.

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      In volume terms, the trend estimate for sales of goods and services fell 0.1% this quarter. The seasonally adjusted estimate fell 0.9%.

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      Education and training

      In current price terms, the trend estimate for wages and salaries fell 0.1% this quarter. The seasonally adjusted estimate fell 0.6%.

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      Health care and social assistance

      In current price terms, the trend estimate for wages and salaries rose 2.6% this quarter. The seasonally adjusted estimate rose 0.8%.

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      Arts and recreation services

      In current prices, the trend estimate for company gross operating profits rose 0.3% this quarter. The seasonally adjusted estimate rose 18.8%. In current price terms, the trend estimate for wages and salaries rose 0.9% this quarter. The seasonally adjusted estimate rose 2.1%.

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      In volume terms, the trend estimate for sales of goods and services fell 1.1% this quarter. The seasonally adjusted estimate fell 1.6%.

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      Other services

      In current prices, the trend estimate for company gross operating profits fell 1.4% this quarter. The seasonally adjusted estimate fell 0.8%. In current price terms, the trend estimate for wages and salaries rose 0.4% this quarter. The seasonally adjusted estimate rose 2.2%.

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      In volume terms, the trend estimate for sales of goods and services rose 0.2% this quarter. The seasonally adjusted estimate rose 1.6%.

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      Data downloads

      Table 1. Inventories, chain volume measures

      Table 2. Inventories, chain volume measures, percentage change from previous quarter

      Table 3. Inventories, current prices

      Table 4. Income from sales of goods and services, chain volume measures

      Table 5. Income from sales of goods and services, chain volume measures, percentage change from previous quarter

      Table 6. Income from sales of goods and services, current prices

      Table 7. Income from sales of goods and services by state, current prices

      Table 8. Income from sales of goods and services by state, current prices, percentage change from previous quarter

      Table 9. Company profits before income tax, current prices

      Table 10. Company profits before income tax, current prices, percentage change from previous quarter

      Table 11. Company gross operating profits, current prices

      Table 12. Company gross operating profits, current prices, percentage change from previous quarter

      Table 13. Unincorporated gross operating profits, current prices

      Table 14. Unincorporated gross operating profits, current prices, percentage change from previous quarter

      Table 15. Business gross operating profits, current prices

      Table 16. Business gross operating profits, current prices, percentage change from previous quarter

      Table 17. Wages and salaries, current prices

      Table 18. Wages and salaries, current prices, percentage change from the previous quarter

      Table 19. Wages and salaries by state, current prices

      Table 20. Wages and salaries by state, current prices, percentage change from previous quarter

      Table 21. Sales/wages and salaries ratio, current prices, original

      Table 22. Business gross operating profits/sales ratio, current prices, original

      Table 23. Inventories/sales ratio, current prices, original

      Table 24. Manufacturing subdivision, income from sales of goods and services, chain volume measures

      Table 25. Manufacturing subdivision, income from sales of goods and services, current prices

      Table 26. Manufacturing subdivision, inventories, chain volume measures

      Table 27. Manufacturing subdivision, inventories, current prices

      Table 28. Manufacturing subdivision, company profits before income tax, current prices, original

      Table 29. Manufacturing subdivision, company gross operating profits, current prices, original