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Business Indicators, Australia

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

Reference period
December 2020
Released
1/03/2021

Key statistics

Current price estimates for the December quarter 2020:

  • Company gross operating profits fell 6.6% seasonally adjusted 
  • Wages and salaries rose 1.4% seasonally adjusted 

Chain volume estimates for the December quarter 2020:

  • Inventories remained relatively unchanged this quarter
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 Sep Qtr 20 to Dec Qtr 20Dec Qtr 19 to Dec Qtr 20
%%
Sales of goods and services (Chain volume measures)  
 Manufacturing  
  Trend

na

na

  Seasonally Adjusted

2.2

-0.8

 Wholesale trade  
  Trend

na

na

  Seasonally Adjusted

4.4

3.0

Inventories (Chain volume measures)  
 Trend

na

na

 Seasonally Adjusted

0.0

-4.6

Company gross operating profits  
 Trend

na

na

 Seasonally Adjusted

-6.6

15.1

Wages and salaries  
 Seasonally Adjusted

1.4

0.7

*na - not available. Trend estimates have been suspended due to the impacts of COVID-19

 

 

Inventories

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Trend estimates have been suspended

 

Company gross operating profits

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Trend estimates have been suspended

 

December key points

Chain volume estimates

The seasonally adjusted estimate for:

  • Inventories remained relatively unchanged in the December quarter 2020.
  • Manufacturing sales of goods and services rose 2.2% this quarter.
  • Wholesale trade sales of goods and services rose 4.4%.

Current prices estimates

The seasonally adjusted estimate for:

  • Company gross operating profits fell 6.6%.
  • Wages and salaries rose 1.4%.

Notes on release

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 2020 is $1,356m which is $1,806m higher than the September quarter 2020 IVA of -$450m.

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.

Impact of government subsidies on CGOP

Estimates of Company Gross Operating Profits have included the receipt of COVID-19 related government subsidies as income in the compilation of CGOP from the June quarter 2020. For the December quarter 2020 release, there has been a reduction in these government subsidies compared to the previous two quarters as the government stimulus packages are gradually wound back. Updated information on subsidy income received by industry will be published in the December quarter 2020 release of the Australian National Accounts on Wednesday 3 March 2021.

Suspension of trend series

The trend series attempts to measure underlying behaviour in business activity. In the short term, this measurement will be significantly affected by changes to regular patterns in spending that will occur during this time, as certain businesses are restricted from trading for example. If the trend estimates in this publication were to be calculated without fully accounting for this irregular event, they would likely provide a misleading view of underlying business activity.

It may be some time before the underlying trend in business activity can be accurately estimated. The Business Indicators trend series have therefore been suspended and will be reinstated when more certainty emerges in the underlying trend in business activity.

Update to seasonal adjustment methods

Business Indicators Australia uses the concurrent seasonal adjustment method, meaning that seasonal factors are re-estimated each time a new data point becomes available. If not appropriately accounted for, unusual real-world events such as COVID-19 can distort estimates calculated using this method.

From March quarter 2020 for selected series, seasonal factors have been calculated using data up to and including December quarter 2019, then projected from March quarter 2020 onwards. This approach, known as the forward factor method, ensures that the seasonal factors are not distorted for industries affected by COVID-19 impacts. Switching to the forward factor method may result in revisions in seasonal data for future quarters when the concurrent seasonal adjustment method is reinstated.

Analysis by industry

​​​​​​​Featured series

The following graphs and commentary refer to seasonally adjusted 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. Trend estimates have been suspended from June quarter 2019 onwards for all series due to the impacts of coronavirus (COVID-19).

Total all industries

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 6.6% seasonally adjusted

Wages and salaries, current prices:

  • Rose 1.4% seasonally adjusted 

 

Inventories

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(a) Total inventories limited to: Accommodation and food services; Electricity, gas, water and waste services; Manufacturing; Mining; Retail trade; Wholesale trade

Inventories, chain volume measures:

  • Remained relatively unchanged this quarter

Mining

Company gross operating profits | Wages

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Company gross operating profits, current prices:

  • Rose 11.5% seasonally adjusted

Wages and salaries, current prices:

  • Fell 0.6% seasonally adjusted

 

Sales of goods and services | Inventories

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Sales of goods and services, chain volume measures:

  • Rose 0.8% seasonally adjusted

Inventories, chain volume measures:

  • Fell 2.9% seasonally adjusted

Manufacturing

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 12.1% seasonally adjusted

Wages and salaries, current prices:

  • Remained relatively unchanged this quarter

 

Sales of goods and services | Inventories

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Sales of goods and services, chain volume:

  • Rose 2.2% seasonally adjusted

Inventories, chain volume:

  • Fell 3.2% seasonally adjusted

Electricity, gas, water and waste services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 8.0% seasonally adjusted

Wages and salaries, current prices:

  • Rose 0.5% seasonally adjusted

 

Sales of goods and services | Inventories

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Sales of goods and services, chain volume:

  • Fell 2.0% seasonally adjusted

Inventories, chain volume:

  • Fell 2.9% seasonally adjusted

Construction

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 10.0% seasonally adjusted

Wages and salaries, current prices:

  • Fell 1.1% seasonally adjusted

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Fell 0.4% seasonally adjusted

Wholesale trade

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Rose 1.9% seasonally adjusted

Wages and salaries, current prices:

  • Rose 3.3% seasonally adjusted

 

Sales of goods and services | Inventories

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Sales of goods and services, chain volume:

  • Rose 4.4% seasonally adjusted

Inventories, chain volume:

  • Rose 5.0% seasonally adjusted 

Retail trade

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 13.0% seasonally adjusted 

Wages and salaries, current prices:

  • Rose 2.9% seasonally adjusted

 

Sales of goods and services | Inventories

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Sales of goods and services, chain volume:

  • Rose 3.5% seasonally adjusted

Inventories, chain volume:

  • Fell 1.4% seasonally adjusted 

Accommodation and food services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices: 

  • Fell 35.2% seasonally adjusted

Wages and salaries, current prices:

  • Rose 1.8% seasonally adjusted 

 

Sales of goods and services | Inventories

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Sales of goods and services, chain volume:

  • Rose 8.1% seasonally adjusted

Inventories, chain volume:

  • Fell 12.1% seasonally adjusted

Transport, postal and warehousing

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices: 

  • Fell 26.3% seasonally adjusted

Wages and salaries, current prices:

  • Rose 1.0% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 7.6% seasonally adjusted

Information media and telecommunications

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Rose 11.0% seasonally adjusted

Wages and salaries, current prices:

  • Rose 1.4% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 4.8% seasonally adjusted 

Financial and insurance services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Rose 181.8% seasonally adjusted

Wages and salaries, current prices:

  • Rose 2.9% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 5.6% seasonally adjusted 

Rental, hiring and real estate services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 6.2% seasonally adjusted

Wages and salaries, current prices:

  • Rose 4.0% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 6.8% seasonally adjusted

Professional, scientific and technical services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 28.2% seasonally adjusted

Wages and salaries, current prices:

  • Rose 1.4% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 4.3% seasonally adjusted

Administrative and support services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 36.9% seasonally adjusted

Wages and salaries, current prices:

  • Rose 1.7% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 9.4% seasonally adjusted

Education and training

Wages and salaries

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Wages and salaries, current prices:

  • Rose 0.6% seasonally adjusted 

Health care and social assistance

Wages and salaries

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Wages and salaries, current prices:

  • Rose 2.3% seasonally adjusted 

Arts and recreation services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 18.0% seasonally adjusted

Wages and salaries, current prices:

  • Fell 3.1% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 13.9% seasonally adjusted

Other services

Company gross operating profits | Wages and salaries

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Company gross operating profits, current prices:

  • Fell 32.4% seasonally adjusted

Wages and salaries, current prices:

  • Rose 1.6% seasonally adjusted 

 

Sales of goods and services

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Sales of goods and services, chain volume:

  • Rose 9.9% seasonally adjusted

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

All time series spreadsheets

Previous catalogue number

This release previously used catalogue number 5676.0.