Business Indicators, Australia

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

Reference period
December 2022

Key statistics

Current price estimates for the December quarter 2022:

  • Company gross operating profits rose 10.6% seasonally adjusted 
  • Wages and salaries rose 2.6% seasonally adjusted 

Chain volume estimates for the December quarter 2022:

  • Inventories fell 0.2% seasonally adjusted

Key data items

 Sep Qtr 22 to Dec Qtr 22Dec Qtr 21 to Dec Qtr 22
Sales of goods and services (Chain volume measures)  



  Seasonally Adjusted



 Wholesale trade  



  Seasonally Adjusted



Inventories (Chain volume measures)  



 Seasonally Adjusted



Company gross operating profits  



 Seasonally Adjusted



Wages and salaries  
 Seasonally Adjusted



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



Trend estimates have been suspended


Company gross operating profits

Trend estimates have been suspended

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 2022 is $2,495m which is $5,378m higher than the September quarter 2022 IVA of -$2,883m.

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.

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 due to the Coronavirus pandemic. 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.

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



Electricity, gas, water and waste services


Wholesale trade

Retail trade

Accommodation and food services

Transport, postal and warehousing

Information media and telecommunications

Financial and insurance services

Rental, hiring and real estate services

Professional, scientific and technical services

Administrative and support services

Education and training

Health care and social assistance

Arts and recreation services

Other services

Data downloads

Time series spreadsheets

Data files

Data Explorer datasets

Caution: Data in Data Explorer is currently released after the 11:30am release on the ABS website. Please check the reference period when using Data Explorer.

Business Indicators  - Quarterly estimates of private sector sales, wages, profits and inventories

Previous catalogue number

This release previously used catalogue number 5676.0.

Post release changes

07/03/2023: Table 28 - Manufacturing subdivision, company profits before income tax, current prices and Table 29 - Manufacturing subdivision, company gross operating profits, current prices, were not released on Monday 27 February due to an error in the compilation of the spreadsheets that has now been resolved. These tables are now available under the Data Downloads section. 

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