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Business Indicators, Australia

Quarterly estimates of profits, income from the sale of goods and services, wages and salaries, and the book value of inventories

Reference period
June 2020
Released
31/08/2020
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Key statistics

  • The seasonally adjusted estimate for inventories fell 3.0%.
  • The seasonally adjusted estimate for manufacturing sales of goods and services fell 8.6%.
  • The seasonally adjusted estimate for wholesale trade sales of goods and services fell 6.7%.
  • The seasonally adjusted estimate for wages and salaries fell 3.3%.

Main features

June key figures

 Mar Qtr 20 to Jun Qtr 20Jun Qtr 19 to Jun Qtr 20
%%
Sales of goods and services (Chain volume measures)  
 Manufacturing  
  Trend
na
na
  Seasonally Adjusted
-8.6
-5.5
 Wholesale trade  
  Trend
na
na
  Seasonally Adjusted
-6.7
-5.3
Inventories (Chain volume measures)  
 Trend
na
na
 Seasonally Adjusted
-3.0
-4.7
Company gross operating profits  
 Trend
na
na
 Seasonally Adjusted
15.0
11.3
Wages and salaries  
 Seasonally Adjusted
-3.3
-1.1
na not available, trend estimates have been suspended due to the impacts of COVID-19
 
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Trend estimates have been suspended

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Trend estimates have been suspended

June key points

Chain volume estimates

  • The seasonally adjusted estimate for inventories fell 3.0% in the June quarter 2020.
  • The seasonally adjusted estimate for Manufacturing sales of goods and services fell 8.6% this quarter.
  • The seasonally adjusted estimate for Wholesale trade sales of goods and services fell 6.7%.
     

Current prices estimates

  • The seasonally adjusted estimate for company gross operating profits rose 15.0% in the June quarter 2020 and has been impacted by Government subsidies (further information below).
  • The seasonally adjusted estimate for wages and salaries fell 3.3%.
     

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 June quarter 2020 is -$1,546m, which is $2,083m lower than the March quarter 2020 IVA of $537m.

    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 for the June quarter 2020 are impacted by the receipt of government subsidies. These subsidies are included as income in the compilation of CGOP but are not separately published in this release. Additional information on subsidy income received by industry will be published in the Australian National Accounts on Wednesday 2 September 2020.

    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.

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    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

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 15.0%. The seasonally adjusted estimate for wages and salaries fell 3.3%.

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    In volume terms, the seasonally adjusted estimate for total inventories fell 3.0%.

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    Mining

    In current prices, the seasonally adjusted estimate for company gross operating profits fell 0.7%. The seasonally adjusted estimate for wages and salaries fell 0.8%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 1.8%. The seasonally adjusted estimate for inventories rose 0.2%.

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    Manufacturing

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 8.4%. The seasonally adjusted estimate for wages and salaries fell 3.9%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 8.6%. The seasonally adjusted estimate for inventories fell 0.9%.

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    Electricity, gas, water and waste services

    In current prices, the seasonally adjusted estimate for company gross operating profits fell 9.6%. In current price terms, the seasonally adjusted estimate for wages and salaries fell 1.8%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services rose 1.0%. The seasonally adjusted estimate for inventories fell 3.2%.

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    Construction

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 53.8%. The seasonally adjusted estimate for wages and salaries fell 2.6%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 10.9%.

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    Wholesale trade

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 8.2%. The seasonally adjusted estimate for wages and salaries fell 4.9%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 6.7%. The seasonally adjusted estimate for inventories fell 2.3%.

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    Retail trade

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 30.8%. The seasonally adjusted estimate for wages and salaries fell 1.8%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 3.1%. The seasonally adjusted estimate for inventories fell 7.8%.

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    Accommodation and food services

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 86.3%. The seasonally adjusted estimate for wages and salaries fell 17.5%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 39.1%.The seasonally adjusted estimate for inventories fell 11.6%.

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    Transport, postal and warehousing

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 10.7%. The seasonally adjusted estimate for wages and salaries fell 4.7%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 20.4%.

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    Information media and telecommunications

    In current prices, the seasonally adjusted estimate for company gross operating profits fell 5.4%. The seasonally adjusted estimate for wages and salaries fell 4.9%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 10.9%.

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    Financial and insurance services

    In current prices, the seasonally adjusted estimate for company gross operating profits fell 35.5%. The seasonally adjusted estimate for wages and salaries rose 2.5%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 11.1%.

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    Rental, hiring and real estate services

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 11.1%. The seasonally adjusted estimate for wages and salaries fell 1.6%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 14.6%.

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    Professional, scientific and technical services

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 55.1%. The seasonally adjusted estimate for wages and salaries fell 2.3%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 6.1%.

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    Administrative and support services

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 120.6%. The seasonally adjusted estimate for wages and salaries fell 8.0%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 20.1%.

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    Education and training

    In current price terms, the seasonally adjusted estimate for wages and salaries fell 1.0%.

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    Health care and social assistance

    In current price terms, the seasonally adjusted estimate for wages and salaries fell 0.4%.

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    Arts and recreation services

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 83.6%. The seasonally adjusted estimate for wages and salaries fell 13.8%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 37.1%.

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    Other services

    In current prices, the seasonally adjusted estimate for company gross operating profits rose 252.7%. The seasonally adjusted estimate for wages and salaries fell 1.4%.

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    In volume terms, the seasonally adjusted estimate for sales of goods and services fell 16.9%.

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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

    All time series spreadsheets

    Previous catalogue number

    This release previously used catalogue number 5676.0.