September key figures
| Jun Qtr 19 to Sep Qtr 19 | Sep Qtr 18 to Sep Qtr 19 | |||
|---|---|---|---|---|
| % | % | |||
| Sales of goods and services (Chain volume measures) | ||||
| Manufacturing | ||||
| Trend | -0.5 | -3.6 | ||
| Seasonally Adjusted | -0.3 | -3.3 | ||
| Wholesale trade | ||||
| Trend | -0.5 | -0.3 | ||
| Seasonally Adjusted | -0.5 | -0.6 | ||
| Inventories (Chain volume measures) | ||||
| Trend | -0.4 | -0.7 | ||
| Seasonally Adjusted | -0.4 | -0.9 | ||
| Company gross operating profits | ||||
| Trend | 1.9 | 10.6 | ||
| Seasonally Adjusted | -0.8 | 9.4 | ||
| Wages and salaries | ||||
| Seasonally Adjusted | 1.0 | 4.8 | ||
September key points
Chain volume estimates
- The trend estimate for inventories fell 0.4% in the September quarter 2019. The seasonally adjusted estimate fell 0.4% this quarter.
- The trend estimate for Manufacturing sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 0.3% this quarter.
- The trend estimate for Wholesale trade sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 0.5%.
Current prices estimates
- The seasonally adjusted estimate for company gross operating profits fell 0.8% in the September quarter 2019.
- The seasonally adjusted estimate for wages and salaries rose 1.0% in the September 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 September quarter 2019 is $573m which is $2,233m lower than the June quarter 2019 IVA of $2,806m.
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.
Changes in this issue
Each September quarter the reference and base year for chain volume estimates for the Business Indicators Survey are updated. A new base, 2017-18, has been introduced into the chain volume estimates which has resulted in minor revisions to growth rates in subsequent periods. In addition, the chain volume estimates have been re-referenced to 2017-18. Additivity is preserved in the quarters of the reference year and subsequent quarters. Re-referencing affects the level of, but not the movements in, chain volume estimates.
Change to Australia's economic territory
A new Maritime Boundary Treaty between Australia and Timor-Leste came into force on 30 August 2019. The new treaty provides exclusive jurisdiction of the former Joint Petroleum Development Area excluding Greater Sunrise in the Timor Sea to the Democratic Republic of Timor-Leste. From this publication onwards, data contained within Business Indicators, Australia (cat.no.5676.0) will reflect the new maritime boundary.