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Australian National Accounts: National Income, Expenditure and Product

Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving

Reference period
December 2019
Released
4/03/2020

Key statistics

  • The Australian economy grew by 0.5% in seasonally adjusted chain volume terms.
  • Through the year GDP was up 2.2%.
  • The terms of trade fell 5.3%.
  • Household saving ratio decreased to 3.6%.

Main features

December key figures

  Seasonally adjusted, percentage change (a)
 Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 18 to Dec 19
Chain volume GDP and related measures (b)     
 GDP0.20.50.60.60.52.2
 GDP per capita (c)-0.20.10.20.20.20.7
 Gross value added market sector (d)-0.10.60.50.30.41.8
 Real net national disposable income1.01.21.60.9-0.92.7
Productivity      
 GDP per hour worked-0.4-0.30.5            -0.20.4
 Real unit labour costs            --0.70.20.11.30.9
Prices      
 GDP chain price index (original)1.21.21.10.7-1.21.8
 Terms of trade2.63.21.50.2-5.3-0.6
Current price measures      
 GDP1.21.61.51.2-0.34.1
 Household saving ratio3.03.52.64.83.6 na
na not available
a. Change on preceding quarter, except for the last column which shows the change between the current quarter and the corresponding quarter of the previous year. Excludes Household saving ratio.
b. Reference year for chain volume measures and real income measures is 2017-18.
c. Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

 
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Revisions in this issue

There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.

Changes in this issue

This issue includes a print-friendly key tables section of headline economic indicators. For more information regarding these tables, please see the Information paper: New key tables for the presentation of the quarterly national accounts.

Bushfire activities

Impacts of recent bushfires and natural disasters around Australia have been closely monitored through the compilation and quality assurance of the national accounts. While impacts on economic activity are observable in isolated areas of the accounts, these are not apparent at an aggregate level. More impacts are expected from both the bushfires and COVID-19 in the March quarter. For more information please see the ABS Chief Economist Series paper Measuring natural disasters in the Australian economy.

Key tables

Show all

Key national accounts aggregates seasonally adjusted

  Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Through the year, Dec 18 to Dec 19
  Percentage change (a)
Chain volume GDP and related measures (b)
 GDP0.20.50.60.60.52.2
 GDP per capita (c)-0.20.10.20.20.20.7
 Gross value added market sector (d)-0.10.60.50.30.41.8
 Net domestic product0.10.50.60.50.52.1
Real income measures (b)
 Real gross domestic income0.71.31.00.6-0.82.1
 Real gross national income0.91.11.30.9-0.62.8
 Real net national disposable income1.01.21.60.9-0.92.7
 Real net national disposable income per capita (c)0.60.81.20.5-1.31.2
Current price measures
 GDP1.21.61.51.2-0.34.1
Productivity
 Hours worked0.60.80.10.60.41.8
 Hours worked market sector (d)0.21.00.10.20.31.5
 GDP per hour worked-0.4-0.30.5-0.20.4
 Gross value added per hour worked market sector (d)-0.2-0.40.40.10.20.2
 Real unit labour costs--0.70.20.11.30.9
 Real unit labour costs - non-farm-0.3-1.00.4-0.11.40.7
Prices      
 GDP implicit price deflator1.01.10.80.7-0.81.9
 Domestic final demand implicit price deflator0.50.30.60.40.31.7
 Terms of trade2.63.21.50.2-5.3-0.6
 Levels
Chain volume GDP and related measures (b)
 GDP ($m)470 071472 398475 243477 863480 379. .
 GDP per capita (c) ($)18 67018 69218 73818 76718 796. .
 Gross value added market sector (d) ($m)318 400320 288321 822322 682324 092. .
 Net domestic product ($m)387 793389 594391 898393 975395 957. .
Real income measures (b)
 Real gross domestic income ($m)474 339480 296484 928487 801484 129. .
 Real gross national income ($m)459 364464 537470 601475 068472 070. .
 Real net national disposable income ($m)376 879381 331387 296390 905387 227. .
 Real net national disposable income per capita (c) ($)14 96915 08915 27015 35215 151. .
Current price measures
 GDP ($m)482 785490 676497 813503 880502 598. .
 GDP per capita (c) ($)19 17519 41619 62819 78919 665. .
 Gross national income ($m)467 672473 757482 132489 279488 901. .
 National net saving ($m)22 75624 75027 28730 06325 592. .
 Household saving ratio3.03.52.64.83.6. .
Prices
 Terms of trade (index) (e)104.1107.5109.1109.3103.5. .
. . not applicable
- nil or rounded to zero
(a) Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year.
(b) Reference year for chain volume measures and real income measures is 2017-18.
(c) Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
(d) ANZSIC divisions A to N, R and S. See Glossary - Market sector.
(e) Reference year for indexes is 2017-18 = 100.0.

 

Analytical expenditure aggregates, chain volume measures (a) seasonally adjusted, percentage changes (b)

   Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Through the year, Dec 18 to Dec 19Contribution to growth, Sep 19 to Dec 19
Final consumption expenditure
 General government1.41.02.41.10.75.30.1
 Households0.40.40.30.10.41.20.2
  Essential0.60.60.40.40.31.80.1
  Discretionary--0.10.3-0.30.50.50.1
Gross fixed capital formation
 Private-1.3-0.8-1.4--1.1-3.4-0.2
  Mining-7.2-0.13.3-4.85.03.20.1
  Non-mining2.61.3-1.71.3-3.6-2.7-0.3
  Total private business investment0.21.0-0.6-0.1-1.7-1.4-0.2
 Public-2.60.60.83.0-0.44.1-
Final demand
 Public0.50.92.11.50.55.00.1
 Private-0.1-0.10.1-0.1-
- nil or rounded to zero
(a) Reference year for chain volume measures is 2017-18.
(b) Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.

 

Expenditure aggregates, chain volume measures (a) seasonally adjusted, contributions to growth in GDP

 Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19
Final consumption expenditure
 General government0.30.20.50.20.1
 Households0.20.20.20.10.2
Gross fixed capital formation
 Private-0.2-0.2-0.3--0.2
 Public-0.1--0.2-
Domestic final demand0.10.30.40.40.1
Changes in inventories--0.1-0.30.20.2
Exports of goods and services-0.10.40.20.1-
Imports of goods and services--0.3-0.10.1
Statistical discrepancy (E)0.2-0.1--0.10.1
Gross domestic product0.20.50.60.60.5
- nil or rounded to zero
(a) Reference year for chain volume measures is 2017-18.

 

Expenditure on GDP, chain volume measures (a) seasonally adjusted, percentage changes (b)

  Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Through the year, Dec 18 to Dec 19Contribution to growth, Sep 19 to Dec 19
Final consumption expenditure
 General government1.41.02.41.10.75.30.1
 Households0.40.40.30.10.41.20.2
 Total final consumption expenditure0.60.50.90.40.52.30.4
Private gross fixed capital formation
 Dwellings-2.3-2.0-3.5-1.2-3.4-9.7-0.2
 Ownership transfer costs-8.0-10.80.36.012.36.50.2
 Non-dwelling construction0.71.2-4.93.2-4.5-5.2-0.2
 Machinery and equipment-0.81.03.5-5.30.1-0.9-
 Cultivated biological resources-4.1-5.01.7-1.0-2.6-6.8-
 Intellectual property products1.50.92.72.02.07.8-
 Total private gross fixed capital formation-1.3-0.8-1.4--1.1-3.4-0.2
Public gross fixed capital formation
 Public corporations-7.8-0.9-3.76.1-8.6-7.5-0.1
 General government-0.81.12.22.12.27.80.1
 Total public gross fixed capital formation-2.60.60.83.0-0.44.1-
Total gross fixed capital formation-1.6-0.5-1.00.6-1.0-1.8-0.2
Domestic final demand0.10.30.40.40.11.30.1
Changes in inventories. .. .. .. .. .. .0.2
Exports of goods and services-0.51.91.00.5-3.4-
Imports of goods and services0.1--1.30.3-0.5-1.50.1
Statistical discrepancy (E). .. .. .. .. .. .0.1
Gross domestic product0.20.50.60.60.52.20.5
. . not applicable
- nil or rounded to zero
(a) Reference year for chain volume measures is 2017-18.
(b) Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.

 

Household final consumption expenditure, chain volume measures (a) seasonally adjusted, percentage changes (b)

 Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Through the year, Dec 18 to Dec 19Contribution to growth, Sep 19 to Dec 19
Food0.50.20.30.3-0.20.6-
Cigarettes and tobacco-1.1-1.4-2.1-3.2-3.9-10.2-0.1
Alcoholic beverages-1.10.60.3-0.40.71.1-
Clothing and footwear1.80.10.4-0.42.12.20.1
Rent and other dwelling services0.50.60.60.60.62.30.1
Electricity, gas and other fuel-1.21.6-1.4-0.21.91.8-
Furnishings and household equipment-1.0-0.20.40.61.32.10.1
Health1.40.80.41.10.63.0-
Purchase of vehicles-1.20.7-3.3-1.3-2.4-6.1-
Operation of vehicles0.7-0.30.4-0.30.50.4-
Transport services-0.10.6--1.8-0.9-2.1-
Communications0.71.40.70.30.42.8-
Recreation and culture-0.1-0.20.80.70.51.80.1
Education services0.50.50.60.30.41.9-
Hotels, cafes and restaurants0.3-0.30.7-1.00.70.1-
Insurance and other financial services0.80.80.40.40.42.1-
Other goods and services0.50.80.40.40.31.9-
Total0.40.40.30.10.41.20.4
- nil or rounded to zero
(a) Reference year for chain volume measures is 2017-18.
(b) Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in HFCE.

 

Industry gross value added (a), chain volume measures (b) seasonally adjusted, percentage changes (c)

 Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Through the year, Dec 18 to Dec 19Contribution to growth, Sep 19 to Dec 19
Agriculture, forestry and fishing-3.90.7-0.2-3.70.4-2.8-
Mining1.40.93.31.41.67.30.1
Manufacturing-0.6-0.7-0.8-0.62.30.10.1
Electricity, gas, water and waste services-1.20.6-0.6-0.30.1-0.2-
Construction-1.3-0.8-1.20.7-2.3-3.6-0.2
Wholesale trade0.51.0-1.3-0.6-0.1-1.0-
Retail trade--0.2-0.1-0.2-0.1-
Accommodation and food services-0.8-0.11.80.60.12.4-
Transport, postal and warehousing0.80.1-0.5-0.12.01.60.1
Information media and telecommunications3.1-0.41.40.70.42.1-
Financial and insurance services0.21.00.10.30.11.5-
Rental, hiring and real estate services (d)-1.1-0.70.72.74.20.1
Professional, scientific and technical services-1.02.11.61.30.15.3-
Administrative and support services1.12.20.70.5-0.92.5-
Public administration and safety1.5-0.42.11.31.04.10.1
Education and training0.60.60.60.60.62.4-
Health care and social assistance1.71.91.82.61.78.30.1
Arts and recreation services2.52.20.10.2-0.42.2-
Other services-0.11.72.0-1.61.13.2-
Ownership of dwellings0.60.60.60.60.62.4-
Gross value added at basic prices0.20.60.70.60.62.50.6
Taxes less subsidies on products-0.8-0.40.30.30.40.6-
Statistical discrepancy (P). .. .. .. .. .. .-
Gross domestic product0.20.50.60.60.52.20.5
. . not applicable
- nil or rounded to zero
(a) At basic prices.
(b) Reference year for chain volume measures is 2017-18.
(c) Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.
(d) Excludes ownership of dwellings.

 

Income from GDP, current prices seasonally adjusted, percentage changes (a)

  Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Through the year, Dec 18 to Dec 19Contribution to growth, Sep 19 to Dec 19
Compensation of employees
 Wages and salaries0.91.41.41.21.05.00.4
 Employers' social contributions (b)0.91.51.51.10.95.1-
 Total compensation of employees0.91.41.41.21.05.10.4
Gross operating surplus
 Non-financial corporations       
  Private non-financial corporations4.33.72.62.3-2.36.3-0.5
  Public non-financial corporations-2.7-4.2-6.9-6.81.2-15.9-
  Total non-financial corporations4.03.42.12.0-2.25.3-0.4
 Financial corporations1.71.70.70.90.43.9-
 Total corporations3.53.01.81.7-1.65.0-0.4
 General government1.61.51.41.31.45.7-
 Dwellings owned by persons0.60.50.50.30.31.6-
 Total gross operating surplus2.82.41.51.4-1.14.3-0.4
Gross mixed income-0.8-0.4-0.8-0.4-1.5-3.0-0.1
Total factor income1.41.61.31.1-4.0-
Taxes less subsidies on production and imports0.2-0.43.01.0-1.61.9-0.2
Statistical discrepancy (I). .. .. .. .. .. .-0.1
Gross domestic product1.21.61.51.2-0.34.1-0.3
. . not applicable
- nil or rounded to zero
(a) Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.
(b) Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

 

Key national accounts aggregates seasonally adjusted, revisions to percentage changes (a)

  Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19
Chain volume GDP and related measures (b)
 GDP---0.2
 GDP per capita (c)---0.10.2
 Gross value added market sector (d)---0.1
 Net domestic product---0.1
Real income measures (b)
 Real gross domestic income---0.1
 Real gross national income-0.1---
 Real net national disposable income-0.1-0.1-
 Real net national disposable income per capita (c)-0.1---
Current price measures
 GDP---0.1
 Household saving ratio (e)-0.10.1-0.1-
Productivity
 Hours worked0.1---
 Hours worked market sector (d)0.2---0.1
 GDP per hour worked-0.1--0.10.2
 Gross value added per hour worked market sector (d)-0.1--0.2
 Real unit labour costs-0.1---
 Real unit labour costs - non-farm-0.10.1--0.1
Prices
 Terms of trade0.1-0.10.1-0.2
- nil or rounded to zero
(a) Change on preceding quarter.
(b) Reference year for chain volume measures and real income measures is 2017-18.
(c) Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
(d) ANZSIC divisions A to N, R and S. See Glossary - Market sector.
(e) Revisions to levels.

 

Analytical expenditure aggregates, chain volume measures (a) seasonally adjusted, revisions to percentage changes (b)

 Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19
Final consumption expenditure
 General government-0.1--0.10.2
 Households-0.1--
  Essential----
  Discretionary-0.10.1--
Gross fixed capital formation
 Private0.3-0.10.50.7
  Mining-0.20.1-0.43.0
  Non-mining0.7-0.30.90.1
  Total private business investment0.4-0.20.60.8
 Public-0.50.20.81.1
Final demand
 Public-0.20.10.10.4
 Private0.1-0.10.2
- nil or rounded to zero
(a) Reference year for chain volume measures is 2017-18.
(b) Change on preceding quarter.

 

Expenditure on GDP, chain volume measures (a) seasonally adjusted, revisions to percentage changes (b)

  Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19
Final consumption expenditure
 General government-0.1--0.10.2
 Households-0.1--
 Total final consumption expenditure-0.1--0.1
Private gross fixed capital formation
 Dwellings0.8-0.40.20.5
 Ownership transfer costs-1.40.90.21.5
 Non-dwelling construction0.9-0.31.02.6
 Machinery and equipment0.2-0.30.6-1.1
 Cultivated biological resources0.3-0.4-0.6-1.8
 Intellectual property products-0.1-0.10.3
 Total private gross fixed capital formation0.3-0.10.50.7
Public gross fixed capital formation
 Public corporations-0.20.11.30.7
 General government-0.60.30.61.2
 Total public gross fixed capital formation-0.50.20.81.1
Total gross fixed capital formation0.1-0.10.50.8
Domestic final demand--0.10.2
Gross national expenditure-0.1-0.10.3
Exports of goods and services-0.10.2-0.3-0.2
Imports of goods and services0.20.1-0.20.5
Gross domestic product---0.2
- nil or rounded to zero
(a) Reference year for chain volume measures is 2017-18.
(b) Change on preceding quarter.

 

Industry gross value added (a), chain volume measures (b) seasonally adjusted, revisions to percentage changes (c)

 Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19
Agriculture, forestry and fishing0.20.4--1.6
Mining-0.4-0.2-0.40.7
Manufacturing0.1-0.50.4-
Electricity, gas, water and waste services0.1-0.30.2-
Construction0.7-0.3-0.2
Wholesale trade--0.10.10.1
Retail trade0.1---0.1
Accommodation and food services-0.30.20.10.5
Transport, postal and warehousing-0.40.2-0.3
Information media and telecommunications0.5-0.3-0.1-0.1
Financial and insurance services-0.1--0.2
Rental, hiring and real estate services (d)-0.60.3-0.10.5
Professional, scientific and technical services-0.1-0.2-
Administrative and support services0.7-0.1-0.2-0.5
Public administration and safety-0.1-0.10.20.1
Education and training----
Health care and social assistance----
Arts and recreation services0.4-0.30.1-0.1
Other services-0.2-0.1-0.1
Ownership of dwellings----
Gross value added at basic prices--0.1-0.1
Taxes less subsidies on products-0.1--0.10.2
Gross domestic product---0.2
- nil or rounded to zero
(a) At basic prices.
(b) Reference year for chain volume measures is 2017-18.
(c) Change on preceding quarter.
(d) Excludes ownership of dwellings.

 

Income from GDP, current prices seasonally adjusted, revisions to percentage changes (a)

 Sep 18 to Dec 18Dec 18 to Mar 19Mar 19 to Jun 19Jun 19 to Sep 19
Compensation of employees
 Wages and salaries-0.1--0.1
 Employers' social contributions (b)-0.1--0.1
 Total compensation of employees-0.1--0.1
Gross operating surplus
 Non-financial corporations    
  Private non-financial corporations0.3-0.3-0.3
  Public non-financial corporations-1.01.5-6.7-1.7
  Total non-financial corporations0.3-0.1-0.40.3
 Financial corporations---0.4
 Total corporations0.3-0.1-0.30.2
 General government----
 Dwellings owned by persons-0.1---0.1
 Total gross operating surplus0.2-0.1-0.20.2
Gross mixed income---0.5-
Total factor income--0.1-0.10.1
Taxes less subsidies on production and imports0.6-0.10.1-0.3
Gross domestic product---0.1
- nil or rounded to zero
(a) Change on preceding quarter.
(b) Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

Analysis

Australian economy grew by 0.5%

Australia's gross domestic product (GDP) grew by 0.5% in the December quarter 2019, following a 0.6% rise in the September quarter (revised up 0.2 percentage points). The Australian economy grew 2.2% through the year.

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Sales events support growth in household consumption

Household final consumption expenditure increased 0.4% in the quarter, with through the year growth up 1.2%. The quarterly rise in household consumption was driven by consumption of discretionary goods and services, which rose 0.5%, the largest increase since June 2018. Essential goods and services also contributed with a modest rise.

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Dwelling investment continues to decline

Investment in new and used dwellings fell 4.1% in the quarter and 12.2% through the year, reflecting continued weakness in dwelling approvals. Both houses (-4.4%) and other residential dwellings (-3.3%) contributed to the decline this quarter.

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Non-mining drives fall in private business investment

Non-mining business investment fell 3.6% with weakness in road, renewables and non-residential building projects. Mining business investment rose 5.0% this quarter and increased 3.2% through the year, the first rise since September 2017.

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Commodity prices drive falls in the terms of trade

Falls in commodity prices this quarter resulted in a 5.3% decline in the terms of trade. Weak commodity prices reduced non-financial corporations gross operating surplus, which fell for the first time since June 2017.

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Increased mining production drove gross value added (GVA)

Mining GVA rose 1.6%, driven by Coal Mining and Other Mining following maintenance activities in the September quarter 2019. Through the year Mining rose 7.3%.

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Income tax payable drove fall in household saving ratio

The fall in gross disposable income resulted in the household saving ratio declining from 4.8% in the September quarter to 3.6% in the December quarter 2019. The fall in gross disposable income was driven by a 9.3% increase in tax payable following a strong decline with the introduction of the low and middle income tax offset last quarter.

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Expenditure chain volume measures

 TrendSeasonally adjusted
 % Change% Change% points contribution to growth in GDP% Change% Change% points contribution to growth in GDP
 Sep 19 to Dec 19Dec 18 to Dec 19Sep 19 to Dec 19Sep 19 to Dec 19Dec 18 to Dec 19Sep 19 to Dec 19
Final consumption expenditure
 General government1.05.70.20.75.30.1
 Households0.31.20.20.41.20.2
 Total final consumption expenditure0.52.30.40.52.30.4
Gross fixed capital formation
 Private      
  Dwellings-2.4-9.7-0.1-3.4-9.7-0.2
  Ownership transfer costs7.64.50.112.36.50.2
  Non-dwelling construction-1.4-4.0-0.1-4.5-5.2-0.2
  Machinery and equipment-1.5-1.6-0.10.1-0.9-
  Cultivated biological resources-0.8-5.2--2.6-6.8-
  Intellectual property products2.08.0-2.07.8-
 Public0.84.0--0.44.1-
 Total gross fixed capital formation-0.3-1.9-0.1-1.0-1.8-0.2
Changes in inventoriesna na na na na0.2
Gross national expenditure0.41.20.40.31.20.3
Exports of goods and services0.32.90.1-3.4-
Imports of goods and services-0.3-1.50.1-0.5-1.50.1
Statistical discrepancy (E)na na- na na0.1
Gross domestic product0.52.10.50.52.20.5
 - nil or rounded to zero (including null cells)
na not available

 

Final consumption expenditure (FCE) +0.5%

Household FCE increased 0.4%, this was driven by a:

  • 2.1% rise in clothing and footwear
  • 1.3% rise in furnishings and household equipment
  • 0.5% increase in recreation and culture
     

General government FCE also contributed to the increase with a rise of 0.7%, driven by a:

  • 2.4% increase in national non-defence expenditure
     

National defence government FCE partly offset the increase with a fall of 2.0% in the quarter.

Gross fixed capital formation (GFCF) -1.0%

Private investment fell 1.1%, driven by a:

  • 4.5% decrease in non-dwelling construction
  • 3.4% decrease in dwellings
     

Ownership transfer costs grew strongly, up 12.3%, to partly offset the falls.

Public investment fell 0.4%, driven by a:

  • 8.6% decrease in public corporations
     

General government GFCF partly offset the fall, increasing 2.2%.

Changes in inventories

Total inventories increased $118m in seasonally adjusted terms following a decrease of $743m last quarter. The largest contributor to the increase was a:

  • $1,382m build up of Mining inventories
     

The increase was partly offset by falls in other industries:

  • $593m fall in Farm inventories
  • $536m fall in Retail trade inventories
     

Exports and imports of goods and services

    Exports of goods and services were flat. The main contributors were:

    • 1.1% increase in travel services
    • 2.8% increase in coal
    • 19.8% fall in non-monetary gold
    • 3.0% fall in other services
       

    Imports of goods and services fell 0.5%, driven by a:

    • 4.9% fall in other services
    • 0.8% fall in travel services
    • 49.6% fall in non-monetary gold
       

    Increases in imports of intermediate and capital goods partly offset the falls:

    • 6.6% increase in imports of fuels and lubricants
    • 14.8% increase in imports of automatic data processing equipment

    Income at current prices

     TrendSeasonally adjusted
     % Change% Change% points contribution to growth in GDP% Change% Change% points contribution to growth in GDP
     Sep 19 to Dec 19Dec 18 to Dec 19Sep 19 to Dec 19Sep 19 to Dec 19Dec 18 to Dec 19Sep 19 to Dec 19
    Compensation of employees1.15.00.51.05.10.4
    Gross operating surplus      
     Private non-financial corporations0.38.10.1-2.36.3-0.5
     Other(a)0.41.90.10.52.00.1
    Gross mixed income-0.8-2.9-0.1-1.5-3.0-0.1
    Taxes less subsidies on production and imports0.33.2--1.61.9-0.2
    Statistical discrepancy (I)nana-nana-0.1
    Gross domestic product0.64.50.6-0.34.1-0.3
    - nil or rounded to zero (including null cells)
    na not available
    a. Includes Public non-financial corporations Financial corporations General government and Dwellings owned by persons.

     

    Gross operating surplus (GOS) -1.1%

    Private non-financial corporations GOS declined 2.3%, driven by a:

    • fall in Mining, in line with falls in key commodity prices as reflected in the decline in the terms of trade
    • fall in Construction reflecting the slowdown in dwelling and non-dwelling construction
       

    Other sectors GOS rose 0.5%, this was driven by:

    • 1.4% rise in general government
    • 0.4% rise in financial corporations
    • 1.2% rise in public non-financial corporations
       

    Compensation of employees (COE) +1.0%

    Growth was recorded in sixteen of nineteen industries, driven by a:

    • 2.0% rise in Manufacturing, with increased food product manufacturing
    • 0.9% rise in Health Care and Social Assistance, due to continued demand for health services
    • 1.3% rise in Construction
       

    All states and territories recorded growth, except South Australia. The largest increases were a:

    • 3.4% rise in the Northern Territory
    • 2.4% rise in Tasmania
       
    Download

    Production chain volume measures

     TrendSeasonally adjusted
     % Change% Change% points contribution to growth in GDP% Change% Change% points contribution to growth in GDP
     Sep 19 to Dec 19Dec 18 to Dec 19Sep 19 to Dec 19Sep 19 to Dec 19Dec 18 to Dec 19Sep 19 to Dec 19
    Agriculture forestry and fishing-1.4-4.9-0.4-2.8-
    Mining1.67.50.11.67.30.1
    Manufacturing0.5-0.9-2.30.10.1
    Electricity gas water and waste services-0.2-1.0-0.1-0.2-
    Construction-0.8-3.2-0.1-2.3-3.6-0.2
    Wholesale trade-0.6-1.5--0.1-1.0-
    Retail trade0.1-0.1-0.2-0.1-
    Accommodation and food services0.62.5-0.12.4-
    Transport postal and warehousing0.60.9-2.01.60.1
    Information media and telecommunications0.73.3-0.42.1-
    Financial and insurance services0.11.3-0.11.5-
    Rental hiring and real estate services1.43.1-2.74.20.1
    Professional scientific and technical services0.84.70.10.15.3-
    Administrative and support services-0.12.6--0.92.5-
    Public administration and safety1.24.80.11.04.10.1
    Education and training0.52.3-0.62.4-
    Health care and social assistance1.98.30.11.78.30.1
    Arts and recreation services-0.12.4--0.42.2-
    Other services-2.2-1.13.2-
    Ownership of dwellings0.62.4-0.62.4-
    Taxes less subsidies on products0.30.4-0.40.6-
    Statistical discrepancy (P) nana-na na-
    Gross domestic product0.52.10.50.52.20.5
    - nil or rounded to zero (including null cells)
    na not available

     

    Agriculture, Forestry and Fishing +0.4%

    This increase was driven by:

    • falls in input costs
    • Increased slaughter rates of cattle and sheep as ongoing drought conditions continued to impact the industry
       

    Mining +1.6%

    This increase was driven by a:

    • 3.9% rise in Coal Mining reflecting increased production of hard and soft coking coal
    • 4.2% rise in Other Mining with copper and gold production levels returning to normal after maintenance last quarter
       

    Manufacturing +2.3%

    The increased production was driven by a:

    • 6.2% rise in Food, Beverage and Tobacco Product Manufacturing as manufacturers experienced ongoing international demand for Australian meat products (Meat exports +2.9%)
    • 4.0% rise in Machinery and Equipment Manufacturing
       

    Construction -2.3%

    The decline was driven by a:

    • 3.4% fall in Building Construction, reflecting weaknesses in both residential and non-residential building construction
    • 1.7% decline in Heavy and Civil Engineering Construction due to a slowdown in non-dwelling construction
    • 2.0% fall in Construction Services
       

    Transport, Postal and Warehousing +2.0%

    Production was driven by a:

    • 3.1% rise in Transport, Postal and Storage Services with support, warehousing & storage services increasing
    • 1.7% increase in Road Transport due to increased livestock freight, reflecting increased livestock production and meat exports
    • 1.2% rise in Air and Space from increased domestic travel
       

    Information Media and Telecommunications +0.4%

    Telecommunication Services rose 1.0% , reflecting increased household expenditure on telecommunication services. This was partly offset by information and media services, which fell 0.3% due to a reduction in publishing, motion picture and sound recording activities.

    Financial and Insurance Services +0.1%

          Other Financial and Insurance Services rose 0.6% due to continued growth in superannuation services. This was partly offset by a 0.1% fall in Finance, driven by weak loan and deposit balances.

          Professional, Scientific and Technical Services +0.1%

          Other Professional, Scientific and Technical Services rose 0.5% due to engineering design for the mining industry and public transport infrastructure. This was partly offset by Computer System Design and Related Services, which fell 1.0%.

          Health Care and Social Assistance +1.7%

          The rise is driven by continued strength in public and private health. The industry remains strong through the year, with growth of 8.3%.

          State final demand chain volume measures

           Seasonally adjusted, % change from Sep 19 to Dec 19
           NSWVic.QldSAWATas.NTACTAust.(a)
          Final consumption expenditure         
           General government1.40.21.41.7-0.61.1-1.2-1.10.7
           Households0.20.50.60.10.50.70.10.50.4
          Gross fixed capital formation         
           Private0.1-1.3-2.9-1.6-1.1-8.71.35.4-1.1
           Public1.3-3.91.6-6.0-1.6-8.27.88.7-0.4
          State final demand0.5-0.10.2-0.2-0.2-1.00.30.80.1
          - nil or rounded to zero (including null cells)
          a. Australia estimates relate to Domestic final demand.

           

          State final demand, quarterly volume measures: seasonally adjusted

          Image of Australia showing the state final demand, quarterly volume measures: seasonally adjusted, the data displayed in the image is detailed below.

          State final demand, quarterly volume measures: seasonally adjusted

          The image is a map of Australia by state/territory showing quarterly volume measures;
          New South Wales' state final demand increased 0.5% for the quarter.
          Victoria's state final demand decreased 0.1% for the quarter.
          Queensland's state final demand increased 0.2% for the quarter.
          South Australia's state final demand decreased 0.2% for the quarter.
          Western Australia's state final demand decreased 0.2% for the quarter.
          Tasmania's state final demand decreased 1.0% for the quarter.
          Northern Territory's state final demand increased 0.3% for the quarter.
          Australian Capital Territory's state final demand increased 0.8% for the quarter.

          New South Wales +0.5%

          Total final consumption expenditure increased 0.5%, driven by a:

          • 1.4% increase in total government consumption with increased expenditure on supporting new transport infrastructure and education by state and local government
          • 0.2% increase in household consumption with modest growth in both discretionary and essential spending
             

          Public gross fixed capital formation increased 1.3%, driven by a:

          • 1.5% rise in total general government
          • 0.7% rise in total public corporations
             

          Private gross fixed capital formation also contributed to the rise, increasing 0.1%, driven by a:

          • 7.9% rise in total machinery and equipment
          • 10.6% rise in ownership transfer costs
          • 2.3% fall in dwelling investment and a 7.0% fall in non-dwelling construction partly offset the growth

             

          Victoria -0.1%

          Private gross fixed capital formation decreased 1.3%, driven by a:

          • 9.3% fall in total machinery and equipment
          • 5.4% fall in total non-dwelling construction reflecting slowed work on large scale road projects
             

          Public gross fixed capital formation decreased 3.9%, driven by a:

          • 5.4% fall in state and local general government investment in road infrastructure
          • 10.0% decrease in commonwealth public non-financial corporations
             

          Total final consumption expenditure partly offset investment decreases, driven by a:

          • 0.5% rise in household consumption with increased discretionary spending
          • 2.5% increase in national government consumption
             

          Queensland +0.2%

          Total final consumption expenditure increased 0.8%, driven by a:

          • 0.6% rise in household consumption expenditure in line with increased discretionary spending
          • 1.4% rise in government consumption expenditure driven by increased state and local support for health and education services
             

          Public gross fixed capital formation increased 1.6%, driven by a:

          • 7.8% increase in state and local public non-financial corporations investment on transport projects
          • 1.8% increase in state and local general government investment on infrastructure
             

          Private gross fixed capital formation decreased 2.9%, driven by a:

          • 10.1% fall in dwelling investment
          • 3.8% fall in purchases of machinery and equipment
             

            South Australia -0.2%

            Public gross fixed capital formation decreased 6.0%, driven by a:

            • 1.0% fall in commonwealth public non-financial corporations
            • fall in state and local public non-financial corporations which was impacted by the sale of second hand assets to the state and local general government
               

            Private gross fixed capital formation decreased 1.6%, driven by a:

            • 12.2% fall in non-dwelling construction as projects neared completion
               

            Total final consumption expenditure increased 0.5%, driven by a:

            • 3.0% rise in national government consumption
            • 0.1% rise in household consumption expenditure with an increase in essential spending partly offset by a decrease in discretionary spending
               

            Western Australia -0.2%

            Private gross fixed capital formation decreased 1.1%, driven by a:

            • 6.4% fall in dwelling investment, reflecting continued weakness with four consecutive falls
            • 1.0% fall in machinery and equipment, levels of investment remain elevated
               

            Public gross fixed capital formation decreased 1.6%, driven by a:

            • 7.1% fall in state and local public non-financial corporations
            • 9.6% fall in commonwealth public non-financial corporations
               

            Total final consumption expenditure increased 0.2%, driven by a:

            • 0.5% increase in household consumption with strengthened discretionary spending
            • 0.7% increase in national government consumption
               

            Tasmania -1.0%

                  Private gross fixed capital formation decreased 8.7%, driven by a:

                  • 18.6% fall in non-dwelling construction reflecting reduced work on renewable energy and accommodation projects
                  • 6.9% fall in dwelling investment driven by a fall in alterations and additions
                     

                  Public gross fixed capital formation decreased 8.2%, driven by a:

                  • 5.3% fall in state and local public non-financial corporations
                  • 10.1% fall in commonwealth public non-financial corporations
                     

                  Total final consumption expenditure increased 0.8%, driven by a:

                  • 0.7% rise in household consumption driven by increased discretionary and essential spending
                  • 2.8% increase in national government consumption
                     

                  Northern Territory +0.3%

                  Public gross fixed capital formation increased 7.8%, driven by a:

                  • 9.1% rise in state and local general government with increased spending on infrastructure projects
                  • 9.8% rise in national general government
                     

                  Private gross fixed capital formation increased 1.3%, driven by a:

                  • 13.9% rise intellectual property products with increased petroleum exploration
                  • 2.1% rise in total machinery and equipment
                     

                  Total final consumption expenditure decreased 0.5%, driven by a:

                  • 2.3% fall in state and local general government
                     

                  Australian Capital Territory +0.8%

                    Private gross fixed capital formation increased 5.4%, driven by a:

                    • 62.1% rise in machinery and equipment with purchases of computer equipment
                    • 8.1% rise in dwelling investment with strength in other residential dwellings
                       

                    Public gross fixed capital formation increased 8.7%, driven by a:

                    • 11.5% rise in national general government
                    • 5.3% rise in state and local general government with continued investment in education and health infrastructure
                       

                    Total final consumption expenditure decreased 0.4%, driven by a:

                    • 1.5% decrease in national government consumption with reduced expenditure by the Commonwealth public service

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                    Data downloads

                    Table 1. Key national accounts aggregates

                    Table 2. Expenditure on Gross Domestic Product (GDP), chain volume measures

                    Table 3. Expenditure on Gross Domestic Product (GDP), current prices

                    Table 4. Expenditure on Gross Domestic Product (GDP), chain price indexes

                    Table 5. Expenditure on Gross Domestic Product (GDP), implicit price deflators

                    Table 6. Gross value added by industry, chain volume measures

                    Table 7. Income from Gross Domestic Product (GDP), current prices

                    Table 8. Household Final Consumption Expenditure (HFCE)

                    Table 9. Changes in inventories

                    Table 10. Agricultural income, current prices

                    Table 11. National income account, current prices

                    Table 12. National capital account, current prices

                    Table 13. Non-financial corporations income account, current prices

                    Table 14. Private non-financial corporations income account, current prices

                    Table 15. Public non-financial corporations income account, current prices

                    Table 16. Financial corporations income account, current prices

                    Table 17. General government income account, current prices

                    Table 18. National general government income account, current prices

                    Table 19. State and local general government income account, current prices

                    Table 20. Household income account, current prices

                    Table 21. External account, current prices

                    Table 22. Taxes, current prices

                    Table 23. Social assistance benefits payments, current prices

                    Table 24. Selected analytical series

                    Table 25. State final demand, summary components by state: chain volume measures

                    Table 26. State final demand, detailed components: New South Wales

                    Table 27. State final demand, detailed components: Victoria

                    Table 28. State final demand, detailed components: Queensland

                    Table 29. State final demand, etailed components: South Australia

                    Table 30. State final demand, detailed components: Western Australia

                    Table 31. State final demand, detailed components: Tasmania

                    Table 32. State final demand, detailed components: Northern Territory

                    Table 33. State final demand, detailed components: Australian Capital Territory

                    Table 34. Key aggregates and analytical series, annual

                    Table 35. Income from GDP and changes in inventories, annual

                    Table 36. Expenditure on Gross Domestic Product (GDP), chain volume measures and current prices, annual

                    Table 37. Industry gross value added, chain volume measures, annual

                    Table 38. National income account, current prices, annual

                    Table 39. National capital account, current prices, annual

                    Table 40. External account, current prices, annual

                    Table 41. Indexes of industrial production

                    Table 42. Unit labour costs

                    Table 43. Indexes of industrial production, annual

                    Table 44. Compensation of employees, state by sector: current prices

                    Table 45. Gross value added by industry, current prices

                    All time series workbooks