Australian National Accounts: National Income, Expenditure and Product

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

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Reference period
December 2022
Released
1/03/2023
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Key statistics

  • The Australian economy rose 0.5% in seasonally adjusted chain volume measures
  • In nominal terms, GDP rose 2.1%
  • The terms of trade rose 0.6%
  • Household saving ratio decreased to 4.5% from 7.1%

In this release

For a breakdown of key information from this and other recent economic releases, see 12 things that happened in the Australian economy during the last quarter.

This quarter's National Accounts includes the following articles:

For more information about the changes in this issue, please see Revisions and changes on this page.

Seasonal reanalysis of national accounts series

Annual seasonal reanalysis of national accounts series will be conducted over the March 2023 and June 2023 quarters. This process reviews the seasonal factors in more detail than is possible in the quarterly processing cycle, including assessing the appropriateness of any prior corrections. As part of the reanalysis process, the suspension of trend estimates and use of the forward factor method for series with significant and prolonged impacts from COVID-19 will be reviewed. Revisions to seasonally adjusted estimates will occur as part of these reviews.

Economic overview

Unless otherwise stated all figures are in seasonally adjusted, chain volume measures.

The reference year for chain volume measures is 2020-21.

December quarter key figures, percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Through the year, Dec 21 to Dec 22
Chain volume GDP and related measures (b)
 GDP3.70.60.90.70.52.7
 GDP per capita (c)3.40.20.40.1-0.8
 Gross value added market sector (d)3.60.71.21.10.23.2
 Real net national disposable income1.02.31.1-1.01.64.0
Productivity
 GDP per hour worked1.00.5-2.90.2-1.4-3.5
 Real unit labour costs-0.8-2.3-1.31.70.1-1.8
Prices
 GDP chain price index (original)-1.05.14.10.20.610.3
 Terms of trade-6.28.44.5-5.90.67.2
Current price measures
 GDP3.24.34.01.22.112.0
 Household saving ratio12.911.28.37.14.5na

na not available
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 2020-21.
c. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

Australian economy grew 0.5% in the December quarter 2022

Gross Domestic Product (GDP) rose 0.5% this quarter and 2.7% through the year. Although this is the fifth consecutive increase, growth slowed in each of the last two quarters. Net trade (increased exports and fall in imports) and consumption were the primary contributors to GDP growth in the December quarter.

Domestic price pressures continued

Nominal GDP rose 2.1%. The GDP implicit price deflator (IPD) increased 1.6% with higher domestic prices and a small rise in the terms of trade.

The domestic final demand IPD rose 1.4% over the quarter, and 6.6% through the year. This is the largest through the year increase since March quarter 1990. Though elevated, goods inflation began to moderate, particularly in pricing for construction materials as supply chains improve. Services inflation remained strong as skilled labour shortages and a tight labour market continued to add upward pressure to labour costs. 

The terms of trade rose 0.6% as growth in export prices (+1.8%) outpaced import prices (+1.3%). Mining commodities drove the rise in export prices, consistent with global demand for Australian metals. The depreciation of the Australian dollar contributed to the rise in import prices.

Net trade contributed to growth

Net trade contributed 1.1 percentage points to GDP, as exports increased 1.1% and imports fell 4.3%.

Domestic final demand was unchanged. Growth has moderated in each of the last four quarters, in line with the wind down of the pandemic recovery and growing cost-of-living pressures for households. Private demand detracted 0.1 percentage points from GDP growth, driven by decreased private investment (-1.7%), which was partly offset by a rise in household consumption (+0.3%). Public demand offset private, contributing 0.1 percentage points to GDP. The rise was driven by increased government expenditure (+0.6%), partly offset by a fall in public investment (-0.7%).  

Changes in inventories recorded a build-up of $1.1 billion in December quarter, down from $3.9 billion in the September quarter, which detracted 0.5 percentage points from GDP growth. Private non-farm inventories experienced a rundown with retail inventories declining, reflecting the fall in consumption good imports.

a. Contributions may not be additive due to rounding.

Exports increased for the third consecutive quarter

Exports of goods and services rose 1.1%, driven by services exports, while goods fell. Services exports rose 9.8%, reflecting the sustained recovery in education and personal travel as international students and tourists continued to return to Australia. 

Imports of goods and services fell 4.3%. Imports of goods (-3.8%) drove the fall and was broad-based across consumption, capital and intermediate goods, aligned with weaker domestic demand. Imports of services (-6.5%) also contributed to the fall as Australian travellers favoured cheaper, short-haul destinations. This follows recent strength since the reopening of international borders.

a. Contributions may not be additive due to rounding.

Household spending moderated

Household spending rose 0.3%, the weakest quarterly rise since the Delta-variant lockdowns in September 2021. Growth in discretionary spending (+0.4%) slowed to be more in line with essential spending (+0.3%). 

Discretionary spending was led by hotels, cafes and restaurants (+1.6%) and transport services (+5.7%), reflecting residual post-lockdown demand. Spending in these categories slowed following four consecutive quarters of strong demand. Other discretionary spending on recreation and culture (-1.4%), clothing and footwear (-2.7%), and furnishings and household equipment (-1.2%) fell as cost-of-living pressures began to weigh on household budgets.

Spending on food (+2.4%) rebounded following four consecutive falls, as pricing fell with increased availability of fruit and vegetables following supply issues earlier in the year. 

Private housing and business investment both declined

Private investment fell 1.7%. Business investment fell 1.4%, driven by non-dwelling construction with the completion of major projects.

Ownership transfer costs drove the fall in housing investment (-2.1%), reflecting lower levels of property market activity following recent interest rate rises. Despite falling for five consecutive quarters, ownership transfer costs remain above pre-pandemic levels. 

Dwelling investment also declined, as renovation activity supported by HomeBuilder reached completion. This was partly offset by new and used dwellings (+1.4%) as materials supply improved for the second consecutive quarter. 

a. Contributions may not be additive due to rounding.

Growth in COE continued in the tight labour market

Compensation of employees (COE) rose 2.1% as tight labour market conditions continued in the December quarter. Sustained wages and employment growth translated to a 10.4% through the year rise in COE, the largest since September 2007.

Skilled labour shortages continued to add pressure to wages, resulting in businesses paying more to attract and retain staff. The Fair Work Commission's 2021-22 decision to increase in the minimum wage also contributed to strength in COE as award wage rises came into effect for the aviation, tourism and hospitality industries this quarter. 

Operating surplus rose as mining profits recovered

Gross operating surplus rose 2.9%, driven by private non-financial corporations (+3.7%) as mining profits rebounded. Financial corporations operating surplus (+0.5%) slowed as loan and deposit balance growth softened and banks' margins fell with increased competition in the deposit market. Dwellings owned by persons operating surplus (+2.1%) grew at its highest rate since September quarter 2011, due to rising rental prices. 

Mining contributed 1.1 percentage points to total growth in gross operating surplus plus gross mixed income (GOSMI), in line with increased exports of iron ore and coal, combined with higher pricing for some mining commodities. Electricity, gas, water and waste services was the largest non-mining industry contributing to growth in GOSMI, driven by electricity companies which experienced lower input costs in power generation and higher revenue through new contract pricing.

a. Contributions may not be additive due to rounding.

Household saving ratio declined below pre-pandemic levels

The household saving ratio declined from 7.1% to 4.5%, the lowest level since September 2017. Saving fell following a rise in household consumption and a fall in gross disposable income.

Household gross income rose 1.6% driven by labour income (+2.1%). Non-labour income also grew as interest received on deposits rose 25.3%.

Household income payable rose 8.9%, the largest rise since June 2002. Income tax rose, aligned with continued growth in wages, employment and hours worked, plus higher returns on investment income. Interest payable on dwellings rose 23.0%, reflecting further interest rate rises over the quarter.
 

a. Contributions may not be additive due to rounding.

Total industry production softened

Gross value added (GVA) rose modestly by 0.3%, as results were mixed across industries. 

Mining drove the rise (+3.2%), particularly iron ore mining, as newer mines increased productive capacity. This was partly offset by coal mining as mines in New South Wales suffered from flooding.

Accommodation and food services (+1.4%) and Transport, postal and warehousing (+0.6%) rose aligned with continued household spending on hotels, cafes and restaurants, and domestic air services. Growth in both industries has moderated over the last two quarters as pent-up post-lockdown demand for these services subsided. 

Electricity, gas, water and waste services (-4.9%) experienced a large fall with reduced electricity consumption from a mild start to the summer on the east coast. 
 

Expenditure

Expenditure
 Sep 22 to Dec 22Dec 21 to Dec 22Sep 22 to Dec 22
 % change% change% points contribution to GDP growth
Final consumption expenditure
 General government0.62.40.1
 Households0.35.40.2
 Total final consumption expenditure0.44.50.3
Gross fixed capital formation
 Private   
  Dwellings-0.9-3.7-
  Ownership transfer costs-6.2-20.6-0.1
  Non-dwelling construction-2.72.7-0.1
  Machinery and equipment-1.24.6-
  Cultivated biological resources2.910.1-
  Intellectual property products1.00.6-
 Public-0.72.8-
 Total gross fixed capital formation-1.4-0.4-0.3
Changes in inventoriesnana-0.5
Gross national expenditure-0.53.2-0.5
Exports of goods and services1.17.70.2
Imports of goods and services-4.312.10.9
Statistical discrepancy (E)nana-0.1
Gross domestic product0.52.70.5

- nil or rounded to zero (including null cells)
na not available

Final consumption expenditure (FCE) 0.4%

Household FCE rose 0.3%, driven by a:

  • 2.4% rise in food
  • 1.6% rise in hotels, cafes and restaurants
  • 5.7% rise in transport services
  • 0.5% rise in rent and other dwelling services
  • 2.9% rise in purchase of vehicles

The increase was partly offset by a:

  • 1.4% fall in recreation and culture
  • 2.7% fall in clothing and footwear
  • 1.8% fall in operation of vehicles
  • 1.2% fall in furnishings and household equipment

General government FCE rose 0.6%, driven by a:

  • 2.2% rise in national non-defence

The increase was partly offset by a: 

  • 1.4% fall in national defence
  • 0.2% fall in state and local

Gross fixed capital formation (GFCF) -1.4%

Private investment decreased 1.7%, driven by a:

  • 2.7% fall in non-dwelling construction
  • 6.2% fall in ownership transfer costs
  • 1.2% fall in machinery and equipment
  • 0.9% fall in dwellings

The decrease was partly offset by a:

  • 1.0% rise in intellectual property products
  • 2.9% rise in cultivated biological resources

Public investment decreased 0.7%, driven by a:

  • 1.9% fall in state and local general government
  • 2.2% fall in national non-defence
  • 2.0% fall in national defence

The decrease was partly offset by a:

  • 3.0% rise in state and local public corporations
  • 4.7% rise in commonwealth public corporations

Changes in inventories

Total inventories rose $1,143m following a rise of $3,857m in the September quarter. The largest contributors to the rise were a:

  • $1,089m rise in Public Authorities  
  • $897m rise in Wholesale Trade 
  • $509m rise in Farm
  • $327m rise in Manufacturing 
  • $41m rise in Other Non-Farm Industries 

This rise was partly offset by a:

  • $1,398m fall in Retail Trade 
  • $322m fall in Mining 

Exports and imports of goods and services

Exports of goods and services rose 1.1%, driven by a:

  • 18.9% rise in travel services
  • 8.2% rise in coal
  • 1.2% rise in mineral ores
  • 11.0% rise in metals & metal manufacturing
  • 20.6% rise in transportation services

The rise was partly offset by a:

  • 23.7% fall in non-monetary gold
  • 34.1% fall in wool and sheepskins
  • 9.5% fall in meat
  • 1.5% fall in other services

Imports of goods and services fell 4.3%, driven by a:

  • 4.8% fall in processed industrial supplies nes
  • 5.2% fall in consumption goods nes
  • 11.1% fall in transportation services
  • 6.9% fall in machinery & industrial equipment
  • 11.3% fall in telecommunications equipment

The fall was partly offset by a:

  • 9.4% rise in non-industrial transport equipment
  • 7.2% rise in parts for transport equipment
  • 134.0% rise in other merchandise goods
     

Income

Income estimates are in seasonally adjusted current prices

Income
 Sep 22 to Dec 22Dec 21 to Dec 22Sep 22 to Dec 22
 % change% change% points contribution to GDP growth
Compensation of employees2.110.40.9
Gross operating surplus
 Private non-financial corporations3.721.10.9
 Other (a)1.77.70.1
Gross mixed income-1.5-0.5-0.1
Taxes less subsidies on production and imports2.017.60.2
Statistical discrepancy (I)nana-
Gross domestic product2.112.02.1

- 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.

Compensation of employees (COE) 2.1%

Compensation of employees rose 2.1%, private sector COE rose 2.4% and public sector COE rose 0.7%. Private sector COE rose in line with increased hours worked, headcount, wage rises due to skilled labour shortages and minimum wage rises for some sectors that came into effect in October.

All states and territories recorded quarterly rises. The largest increases were:

  • 3.9% rise in Tasmania
  • 3.0% rise in ACT
  • 2.9% rise in Queensland

Gross operating surplus (GOS) 2.9%

Private non-financial corporations GOS increased 3.7%, driven by a:

  • rise in Mining due to increased production and higher commodity prices 
  • rise in Retail Trade due to strong prices and moderation in cost pressures
  • rise in Professional, Scientific and Technical Services as operating costs fell with less services imported from overseas

Other sectors GOS rose 1.7%, driven by a:

  • 2.1% rise in dwellings owned by persons
  • 5.8% rise in public non-financial corporations
  • 0.5% rise in financial corporations

Taxes less subsidies on production and imports 2.0%

Taxes less subsidies on production and imports rose 2.0%. Taxes on production and imports rose 3.8% driven by a rise in excise tax, GST and gambling tax, partly offset by taxes on financial and capital transactions. The large rise in the fuel excise tax was driven by the re-instatement of the fuel excise tax rate.  Subsidies on production rose 19.5% driven by the Fuel Tax Credits Scheme claimed by businesses returning to normal levels, while state and local subsidy payments related to transport services also contributed to the rise this quarter.

Production

Production
 Sep 22 to Dec 22Dec 21 to Dec 22Sep 22 to Dec 22
 % change% change% points contribution to GDP growth
Agriculture, Forestry and Fishing-2.6-9.1-0.1
Mining3.24.80.3
Manufacturing-1.8-2.9-0.1
Electricity, Gas, Water and Waste Services-4.90.2-0.1
Construction-0.31.8-
Wholesale Trade-0.71.9-
Retail Trade-0.40.9-
Accommodation and Food Services1.420.3-
Transport, Postal and Warehousing0.613.0-
Information Media and Telecommunications2.69.20.1
Financial and Insurance Services-0.20.6-
Rental, Hiring and Real Estate Services1.10.3-
Professional, Scientific and Technical Services-1.84.4-0.1
Administrative and Support Services2.46.60.1
Public Administration and Safety1.70.80.1
Education and Training0.41.4-
Health Care and Social Assistance-0.31.0-
Arts and Recreation Services2.410.1-
Other Services4.95.00.1
Ownership of dwellings0.51.9-
Taxes less subsidies on products1.53.20.1
Statistical discrepancy (P)nana0.1
Gross domestic product0.52.70.5

- nil or rounded to zero (including null cells)
na not available

Agriculture, Forestry and Fishing -2.6%

The decrease was driven by a:

  • 2.8% fall in Agriculture as wet weather adversely impacted East Coast grain production, cotton planting, and livestock.  
  • 1.1% fall Forestry and Fishing driven by agriculture support services.

Mining 3.2%

The increase was driven by a:

  • 4.8% rise in Iron Ore Mining, due to increased production in key areas and supply chain improvements.  
  • 1.0% rise in Oil and Gas Extraction following maintenance activity in the September quarter.
  • 2.5% rise in Exploration and Mining Support Services.
  • 0.9% rise in Other Mining driven by increased copper production.

This was partly offset by a:

  • 1.4% fall in Coal Mining due to wet weather and flooding on the East Coast. 

Manufacturing -1.8%

All subdivisions fell as imports and industry demand decreased, and wet weather impacted production. The decrease was driven by a: 

  • 4.4% fall in Other Manufacturing driven by decreased output in wood manufacturing.
  • 1.7% fall in Machinery and Equipment.
  • 2.2% fall in Metal Products.
  • 0.4% fall in Food, Beverage and Tobacco Products.
  • 0.2% fall in Petroleum, Coal, Chemical and Rubber Products.

Electricity, Gas, Water and Waste Services -4.9%

The fall was driven by a:

  • 8.0% fall in Electricity Supply as milder weather conditions led to reduced usage after elevated winter demand.
  • 2.1% fall in Water Supply and Waste Services.

This was partly offset by a:

  • 3.2% rise in Gas Supply following a strong fall in the September quarter. 

Construction -0.3%

The decrease was driven by a: 

  • 2.6% fall in Building Construction due to decreased Non-residential Building Construction.

This was partly offset by a:

  • 1.6% rise in Heavy and Civil Engineering Construction driven by public road and rail projects.

Wholesale Trade -0.7%

The decrease was driven by:

  • Machinery and Equipment Wholesaling due to decreased demand for agricultural and industrial machinery. 
  • Other Goods Wholesaling with decreased imports and softening retail demand.
  • Grocery, Liquor and Tobacco Wholesaling.

Retail Trade -0.4%

The decrease was driven by:

  • Other Store-Based Retailing due to softening consumer demand. 

This was partly offset by:

  • A rise in Food Retailing following four consecutive falls as shopping patterns stabilised following COVID-19 lockdowns.

Accommodation and Food Services 1.4%

The increase was driven by:  

  • Food and Beverage Services due to continued demand for restaurants, cafes, and pubs.   

This was partly offset by:

  • Accommodation Services as demand eased for domestic travel.

Transport, Postal and Warehousing 0.6%

The increase was driven by a:

  • 0.9% rise Transport, Postal and Storage Services due to increased international airport activity.
  • 1.8% rise in Rail, Pipeline and Other Transport as demand increased for public transport and rail freight.
  • 4.8% rise in Air and Space Transport due to increased demand for international travel. 

This was partly offset by a:

  • 1.1% fall in Road Transport following strength in the June and September quarters.

Information Media and Telecommunications 2.6%

The increase was driven by a:

  • 4.2% rise in Other Information and Media driven by Internet Publishing, Broadcasting and ISP Services
  • 0.6% rise in Telecommunication Services due to increased household use of telecommunication services. 

Financial and Insurance Services -0.2%

The decrease was driven by a: 

  • 0.6% fall in Finance due to weakness in dwelling loans and deposit balances.

This was partly offset by a:

  • 0.6% rise in Other Financial and Insurance Services driven by superannuation services. 

Rental, Hiring and Real Estate Services 1.1%

The increase was driven by a: 

  • 1.4% rise in Property Operators and Real Estate Services driven by commercial property operators. 

This was partly offset by a:

  • 0.1% fall in Rental and Hiring Services following strength in the June and September quarters. 

Professional, Scientific and Technical Services -1.8%

The decrease was driven by a:

  • 3.3% fall in Other Professional, Scientific and Technical Services due to decreased demand for accounting and consulting services.

This was partly offset by a: 

  • 2.5% rise in Computer System Design and Related Services.  

Administrative and Support Services 2.4%

Administrative Services rose due to increased labour hire, recruitment, and events management services.

Health Care and Social Assistance -0.3%

Health Care and Social Assistance fell due to reduced demand for public health, partly offset by an increase in private health.

Arts and Recreation Services 2.4%

Arts and Recreation Services rose driven by Sports and Recreation Activities and Gambling Activities.

Other Services 4.9%

The rise was driven by Personal and Other Services following a fall in the September quarter.

State and territory final demand

State and territory final demand, percentage changes (a)
  Sep 22 to Dec 22
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.51.51.21.6-2.81.0-0.91.60.6
 Households0.20.4-0.1-0.11.60.00.20.10.3
Gross fixed capital formation
 Private-1.8-1.0-3.4-2.2-0.6-2.30.0-3.4-1.7
 Public-0.1-3.11.6-3.32.00.3-4.6-2.6-0.7
State final demand-0.10.2-0.3-0.20.10.0-0.50.30.0

- nil or rounded to zero (including null cells)
a. Change on preceding quarter
b. Australia estimates relate to Domestic final demand.

Quarterly volume measures, seasonally adjusted

The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand decreased 0.1% for the quarter.
Victoria's state final demand increased 0.2% for the quarter.
Queensland's state final demand decreased 0.3% for the quarter.
South Australia's state final demand decreased 0.2% for the quarter.
Western Australia's state final demand increased 0.1% for the quarter.
Tasmania's state final demand was unchanged for the quarter.
Northern Territory's state final demand decreased 0.5% for the quarter.
Australian Capital Territory's state final demand increased 0.3% for the quarter.

New South Wales -0.1%

Total final consumption expenditure increased 0.3%, driven by a:

  • 0.2% rise in household consumption, led by increased spending on hotels, cafes and restaurants (1.7%) and transport services (4.8%), as well as essential goods and services, such as food (1.8%) and health (1.2%). The increase was partly offset by reduced spending on discretionary categories such as recreation and culture (-1.7%) and clothing and footwear (-3.8%).
  • 0.5% increase in government spending as national expenditure rose (1.4%) due to higher social benefits to households such as aged care and pharmaceutical benefits. State and local expenditure partly offset the rise (-0.3%) with a reduction in COVID-19 and transport related uses of goods and services. 

Private gross fixed capital formation decreased 1.8%, due to a:

  • 4.3% fall in total non-dwelling construction. There was weakness in both new building and new engineering construction with decreased work done on road and energy projects.
  • 4.9% decrease in ownership transfer costs due to the continued fall in residential property market activity.
  • 1.2% decrease in total dwellings, driven by a fall in alterations and additions as HomeBuilder renovation projects reached completion. New and used dwellings partly offset the fall due to improved weather conditions in metropolitan areas and a slight easing of materials shortages.

Public gross fixed capital formation decreased 0.1%, driven by a:

  • 2.5% decrease in general government led by weakness in state and local (-2.8%) with reduced expenditure on major transport infrastructure.

Partly offset by a:

  • 7.1% increase in public corporations led by Commonwealth investment. 

Victoria 0.2%

Total final consumption expenditure increased 0.7%, due to a:

  • 0.4% increase in household consumption. Food (2.0%) led the rise, while spending on transport services (7.8%) and hotels, cafes and restaurants (2.2%) also contributed. Partly offsetting the rise was a decrease in spending on discretionary categories such as recreation and culture (-1.7%) and clothing and footwear (-2.5%).
  • 1.5% increase in government expenditure led by a rise in national (2.0%), primarily from increased Commonwealth spending on social benefits to households such as aged care and pharmaceuticals. There was also an increase in state and local expenditure (1.1%) due to increased spending on use of goods and services.

Private gross fixed capital formation decreased 1.0%, due to a:

  • 2.4% decrease in total non-dwelling construction due to weakness in both new building and new engineering construction.
  • 5.4% decrease in ownership transfer costs as a result of the falling activity in the residential property market.
  • 1.4% decrease in total dwellings with weakness across both new and used dwellings and alterations and additions.

Partly offset by a:

  • 2.8% increase in total machinery and equipment led by increased investment by the Retail and Transport industries.

Public gross fixed capital formation decreased 3.1%, driven by a:

  • 4.3% decrease in state and local general government due to a fall in building activity as projects approach completion.

Queensland -0.3%

Total final consumption expenditure increased 0.3%, driven by a: 

  • 1.2% increase in government expenditure, as state and local expenditure rose (1.3%) primarily due to an increase in non-employee expenses, which includes the Queensland Government's "Cost of living rebate for households". An increase in national expenditure (1.0%) also contributed with strength in social benefits to households such as aged care and pharmaceuticals.

Partly offset by a:

  • 0.1% decrease in household consumption led by falls in furnishings and household equipment (-4.1%), electricity, gas and other fuels (-18.0%), and operation of vehicles (-3.6%). The fall was partly offset by essential goods and services, such as food (4.0%).

Private gross fixed capital formation fell 3.4%, led by a:

  • 6.9% fall in total machinery and equipment driven by less investment by the Mining and Agriculture industries in the quarter.
  • 5.3% fall in total non-dwelling construction. There was weakness in both new building and new engineering construction with a decrease in work done on energy projects and retail and office building projects.
  • 9.6% decrease in ownership transfer costs as a result of falling housing market activity.

Partly offset by a:

  • 1.4% increase in total dwellings, driven by new dwellings as weather conditions improved in parts of the state and materials shortages eased slightly.

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

  • 6.7% increase in state and local public corporations, primarily in utility and transport structures. 
  • 1.6% increase in state and local government as work done increased for several transport infrastructure projects.

South Australia -0.2%

Total final consumption expenditure increased 0.4%, due to a:

  • 1.6% increase in government expenditure driven by both state and local (1.7%) and national spending (1.4%). State and local spending was led by strength in employee expenses across a range of departments and agencies. National spending was driven by non-defence due to increased social benefits to households such as aged care and pharmaceuticals.

Partly offset by a:

  • 0.1% decrease in household consumption. Leading the falls were furnishings and household equipment (-3.5%) followed by electricity, gas and other fuel (-4.8%), aided by cooler than average temperatures. This was partly offset by a rise in health (1.8%), transport services (7.3%) and hotels, cafes and restaurants (1.0%).

Private gross fixed capital formation decreased 2.2%, driven by a:

  • 4.3% decrease in total dwellings, due to falls in work done and commencement rates for townhouses and apartments.
  • 10.5% decrease in ownership transfer costs, reflecting declines in housing market activity.
  • 1.5% decrease in total machinery and equipment driven by less spending on transport equipment.

Partly offset by a:

  • 0.1% increase in total non-dwelling construction driven by rises in new engineering construction in the Mining industry.

Public gross fixed capital formation fell 3.3%, driven by a:

  • 16.9% decrease in state and local public corporations, led by weaker utilities expenditure after elevated levels of investment in previous quarters.
  • 1.5% decrease in state and local general government as spending fell on road infrastructure.

Western Australia 0.1%

Total final consumption expenditure increased 0.2%, due to a:

  • 1.6% increase in household consumption. Leading the rise was electricity, gas and other fuel (114.7%) which follows a fall in the previous quarter (-58.1%) due to the impact of the Western Australian Government's "Household Electricity Credit". Also contributing to the rise were food (3.0%) and purchase of vehicles (8.4%), as well as tourism related categories such as hotels, cafes and restaurants (3.1%) and transport services (5.9%). This was partially offset by falls in discretionary goods consumption within recreation and culture (-2.6%) and clothing and footwear (-2.6%).

Partly offset by a:

  • 2.8% decrease in government expenditure driven by a fall of 5.4% in state and local spending due to a decrease in social benefits to households (WA Household Electricity Credit) and falls in use of goods and services across a range of departments, including Health.

Private gross fixed capital formation decreased 0.6%, due to a:

  • 4.3% fall in total machinery and equipment due to reduced investment by the Mining industry. 
  • 7.0% fall in ownership transfer costs due to the decline in housing market activity.

Partly offset by a:

  • 1.8% increase in total non-dwelling construction due to continued strength in new engineering construction from the Mining industry.
  • 3.9% increase in total dwellings led by a rise in new houses as supply constraints on materials improved over the quarter.

Public gross fixed capital formation increased 2.0%, driven by a:

  • 12.3% increase in state and local public corporations due to a rise in spending on rail infrastructure and public housing.

Partly offset by a:

  • 2.2% decrease in general government expenditure, with both national (-4.5%) and state and local (-1.3%)  investment falling. 

Tasmania 0.0%

Total final consumption expenditure increased 0.4%, due to a:

  • 1.0% increase in government expenditure driven by strength in national (1.9%) as social assistance benefits increased for aged care, pharmaceuticals and education.
  • Household consumption was flat at 0.0%. Rises were seen in food (2.4%), transport services (8.8%), health (2.7%) and hotels, cafes and restaurants (1.2%), reflecting increased spending on essentials and tourism related categories. Partly offsetting the rise were falls in discretionary categories such as recreation and culture (-6.2%) and furnishings and household equipment (-2.1%).

Private gross fixed capital formation decreased 2.3%, driven by a:

  • 5.9% decrease in total dwellings, reflecting falls in work done on new housing construction.
  • 2.7% decrease in total machinery and equipment, due to less investment on transport vehicles and equipment across several industries.

Partly offset by a: 

  • 2.6% increase in total non-dwelling construction driven by rises in new building investment, particularly work done on accommodation projects.

Public gross fixed capital formation increased 0.3%, driven by a:

  • 4.1% rise in state and local general government due to increased spending on road infrastructure projects.

Partly offset by a: 

  • 5.0% decrease in state and local public corporations due to a fall in investment on utility structures.

Northern Territory -0.5%

Total final consumption expenditure decreased 0.3%, driven by a:

  • 0.9% decrease in government expenditure, with a 2.0% decrease in state and local expenditure reflecting weakness in non-employee expenses across various areas including health.

Partly offset by a:

  • 0.2% increase in household consumption driven by food (3.1%) and other goods and services (0.9%). Partly offsetting the rise were hotels, cafes and restaurants (-3.3%) and operation of vehicles (-7.3%).

Private gross fixed capital was flat at 0.0%, due to a: 

  • 24.1% decrease in ownership transfer costs due to falling activity in the residential property market.
  • 11.3% decrease in intellectual property products due to weakness in petroleum exploration. 

Partly offset by a:

  • 5.6% increase in total non-dwelling construction driven by increased mining investment. 

Public gross fixed capital formation decreased 4.6%, driven by a:

  • 19.0% decrease in national general government due to falls in building investment.
  • 24.4% decrease in state and local public corporations due to reduced utilities investment.

Partly offset by a: 

  • 10.0% increase in state and local general government due to a rise in infrastructure investment for roads and public housing.

Australian Capital Territory 0.3%

Total final consumption expenditure increased 1.0%, driven by a:

  • 1.6% increase in government expenditure led by a rise in national expenditure (2.4%) due to Commonwealth employee expenses and social benefits to households. State and local expenditure (-2.0%) partly offset the rise due to a reduction in spending on use of goods and services related to COVID-19.
  • 0.1% increase in household consumption, driven by spending on essential categories such as food (1.6%) and health (2.1%) and select services such as transport services (7.2%) and hotels, cafes and restaurants (1.4%). The rise was offset by a decrease in discretionary spending on recreation and culture (-4.5%), furnishings and household equipment (-5.8%), and clothing and footwear (-1.7%).

Private gross fixed capital formation decreased 3.4%, driven by a:

  • 3.2% decrease in total dwellings driven by a fall in new and used houses as apartment building projects were completed. There were also fewer alterations and additions which contributed to the fall.
  • 7.8% decrease in ownership transfer costs due to reduced activity in the residential property market.
  • 3.8% decrease in non-dwelling construction, driven by a fall in new building investment due to major project completions.

Public gross fixed capital formation decreased 2.6%, driven by a:

  • 1.4% decrease in national general government.
  • 19.6% decrease in state and local public corporations due to a fall in dwelling investment.

Key tables

Key national accounts aggregates

Key national accounts aggregates, percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Through the year, Dec 21 to Dec 22
Chain volume GDP and related measures (b)
 GDP3.70.60.90.70.52.7
 GDP per capita (c)3.40.20.40.1-0.8
 Gross value added market sector (d)3.60.71.21.10.23.2
 Net domestic product4.30.61.00.70.52.7
Real income measures (b)
 Real gross domestic income2.12.42.1-0.70.64.4
 Real gross national income1.02.01.0-0.81.43.6
 Real net national disposable income1.02.31.1-1.01.64.0
 Real net national disposable income per capita (c)0.82.00.7-1.51.12.2
Current price measures
 GDP3.24.34.01.22.112.0
Productivity
 Hours worked2.60.13.90.51.96.4
 Hours worked market sector (d)3.50.84.70.42.78.9
 GDP per hour worked1.00.5-2.90.2-1.4-3.5
 Gross value added per hour worked market sector (d)0.2-0.1-3.40.7-2.4-5.2
 Real unit labour costs-0.8-2.3-1.31.70.1-1.8
 Real unit labour costs - non-farm-0.2-2.3-1.11.5-0.3-2.1
Prices
 GDP implicit price deflator-0.43.73.10.51.69.1
 Domestic final demand implicit price deflator1.11.51.62.01.46.6
 Terms of trade-6.28.44.5-5.90.67.2

- 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 2020-21.
c. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

Key national accounts aggregates, levels
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22
Chain volume GDP and related measures (a)
 GDP ($m)541 273544 364549 274553 036555 690
 GDP per capita (b) ($)21 00021 05021 14421 17621 175
 Gross value added market sector (c) ($m)367 543370 076374 334378 508379 449
 Net domestic product ($m)449 139451 695456 044459 248461 360
Real income measures (a)
 Real gross domestic income ($m)546 072558 959570 624566 449570 026
 Real gross national income ($m)526 562536 980542 415538 191545 781
 Real net national disposable income ($m)433 653443 585448 492444 117451 090
 Real net national disposable income per capita (b) ($)16 82417 15317 26517 00517 189
Current price measures
 GDP ($m)563 583587 758611 328618 436631 402
 GDP per capita (b) ($)21 86522 72823 53323 68024 060
 Gross national income ($m)544 109566 048582 969588 839605 711
 National net saving ($m)40 90547 21051 72445 51153 580
 Household saving ratio12.911.28.37.14.5
Prices
 Terms of trade (index) (d)104.2113.0118.1111.1111.7

- nil or rounded to zero
a. Reference year for chain volume measures and real income measures is 2020-21.
b. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
c. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
d. Reference year for indexes is 2020-21 = 100.0.

Key national accounts aggregates, revisions to percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22
Chain volume GDP and related measures (b)
 GDP-0.10.2-0.1
 GDP per capita (c)-0.10.1-0.2-0.3
 Gross value added market sector (d)-0.10.2-0.1-
 Net domestic product-0.20.20.1-
Real income measures (b)
 Real gross domestic income-0.20.2-0.3
 Real gross national income-1.00.8-0.81.2
 Real net national disposable income-1.31.0-1.01.5
 Real net national disposable income per capita (c)-1.21.0-1.21.2
Current price measures
 GDP-0.40.2-0.10.4
 Household saving ratio (e)---0.2
Productivity
 Hours worked-0.10.10.5
 Hours worked market sector (d)--0.1-
 GDP per hour worked-0.20.1-0.1-0.4
 Gross value added per hour worked market sector (d)-0.2-0.2-
 Real unit labour costs0.1-0.20.2-0.3
 Real unit labour costs - non-farm0.1-0.1-0.2
Prices
 Terms of trade-0.30.2-0.30.7

- nil or rounded to zero
a. Change on preceding quarter.
b. Reference year for chain volume measures and real income measures is 2020-21.
c. Population estimates are as published in the National, state and territory population (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

Analytical expenditure aggregates, percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Through the year, Dec 21 to Dec 22Contribution to growth, Sep 22 to Dec 22
Final consumption expenditure
 General government1.22.7-1.10.20.62.40.1
 Households6.31.82.21.00.35.40.2
  Goods5.31.4-0.3-0.2-1.0-0.2-0.2
  Services7.02.13.91.71.29.20.4
  Essential1.30.41.00.30.32.00.1
  Discretionary15.04.03.91.90.410.50.1
Gross fixed capital formation
 Private-0.40.1-0.91.2-1.7-1.3-0.3
  Mining3.8-2.1-3.12.10.3-2.9-
  Non-mining-1.01.81.53.8-1.95.2-0.2
  Total private business investment0.20.80.33.4-1.43.1-0.2
 Public-1.51.95.2-3.5-0.72.8-
Final demand
 Public0.72.5--0.50.42.50.1
 Private4.51.41.41.0-0.23.7-0.1

- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Analytical expenditure aggregates, revisions to percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22
Final consumption expenditure
 General government---0.50.1
 Households-0.1-0.1-0.1
  Goods-0.10.3-0.5
  Services-0.1---
  Essential0.10.10.2-0.3
  Discretionary-0.1--0.1
Gross fixed capital formation
 Private-0.1--0.4
  Mining-0.90.50.20.8
  Non-mining--0.2-0.9
  Total private business investment-0.2--0.9
 Public0.4-0.2-0.1-0.1
Final demand
 Public--0.1-0.40.1
 Private--0.1-

- nil or rounded to zero
a. Change on preceding quarter.

Expenditure aggregates

Expenditure aggregates, contributions to growth
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22
Final consumption expenditure
 General government0.30.6-0.30.10.1
 Households3.10.91.10.50.2
Gross fixed capital formation
 Private-0.1--0.20.2-0.3
 Public-0.10.10.3-0.2-
Domestic final demand3.21.61.00.6-
Changes in inventories0.71.0-1.00.4-0.5
Exports of goods and services--0.21.10.50.2
Imports of goods and services-0.3-1.9-0.3-0.80.9
Statistical discrepancy (E)0.10.10.1--0.1
Gross domestic product3.70.60.90.70.5

- nil or rounded to zero

Expenditure on GDP

Expenditure on GDP, percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Through the year, Dec 21 to Dec 22Contribution to growth, Sep 22 to Dec 22
Final consumption expenditure
 General government1.22.7-1.10.20.62.40.1
 Households6.31.82.21.00.35.40.2
 Total final consumption expenditure4.72.11.20.70.44.50.3
Private gross fixed capital formation
 Dwellings-1.5-0.4-3.10.7-0.9-3.7-
 Ownership transfer costs-1.1-2.5-2.1-11.2-6.2-20.6-0.1
 Non-dwelling construction1.1-1.1-3.010.0-2.72.7-0.1
 Machinery and equipment-1.53.24.8-2.2-1.24.6-
 Cultivated biological resources10.32.81.32.72.910.1-
 Intellectual property products0.40.3-0.70.01.00.6-
 Total private gross fixed capital formation-0.40.1-0.91.2-1.7-1.3-0.3
Public gross fixed capital formation
 Public corporations0.51.72.82.93.511.3-
 General government-2.02.05.8-5.2-1.90.3-0.1
 Total public gross fixed capital formation-1.51.95.2-3.5-0.72.8-
Total gross fixed capital formation-0.70.50.50.1-1.4-0.4-0.3
Domestic final demand3.41.71.00.60.03.3-
Changes in inventories. .. .. .. .. .. .-0.5
Exports of goods and services-0.2-1.15.22.51.17.70.2
Imports of goods and services1.511.11.44.0-4.312.10.9
Statistical discrepancy (E). .. .. .. .. .. .-0.1
Gross domestic product3.70.60.90.70.52.70.5

. . not applicable
- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Expenditure on GDP, revisions to percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22
Final consumption expenditure
 General government---0.50.1
 Households-0.1-0.1-0.1
 Total final consumption expenditure----0.1
Private gross fixed capital formation
 Dwellings-0.10.1--0.3
 Ownership transfer costs----
 Non-dwelling construction-0.1-0.11.4
 Machinery and equipment-0.2-0.2-0.30.5
 Cultivated biological resources-2.11.60.41.1
 Intellectual property products-0.3-0.10.3-
 Total private gross fixed capital formation-0.1--0.4
Public gross fixed capital formation
 Public corporations-1.00.4-0.10.2
 General government0.9-0.3-0.2-0.2
 Total public gross fixed capital formation 0.4-0.2-0.1-0.1
Total gross fixed capital formation-0.1--0.3
Domestic final demand----
Gross national expenditure-0.40.2-0.2
Exports of goods and services--0.2-0.1-0.2
Imports of goods and services0.2-0.4-0.1
Gross domestic product-0.10.2-0.1

- nil or rounded to zero
a. Change on preceding quarter.

Household final consumption expenditure

Household final consumption expenditure, percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Through the year, Dec 21 to Dec 22Contribution to growth, Sep 22 to Dec 22
Food-3.1-1.7-0.7-0.82.4-0.90.2
Cigarettes and tobacco-3.5-3.1-3.5-2.8-0.8-9.8-
Alcoholic beverages-1.5-2.22.5-0.8-0.5-1.1-
Clothing and footwear41.63.64.33.1-2.78.3-0.1
Rent and other dwelling services0.40.50.50.50.51.90.1
Electricity, gas and other fuel-1.9-2.43.7-9.91.8-7.1-
Furnishings and household equipment7.60.0-0.8-1.5-1.2-3.5-0.1
Health8.2-1.73.21.81.14.30.1
Purchase of vehicles-2.512.8-4.410.02.922.00.1
Operation of vehicles13.40.63.03.5-1.85.3-0.1
Transport services55.165.436.212.85.7168.50.1
Communications1.01.41.1-0.30.83.1-
Recreation and culture17.65.63.8-0.8-1.47.1-0.2
Education services0.6-0.30.40.80.41.3-
Hotels, cafes and restaurants25.86.58.15.21.623.00.1
Insurance and other financial services0.20.40.10.30.10.9-
Other goods and services8.01.72.91.5-0.35.9-
Total6.31.82.21.00.35.40.3

- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Industry gross value added

Industry gross value added, percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Through the year, Dec 21 to Dec 22Contribution to growth, Sep 22 to Dec 22
Agriculture, Forestry and Fishing9.0-7.12.8-2.2-2.6-9.1-0.1
Mining-1.3-1.10.22.43.24.80.3
Manufacturing2.20.6-0.8-1.0-1.8-2.9-0.1
Electricity, Gas, Water and Waste Services-0.71.53.50.2-4.90.2-0.1
Construction2.70.90.11.1-0.31.8-
Wholesale Trade4.73.3-2.01.3-0.71.9-
Retail Trade6.90.50.20.7-0.40.9-
Accommodation and Food Services23.83.711.22.91.420.3-
Transport, Postal and Warehousing3.33.95.22.80.613.0-
Information Media and Telecommunications6.82.61.52.22.69.20.1
Financial and Insurance Services0.8-0.30.70.4-0.20.6-
Rental, Hiring and Real Estate Services1.3-1.30.6-0.21.10.3-
Professional, Scientific and Technical Services4.73.20.92.2-1.84.4-0.1
Administrative and Support Services5.00.81.22.02.46.60.1
Public Administration and Safety1.3--0.6-0.21.70.80.1
Education and Training0.30.30.30.40.41.4-
Health Care and Social Assistance5.7-0.72.4-0.2-0.31.0-
Arts and Recreation Services9.14.54.4-1.42.410.1-
Other Services18.3-0.41.9-1.54.95.00.1
Ownership of dwellings0.50.50.50.50.51.9-
Gross value added at basic prices3.20.51.10.80.32.70.3
Taxes less subsidies on products6.92.00.3-0.61.53.20.1
Statistical discrepancy (P). ..  ..  ..  ..  .. .0.1
Gross domestic product3.70.60.90.70.52.70.5

. . not applicable
- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Industry value added, revisions to percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22
Agriculture, Forestry and Fishing2.32.3-0.9-1.8
Mining-0.60.5-0.11.2
Manufacturing0.2-0.2-0.3
Electricity, Gas, Water and Waste Services0.6-0.2-0.5-0.2
Construction-0.5--0.3-1.2
Wholesale Trade0.1-0.30.1-
Retail Trade0.1-0.10.10.1
Accommodation and Food Services----0.5
Transport, Postal and Warehousing0.20.5-0.5-0.7
Information Media and Telecommunications0.2--0.11.1
Financial and Insurance Services-0.1-0.10.1
Rental, Hiring and Real Estate Services-0.4--0.4
Professional, Scientific and Technical Services-0.10.2-0.20.6
Administrative and Support Services----1.3
Public Administration and Safety----
Education and Training----
Health Care and Social Assistance-0.10.10.1-
Arts and Recreation Services----1.1
Other Services----0.8
Ownership of dwellings----
Gross value added at basic prices-0.1-0.1-
Taxes less subsidies on products-0.3-0.40.2
Gross domestic product-0.10.2-0.1

- nil or rounded to zero
a. Change on preceding quarter.

Income from GDP

Income estimates are in seasonally adjusted current prices

Income from GDP, percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Through the year, Dec 21 to Dec 22Contribution to growth, Sep 22 to Dec 22
Compensation of employees
 Wages and salaries1.72.12.63.02.110.20.8
 Employers' social contributions (b)1.62.22.35.12.012.00.1
 Total compensation of employees1.72.12.63.22.110.40.9
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations1.49.411.4-4.13.721.10.9
  Public non-financial corporations-3.23.612.0-6.05.815.4-
  Total non-financial corporations1.39.211.4-4.23.720.90.9
 Financial corporations-0.12.55.10.58.4-
 Total corporations1.17.710.1-2.83.218.90.9
 General government1.81.61.41.11.35.5-
 Dwellings owned by persons0.41.81.41.72.17.10.1
 Total gross operating surplus1.06.28.0-1.82.915.81.1
Gross mixed income3.2-2.03.0--1.5-0.5-0.1
Total factor income1.63.34.80.82.111.51.9
Taxes less subsidies on production and imports29.815.0-3.33.72.017.60.2
Statistical discrepancy (I). ..  ..  ..  ..  .. .-
Gross domestic product3.24.34.01.22.112.02.1

. . not applicable
- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

Income from GDP, revisions to percentage changes (a)
 Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22
Compensation of employees
 Wages and salaries-0.20.10.1-
 Employers' social contributions (b)-0.30.20.10.1
 Total compensation of employees-0.20.10.1-
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations---0.6
  Public non-financial corporations-0.30.22.6
  Total non-financial corporations-0.1-0.7
 Financial corporations-0.10.1-0.10.2
 Total corporations-0.1-0.7
 General government----
 Dwellings owned by persons-0.20.1-0.1
 Total gross operating surplus-0.1-0.5
Gross mixed income-0.51.2-1.7
Total factor income-0.10.1-0.4
Taxes less subsidies on production and imports-0.2-0.40.3-0.6
Gross domestic product-0.40.2-0.10.4

- nil or rounded to zero
a. Change on preceding quarter.
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

State final demand

State and territory final demand, percentage changes (a)
  Sep 22 to Dec 22
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.51.51.21.6-2.81.0-0.91.60.6
 Households0.20.4-0.1-0.11.60.00.20.10.3
Gross fixed capital formation
 Private-1.8-1.0-3.4-2.2-0.6-2.30.0-3.4-1.7
 Public-0.1-3.11.6-3.32.00.3-4.6-2.6-0.7
State final demand-0.10.2-0.3-0.20.10.0-0.50.30.0

- nil or rounded to zero (including null cells)
a. Change on preceding quarter
b. Australia estimates relate to Domestic final demand.

Revisions and changes

Revisions in this issue

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

Seasonally adjusted and trend estimates

In the March quarter 2020 issue of Australian National Accounts: National Income, Expenditure and Product, the ABS advised that the method used to produce seasonally adjusted estimates would be changed from the ‘concurrent’ method to the ‘forward factors’ method for series with significant and prolonged impacts from COVID-19. Trend estimates for all series were also suspended from June 2019 (inclusive).

Over the March 2023 and June 2023 quarters, annual seasonal reanalysis of national accounts series will be conducted. As part of this process, the suspension of trend estimates and use of the forward factor method for series with significant and prolonged impacts from COVID-19 will be reviewed. Revisions to seasonally adjusted estimates will occur as part of this process.

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The December quarter 2022 issue of Australian National Accounts: Finance and Wealth will be released on 23 March 2023. This publication includes the quarterly household balance sheets with an estimate of net worth. It also provides quarterly estimates of the financial flows and balance outstanding between sectors and various sub-sectors of the domestic economy and with the rest of the world. Other key estimates within the publication include the financial instrument markets, demand for credit by non-financial domestic institutional sectors during the quarter, and their corresponding levels of credit outstanding and quarterly sectoral capital accounts (current price).

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Australian National Accounts: Distribution of Household Income, Consumption and Wealth (cat. no. 5204.0.55.011)

The 2021-22 issue of Australian National Accounts: Distribution of Household Income, Consumption and Wealth was released on 13 December 2022. This publication contains results that integrate ABS micro and macro data to produce distributional information on household income, consumption and wealth, consistent with the Australian System of National Accounts concepts and aggregates.

Estimates of Industry Multifactor Productivity (cat. no. 5260.0.55.002)

The 2021-22 issue of Estimates of Industry Multifactor Productivity was released on 13 December 2022. It provides updated estimates of multifactor productivity (MFP) for the 16 industries defined to comprise the market sector. Longer time series are produced for 12 selected industries. Also included are productivity growth cycles for market sector industries and selected industries aggregates back to 1998-99 and 1973-74, respectively. The release includes experimental estimates of productivity growth cycles for individual industries, sources of aggregate labour productivity growth and its industry origin. Experimental estimates of state productivity back to 1994-95 are also provided.

Previous catalogue number

This release previously used catalogue number 5206.0.
 

Methodology

Australian National Accounts: National Income, Expenditure and Product methodology, December 2022

Articles

Media releases