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

Reference period
June 2021

Key statistics

  • The Australian economy rose 0.7% in seasonally adjusted chain volume measures
  • GDP rose 1.4% in 2020-21
  • The terms of trade rose 7.0%
  • Household saving ratio decreased to 9.7% from 11.6%

Economic overview

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

The reference year for chain volume measures is 2018-19.

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

June key figures, percentage changes (a)

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21Jun 20 to Jun 21
Chain volume GDP and related measures (b)
 GDP per capita (c)-
 Gross value added market sector (d)-
 Real net national disposable income-
 GDP per hour worked2.3-0.4-0.11.0-1.2-0.7
 Real unit labour costs-8.8-
 GDP chain price index (original)-0.6-
 Terms of trade-
Current price measures
 Household saving ratio22.018.612.211.69.7na

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 2018-19.
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 rose 0.7% in June quarter

Gross Domestic Product (GDP) rose 0.7% this quarter, reflecting the continued easing of COVID-19 restrictions and the recovery in the labour market. Lockdowns had minimal impact on activity overall, with fewer lockdown days and the more prolonged stay-at-home orders in NSW only commencing in the last week of June.

The Australian economy grew by 1.4% over 2020-21.

Strong growth in the terms of trade

The terms of trade rose 7.0% this quarter and is now at its highest level in history. Strong export prices for mining commodities drove the quarterly rise. The strength in the terms of trade contributed to a 3.2% increase in nominal GDP.

Domestic demand drives growth

The domestic economy drove growth, contributing 1.6 percentage points to the rise in GDP. Both private and public demand increased, led by household spending (+1.1%) and public investment (+7.4%).

Household spending on services continues to recover

Household expenditure rose 1.1% this quarter, but remained 0.3% below December quarter 2019 pre-pandemic levels.

Spending on services (+1.3%) drove the quarterly rise. Transport services (+25.4%) and hotels, cafes and restaurants (+2.2%) continued to rebound reflecting increased tourism activity. Spending on services remains below pre-pandemic levels, particularly those impacted by the ongoing closure of international borders.

Spending on goods rose 0.9% and is at elevated levels. Purchase of vehicles rose 7.5%, reflecting continued strong demand and increased supply of vehicles for purchase this quarter.

Household spending increases across all states

Household spending rose across all states this quarter. Victoria (+0.1%) recorded the weakest rise with spending impacted by a two-week lockdown starting at the end of May. 

New South Wales recorded the strongest growth amongst the states of 2.1%. Stay-at-home orders in NSW commenced in late June and did not have a significant impact on spending this quarter.

Household saving ratio remains elevated

The household saving to income ratio declined from 11.6% to 9.7%, remaining at elevated levels. Saving fell due to the rise in household consumption and a fall in gross disposable income. 

Gross disposable income fell 0.3%. Social assistance benefit payments declined with reduced numbers of benefit recipients and as COVID-19 support payments were wound back. This was partly offset by a 1.2% rise in compensation of employees which reflected increased employment and hours worked as economic activity continued to recover.

Investment contributes strongly to growth

Public investment rose 7.4%, driven by state and local government infrastructure projects.

Private investment rose 2.0%. Both housing and business investment increased, supported by government initiatives and increased confidence. Ownership transfer costs increased 10.0%, the fourth consecutive rise, reflecting low interest rates and confidence in the housing market. Dwelling investment rose 1.7% with continued high levels of construction activity on renovations and detached housing, coinciding with the federal government's HomeBuilder scheme.

Increased demand drives gross value added (GVA)

Easing restrictions and increased confidence drove a 0.9% rise in GVA this quarter, with increases in 17 out of the 19 industries. 

Administrative and Support Services rose 6.2% as demand for labour hire services increased.

Transport, Postal and Warehousing (+3.7%) and Accommodation and Food Services (+2.8%) also rose, benefitting from increased tourism and government initiatives this quarter. Despite this, activity in both industries remain below pre-pandemic levels.

Compensation of employees (COE) rises with underlying activity

COE rose 1.3% this quarter with a 1.5% rise in private COE, reflecting increased employment and hours worked.

a. Contributions may not be additive due to rounding.

Commodity prices drive an increase in operating surplus

Gross operating surplus plus gross mixed income (GOSMI) rose 3.2%, driven by the Mining industry. Despite lower production, Mining operating surplus rose 16.9% in the quarter and 34.3% through the year, reflecting higher commodity prices.

A decline in support payments from government drove an overall fall for non-mining industries.


 % Change% Change% points contribution to growth in GDP
Mar 21 to Jun 21Jun 20 to Jun 21Mar 21 to Jun 21
Final consumption expenditure   
 General government1.33.70.3
 Total final consumption expenditure1.211.90.9
Gross fixed capital formation   
  Ownership transfer costs10.065.40.2
  Non-dwelling construction-1.9-6.2-0.1
  Machinery and equipment3.422.70.1
  Cultivated biological resources-0.58.6-
  Intellectual property products2.39.1-
 Total gross fixed capital formation3.213.40.7
Changes in inventoriesnana-0.2
Gross national expenditure1.413.91.4
Exports of goods and services-3.2-2.6-0.7
Imports of goods and services1.516.8-0.3
Statistical discrepancy (E)nana0.2
Gross domestic product0.79.60.7

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

Final consumption expenditure (FCE) 1.2%

Gross fixed capital formation (GFCF) 3.2%

Changes in inventories

Exports and imports of goods and services


Income estimates are in seasonally adjusted current prices

 % Change% Change% points contribution to growth in GDP
Mar 21 to Jun 21Jun 20 to Jun 21Mar 21 to Jun 21
Compensation of employees1.36.80.6
Gross operating surplus   
 Private non-financial corporations6.40.31.3
Gross mixed income-0.7-8.1-0.1
Taxes less subsidies on production and imports12.7654.01.1
Statistical discrepancy (I)nana-
Gross domestic product3.216.43.2

- 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) 1.3%

Gross operating surplus (GOS) 4.1%

Taxes less subsidies on production and imports 12.7%


 % Change% Change% points contribution to growth in GDP
Mar 21 to Jun 21Jun 20 to Jun 21Mar 21 to Jun 21
Agriculture, Forestry and Fishing1.341.9-
Electricity, Gas, Water and Waste Services1.81.9-
Wholesale Trade1.114.7-
Retail Trade0.89.3-
Accommodation and Food Services2.866.20.1
Transport, Postal and Warehousing3.720.10.1
Information Media and Telecommunications0.810.4-
Financial and Insurance Services0.82.30.1
Rental, Hiring and Real Estate Services1.823.10.1
Professional, Scientific and Technical Services-0.57.5-
Administrative and Support Services6.217.90.2
Public Administration and Safety0.21.5-
Education and Training0.31.1-
Health Care and Social Assistance2.015.40.1
Arts and Recreation Services0.430.4-
Other Services2.024.4-
Ownership of dwellings0.51.8-
Taxes less subsidies on products0.622.3-
Statistical discrepancy (P)nana-0.3
Gross domestic product0.79.60.7

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

Agriculture, Forestry and Fishing 1.3%

Mining -1.3%

Manufacturing 0.9%

Construction 1.0%

Wholesale Trade 1.1%

Accommodation and Food Services 2.8%

Transport, Postal and Warehousing 3.7%

Information Media and Telecommunications 0.8%

Financial and Insurance Services 0.8%

Rental, Hiring and Real Estate Services 1.8%

Professional, Scientific and Technical Services -0.5%

Administrative and Support Services 6.2%

Health Care and Social Assistance 2.0%

Arts and Recreation Services 0.4%

Other Services 2.0%

State and territory final demand

 Percentage change from Mar 21 to Jun 21
Final consumption expenditure         
 General government1.
Gross fixed capital formation         
State final demand2.

- nil or rounded to zero (including null cells)
a. Australia estimates relate to Domestic final demand.

Quarterly volume measures, seasonally adjusted

Loading map...

The map of shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 2.2% for the quarter.
Victoria's state final demand increased 1.4% for the quarter.
Queensland's state final demand increased 2.0% for the quarter.
South Australia's state final demand increased 1.8% for the quarter.
Western Australia's state final demand increased 1.2% for the quarter.
Tasmania's state final demand increased 1.4% for the quarter.
Northern Territory's state final demand increased 5.3% for the quarter.
Australian Capital Territory's state final demand increased 0.9% for the quarter.

New South Wales 2.2%

Victoria 1.4%

Queensland 2.0%

South Australia 1.8%

Western Australia 1.2%

Tasmania 1.4%

Northern Territory 5.3%

Australian Capital Territory 0.9%

Key tables

Key national accounts aggregates

Analytical expenditure aggregates

Expenditure aggregates

Expenditure on GDP

Household final consumption expenditure

Industry gross value added

Income from GDP

State final demand

Related releases

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

The fourth issue of Australian National Accounts: Distribution of Household Income, Consumption and Wealth was released on 18 June 2021. 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.

Australian System of National Accounts: Concepts, Sources and Methods (cat. no. 5216.0)

The 2020-21 issue of Australian System of National Accounts: Concepts, Sources and Methods was released on 9 July 2021. This publication outlines the major concepts, definitions, data sources and methods used to prepare the National Accounts estimates. It is designed for both intensive users, such as economic and financial analysts, as well as less intensive users looking to gain a better understanding of National Accounts, or the Australian economy in general.

Read more

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. 

Upcoming revisions (Annual and September quarter national accounts) - Australian System of National Accounts historical revisions

Statistical revisions are carried out regularly in the Australian System of National Accounts to reflect the most current information and estimation methods. Periodically the ABS will revise a longer annual time series, which is often referred to as “historical revisions". These longer time series revisions focus on improving data quality (e.g. incorporating cyclical data collections such as the Census); adopting new classifications; and improving international comparability.

The next major historical revisions to National Accounts are scheduled to be published in the Australian System of National Accounts on 29 October 2021. These revisions will incorporate the following improvements:

  • Childcare source improvements and reclassification - data for household and government expenditure on formal childcare is now sourced from the Department of Education, Skills and Employment. In addition, government payments for childcare assistance are now consistently treated as social transfers in kind for all government support programs from 1994 onwards, with the exception of the Childcare Tax Rebate (2004-2007) which remains a non-payable tax offset.
  • Visa application charges source improvements and reclassification - data for visa application charges is now sourced from the Department of Home Affairs, and from 2015-16 onwards, revenue obtained from visa application charges is now treated as tax revenue rather than the sale of a service. This change brings the treatment of visa application charges in the National Accounts into alignment with Government Finance Statistics, as described in the Government Finance Statistics publication.
  • Travel services imports - new data sources and method for estimating imports of travel service are incorporated into the National Accounts, Balance of Payments, and Trade in Goods and Services statistics.
  • Economic and Financial Statistics collection introduced - new source data for key variables of the Finance and Insurance industries are introduced into the National Accounts. This change was previously advised in November 2019 in the information paper Implementing the new economic and financial statistics collection in ABS economic outputs.
  • Implementation of the Labour Accounts to derive hours worked estimates back to 1994-95. The Labour Accounts has been partially implemented into National Accounts estimates of hours worked as of the March quarter 2020 Australian National Accounts: National Income, Expenditure and Production.

Changes to publication tables

As advised with last quarter's release of this publication, this issue of Australian National Accounts: National Income, Expenditure and Product contains changes to publication tables 24. Selected Analytical Series and 34. Key Aggregates and Analytical Series, Annual. The changes include the addition of analytical expenditure aggregates, as well as updates to labelling and ordering within the tables. Existing series identifiers have been maintained with the updates to the tables. For further information on the changes, please contact

Extraordinary Annual Seasonal Review (EASR)

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. 

Given the large changes in the Australian economy during the COVID-19 period and the continuing use of a forward factors approach to seasonal adjustment, the ABS has undertaken an extensive annual review of seasonally adjusted series. This review changed a range of time series treatments to ensure that the seasonal adjustment process continues to be less influenced by the large irregular movements over the past year.. Revisions to most seasonally adjusted series are relatively minor, but larger than would be observed on a quarterly basis through the use of concurrent seasonal adjustment. 

For some series, the review has allowed a return to concurrent seasonal adjustment, where economic conditions are assessed to have returned to pre COVID-19 patterns. For the remaining series where this is not the case, forward factors have been calculated for the next 12 months through this annual process.

Suspension of trend estimates

Due to the impacts of COVID-19 on the economy, trend estimates for all series in the National Accounts have been suspended from June 2019 (inclusive). In the short term, this measurement will be significantly affected by changes to regular patterns in economic activity. If trend estimates were to be calculated without fully accounting for this unusual event, they would likely provide a misleading view of the underlying trend in the economy.

Data downloads

This issue of Australian National Accounts: National Income, Expenditure and Product includes changes to publication tables 24. Selected Analytical Series and 34. Key Aggregates and Analytical Series, Annual. For further information regarding these changes, see the revisions and changes section above.

Time series spreadsheets

Data files

Previous catalogue number

This release previously used catalogue number 5206.0.

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