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
June 2021
Released
1/09/2021
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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%

Articles

This quarter's National Accounts includes the following articles:

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-7.03.63.21.90.79.6
 GDP per capita (c)-7.23.63.12.00.49.4
 Gross value added market sector (d)-7.73.33.52.11.010.3
 Real net national disposable income-7.65.35.53.42.117.3
Productivity
 GDP per hour worked2.3-0.4-0.11.0-1.2-0.7
 Real unit labour costs-8.8-0.96.70.30.26.3
Prices
 GDP chain price index (original)-0.6-0.41.43.03.37.5
 Terms of trade-0.71.85.48.27.024.1
Current price measures
 GDP-7.64.24.43.73.216.4
 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.

Expenditure

 % 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
 Households1.115.40.6
 Total final consumption expenditure1.211.90.9
Gross fixed capital formation   
 Private   
  Dwellings1.715.70.1
  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-
 Public7.414.20.4
 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%

Household FCE increased 1.1%, driven by a:

  • 10.0% rise in electricity, gas and other fuel
  • 25.4% rise in transport services
  • 7.5% rise in purchase of vehicles
  • 1.9% rise in health
  • 2.2% rise in hotels, cafes and restaurants

The increase was partly offset by a:

  • 0.6% fall in food
  • 0.3% fall in recreation and culture
  • 0.9% fall in alcoholic beverages

General government FCE increased 1.3%, driven by a:

  • 1.2% rise in state and local
  • 1.6% rise in national non-defence
  • 0.9% rise in national defence

Gross fixed capital formation (GFCF) 3.2%

Private investment increased 2.0%, driven by a:

  • 10.0% increase in ownership transfer costs
  • 1.7% increase in dwellings
  • 3.4% increase in machinery and equipment

Public investment increased 7.4%, driven by a:

  • 10.7% increase in state and local general government

The increase was partly offset by a:

  • 2.7% decrease in national non-defence

Changes in inventories

Total inventories rose $2,529m following a rise of $3,618m in the March quarter. The largest contributors to the rise were a:

  • $2,122m rise in public authorities 
  • $335m rise in mining
  • $239m rise in retail trade 

The rise was partly offset by a:

  • $466m fall in wholesale trade
  • $67m fall in manufacturing

Exports and imports of goods and services

Exports of goods and services fell 3.2%, driven by a:

  • 25.7% fall in non-monetary gold
  • 3.7% fall in mineral ores
  • 4.7% fall in other mineral fuels

The fall was partly offset by a:

  • 8.3% rise in cereals
  • 31.1% rise in wool and sheepskins
  • 10.1% rise in other non-rural and sugar

Imports of goods and services rose 1.5%, driven by a:

  • 8.1% rise in fuels and lubricants
  • 10.0% rise in non-industrial transport equipment
  • 352.0% rise in travel services
  • 12.6% rise in industrial transport equipment

The rise was partly offset by a:

  • 21.0% fall in transportation services
  • 17.9% fall in household electrical items
  • 7.4% fall in telecommunications equipment

Income

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
 Other(a)1.14.30.1
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%

Compensation of employees rose 1.3% as employment and hours worked increased. Private sector COE rose 1.5% and public sector COE rose 0.7%

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

  • 2.3% rise in Queensland
  • 2.1% rise in Western Australia

Gross operating surplus (GOS) 4.1%

Private non-financial corporations GOS increased 6.4%, driven by a:

  • rise in Mining reflecting a significant increase in prices for iron ore, LNG and coal
  • rise in Construction reflecting increased building construction activity and a ramp up in public infrastructure projects

Partly offset by a:

  • a decline in subsidies received from government with the end of JobKeeper and a decrease in Boosting cash flow for employers. 

Other sectors GOS rose 1.1%, driven by a:

  • 1.5% rise in financial corporations
  • 0.7% rise in dwellings owned by persons
  • 1.2% rise in public non-financial corporations

Taxes less subsidies on production and imports 12.7%

Taxes less subsidies on production and imports rose 12.7% reflecting a fall in subsidies on production and imports (–32.0%). The end of the JobKeeper program and a decline in the Boosting Cash Flow for Employers policy drove the fall. Taxes on production and imports rose 2.0% driven by stamp duties, payroll tax and GST.

Production

 % 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-
Mining-1.3-3.8-0.1
Manufacturing0.99.6-
Electricity, Gas, Water and Waste Services1.81.9-
Construction1.08.80.1
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%

This increase was driven by a:

  • 1.6% rise in Agriculture, driven by livestock production

This was partly offset by a: 

  • 0.3% fall in Forestry and Fishing 

Mining -1.3%

This decrease was driven by a:

  • 4.8% fall in Oil and Gas Extraction due to planned and unplanned maintenance activities at some large LNG plants and adverse weather disruptions 
  • 0.8% fall in Coal Mining due to weather, logistical and production issues

This was partly offset by a:

  • 0.9% rise in Iron Ore Mining due to increased production at new sites and improved global demand  

Manufacturing 0.9%

This increase was driven by a: 

  • 6.6% rise in Petroleum, Coal, Chemical and Rubber Products driven by increased production of pharmaceutical products
  • 4.0% rise in Metal Products with increased demand for fabricated metal products used in construction
  • 0.3% rise in Food, Beverage and Tobacco Products driven by increased meat production

This was partly offset by a:

  • 2.7% fall in Machinery and Equipment driven by a slowdown in production for transport equipment
  • 1.5% fall in Other Manufacturing with decreased demand for textiles, leather, clothing and footwear and wood and paper product

Construction 1.0%

This increase was driven by a: 

  • 1.9% rise in Heavy and Civil Engineering Construction driven by electricity generation and the construction of roads and highways across the country
  • 1.6% rise in Building Construction with continued strength in residential construction and an increase in non-residential construction
  • 0.4% rise in Construction Services as it supported dwelling construction activity

Wholesale Trade 1.1%

The increase was driven by:

  • Motor Vehicle and Motor Vehicle Parts wholesaling due to strong demand for passenger and commercial vehicles 
  • Machinery & Equipment Wholesaling with improvements in global supply chains, driven by increased demand for computer hardware and construction equipment

Accommodation and Food Services 2.8%

This increase was driven by:  

  • Accommodation Services with increased domestic travel as restrictions continued to ease. The re-opening of the Trans-Tasman travel bubble with New Zealand also contributed to the rise

This was partly offset by:

  • Food and Beverage Services with weakness in licensed bars and clubs operating at reduced capacity

Transport, Postal and Warehousing 3.7%

The increase was driven by a:

  • 2.0% rise in Road Transport and 2.3% rise in Rail, Pipeline and Other Transport driven by increased passenger movement with further easing of restrictions and increased freight services 
  • 2.4% rise in Transport, Postal and Storage Services driven by increased transport support services in line with increased domestic travel and freight forwarding services
  • 59.8% rise in Air Transport reflecting increased domestic travel due to easing of restrictions and tourism packages

Information Media and Telecommunications 0.8%

This increase was driven by a:

  • 1.1% rise in Other Information and Media Services driven by Publishing and Motion Picture and Sound Recording Activities 
  • 0.5% rise in Telecommunication Services driven by mobile services

Financial and Insurance Services 0.8%

This increase was driven by a:

  • 0.9% rise in Finance driven by an increase in dwelling loans, consistent with increased housing market activity
  • 0.5% rise in Other Financial and Insurance Services reflecting increased superannuation funds under management due to a rise in employer and personal contributions

Rental, Hiring and Real Estate Services 1.8%

This increase was driven by a:

  • 1.5% rise in Property Operators and Real Estate Services reflecting continued strength in the housing market
  • 3.8% rise in Rental and Hiring Services with continued demand for car rentals due to the rise in domestic travel 

Professional, Scientific and Technical Services -0.5%

This decrease was driven by a:

  • 0.4% fall in Other Professional, Scientific, and Technical Services with decreased engineering and consulting services
  • 1.0% fall in Computer System Design and Related Services

Administrative and Support Services 6.2%

Administrative Services continued to rise with increased demand for labour hire for the mining and construction industries. Building Cleaning, Pest Control and Other Support Services rose with increased demand for cleaning and maintenance services.

Health Care and Social Assistance 2.0%

Health Care and Social Assistance rose 2.0%, driven by both private and public health due to increased general practitioner visits, diagnostic imaging and anaesthetics.

Arts and Recreation Services 0.4%

The rise was driven by Gambling, Creative and Performing Arts and Heritage activities due to further easing of COVID-19 related restrictions, tourism vouchers and improved consumer sentiment.

Other Services 2.0%

The rise was driven by a strong increase in Repair and Maintenance due to increased demand for farming, heavy equipment and automotive repairs.

State and territory final demand

 Percentage change from Mar 21 to Jun 21
NSWVic.QldSAWATas.NTACTAust.(a)
Final consumption expenditure         
 General government1.61.82.01.6-0.91.2-2.60.41.3
 Households2.10.10.70.61.90.91.61.31.1
Gross fixed capital formation         
 Private2.61.45.72.3-0.51.137.72.42.0
 Public4.313.22.912.911.76.69.90.47.4
State final demand2.21.42.01.81.21.45.30.91.7

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

Quarterly volume measures, seasonally adjusted

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%

Total final consumption expenditure increased 1.9%, driven by a:

  • 2.1% increase in household consumption, reflecting the continued recovery in expenditure on hotels, cafes and restaurants and recreation and culture aided by the state government's Dine & Discover scheme. Stay-at-home orders currently in place in NSW came in to effect late in the quarter and did not have a major impact on household consumption in the June quarter.
  • 1.6% increase in government consumption led by a rise in state and local employee expenses on front line services and the use of goods and services

Private gross fixed capital formation increased 2.6%, due to a:

  • 7.3% increase in machinery and equipment investment reflecting increased purchases of vehicles and heavy machinery
  • 7.5% rise in ownership transfer costs reflecting continuing strength in purchases of dwellings
  • 1.1% increase in total dwellings driven by an increase in the construction of new dwellings

Public gross fixed capital formation increased 4.3%, driven by a:

  • 3.8% increase in state and local general government reflecting an increase in investment in health and education buildings, as well as on-going work on road infrastructure projects
  • 8.8% increase in state and local public non-financial corporations led by on-going investment into rail infrastructure
     

Victoria 1.4%

Total final consumption expenditure increased 0.6%, due to a:

  • 1.8% increase in government consumption due to an increase in expenditure on Commonwealth social benefits to households and the use of goods and services by state and local government
  • 0.1% increase in household final consumption expenditure as an increase in lockdown days in the June quarter compared to the preceding March quarter subdued growth. 

Private gross fixed capital formation increased 1.4%, driven by a:

  • 18.5% increase in ownership transfer costs reflecting increased housing market activity
  • 3.2% increase in machinery and equipment reflecting increased purchases of equipment and vehicles

Public gross fixed capital formation increased 13.2%, driven by a:

  • 21.4% increase in state and local general government reflecting increased investment in road and rail infrastructure and health related projects, as well as larger second-hand asset transfers from the private sector

Queensland 2.0%

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

  • 2.0% increase in government expenditure led by strength in employee expenses within state and local government for Education and Health
  • 0.7% increase in household final consumption expenditure driven by increased spending on hotels, cafes and restaurants and operation of vehicles reflecting strong tourism spending

Private gross fixed capital formation increased 5.7%, due to a:

  • 8.7% increase in total non-dwelling construction reflecting increased expenditure on offices, accommodation and entertainment related buildings
  • 7.4% increase in machinery and equipment led by increased equipment purchases by the mining industry and vehicle purchases
  • 2.3% increase in dwelling investment in new houses following increased approvals supported by the HomeBuilder scheme

Public gross fixed capital formation increased 2.9%, due to a:

  • 5.1% increase in state and local general government investment in road and rail infrastructure

Partly offset by a:

  • 7.1% decrease in state and local public non-financial corporations as a result of reduced work carried out on utility projects

South Australia 1.8%

Total final consumption expenditure increased 0.9%, driven by a:

  • 0.6% increase in household final consumption expenditure led by increased expenditure on electricity, gas and other fuels due to cooler weather conditions, and an increase in the purchase of vehicles
  • 1.6% increase in government final consumption expenditure driven by increased Commonwealth expenditure on social benefits to households and state and local government consumption expenditure

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

  • 4.0% increase in total dwelling construction as the HomeBuilder scheme supported increased investment in alterations and additions
  • 3.0% increase in non-dwelling construction, reflecting greater investment in new engineering construction

Public gross fixed capital formation increased 12.9%, driven by a:

  • 19.9% rise in state and local general government, reflecting the continued high investment in education infrastructure and commencement of major road projects 

Western Australia 1.2%

Total final consumption expenditure increased 1.1%, due to a:

  • 1.9% increase in household consumption driven by the normalisation of electricity, gas and other fuels following the completion of the state government household electricity credit scheme and transport services

Partially offset by a:

  • 0.9% decrease in government consumption driven by state and local following the cessation of the state’s electricity credit scheme

Private gross fixed capital formation decreased 0.5%, due to a:

  • 5.4% decrease in total non-dwelling construction driven by a decline in new-engineering construction from the mining industry
  • 3.0% decrease in ownership transfer costs following very strong growth in prior quarters.

Partially offset by a:

  • 4.5% increase in machinery and equipment driven by increased investment in vehicles and heavy machinery by the mining industry
  • 4.5% increase in total dwellings driven by strength in both new houses and alterations and additions.

Public gross fixed capital formation increased 11.7%, driven by a:

  • 14.0% increase in state and local general government reflecting the commencement of new road projects.
  • 12.9% increase in state and local public non-financial corporations due to ongoing work on rail infrastructure

Tasmania 1.4%

Total final consumption expenditure increased 1.0%, due to a:

  • 0.9% increase in household final consumption expenditure led by increased expenditure on furnishings and household equipment and purchase of vehicles
  • 1.2% increase in government final consumption expenditure driven by increased consumption across national and state and local governments

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

  • 13.0% rise in total non-dwelling construction reflecting increased investment in new engineering construction

Partially offset by a:

  • 6.4% decrease in machinery and equipment driven by falls in heavy equipment and vehicle purchases following strong investment in previous quarters

Public gross fixed capital formation increased 6.6%, driven by a:

  • 8.8% rise in state and local general government with continued work on road projects and elevated investment in health and justice facilities
  • 7.7% rise in state and local public non-financial corporations led by a rise in electricity infrastructure investment 

Northern Territory 5.3%

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

  • 2.6% decrease in government final consumption expenditure led by a decrease in both employee expenses and use of goods and services by state and local government

Partially offset by a:

  • 1.6% increase in household final consumption expenditure driven by recreation and culture, transport services and hotels, cafes and restaurants reflecting increased tourism activity

Private gross fixed capital formation increased 37.7%, due to a:

  • 105.2% increase in non-dwelling construction due to increased investment by the mining industry
  • 29.0% increase in intellectual property products reflecting increased expenditure on exploration
  • 10.3% increase in machinery and equipment led by the mining industry

Public gross fixed capital formation increased 9.9%, driven by a:

  • 10.1% increase in state and local general government due to increased investment in road projects
  • 26.8% increase in state and local public non-financial corporations reflecting the recovery in investment within the electricity sector as COVID restrictions in prior quarters heavily reduced activity

Australian Capital Territory 0.9%

Total final consumption expenditure increased 0.8% driven by a:

  • 1.3% increase in household final consumption expenditure led by the continued recovery in expenditure on hotels, cafes and restaurants and an increase in the purchase of vehicles by households
  • 0.4% increase in government final consumption expenditure due to an increase in use of goods and services by state and local government in response to the COVID-19 vaccine rollout

Private gross fixed capital formation increased 2.4%, driven by a:

  • 31.0% increase in machinery and equipment investment led by purchases of vehicles and computer equipment
  • 9.9% increase in total non-dwelling construction reflecting increased investment in new buildings

Public gross fixed capital formation increased 0.4%, driven by a:

  • 12.5% increase in state and local general government due to increased investment in hospital and road projects
  • 5.1% increase in national general government led by increased defence investment

Key tables

Key national accounts aggregates

  Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21Through the year, Jun 20 to Jun 21
Percentage change (a)
Chain volume GDP and related measures (b)
 GDP-7.03.63.21.90.79.6
 GDP per capita (c)-7.23.63.12.00.49.4
 Gross value added market sector (d)-7.73.33.52.11.010.3
 Net domestic product-8.64.23.82.20.711.3
Real income measures (b)
 Real gross domestic income-7.14.04.43.72.215.0
 Real gross national income-6.24.44.72.92.014.6
 Real net national disposable income-7.65.35.53.42.117.3
 Real net national disposable income per capita (c)-7.85.45.43.51.817.2
Current price measures
 GDP-7.64.24.43.73.216.4
Productivity
 Hours worked-9.13.93.30.81.910.3
 Hours worked market sector (d)-11.04.73.41.52.312.4
 GDP per hour worked2.3-0.4-0.11.0-1.2-0.7
 Gross value added per hour worked market sector (d)3.8-1.30.20.5-1.3-1.9
 Real unit labour costs-8.8-0.96.70.30.26.3
 Real unit labour costs - non-farm-9.3-1.07.20.20.56.8
Prices
 GDP implicit price deflator-0.70.61.21.82.56.2
 Domestic final demand implicit price deflator-0.20.00.30.30.71.4
 Terms of trade-0.71.85.48.27.024.1
Levels
Chain volume GDP and related measures (b)
 GDP ($m)460 884477 277492 459501 788505 134. .
 GDP per capita (c) ($)17 93218 58619 16319 54119 623. .
 Gross value added market sector (d) ($m)309 609319 849331 102338 022341 400. .
 Net domestic product ($m)374 057389 947404 644413 478416 321. .
Real income measures (b)
 Real gross domestic income ($m)460 193478 440499 475518 151529 318. .
 Real gross national income ($m)455 505475 522497 641511 898521 999. .
 Real net national disposable income ($m)368 284387 861409 293423 329432 160. .
 Real net national disposable income per capita (c) ($)14 32915 10415 92716 48616 788. .
Current price measures
 GDP ($m)467 529487 081508 401527 447544 222. .
 GDP per capita (c) ($)18 19118 96819 78320 54021 141. .
 Gross national income ($m)461 885482 701505 499520 299535 758. .
 National net saving ($m)29 98428 50936 72646 33053 244. .
 Household saving ratio22.018.612.211.69.7. .
Prices
 Terms of trade (index) (e)99.4101.1106.6115.3123.3. .

. . 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 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.
e. Reference year for indexes is 2018-19 = 100.0.

Revisions to percentage changes (a)

  Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21
Percentage change (a)
Chain volume GDP and related measures (b)
 GDP-0.1-0.1
 GDP per capita (c)-0.10.1-0.3
 Gross value added market sector (d)-0.1-0.10.1
 Net domestic product-0.1-0.1
Real income measures (b)
 Real gross domestic income-0.30.3-0.10.2
 Real gross national income-0.30.30.1-
 Real net national disposable income-0.30.3--
 Real net national disposable income per capita (c)-0.30.40.10.1
Current price measures
 GDP-0.30.2-0.2
 Household saving ratio (e)----
Productivity
 Hours worked0.4-0.5-0.2-0.2
 Hours worked market sector (d)0.5-0.4--0.2
 GDP per hour worked-0.50.50.20.2
 Gross value added per hour worked market sector (d)-0.60.50.10.3
 Real unit labour costs0.2--0.2-0.2
 Real unit labour costs - non-farm0.20.1-0.2-0.2
Prices
 Terms of trade-1.40.7-0.10.8

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

Analytical expenditure aggregates

Percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21Through the year, Jun 20 to Jun 21Contribution to growth, Mar 21 to Jun 21
Final consumption expenditure
 General government2.42.00.7-0.31.33.70.3
 Households-12.37.84.51.31.115.40.6
  Goods-3.25.43.0-0.60.98.90.2
  Services-17.79.55.52.51.320.00.4
  Essential-4.74.51.30.10.96.90.3
  Discretionary-24.714.610.53.41.633.00.3
Gross fixed capital formation  
 Private-6.00.93.66.22.013.20.3
  Mining0.5-4.85.22.4-0.61.9-
  Non-mining-7.3-0.71.15.81.37.70.1
  Total private business investment-5.3-1.82.24.90.86.10.1
 Public-0.90.22.93.17.414.20.4
Final demand       
 Public 1.71.61.10.42.55.80.7
 Private -10.86.04.32.51.314.81.0

- nil or rounded to zero

Revisions to percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21
Final consumption expenditure
 General government-0.60.5-0.20.2
 Households---0.1
  Goods0.10.10.1-0.1
  Services-0.1--0.1
  Essential--0.1-0.1
  Discretionary-0.10.1-0.10.5
Gross fixed capital formation
 Private-0.30.3-0.20.9
  Mining-0.40.3-0.1-0.1
  Non-mining-0.60.60.31.3
  Total private business investment-0.50.50.20.9
 Public-0.50.10.70.2
Final demand    
 Public -0.60.3-0.2
 Private -0.10.1-0.3

- nil or rounded to zero

Expenditure aggregates

Contributions to growth

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21
Final consumption expenditure
 General government0.50.40.1-0.10.3
 Households-6.74.02.40.70.6
Gross fixed capital formation
 Private-1.00.20.61.10.3
 Public--0.20.20.4
Domestic final demand-7.34.63.31.91.6
Changes in inventories-0.61.0-0.10.7-0.2
Exports of goods and services-1.6-0.80.9--0.7
Imports of goods and services2.6-1.0-1.0-0.7-0.3
Statistical discrepancy (E)-0.1-0.20.1-0.10.2
Gross domestic product-7.03.63.21.90.7

- nil or rounded to zero

Expenditure on GDP

Percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21Through the year, Jun 20 to Jun 21Contribution to growth, Mar 21 to Jun 21
Final consumption expenditure
 General government2.42.00.7-0.31.33.70.3
 Households-12.37.84.51.31.115.40.6
 Total final consumption expenditure-8.36.03.40.81.211.90.9
Private gross fixed capital formation
 Dwellings-4.61.84.07.51.715.70.1
 Ownership transfer costs -16.620.812.810.310.065.40.2
 Non-dwelling construction -2.7-2.9-2.51.1-1.9-6.2-0.1
 Machinery and equipment -8.4-2.79.511.53.422.70.1
 Cultivated biological resources 7.14.30.54.0-0.58.6-
 Intellectual property products -7.22.22.02.32.39.1-
 Total private gross fixed capital formation -6.00.93.66.22.013.20.3
Public gross fixed capital formation
 Public corporations-7.87.7-1.1-1.93.48.1-
 General government1.3-1.94.14.68.415.90.4
 Total public gross fixed capital formation -0.90.22.93.17.414.20.4
Total gross fixed capital formation-4.80.73.55.53.213.40.7
Domestic final demand-7.54.83.41.91.712.21.6
Changes in inventories. .. .. .. .. .. .-0.2
Exports of goods and services-7.0-3.64.30.0-3.2-2.6-0.7
Imports of goods and services-13.15.45.63.41.516.8-0.3
Statistical discrepancy (E). .. .. .. .. .. .0.2
Gross domestic product-7.03.63.21.90.79.60.7

. . not applicable
- nil or rounded to zero

Revisions to percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21
Final consumption expenditure
 General government-0.60.5-0.20.2
 Households---0.1
 Total final consumption expenditure-0.10.1-0.1
Private gross fixed capital formation
 Dwellings-0.20.1-0.21.1
 Ownership transfer costs 1.6-0.8-2.4-0.3
 Non-dwelling construction -0.90.80.42.2
 Machinery and equipment -0.20.30.1-0.1
 Cultivated biological resources -2.11.60.10.4
 Intellectual property products -0.1---0.1
 Total private gross fixed capital formation -0.30.3-0.20.9
Public gross fixed capital formation
 Public corporations-0.20.41.41.1
 General government-0.6-0.4-
 Total public gross fixed capital formation -0.50.10.70.2
Total gross fixed capital formation-0.30.20.10.8
Domestic final demand-0.20.2-0.3
Gross national expenditure-0.30.3-0.4
Exports of goods and services0.3-0.30.2-0.5
Imports of goods and services-0.6-0.20.2-0.3
Gross domestic product-0.1-0.1

- nil or rounded to zero

Household final consumption expenditure

Percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21Through the year, Jun 20 to Jun 21Contribution to growth, Mar 21 to Jun 21
Food-3.03.8-1.6-1.4-0.6--0.1
Cigarettes and tobacco-3.2-1.2-6.7-0.4-0.4-8.6-
Alcoholic beverages13.2-0.6-0.9-3.4-0.9-5.7-
Clothing and footwear-18.021.715.9-0.11.142.4-
Rent and other dwelling services0.40.30.40.40.41.60.1
Electricity, gas and other fuel4.15.3-7.6-3.910.02.90.2
Furnishings and household equipment10.0-0.91.30.0-0.20.1-
Health-20.025.35.9-0.11.935.20.1
Purchase of vehicles-17.715.532.1-2.77.559.40.2
Operation of vehicles-25.210.412.71.52.028.80.1
Transport services-85.746.325.215.125.4164.50.2
Communications1.61.40.92.30.75.3-
Recreation and culture-16.012.79.53.3-0.327.1-
Education services0.40.91.00.40.52.8-
Hotels, cafes and restaurants-55.849.017.915.02.2106.40.1
Insurance and other financial services0.30.81.10.70.73.30.1
Other goods and services-31.422.811.93.40.743.0-
Total-12.37.84.51.31.115.41.1

- nil or rounded to zero

Industry gross value added

Percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21Through the year, Jun 20 to Jun 21Contribution to growth, Mar 21 to Jun 21
Agriculture, Forestry and Fishing-2.34.028.54.81.341.9-
Mining0.2-2.2-0.80.5-1.3-3.8-0.1
Manufacturing-8.44.31.13.00.99.6-
Electricity, Gas, Water and Waste Services-1.60.60.4-0.81.81.9-
Construction-8.02.60.84.21.08.80.1
Wholesale Trade-5.85.24.13.61.114.7-
Retail Trade-4.45.73.6-1.00.89.3-
Accommodation and Food Services-37.942.27.65.72.866.20.1
Transport, Postal and Warehousing-20.64.56.04.53.720.10.1
Information Media and Telecommunications-8.15.65.5-1.70.810.4-
Financial and Insurance Services1.21.0-0.40.82.30.1
Rental, Hiring and Real Estate Services-15.57.76.75.31.823.10.1
Professional, Scientific and Technical Services-5.92.44.31.2-0.57.5-
Administrative and Support Services-18.7-0.49.02.36.217.90.2
Public Administration and Safety0.71.30.8-0.70.21.5-
Education and Training0.20.20.20.30.31.1-
Health Care and Social Assistance-8.18.92.71.12.015.40.1
Arts and Recreation Services-24.014.47.95.10.430.4-
Other Services-16.56.08.66.02.024.4-
Ownership of dwellings0.40.40.40.40.51.8-
Gross value added at basic prices-6.13.22.81.60.98.80.9
Taxes less subsidies on products-14.87.08.74.40.622.3-
Statistical discrepancy (P). ..  ..  ..  ..  .. .-0.3
Gross domestic product-7.03.63.21.90.79.60.7

. . not applicable
- nil or rounded to zero
a. Excludes ownership of dwellings.

Revisions to percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21
Agriculture, Forestry and Fishing-1.62.6-1.01.9
Mining0.1-0.1-0.2
Manufacturing-0.10.1-0.1-
Electricity, Gas, Water and Waste Services---0.1
Construction-0.20.20.2-0.2
Wholesale Trade---0.7
Retail Trade0.1---
Accommodation and Food Services---0.5
Transport, Postal and Warehousing0.50.2-0.7-0.5
Information Media and Telecommunications--0.1-0.10.2
Financial and Insurance Services-0.1--0.10.2
Rental, Hiring and Real Estate Services----
Professional, Scientific and Technical Services0.1--0.1-
Administrative and Support Services---0.4
Public Administration and Safety0.1---
Education and Training----
Health Care and Social Assistance----0.1
Arts and Recreation Services----0.6
Other Services---0.2
Ownership of dwellings----
Gross value added at basic prices-0.1-0.10.1
Taxes less subsidies on products1.6-1.5--0.5
Gross domestic product-0.1-0.1

- nil or rounded to zero
a. Excludes ownership of dwellings.

Income from GDP

Seasonally adjusted current prices, percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21Mar 21 to Jun 21Through the year, Jun 20 to Jun 21Contribution to growth, Mar 21 to Jun 21
Compensation of employees
 Wages and salaries-2.42.31.41.61.36.80.6
 Employers' social contributions (a)-1.92.31.41.21.26.10.1
 Total compensation of employees-2.32.31.41.51.36.80.6
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations17.64.2-7.5-2.36.40.31.3
  Public non-financial corporations-1.46.010.50.21.218.8-
  Total non-financial corporations16.94.3-6.9-2.26.20.91.3
 Financial corporations-1.01.01.11.01.54.70.1
 Total corporations13.13.7-5.4-1.65.21.61.4
 General government1.41.51.41.41.45.7-
 Dwellings owned by persons-0.30.10.50.60.71.9-
 Total gross operating surplus9.62.9-4.0-1.04.11.91.5
Gross mixed income20.27.4-13.4-0.5-0.7-8.1-0.1
Total factor income4.23.0-2.30.32.23.32.0
Taxes less subsidies on production and imports-118.549.4697.762.412.7654.01.1
Statistical discrepancy (I). ..  ..  ..  ..  .. .-
Gross domestic product-7.64.24.43.73.216.43.2

. . not applicable
- nil or rounded to zero
a. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

Revisions to percentage changes

 Mar 20 to Jun 20Jun 20 to Sep 20Sep 20 to Dec 20Dec 20 to Mar 21
Compensation of employees
 Wages and salaries-0.1--0.10.1
 Employers' social contributions (a)-0.1--0.1-
 Total compensation of employees---0.1-
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations-1.10.4-0.3
  Public non-financial corporations0.30.51.70.3
  Total non-financial corporations-1.00.40.10.3
 Financial corporations-0.2--0.1
 Total corporations-0.80.40.10.3
 General government----
 Dwellings owned by persons-0.2--0.2
 Total gross operating surplus-0.60.3-0.2
Gross mixed income-0.90.6-0.7
Total factor income-0.30.1-0.2
Taxes less subsidies on production and imports--0.40.1
Gross domestic product-0.30.2-0.2

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

State final demand

 Percentage change from Mar 21 to Jun 21
NSWVic.QldSAWATas.NTACTAust.(a)
Final consumption expenditure         
 General government1.61.82.01.6-0.91.2-2.60.41.3
 Households2.10.10.70.61.90.91.61.31.1
Gross fixed capital formation         
 Private2.61.45.72.3-0.51.137.72.42.0
 Public4.313.22.912.911.76.69.90.47.4
State final demand2.21.42.01.81.21.45.30.91.7

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

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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 national.accounts@abs.gov.au.

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.

Download all (6.22 MB)

Time series spreadsheets

Data files

Previous catalogue number

This release previously used catalogue number 5206.0.
 

Methodology

Australian National Accounts: National Income, Expenditure and Product methodology, June 2021

Articles

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