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Australian National Accounts: National Income, Expenditure and Product

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

Reference period
June 2020
Released
2/09/2020
Future releases
  • Next Release 2/12/2020
    Australian National Accounts: National Income, Expenditure and Product, September 2020
  • Next Release 3/03/2021
    Australian National Accounts: National Income, Expenditure and Product, December 2020
  • Next Release 2/06/2021
    Australian National Accounts: National Income, Expenditure and Product, March 2021
  • View all releases

Key statistics

  • The Australian economy fell 7.0% in seasonally adjusted chain volume measures.
  • GDP fell 7.6% in seasonally adjusted current price measures.
  • The terms of trade rose 0.2%.
  • Household saving ratio increased to 19.8% from 6.0%.

Main features

June key figures

 Seasonally adjusted, percentage change (a)
Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20Jun 19 to Jun 20
Chain volume GDP and related measures (b)
 GDP0.80.50.6-0.3-7.0-6.3
 GDP per capita (c)0.40.20.2-0.6-7.2-7.4
 Gross value added market sector (d)0.50.40.2-0.6-8.3-8.2
 Real net national disposable income1.90.9-0.60.7-7.8-6.9
Productivity      
 GDP per hour worked1.0-0.10.50.63.14.1
 Real unit labour costs0.10.21.4-1.0-9.8-9.3
Prices      
 GDP chain price index (original)1.10.7-1.21.1-0.20.3
 Terms of trade1.50.2-5.13.10.2-1.8
Current price measures      
 GDP1.51.1-0.20.9-7.6-5.9
 Household saving ratio2.54.83.66.019.8na
na not available
a. Change on preceding quarter, except for the last column which shows the change between the current quarter and the corresponding quarter of the previous year. Excludes Household saving ratio.
b. Reference year for chain volume measures and real income measures is 2017-18.
c. Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
 
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Revisions in this issue

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

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.

Changes in the seasonal adjustment process

Series with significant and prolonged impacts from COVID-19 will use forward seasonal factors to produce seasonally adjusted estimates instead of the standard concurrent seasonal factors method. The forward factors approach is better suited to managing large movements at the end of a series and will ensure that large movements do not have a disproportionate influence on the seasonal factors. A number of series across all measures have been moved to forward factors this quarter.

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Key tables

Show all

Key national accounts aggregates, seasonally adjusted

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20Through the year, Jun 19 to Jun 20
Percentage change (a)
Chain volume GDP and related measures (b)
 GDP0.80.50.6-0.3-7.0-6.3
 GDP per capita (c)0.40.20.2-0.6-7.2-7.4
 Gross value added market sector (d)0.50.40.2-0.6-8.3-8.2
 Net domestic product0.80.50.5-0.5-8.6-8.1
Real income measures (b)
 Real gross domestic income1.10.6-0.70.4-7.0-6.7
 Real gross national income1.50.9-0.40.6-6.2-5.1
 Real net national disposable income1.90.9-0.60.7-7.8-6.9
 Real net national disposable income per capita (c)1.50.6-0.90.4-8.0-8.0
Current price measures
 GDP1.51.1-0.20.9-7.6-5.9
Productivity
 Hours worked-0.20.60.1-0.9-9.8-10.0
 Hours worked market sector (d)-0.20.2--1.4-12.2-13.4
 GDP per hour worked1.0-0.10.50.63.14.1
 Gross value added per hour worked market sector (d)0.70.20.20.95.97.3
 Real unit labour costs0.10.21.4-1.0-9.8-9.3
 Real unit labour costs - non-farm0.3-1.6-0.9-10.2-9.6
Prices
 GDP implicit price deflator0.70.6-0.81.1-0.60.3
 Domestic final demand implicit price deflator0.60.40.40.3-0.30.8
 Terms of trade1.50.2-5.13.10.2-1.8
Levels
Chain volume GDP and related measures (b)
 GDP ($m)475 552477 958480 599479 339445 799. .
 GDP per capita (c) ($)18 75418 78418 82618 71517 371. .
 Gross value added market sector (d) ($m)321 645322 822323 517321 736295 140. .
 Net domestic product ($m)392 207394 070396 177394 371360 274. .
Real income measures (b)
 Real gross domestic income ($m)485 248487 920484 578486 411452 569. .
 Real gross national income ($m)471 028475 497473 814476 889447 165. .
 Real net national disposable income ($m)387 740391 345388 979391 716361 122. .
 Real net national disposable income per capita (c) ($)15 29115 38015 23715 29414 071. .
Current price measures
 GDP ($m)497 967503 597502 420506 779468 424. .
 GDP per capita (c) ($)19 63819 79119 68019 78718 252. .
 Gross national income ($m)482 108489 391490 875496 073461 287. .
 National net saving ($m)27 21830 30127 01931 25127 253. .
 Household saving ratio2.54.83.66.019.8. .
Prices
 Terms of trade (index) (e)109.1109.3103.7106.9107.1. .
. . not applicable
- nil or rounded to zero
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year.
b. Reference year for chain volume measures and real income measures is 2017-18.
c. Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
e. Reference year for indexes is 2017-18 = 100.0.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20Through the year, Jun 19 to Jun 20Contribution to growth, Mar 20 to Jun 20
Final consumption expenditure
 General government2.51.01.32.12.97.50.6
 Households0.30.10.4-1.2-12.1-12.7-6.7
  Goods0.10.30.41.1-2.8-1.2-0.6
  Services0.50.10.5-2.5-17.6-19.3-6.1
  Essential0.40.40.40.5-4.2-2.9-1.5
  Discretionary0.3-0.30.5-4.0-25.0-27.8-5.3
Gross fixed capital formation
 Private-1.20.2-0.8-0.5-6.5-7.6-1.2
  Mining3.5-2.56.03.01.37.9-
  Non-mining-1.70.8-3.2-1.4-6.9-10.4-0.6
  Total private business investment-0.5--1.1-0.4-4.8-6.2-0.5
 Public2.21.10.5-0.91.01.80.1
Final demand
 Public2.41.01.11.52.56.30.6
 Private-0.10.1-1.0-10.8-11.4-7.9
- nil or rounded to zero
a. Reference year for chain volume measures is 2017-18.
b. Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20
Final consumption expenditure
 General government0.50.20.30.40.6
 Households0.20.10.2-0.7-6.7
Gross fixed capital formation
 Private-0.2--0.1-0.1-1.2
 Public0.10.1--0.1
Domestic final demand0.60.40.4-0.4-7.2
Changes in inventories-0.3-0.2-0.2-0.6
Exports of goods and services0.40.1--1.0-1.4
Imports of goods and services0.10.1-1.42.5
Statistical discrepancy (E)-0.1----0.2
Gross domestic product0.80.50.6-0.3-7.0
- nil or rounded to zero
a. Reference year for chain volume measures is 2017-18.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20Through the year, Jun 19 to Jun 20Contribution to growth, Mar 20 to Jun 20
Final consumption expenditure
 General government2.51.01.32.12.97.50.6
 Households0.30.10.4-1.2-12.1-12.7-6.7
 Total final consumption expenditure0.90.40.7-0.3-8.1-7.5-6.1
Private gross fixed capital formation
 Dwellings-2.6-1.0-2.7-1.0-6.8-11.2-0.4
 Ownership transfer costs-0.46.99.20.8-18.5-4.2-0.3
 Non-dwelling construction-4.63.9-2.80.4-3.1-1.7-0.2
 Machinery and equipment3.3-5.5-0.3-1.9-6.9-14.0-0.3
 Cultivated biological resources0.3-8.0-3.65.53.8-2.8-
 Intellectual property products2.52.01.80.1-6.0-2.3-0.1
 Total private gross fixed capital formation-1.20.2-0.8-0.5-6.5-7.6-1.2
Public gross fixed capital formation
 Public corporations-2.24.7-7.57.0-7.2-3.8-0.1
 General government3.6-3.1-3.13.63.50.1
 Total public gross fixed capital formation2.21.10.5-0.91.01.80.1
Total gross fixed capital formation-0.40.4-0.5-0.5-4.9-5.5-1.1
Domestic final demand0.60.40.4-0.4-7.4-7.0-7.2
Changes in inventories. .. .. .. .. .. .-0.6
Exports of goods and services1.90.3-0.2-4.4-6.7-10.6-1.4
Imports of goods and services-0.6-0.50.2-6.7-12.9-19.12.5
Statistical discrepancy (E). .. .. .. .. .. .-0.2
Gross domestic product0.80.50.6-0.3-7.0-6.3-7.0
. . not applicable
- nil or rounded to zero
a. Reference year for chain volume measures is 2017-18.
b. Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20Through the year, Jun 19 to Jun 20Contribution to growth, Mar 20 to Jun 20
Food0.30.2-5.8-2.73.1-0.3
Cigarettes and tobacco-1.7-3.1-4.3-4.1-4.0-14.7-0.1
Alcoholic beverages0.4-0.51.13.413.017.40.3
Clothing and footwear0.5-0.42.4-8.8-18.0-23.8-0.6
Rent and other dwelling services0.60.60.60.60.62.30.1
Electricity, gas and other fuel-1.6-2.3-0.64.86.50.1
Furnishings and household equipment0.50.51.41.39.513.00.4
Health0.31.10.5-1.5-20.2-20.2-1.4
Purchase of vehicles-3.3-1.2-2.8-2.0-17.6-22.5-0.3
Operation of vehicles0.3-0.30.6-3.9-25.5-28.2-1.2
Transport services--2.0-1.1-14.1-85.9-88.2-2.3
Communications0.40.60.12.41.54.7-
Recreation and culture1.10.50.7-1.7-15.3-15.7-1.5
Education services0.60.30.50.40.21.4-
Hotels, cafes and restaurants0.8-1.11.0-9.4-56.1-60.2-3.5
Insurance and other financial services0.30.60.3-0.20.61.30.1
Other goods and services0.30.50.2-1.1-31.2-31.5-2.0
Total0.30.10.4-1.2-12.1-12.7-12.1
- nil or rounded to zero
a. Reference year for chain volume measures is 2017-18.
b. Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in HFCE.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20Through the year, Jun 19 to Jun 20Contribution to growth, Mar 20 to Jun 20
Agriculture, forestry and fishing-1.4-2.5-0.2-1.9-1.9-6.3-
Mining2.91.9-0.4-0.60.21.1-
Manufacturing-1.2-0.52.12.3-9.6-6.1-0.5
Electricity, gas, water and waste services0.1-0.60.1-1.9-1.5-3.8-
Construction-0.90.7-2.4-0.6-8.2-10.3-0.6
Wholesale trade-0.9-0.70.21.7-5.9-4.8-0.2
Retail trade-0.1-0.10.11.7-4.5-2.8-0.2
Accommodation and food services1.60.40.5-7.9-39.0-43.3-0.8
Transport, postal and warehousing-0.1-0.42.2-4.6-21.5-23.7-0.9
Information media and telecommunications1.40.70.10.5-8.7-7.5-0.2
Financial and insurance services-0.50.51.20.73.00.1
Rental, hiring and real estate services (d)0.70.72.6-1.9-15.9-14.7-0.5
Professional, scientific and technical services1.91.20.21.3-6.2-3.6-0.4
Administrative and support services0.80.8-1.0-3.7-20.1-23.2-0.7
Public administration and safety1.71.40.92.10.95.4-
Education and training0.60.60.60.40.42.0-
Health care and social assistance1.82.61.6-0.1-7.9-4.1-0.6
Arts and recreation services0.20.5-0.8-2.3-22.6-24.5-0.2
Other services1.7-1.61.1-4.1-18.5-22.3-0.3
Ownership of dwellings0.60.60.60.60.62.4-
Gross value added at basic prices0.70.60.4-0.2-6.5-5.7-6.0
Taxes less subsidies on products1.0-0.50.2--15.6-15.9-1.0
Statistical discrepancy (P). .. .. .. .. .. .0.1
Gross domestic product0.80.50.6-0.3-7.0-6.3-7.0
. . not applicable
- nil or rounded to zero
a. At basic prices.
b. Reference year for chain volume measures is 2017-18.
c. Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.
d. Excludes ownership of dwellings.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20Mar 20 to Jun 20Through the year, Jun 19 to Jun 20Contribution to growth, Mar 20 to Jun 20
Compensation of employees
 Wages and salaries1.31.21.00.6-2.50.3-1.1
 Employers' social contributions (b)1.41.21.00.8-1.91.0-0.1
 Total compensation of employees1.41.21.00.7-2.50.4-1.2
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations3.02.3-2.21.014.916.32.9
  Public non-financial corporations-7.4-6.41.62.42.0-0.7-
  Total non-financial corporations2.62.0-2.01.114.415.62.9
 Financial corporations0.80.90.71.3-0.52.5-
 Total corporations2.21.7-1.41.111.112.72.9
 General government1.41.31.41.41.55.6-
 Dwellings owned by persons0.60.30.30.5-0.30.9-
 Total gross operating surplus1.81.4-0.91.08.29.92.9
Gross mixed income-1.1-0.8-0.7-0.521.919.61.6
Total factor income1.31.10.10.73.85.83.4
Taxes less subsidies on production and imports3.01.1-1.41.5-111.9-112.1-11.1
Statistical discrepancy (I). .. .. .. .. .. .0.1
Gross domestic product1.51.1-0.20.9-7.6-5.9-7.6
. . not applicable
- nil or rounded to zero
a. Change on preceding quarter; second column from right shows the change between the current quarter and the corresponding quarter of the previous year; last column shows the contribution to growth in GDP.
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20
Chain volume GDP and related measures (b)
 GDP0.2-0.10.1-
 GDP per capita (c)0.1--0.1
 Gross value added market sector (d)0.20.1-0.2-
 Net domestic product0.2---
Real income measures (b)
 Real gross domestic income0.1--0.1
 Real gross national income0.1--0.1
 Real net national disposable income0.2-0.10.2
 Real net national disposable income per capita (c)0.2-0.10.3
Current price measures
 GDP0.1-0.1-0.1
 Household saving ratio (e)-0.1-0.10.5
Productivity
 Hours worked-0.1-0.1-0.1-0.1
 Hours worked market sector (d)-0.1-0.1-0.1-
 GDP per hour worked0.30.10.20.1
 Gross value added per hour worked market sector (d)0.40.2-0.10.1
 Real unit labour costs-0.20.1--
 Real unit labour costs - non-farm-0.10.1--
Prices
 Terms of trade-0.10.10.2
- nil or rounded to zero
a. Change on preceding quarter.
b. Reference year for chain volume measures and real income measures is 2017-18.
c. Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
e. Revisions to levels.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20
Final consumption expenditure
 General government0.2-0.10.40.3
 Households---0.1-0.1
  Essential0.1---0.1
  Discretionary0.1--0.1-0.1
Gross fixed capital formation
 Private0.3-0.80.3
  Mining-1.30.90.9-0.6
  Non-mining0.5-0.20.70.3
  Total private business investment0.1-0.8-
 Public1.1-0.20.1-0.2
Final demand
 Public0.3-0.20.30.3
 Private0.1-0.10.10.1
- nil or rounded to zero
a. Reference year for chain volume measures is 2017-18.
b. Change on preceding quarter.

 

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

  Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20
Final consumption expenditure
 General government0.2-0.10.40.3
 Households---0.1-0.1
 Total final consumption expenditure0.1-0.10.1
Private gross fixed capital formation
 Dwellings0.9-0.31.40.7
 Ownership transfer costs-0.7-1.40.8
 Non-dwelling construction0.30.11.90.1
 Machinery and equipment-0.2--0.2-0.3
 Cultivated biological resources-1.4-0.7-1.7
 Intellectual property products---0.2
 Total private gross fixed capital formation0.3-0.80.3
Public gross fixed capital formation
 Public corporations1.4-1.10.5-0.5
 General government1.0-0.1-
 Total public gross fixed capital formation1.1-0.20.1-0.2
Total gross fixed capital formation0.5-0.10.70.3
Domestic final demand0.2-0.20.1
Gross national expenditure0.3-0.20.20.1
Exports of goods and services0.4---0.9
Imports of goods and services0.9-0.20.1-0.5
Gross domestic product0.2-0.10.1-
- nil or rounded to zero
a. Reference year for chain volume measures is 2017-18.
b. Change on preceding quarter.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20
Agriculture, forestry and fishing3.30.60.40.2
Mining-0.20.8-1.30.4
Manufacturing0.1--0.20.2
Electricity, gas, water and waste services0.7-0.4--0.2
Construction0.6-0.1-0.1
Wholesale trade--0.1-0.10.2
Retail trade0.1-0.1-0.1-
Accommodation and food services----0.4
Transport, postal and warehousing0.5-0.3-0.20.3
Information media and telecommunications---0.2
Financial and insurance services-0.10.1--
Rental, hiring and real estate services (d)----0.2
Professional, scientific and technical services0.3-0.2-0.1-0.2
Administrative and support services----
Public administration and safety-0.1-0.1-0.20.7
Education and training----
Health care and social assistance--0.1--
Arts and recreation services---0.1
Other services--0.10.1
Ownership of dwellings----
Gross value added at basic prices0.2--0.20.1
Taxes less subsidies on products0.9-0.8-0.20.5
Gross domestic product0.2-0.10.1-
- nil or rounded to zero
a. At basic prices.
b. Reference year for chain volume measures is 2017-18.
c. Change on preceding quarter.
d. Excludes ownership of dwellings.

 

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

 Mar 19 to Jun 19Jun 19 to Sep 19Sep 19 to Dec 19Dec 19 to Mar 20
Compensation of employees
 Wages and salaries-0.1--0.1
 Employers' social contributions (b)-0.10.10.10.1
 Total compensation of employees---0.2
Gross operating surplus
 Non-financial corporations    
  Private non-financial corporations---0.3
  Public non-financial corporations-0.40.4-0.90.4
  Total non-financial corporations---0.3
 Financial corporations--0.1--0.2
 Total corporations---0.2
 General government----
 Dwellings owned by persons0.1--0.1-0.1
 Total gross operating surplus---0.1
Gross mixed income0.4-0.50.1
Total factor income---0.1
Taxes less subsidies on production and imports-0.10.1-
Gross domestic product0.1-0.1-0.1
- nil or rounded to zero
a. Change on preceding quarter.
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

Analysis

Australian economy fell an unprecedented 7.0%

Gross Domestic Product (GDP) fell a historic 7.0% this quarter, as the COVID-19 pandemic and the corresponding movement restrictions continued to impact economic activity. The June quarter release records the first annual estimate of GDP for 2019/20, which fell 0.2%, ending Australia's longest streak of continuous growth, 28 years.

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Private demand drives the fall

Private demand detracted 7.9 percentage points from GDP, with household final consumption expenditure driving the fall. Public demand partly offset the fall, contributing 0.6 percentage points, as government increased spending in response to COVID-19.

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Unprecedented fall in household spending

Household final consumption expenditure fell a record 12.1%, detracting 6.7 percentage points from GDP. Household expenditure fell 2.6% for the 2019/20 financial year, the first annual fall in recorded history.

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Record fall in household spending on services

Spending on services fell 17.6% reflecting temporary shutdown of businesses and movement restrictions. Spending on goods fell 2.8% driven by record falls in operation of vehicles and clothing and footwear, while spending on food recorded the biggest decline since June 1983.

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Dwelling investment continues to decline

Investment in new and used dwellings fell 7.3% in the quarter due to weakened demand and COVID-19 restrictions, the largest fall since December 2000.

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Net exports contributed 1.0 percentage point to GDP

The record fall in imports (-12.9%) was greater than the fall in exports (-6.7%). Imports of goods fell 2.4%, reflecting reduced imports of consumption and capital goods. Imports of services fell 50.5% with travel services falling 98.7% in response to travel bans. Exports of goods fell 3.5%, driven by falls in non-rural and rural goods due to a fall in global demand. Exports of services fell 18.4%, reflecting the travel bans.

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Record falls in gross value added across most industries

Gross value added fell 6.5% in the quarter with falls in 15 of the 19 industries. Record falls were observed in hospitality and tourism related industries due to impact the COVID-19 pandemic and associated restrictions.

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Health care services records a fall

Health care and social assistance value added experienced its greatest fall since September 1997, down 7.9% in June quarter. The fall was driven by a decline in both private and public health services with reduced demand for medical aids, hospital services and allied health services as face to face visits to practitioners were limited.

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Household saving ratio driven by record fall in household consumption

The household saving to income ratio rose to 19.8%, the highest rate since June 1974. This was driven by the record fall in consumption. Gross disposable income rose 2.2%, driven by an historic 41.6% increase in social assistance benefits, due to both an increase in the number of recipients and additional COVID-19 support payments.

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Record fall in compensation of employees

Compensation of employees fell a record 2.5% this quarter. Average compensation per employee rose an 3.1% this quarter reflecting a compositional shift in the work force with reduced employment in part-time and lower paid jobs.

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Profit share of total factor income reached record high

Government support to business through payment of subsidies resulted in a strong rise in profits. The COE share of total factor income fell below 50%, the first time since September quarter 1959.

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Expenditure chain volume measures

 Seasonally adjusted
% Change% Change% points contribution
to growth in GDP
Mar 20 to
Jun 20
Jun 19 to
Jun 20
Mar 20 to Jun 20
Final consumption expenditure   
 General government2.97.50.6
 Households-12.1-12.7-6.7
 Total final consumption expenditure-8.1-7.5-6.1
Gross fixed capital formation   
 Private   
  Dwellings-6.8-11.2-0.4
  Ownership transfer costs-18.5-4.2-0.3
  Non-dwelling construction-3.1-1.7-0.2
  Machinery and equipment-6.9-14.0-0.3
  Cultivated biological resources3.8-2.8-
  Intellectual property products-6.0-2.3-0.1
 Public1.01.80.1
 Total gross fixed capital formation-4.9-5.5-1.1
Changes in inventoriesnana-0.6
Gross national expenditure-8.0-7.7-7.8
Exports of goods and services-6.7-10.6-1.4
Imports of goods and services-12.9-19.12.5
Statistical discrepancy (E)nana-0.2
Gross domestic product-7.0-6.3-7.0
- nil or rounded to zero (including null cells)
na not available

 

June quarter

Final consumption expenditure (FCE) -8.1%

Household FCE decreased 12.1%, this was driven by a:

  • 56.1% fall in hotels, cafes and restaurants
  • 85.9% fall in transport services
  • 31.2% fall in other goods and services
  • 15.3% fall in recreation and culture
  • 20.2% fall in health


The decrease was partly offset by a:

  • 9.5% rise in furnishings and household equipment
  • 13.0% rise in alcoholic beverages


General government FCE contributed to growth with a rise of 2.9%, driven by a:

  • 4.2% rise in state and local expenditure
  • 6.0% rise in national defence expenditure
  • 0.1% rise in national non-defence expenditure
     

Gross fixed capital formation (GFCF) -4.9%

Private investment declined 6.5%, driven by a:

  • 6.8% decrease in dwellings
  • 18.5% decrease in ownership transfer costs
  • 6.9% decrease in machinery and equipment


Public investment increased 1.0%, driven by a:

  • 7.5% increase in state and local general government


Public corporations GFCF partly offset the rise, decreasing 7.2%.
 

    Changes in inventories

    Total inventories decreased $4,085m following a decrease of $1,261m last quarter. The largest contributors to the fall were a:

    • $2,911m decline in Retail trade inventories
    • $1,345m decline in Wholesale trade inventories
    • $425m decline in Manufacturing inventories


    The decrease was partly offset by a:

    • $893m rise in Public authorities inventories
       

    Exports and imports of goods and services

    Exports of goods and services fell 6.7%, driven by a:

    • 24.6% fall in travel services
    • 8.3% fall in coal
    • 46.6% fall in transportation services
    • 13.1% fall in other manufactures nes


    Imports of goods and services fell 12.9%, driven by a:

    • 98.7% fall in travel services
    • 46.4% fall in non-industrial transport equipment
    • 32.9% fall in transportation services
    • 15.0% fall in fuels and lubricants

    Income at current prices

     Seasonally adjusted
    % Change
    Mar 20 to
    Jun 20
    % Change
    Jun 19 to
    Jun 20
    % points contribution
    to growth in GDP
    Mar 20 to Jun 20
    Compensation of employees-2.50.4-1.2
    Gross operating surplus   
     Private non-financial corporations14.916.32.9
     Other(a)-2.0-
    Gross mixed income21.919.61.6
    Taxes less subsidies on production and imports-111.9-112.1-11.1
    Statistical discrepancy (I)nana0.1
    Gross domestic product-7.6-5.9-7.6
    - 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.

     

    June quarter

    Taxes less subsidies on production and imports -111.9%.

    Taxes less subsidies on production and imports fell a record 111.9%, reflecting a large rise in subsidies, up $49.7 billion or 859.7%. The rise in subsidies was driven by JobKeeper and Boosting cash flow for employers policies.

    Gross operating surplus (GOS) +8.2%

    Private non-financial corporations GOS increased 14.9%, driven by a:

    • rise in Construction, Retail Trade and Professional, Scientific and Technical Services reflecting a large increase in subsidies received from government. Subsidy payments not utilised to cover labour costs or operating expenses were retained in profits.


    Partly offset by a:

    • fall in Mining driven by reduced global demand and falls in commodity prices


    Other sectors GOS was flat (0.0%), driven by a:

    • 2.0% rise in public non-financial corporations
    • 1.5% rise in general government
    • 0.5% fall in financial corporations
    • 0.3% fall in dwellings owned by persons
       

    Compensation of employees (COE) -2.5%

    Fourteen of nineteen industries recorded a fall, driven by a:

    • 17.3% fall in Accommodation and Food Services, due to decreased demand following COVID-19 trading restrictions and social distancing, resulting in job losses and reduced hours
    • 8.2% fall in Administrative and Support Services, due to decreased demand for labour hire firms and travel agencies


    All states and territories recorded falls except the Australian Capital Territory. The largest decreases were a:

    • 3.4% fall in Queensland
    • 3.2% fall in Victoria
       
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    Production chain volume measures

     Seasonally adjusted
    % Change% Change% points contribution to growth in GDP
    Mar 20 to Jun 20Jun 19 to Jun 20Mar 20 to Jun 20
    Agriculture Forestry and Fishing-1.9-6.3-
    Mining0.21.1-
    Manufacturing-9.6-6.1-0.5
    Electricity Gas Water and Waste Services-1.5-3.8-
    Construction-8.2-10.3-0.6
    Wholesale Trade-5.9-4.8-0.2
    Retail Trade-4.5-2.8-0.2
    Accommodation and Food Services-39.0-43.3-0.8
    Transport Postal and Warehousing-21.5-23.7-0.9
    Information Media and Telecommunications-8.7-7.5-0.2
    Financial and Insurance Services0.73.00.1
    Rental Hiring and Real Estate Services-15.9-14.7-0.5
    Professional Scientific and Technical Services-6.2-3.6-0.4
    Administrative and Support Services-20.1-23.2-0.7
    Public Administration and Safety0.95.4-
    Education and Training0.42.0-
    Health Care and Social Assistance-7.9-4.1-0.6
    Arts and Recreation Services-22.6-24.5-0.2
    Other Services-18.5-22.3-0.3
    Ownership of dwellings0.62.4-
    Taxes less subsidies on products-15.6-15.9-1.0
    Statistical discrepancy (P)nana0.1
    Gross domestic product-7.0-6.3-7.0
    - nil or rounded to zero (including null cells)
    na not available

     

    June quarter

    Agriculture, Forestry and Fishing -1.9%

    This decrease was driven by:

    • 2.2% fall in Agriculture with declined slaughter rates as herds were restocked
    • 0.2% fall in Forestry and fishing


    The result was partly offset by a fall in input costs.
     

    Mining +0.2%

    This increase was driven by a:

    • 1.4% rise in Iron Ore Mining driven by increased global demand
    • 2.5% rise in Other Mining due to strong production volumes in gold and copper following maintenance disruptions in the previous quarter


    This was partly offset by a:

    • 0.7% fall in both Coal Mining and Oil and Gas Extraction reflecting reduced global demand. Exports of coal (-8.3%) and other mineral fuels (-1.7%) declined.
       

    Manufacturing -9.6%

    This decrease was driven by a:

    • 15.8% fall in Petroleum, Coal, Chemical and Rubber Product Manufacturing due to large falls in demand for aviation fuel and automotive petroleum
    • 11.5% fall in Machinery and Equipment Manufacturing due to lower sales of gaming and transport equipment
    • 7.3% fall in Food, Beverage and Tobacco Products Manufacturing was driven by reduced demand from the hospitality industry which was impacted by COVID-19 related restrictions
       

    Construction -8.2%

    The decline was driven by a:

    • 12.9% fall in Construction Services due to restriction measures which led to reduced domestic demand
    • 5.5% fall in Building Construction, with declines in both residential and non-residential building construction
       

    Wholesale Trade -5.9%

    The decrease was driven by:

    • Motor Vehicle and Motor Vehicle Parts Wholesaling reflecting the decline in expenditure on motor vehicles
    • Grocery, Liquor and Tobacco Wholesaling due to reduced demand from food and catering services as activity was impacted by COVID-19 restrictions
       

    Accommodation and Food Services -39.0%

    The decrease was driven by:

    • Food and Beverage Services due to pandemic containment measures resulting in venue closures and restrictions on operational capacity
    • Accommodation due to large falls in demand as a result of travel bans


    This fall is the largest decline to be recorded in the history of National Accounts.
     

    Transport, Postal and Warehousing -21.5%

    The decrease was driven by a:

    • 96.4% fall in Air and Space Transport due to restrictions on domestic and international travel
    • 17.2% fall in Rail, Pipeline and Other Transport reflecting lower patronage on passenger rail services in capital cities
    • 16.6% fall in Transport, Postal and Storage Services driven by reduced activities at airports and transit stations
       

    Information Media and Telecommunications -8.7%

    This fall was driven by a:

    • 14.7% fall in Other Information and Media Services reflecting declines in cinema attendance as social distancing restrictions were introduced and cancellation of advertising campaigns
       

    Financial and Insurance Services +0.7%

    Finance rose 1.7% reflecting a significant rise in deposit balances as businesses and households increased liquidity in response to COVID-19. Businesses sourced additional funding through equity capital and debt issuance. Cash inflows from the early release of superannuation and social assistance payments strengthened household deposit accounts.
     

    Rental, Hiring and Real Estate Services -15.9%

    The decrease was driven by a:

    • 18.1% fall in Property Operators and Real Estate Services due to the COVID-19 pandemic impacted auctions and open houses
    • 2.1% fall in Rental and Hiring Services due to weaker demand for rental car hire and other tourism related rental services
       

    Professional, Scientific and Technical Services -6.2%

    The decrease was driven by a:

    • 7.0% fall in Other Professional, Scientific and Technical Services due to reduced demand for advertising, accounting, legal, and consultancy services
       

    Health Care and Social Assistance -7.9%

    The fall was driven by a decline in both private and public health services with reduced demand for medical aids, hospital services and allied health services as face to face visits to practitioners were limited.
     

    Arts and Recreation Services - 22.6%

    The fall was broad based across the industry with unprecedented falls in heritage activities, gambling, performing arts and sports and recreation activities. This fall is the largest decline to be recorded in the history of National Accounts.
     

    Other Services -18.5%

    The fall was driven by Personal and Other Services due to COVID-19 related movement and trading restrictions. Personal services operated under restricted capacity while other services was driven by reduced demand for parking services at airports, office precincts and shopping centres.

    State final demand chain volume measures

     Seasonally adjusted, % change from Mar 20 to Jun 20
    NSWVic.QldSAWATas.NTACTAust.(a)
    Final consumption expenditure         
     General government2.91.64.60.93.53.1-0.34.42.9
     Households-13.3-13.7-9.6-9.9-10.6-12.5-7.5-11.6-12.1
    Gross fixed capital formation         
     Private-7.8-7.3-7.6-3.1-4.2-3.3-6.22.7-6.5
     Public-9.9-4.03.0-1.7-8.4-9.3-5.01.0
    State final demand-8.6-8.5-5.9-5.8-6.0-7.4-4.9-2.2-7.4
    - nil or rounded to zero (including null cells)
    a. Australia estimates relate to Domestic final demand.

     

    June quarter

    State final demand, quarterly volume measures - seasonally adjusted

    State final demand, quarterly volume measures - seasonally adjusted

    State final demand, quarterly volume measures - seasonally adjusted


    The image is a map of Australia by state/territory showing quarterly volume measures;
    New South Wales' state final demand decreased 8.6% for the quarter.
    Victoria's state final demand decreased 8.5% for the quarter.
    Queensland's state final demand decreased 5.9% for the quarter.
    South Australia's state final demand decreased 5.8% for the quarter.
    Western Australia's state final demand decreased 6.0% for the quarter.
    Tasmania's state final demand decreased 7.4% for the quarter.
    Northern Territory's state final demand decreased 4.9% for the quarter.
    Australian Capital Territory's state final demand decreased 2.2% for the quarter.

    New South Wales -8.6%

    Total final consumption expenditure decreased 9.4%, due to a:

    • 13.3% fall in household consumption reflecting decreased expenditure on hotels, cafes and restaurants, transport services, and recreation and culture


    Partly offset by a:

    • 2.9% increase in government consumption reflecting increased expenditure related to COVID-19 response policies and bushfire clean-up and repair


    Private gross fixed capital formation decreased 7.8%, driven by a:

    • 12.4% fall in total machinery and equipment due to reduced investment in transport and construction
    • 7.6% fall in total dwellings reflecting lower investment in new houses and alterations and additions
    • 24.2% fall in ownership transfer costs reflecting restrictions on auctions and open houses


    Public gross fixed capital formation was flat, with a:

    • 0.3% fall in general government investment due to lower national expenditure on defence


    Offset by a:

    • 1.4% rise in public non-financial corporations investment in state and local transport and utilities
       

    Victoria -8.5%

    Household final consumption expenditure decreased 13.7%, driven by a:

    • 64.1% fall in hotels, cafes and restaurants reflecting COVID-19 social distancing restrictions
    • 88.4% fall in transport services reflecting COVID-19 travel restrictions and reduced demand as people commenced working from home


    Private gross fixed capital formation decreased 7.3%, driven by a:

    • 7.0% fall in dwelling construction reflecting a fall in approvals and commencements in other residential dwellings
    • 8.3% fall in non-dwelling construction reflecting sales of second hand assets to the public sector. Without these sales non-dwelling construction was relatively flat, with an increase in new building partly offset by a fall in new engineering construction.


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

    • 24.4% rise in state and local general government reflecting purchases of second hand assets as well as continued investment in rail and road infrastructure projects


    Partially offset by a:

    • 10.6% fall in national general government reflecting decreased investment by universities


    Government final consumption expenditure increased 1.6%, driven by a:

    • 2.8% rise in state and local expenditure with increased spending in response to the COVID-19 pandemic
       

    Queensland -5.9%

    Private gross fixed capital formation decreased 7.6%, due to a:

    • 17.6% fall in machinery and equipment
    • 7.1% fall in total dwelling construction with continued weakness in demand for dwellings


    Total final consumption expenditure decreased 5.7% due to a:

    • 9.6% fall in household consumption expenditure driven by a decline in spending on discretionary services


    Partly offset by a:

    • 4.6% rise in government consumption expenditure driven by increased state and local spending in response to the COVID-19 pandemic


    Public gross fixed capital formation decreased 4.0%, driven by a:

    • 12.8% decrease in national public non-financial corporation investment in infrastructure and state and local public non-financial corporation investment in buildings
       

    South Australia -5.8%

    Household final consumption expenditure decreased 9.9%, driven by a:

    • 48.1% fall in hotels, cafes and restaurants with falls across all components reflecting the impacts of COVID-19 related restrictions
    • 86.7% fall in transport services reflecting travel restrictions and increased working from home


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

    • 15.5% fall in ownership transfer costs reflecting restrictions on auctions and open houses
    • 2.4% fall in non-dwelling construction driven by new building construction, reflecting lower work done on aged care and accommodation projects


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

    • 0.3% increase in state and local government consumption reflecting ongoing expenditure in response to COVID-19 impacts


    Public gross fixed capital formation increased 3.0%, driven by a:

    • 19.5% rise in state and local general government reflecting new commencements and continuation of rail and infrastructure projects
       

    Western Australia -6.0%

    Total final consumption expenditure decreased 6.8%, driven by a:

    • 10.6% decrease in household consumption reflecting falls in hotels, cafes and restaurants, transport services, and recreation and culture


    Partly offset by a:

    • 3.5% increase in government consumption due to increased state and local and defence spending in response to the COVID-19 pandemic


    Private gross fixed capital formation decreased 4.2%, due to a:

    • 10.7% decrease in dwelling construction as work commenced remained at low levels
    • 12.9 % decrease in intellectual property products with a fall in research and development


    Partly offset by a:

    • 3.9% rise in machinery and equipment reflecting increased mining investment


    Public gross fixed capital formation decreased 1.7%, driven by a:

    • 7.8% decrease in national general government as investment projects near completion
    • 4.5% decrease in Commonwealth and state and local public non-financial corporations
       

    Tasmania -7.4%

    Household final consumption expenditure decreased 12.5%, driven by a:

    • 62.7% fall in hotels, cafes and restaurants with falls across all components reflecting the impacts of COVID-19 restrictions
    • 69.9% fall in transport due to travel restrictions


    Public gross fixed capital formation decreased 8.4%, driven by a:

    • 13.4% fall in state and local public non-financial corporations reflecting decreased investment in transport infrastructure
    • 5.4% fall in state and local general government reflecting the recent completion of large infrastructure projects


    Private gross fixed capital formation decreased 3.3%, driven by a:

    • 20.5% fall in ownership transfer costs reflecting restrictions on auctions and open home viewings
    • 3.4% fall in dwelling investment, levels of existing work on new houses remain high


    Government final consumption expenditure increased 3.1%, driven by a:

    • 4.4% increase in state and local general government due to increased spending on health and education in response to the COVID-19 pandemic
       

    Northern Territory -4.9%

    Total final consumption expenditure decreased 4.3% due to a:

    • 7.5% fall in household consumption expenditure driven by reduced spending on hotels, cafes and restaurants and transport services
    • 0.3% fall in government consumption expenditure reflecting decreased spending by state and local government


    Public gross fixed capital formation decreased 9.3%, driven by a:

    • 9.3% fall in national general government
    • 3.7% fall in state and local general government as infrastructure projects near completion


    Private gross fixed capital formation decreased 6.2%, driven by a:

    • 34.9% fall in machinery and equipment reflecting continued low investment in the territory
    • 13.3% fall in intellectual property products due to decreased mineral and petroleum exploration


    Partly offset by a:

    • 20.4% increase in dwellings reflecting an increase in alterations and additions driven by territory recovery policies
       

    Australian Capital Territory -2.2%

    Total final consumption expenditure decreased 2.7% due to a:

    • 11.6% fall in household consumption expenditure driven by reduced spending on services including hotels, cafes and restaurants, transport and health.


    Partly offset by a:

    • 4.4% increase in government consumption expenditure reflecting increased employee expenses in response to the COVID-19 pandemic.


    Public gross fixed capital formation decreased 5.0%, driven by a:

    • 3.7% decrease in general government investment with falls in state and local and national non-defence investment
    • 18.3% decrease in public non-financial corporations reflecting weakness in state and local public non-financial corporations investment as projects near completion


    Private gross fixed capital formation increased 2.7%, driven by a:

    • 8.4% increase in non-dwelling construction as a result of a rise in new building construction
    • 19.0% increase in machinery and equipment reflecting the increased purchase of vehicles and office equipment by businesses

    Recent and upcoming releases

    Assets and Liabilities of Australian Securitisers (cat. no. 5232.0.55.001)

    The June quarter 2020 issue of Assets and Liabilities of Australian Securitisers will be released on 3 September 2020. Securitisers issue short and/or long term securities against specifically matched assets and use the cash flows from the pool of assets to service the interest payments on the issued securities. This publication provides information on the assets and liabilities of these financial institutions.

    Australian National Accounts: Finance and Wealth (cat. no. 5232.0)

    The June quarter 2020 issue of Australian National Accounts: Finance and Wealth will be released on 24 September 2020. This publication provides quarterly estimates of the financial flows between sectors of the domestic economy and with the rest of the world. This publication also provides estimates of the financial assets and liabilities owned by each sector and various sub-sectors at the end of each quarter. Other key estimates within the publication include the demand for credit by non-financial domestic institutional sectors during the quarter, and their corresponding levels of credit outstanding.

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    Australian System of National Accounts (cat. no. 5204.0)

    The 2018-19 issue of the Australian System of National Accounts will be released on 30 October 2020. This publication provides detailed, annual estimates of Australia's national accounts. These include expenditure, income and production estimates of gross domestic product (GDP), productivity estimates, sectorial accounts (for households, financial and non-financial corporations, general government and the rest of the world), and additional aggregates dissected by industry.

    Australian National Accounts: Supply Use Tables (cat. no. 5217.0)

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    Australian National Accounts: Input- Output Tables (Product Details) (cat. no. 5215.0.55.001)

    The 2017-18 issue of Australian National Accounts: Input-Output Tables (Product Details) will be released on 13 November 2020. This publication presents information on supply and use by detailed product item based on the Input-Output Product Classification (IOPC). The publication comprises a list of IOPC product items and shows Australian production, imports, intermediate usage, final usage, exports, margins and taxes less subsidies on products in 2017-18.

    Economic measurement during COVID-19: Selected issues in the Economic Accounts, May 2020 (cat. no. 5261.0)

    A series of notes titled Economic measurement during COVID-19: Selected issues in the Economic Accounts was released on 18 May 2020. This publication describes economic measurement within National Accounts, Balance of Payments and International Investment Position and Government Finance Statistics.

    Australian National Accounts: Input-Output Tables (cat. no. 5209.0.55.001)

    The 2017-18 issue of Australian National Accounts: Input-Output Tables was released on 29 May 2020. This product provides detailed information about the supply and use of products in the Australian economy and the structure of, and inter-relationships between, Australian industries. It presents information on input by industry and output by product group, use of domestic production, imports by industry and final demand categories, taxes and margins on supply by product, and industry and product concordances.

    Inquiries

    For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts by email national.accounts@abs.gov.au.

    Data downloads

    Table 1. Key national accounts aggregates

    Table 2. Expenditure on gross domestic product (GDP), chain volume measures

    Table 3. Expenditure on gross domestic product (GDP), current prices

    Table 4. Expenditure on gross domestic product (GDP), chain price indexes

    Table 5. Expenditure on gross domestic product (GDP), implicit price deflators

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

    Table 7. Income from gross domestic product (GDP), current prices

    Table 8. Household Final Consumption Expenditure (HFCE)

    Table 9. Changes in inventories

    Table 10. Agricultural income, current prices

    Table 11. National income account, current prices

    Table 12. National capital account, current prices

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

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

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

    Table 16. Financial corporations income account, current prices

    Table 17. General government income account, current prices

    Table 18. National general government income account, current prices

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

    Table 20. Household income account, current prices

    Table 21. External account, current prices

    Table 22. Taxes, current prices

    Table 23. Social assistance benefits payments, current prices

    Table 24. Selected analytical series

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

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

    Table 27. State final demand, detailed components: Victoria

    Table 28. State final demand, detailed components: Queensland

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

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

    Table 31. State final demand, detailed components: Tasmania

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

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

    Table 34. Key aggregates and analytical series, annual

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

    Table 36. Expenditure on gross domestic product (GDP), chain volume measures and current prices, annual

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

    Table 38. National income account, current prices, annual

    Table 39. National capital account, current prices, annual

    Table 40. External account, current prices, annual

    Table 41. Indexes of industrial production

    Table 42. Unit labour costs

    Table 43. Indexes of industrial production, annual

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

    Table 45. Gross value added by industry, current prices

    All time series workbooks

    Previous catalogue number

    This release previously used catalogue number 5206.0.
     

    History of changes

    Show all

    7/10/2020 - Data behind figure 5 in the International comparisons article was updated and footnotes added. No other changes were made.