Latest release

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
March 2022
Released
1/06/2022
  • Next Release 7/09/2022
    Australian National Accounts: National Income, Expenditure and Product, June 2022
  • Next Release 7/12/2022
    Australian National Accounts: National Income, Expenditure and Product, September 2022
  • Next Release 1/03/2023
    Australian National Accounts: National Income, Expenditure and Product, December 2022
  • View all releases

Key statistics

  • The Australian economy rose 0.8% in seasonally adjusted chain volume measures
  • In nominal terms, GDP rose 3.7%
  • The terms of trade rose 5.9%
  • Household saving ratio decreased to 11.4% from 13.4%

In this release

For a breakdown of key information from this and other recent economic releases, see ‘12 things that happened in the Australian economy in March quarter 2022'.

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 2019-20.

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

March key figures, percentage changes (a)

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Through the year, Mar 21 to Mar 22
Chain volume GDP and related measures (b)
 GDP1.80.8-1.83.60.83.3
 GDP per capita (c)1.80.6-1.83.50.32.5
 Gross value added market sector (d)1.91.4-1.63.60.74.2
 Real net national disposable income3.42.5-4.02.61.42.4
Productivity
 GDP per hour worked0.8-1.13.1-0.81.72.8
 Real unit labour costs0.3-0.1-0.8-2.0-2.7
Prices
 GDP chain price index (original)3.13.40.2-0.64.98.2
 Terms of trade7.78.0-0.5-4.95.98.3
Current price measures
 GDP3.83.2-0.63.53.710.2
 Household saving ratio13.811.819.713.411.4na

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 2019-20.
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 0.8% in the March quarter 2022

Gross Domestic Product (GDP) rose 0.8% this quarter, following a rise of 3.6% in December. In contrast to previous COVID-19 strains, there was continued growth in economic activity through the peak of the Omicron variant outbreak.

Severe weather events in New South Wales, Queensland and South Australia during the quarter affected supply chains and dampened activity in some industries. For further information on the impacts of these events, see Weather and natural disaster impacts on the Australian national accounts.

Price pressures build across the economy

Nominal GDP rose 3.7%. The GDP implicit price deflator increased 2.9%, the fastest rate since March quarter 1988.

The terms of trade rose 5.9%, with export (+9.6%) and import prices (+3.5%) both up strongly. Strong demand for Australia's mining and agricultural commodities amidst supply constraints in other producing nations contributed to the rise in export prices.

The domestic final demand implicit price deflator rose 1.4%. This was the strongest growth since the introduction of the Goods and Services Tax, reflecting high levels of demand and increased input costs.

Commodity prices drive Mining profits

Gross operating surplus plus gross mixed income (GOSMI) rose 3.4%. Mining operating surplus rose 14.7%, reflecting strong growth in commodity prices, particularly coal and iron ore. Exports of mining commodities rose 10.5% in current price terms.

Non-Mining operating surplus fell 0.1%, driven by a decline in COVID-19 subsidies paid to businesses. This was partly offset by increased activity across industries such as Transport, Postal and Warehousing, Wholesale Trade and Arts and Recreation Services.

Services industries drive an increase in gross value added

Gross value added rose 0.5%. Improvements in operating conditions and the labour market drove increased demand for business services, particularly Professional, Scientific and Technical Services (+3.1%).

Rises in hospitality and other related service industries were driven by eased restrictions, including the reopening of domestic and international borders. Transport, Postal and Warehousing (+4.3%), Accommodation and Food Services (+3.7%) and Arts and Recreation Services (+4.4%) all rose.

This was partly offset by Agriculture, Forestry and Fishing (-5.8%), which came off a bumper harvest in the December quarter.

Domestic demand remains strong

Domestic final demand contributed 1.6 percentage points to GDP growth. Household final consumption expenditure contributed 0.8 percentage points. Government consumption contributed 0.6 percentage points, driven by increased health expenditure. The government's response to the floods in NSW and QLD also contributed to the rise.

Net trade detracted 1.7 percentage points, driven by the strongest rise in imports since December quarter 2009. The increase in imports reflected the arrival of delayed shipments and inventory rebuilding by businesses closer to pre-pandemic levels. Changes in inventories contributed 1.0 percentage point and partly offset the detraction from imports.

a. Contributions may not be additive due to rounding.

Continued growth in household spending

Household spending rose 1.5% this quarter.

Spending on discretionary goods and services increased 4.3%, exceeding pre-pandemic levels for the first time. The reopening of domestic and international borders contributed to rises in transport services (+60.0%), recreation and culture (+4.8%) and hotels, cafes and restaurants (+5.3%). Purchase of vehicles rose 13.0% as supply constraints eased.

Essential spending declined 0.2%. Expenditure on food declined 2.0%, reflecting the continued shift towards eating out as restrictions eased. Spending on health also fell as elective surgeries and visits to health practitioners were cancelled as Omicron cases increased.

Household saving ratio declines as consumption opportunities increase

The household saving ratio declined from 13.4% to 11.4%, remaining above pre-pandemic levels.

Household saving fell as the rise in household spending outpaced growth in gross disposable income. Household gross disposable income rose 0.6% with growth in labour (COE) and non-labour income partly offset by an increase in income payable.

Non-labour income was driven by non-life insurance claims (+18.6%). Households received $2.8 billion in non-life insurance claims related to floods, adding 0.8 percentage points to the saving-to-income ratio. This was partly offset by a decline in support payments from government as restrictions eased.

The increase in income payable reflected higher income tax payable, consistent with strong labour market outcomes.

Continued growth in COE despite falls in hours worked

COE rose 1.8% this quarter. Employed persons rose 1.9%, while hours worked fell 0.9% due to Omicron-related absenteeism. 

Private sector COE rose 2.3%. Wage pressures continued to build from skilled labour shortages, resulting in businesses paying more to attract and retain staff. 

Public COE rose 0.1%, remaining up strongly through the year.

Expenditure

 % Change% Change% points contribution to growth in GDP
Dec 21 to Mar 22Mar 21 to Mar 22Dec 21 to Mar 22
Final consumption expenditure   
 General government2.78.30.6
 Households1.54.00.8
 Total final consumption expenditure1.95.21.4
Gross fixed capital formation   
 Private   
  Dwellings-1.0-1.3-0.1
  Ownership transfer costs-1.47.7-
  Non-dwelling construction-0.24.0-
  Machinery and equipment3.61.90.1
  Cultivated biological resources0.63.0-
  Intellectual property products1.58.2-
 Public1.75.30.1
 Total gross fixed capital formation0.73.30.2
Changes in inventoriesnana1.0
Gross national expenditure2.65.42.5
Exports of goods and services-0.9-4.2-0.2
Imports of goods and services8.17.6-1.5
Statistical discrepancy (E)nana-0.1
Gross domestic product0.83.30.8

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

Final consumption expenditure (FCE) 1.9%

Household FCE rose 1.5%, driven by a:

  • 60.0% rise in transport services
  • 4.8% rise in recreation and culture
  • 5.3% rise in hotels, cafes and restaurants
  • 13.0% rise in purchase of vehicles
  • 3.1% rise in clothing and footwear

The increase was partly offset by a:

  • 2.0% fall in food
  • 2.3% fall in health
  • 3.0% fall in alcoholic beverages
  • 2.4% fall in electricity, gas and other fuel
  • 2.6% fall in cigarettes and tobacco

General government FCE rose 2.7%, driven by a:

  • 4.2% rise in national non-defence
  • 1.4% rise in state and local
  • 5.6% rise in national defence

Gross fixed capital formation (GFCF) 0.7%

Private investment increased 0.5%, driven by a:

  • 3.6% increase in machinery and equipment
  • 1.5% increase in intellectual property products

The increase was partly offset by a:

  • 1.0% decrease in dwellings
  • 1.4% decrease in ownership transfer costs

Public investment increased 1.7%, driven by a:

  • 13.6% increase in national defence
  • 1.0% increase in state and local general government

The increase was partly offset by a:

  • 7.4% decrease in commonwealth public corporations

Changes in inventories

Total inventories rose $7,464m following a rise of $2,426m in the December quarter. The largest contributors to the rise were a:

  • $2,628m rise in retail trade
  • $2,193m rise in public authorities
  • $1,911m rise in wholesale trade
  • $1,718m rise in manufacturing

The rise was partly offset by a:

  • $638m fall in mining
  • $291m fall in farm 

Exports and imports of goods and services

Exports of goods and services fell 0.9%, driven by a:

  • 2.7% fall in mineral ores
  • 10.8% fall in non-monetary gold
  • 14.1% fall in cereals
  • 2.3% fall in other mineral fuels

The fall was partly offset by a:

  • 12.9% rise in other manufactures nes
  • 8.8% rise in other rural
  • 6.9% rise in travel services

Imports of goods and services rose 8.1%, driven by a:

  • 19.1% rise in processed industrial supplies nes
  • 32.0% rise in non-industrial transport equipment
  • 12.5% rise in consumption goods nes
  • 12.5% rise in machinery & industrial equipment

The rise was partly offset by a:

  • 5.9% fall in fuels & lubricants
  • 21.8% fall in civil aircraft & confidential items

Income

Income estimates are in seasonally adjusted current prices

 % Change% Change% points contribution to growth in GDP
Dec 21 to Mar 22Mar 21 to Mar 22Dec 21 to Mar 22
Compensation of employees1.85.50.8
Gross operating surplus   
 Private non-financial corporations7.321.61.6
 Other (a)1.24.50.1
Gross mixed income-2.78.1-0.2
Taxes less subsidies on production and imports15.724.01.4
Statistical discrepancy (I)nana-
Gross domestic product3.710.23.7

- 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) 1.8%

Compensation of employees rose 1.8%, private sector COE rose 2.3% and public sector COE rose 0.1%. Employed persons rose 1.9%

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

  • 3.4% rise in NT
  • 3.2% rise in Queensland
  • 2.3% rise in WA
     

Gross operating surplus (GOS) 4.8%

Private non-financial corporations GOS increased 7.3%, driven by a:

  • rise in Mining driven by large rises in price for LNG, coal and iron ore
  • rise in Wholesale Trade driven by increases in margins on grains, petroleum products and motor vehicles

Partly offset by a:

  • fall in Manufacturing as businesses partially absorbed the rise in input costs including electricity and gas, resulting in a decline in profits
  • fall in Construction, Accommodation and Food Services and Other Services driven by a fall in subsidies received by businesses

Other sectors GOS rose 1.2%, driven by a:

  • 0.9% rise in financial corporations
  • 1.6% rise in dwellings owned by persons
  • 0.2% rise in public non-financial corporations
     

Taxes less subsidies on production and imports 15.7%

Taxes less subsidies on production and imports rose 15.7%. Taxes on production and imports rose 2.8% driven by GST and gambling tax reflecting the rise in household consumption. Subsidies on production fell 39.8% driven by a further reduction in various business support payments with the easing of COVID-19 related trading restrictions. 

Production

 % Change% Change% points contribution to growth in GDP
Dec 21 to Mar 22Mar 21 to Mar 22Dec 21 to Mar 22
Agriculture, Forestry and Fishing-5.810.2-0.2
Mining-1.5-2.0-0.1
Manufacturing1.13.20.1
Electricity, Gas, Water and Waste Services0.92.4-
Construction0.24.2-
Wholesale Trade3.22.30.1
Retail Trade0.84.8-
Accommodation and Food Services3.7-0.50.1
Transport, Postal and Warehousing4.38.30.2
Information Media and Telecommunications1.210.2-
Financial and Insurance Services0.73.10.1
Rental, Hiring and Real Estate Services-1.81.1-0.1
Professional, Scientific and Technical Services3.18.70.2
Administrative and Support Services0.511.1-
Public Administration and Safety0.22.9-
Education and Training0.41.5-
Health Care and Social Assistance-0.95.1-0.1
Arts and Recreation Services4.47.3-
Other Services-0.23.3-
Ownership of dwellings0.41.8-
Taxes less subsidies on products3.0-1.10.2
Statistical discrepancy (P)nana0.1
Gross domestic product0.83.30.8

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

Agriculture, Forestry and Fishing -5.8%

This decrease was driven by a:

  • 6.6% fall in Agriculture driven by adverse weather impacting crop and livestock production. This fall follows a 8.3% rise in December quarter 2021 which reflected a bumper grain harvest.
  • 0.8% fall in Forestry and Fishing.

Mining -1.5%

This decrease was driven by a:

  • 3.4% fall in Iron Ore Mining driven by COVID-19 related staff absenteeism, floods, and planned shutdowns.
  • 2.7% fall in Coal Mining driven by wet weather and labour constraints affecting mine operations. 
  • 0.6% fall in Oil and Gas Extraction driven by maintenance and adverse weather conditions.

This was partly offset by a:

  • 2.5% rise in Other Mining driven by gold production.

Manufacturing 1.1%

This increase was driven by a: 

  • 7.6% rise in Machinery and Equipment as supply constraints for materials eased.
  • 1.6% rise in Other Manufacturing driven by Wood and Non-Metallic Mineral Product Manufacturing.

This was offset by a:

  • 3.0% fall in Petroleum, Coal, Chemical and Rubber Products due to supply constraints on inputs for petroleum and fertiliser manufacturing.
  • 0.6% fall in Food, Beverage and Tobacco Products driven by COVID-19 related staff absenteeism reducing operation capacity.

Electricity, Gas, Water and Waste Services 0.9%

This increase was driven by a:

  • 1.5% rise in Water Supply and Waste Services driven by demand for domestic recycling.
  • 0.7% rise in Electricity Supply due to increased demand particularly in Victoria, Queensland and WA. 

This was partly offset by a:

  • 2.2% fall in Gas Supply driven by an easing of domestic usage.

Construction 0.2%

This increase was driven by a: 

  • 1.4% rise in Construction Services as businesses worked through project backlogs. 

This was offset by:

  • 1.3% fall in Building Construction driven by weather related project delays, material constraints, and COVID-19 absenteeism. 
  • 1.2% fall in Heavy and Civil Engineering Construction with adverse weather related delays in the Eastern states. 

Wholesale Trade 3.2%

This increase was driven by:

  • Machinery and Equipment Wholesaling due to increased demand for mining, agricultural, and transport equipment. 
  • Other Goods Wholesaling with strong demand for electronic goods and small household appliances. 
  • Basic Material Wholesaling reflecting high demand for petroleum products with increased domestic travel.
  • Motor Vehicle and Motor Vehicle Parts Wholesaling rose as global supply constraints eased. 

This was offset by:

  • Grocery, Liquor and Tobacco Product Wholesaling with COVID-19 staff absenteeism and adverse weather impacting production and logistics.

Retail Trade 0.8%

This increase was driven by:

  • Other Store Based Retailing driven by continued household demand with easing trading restrictions.
  • Motor Vehicle and Motor Vehicle Parts Retailing as increased imports eased supply shortages, and high demand for new vehicles continued.

This was partly offset by:

  • Food Retailing with reduced demand as households opted to dine out. COVID-19 absenteeism and flood related supply chain disruptions impacted supermarket operations. 

Accommodation and Food Services 3.7%

This increase was driven by:  

  • Food and Beverage Services due to easing COVID-19 restrictions which saw customers return to hospitality venues.
  • Accommodation Services rose with borders re-opening and increased domestic tourism. 

Transport, Postal and Warehousing 4.3%

This increase was driven by a: 

  • 4.9% rise in Transport, Postal and Storage services driven by increased demand for airport and toll road operations. High demand for port operations also contributed to the rise.
  • 101.3% rise in Air and Space Transport due to easing domestic and international border restrictions.
  • 0.3% rise in Rail, Pipeline and Other Transport as demand increased for public transport. Flooding disrupted rail freight transport. 

This was partly offset by a:

  • 1.0% fall in Road Transport with road freight disrupted by COVID-19 absenteeism. 

Information Media and Telecommunications 1.2%

This increase was driven by a:

  • 2.0% rise in Telecommunication Services driven by fixed internet services and telecommunication equipment sales.
  • 0.6% rise in Other Information and Media.

Financial and Insurance Services 0.7%

This increase was driven by a: 

  • 0.6% rise in Finance due to growth across dwelling loan balances, consistent with strong housing market activity.
  • 1.0% rise in Other Financial and Insurance Services driven by superannuation services. 

Rental, Hiring and Real Estate Services -1.8%

This decrease was driven by a: 

  • 2.0% fall in Property Operators and Real Estate Services coming off high levels of activity in recent quarters. Falls were led by commercial property operators. 
  • 0.5% fall in Rental and Hiring Services following a rise in the December quarter.

Professional, Scientific and Technical Services 3.1%

This increase was driven by a:

  • 2.5% rise in Other Professional, Scientific and Technical Services due to increased demand for engineering, design, consulting, advertising, and management services.
  • 4.9% rise in Computer System Design and Related Services with increased demand for web services and software licensing. 

Administrative and Support Services 0.5%

Building Cleaning, Pest Control and Other Support Services rose due to increased demand for workplace and airport cleaning services. 

Health Care and Social Assistance -0.9%

Health Care and Social Assistance fell, driven by private health. Elective surgeries were suspended during the quarter and allied health saw reduced demand with the arrival of Omicron.

Arts and Recreation Services 4.4%

Arts and Recreation Services rose due to eased COVID-19 restrictions, with Creative and Performing Arts, Heritage Activities, and Sports and Recreation Activities recording increases.

Other Services -0.2%

The fall was driven by Repair and Maintenance, which was affected by COVID-19 related staff absenteeism.

State and territory final demand

 Percentage change from Dec 21 to Mar 22
NSWVic.QldSAWATas.NTACTAust.(a)
Final consumption expenditure         
 General government2.12.43.21.15.33.46.21.72.7
 Households1.92.70.40.90.0-0.5-0.13.01.5
Gross fixed capital formation         
 Private-1.12.2-2.00.33.2-6.7-1.7-2.20.5
 Public-1.31.63.81.08.3-2.89.11.71.7
State final demand1.22.40.80.82.2-0.62.21.71.6

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

Quarterly volume measures, seasonally adjusted

Loading map...

The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 1.2% for the quarter.
Victoria's state final demand increased 2.4% for the quarter.
Queensland's state final demand increased 0.8% for the quarter.
South Australia's state final demand increased 0.8% for the quarter.
Western Australia's state final demand increased 2.2% for the quarter.
Tasmania's state final demand decreased 0.6% for the quarter.
Northern Territory's state final demand increased 2.2% for the quarter.
Australian Capital Territory's state final demand increased 1.7% for the quarter.

New South Wales 1.2%

Total final consumption expenditure increased 2.0%, driven by a:

  • 1.9% increase in household consumption. Spending on recreation and culture (7.5%), transport services (68.5%) and hotels, cafes and restaurants (6.2%) led the rises as COVID-19 restrictions continued to ease.
  • 2.1% increase in government spending, with increased expenditure to assist flood affected regions.

Private gross fixed capital formation decreased 1.1%, due to a:

  • 5.7% decrease in non-dwelling construction led by weakness in new buildings.
  • 3.1% decrease in machinery and equipment. 

Partly offset by a:

  • 2.4% increase in total dwellings led by strength in alterations and additions. 

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

  • 6.7% decrease in public corporations with falls in both Commonwealth and state and local public corporations. 

Partly offset by a:

  • 0.5% increase in general government with an increase in expenditure on defence assets.

Victoria 2.4%

Total final consumption expenditure increased 2.6%, due to a:

  • 2.7% increase in household consumption. Spending on recreation and culture (6.4%), transport services (104.4%) and hotels, cafes and restaurants (10.6%) led the rises as COVID-19 restrictions continued to ease.
  • 2.4% increase in government expenditure with increases in both national (3.4%) and state and local (1.6%) governments driven by health spending in response to COVID-19. 

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

  • 11.2% increase in non-dwelling construction due to a rise in work done on roads and highways.
  • 2.2% increase in dwelling investment led by alterations and additions. 

Partly offset by a:

  • 3.8% decrease in machinery and equipment. 
  • 3.6% decrease in ownership transfer costs with falls in property transfers. 

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

  • 7.6% increase in national general government due to higher spending on defence and non-defence assets. 

Queensland 0.8%

Total final consumption expenditure increased 1.2%, driven by a: 

  • 3.2% increase in government expenditure, with rises in both national (5.2%) as well as state and local (1.7%) governments, with increased expenditure to assist flood affected regions.
  • 0.4% increase in household consumption led by strength in hotels, cafes and restaurants (5.5%), purchase of vehicles (14.1%) and transport services (37.3%). 

Private gross fixed capital formation decreased 2.0%, due to a:

  • 6.0% decrease in total dwellings as adverse weather, construction material shortages and labour constraints impacted work done.

Partly offset by a:

  • 5.2% rise in machinery and equipment. 

Public gross fixed capital formation increased 3.8%, driven by a:

  • 15.4% increase in national general government due to higher spending on defence and non-defence assets.
  • 4.2% increase in state and local public corporations. 

South Australia 0.8%

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

  • 0.9% increase in household consumption driven by strength in transport services (54.6%) as domestic and international borders continued to reopen. Purchase of vehicles increased 17.3% reflecting improvements in supply chains.
  • 1.1% increase in government expenditure which was driven by a rise in national government consumption (3.7%).

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

  • 6.4% increase in machinery and equipment. 
  • 2.6% increase in total dwellings with increases across both new and used dwellings and alterations and additions.

Partly offset by a:

  • 4.6% decrease in non-dwelling construction, due to a fall in new engineering construction. 

Public gross fixed capital formation increased 1.0%, driven by a:

  • 7.2% increase in national general government due to higher defence related expenditure. 
  • 12.5% increase in state and local public corporations.

Partly offset by a:

  • 19.0% fall in Commonwealth public corporations. 

Western Australia 2.2%

Total final consumption expenditure increased 1.5%, due to a:

  • 5.3% increase in government expenditure driven by health related strength across both state and local (5.3%) and national (5.2%) governments in response to COVID-19.
  • Household consumption (0.0%) was flat for the quarter. Strength in purchase of vehicles (16.5%) and health (3.7%) spending was offset by weakness in hotels, cafe and restaurants (-4.6%). 

Private gross fixed capital formation increased 3.2%, due to a:

  • 14.8% increase in machinery and equipment following a fall in the previous quarter. 

Partly offset by a:

  • 3.9% decrease in total non-dwelling construction.

Public gross fixed capital formation increased 8.3%, driven by a:

  • 13.8% increase in state and local public corporations.
  • 8.2% increase in national general government due to higher spending on defence and non-defence assets.

Tasmania -0.6%

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

  • 3.4% increase in government expenditure driven by increases across both national (4.8%) and state and local (2.5%) governments.  

Partly offset by a:

  • 0.5% decrease in household consumption driven by falls in health spending of 7.7%.

Private gross fixed capital formation decreased 6.7%, driven by a:

  • 13.1% decrease in total machinery and equipment investment.
  • 5.7% fall in total dwellings led by weakness in new and used dwellings due to shortages in construction labour and materials. 

Public gross fixed capital formation decreased 2.8%, driven by a:

  • 6.4% decrease in state and local public corporations. 
  • 8.9% fall in national general government due to a number of building completions.

Partly offset by a:

  • 4.1% increase in state and local general government.

Northern Territory 2.2%

Total final consumption expenditure increased 2.7%, driven by a:

  • 6.2% increase in government expenditure, with increases in both state and local (7.8%) and national (3.9%) governments driven by the response to COVID-19.

Partly offset by a:

  • 0.1% decrease in household consumption driven by falls in food, health and operation of vehicles. 

Private gross fixed capital formation decreased 1.7%, due to a: 

  • 17.0% fall in intellectual property products with weaker mineral and petroleum exploration activity.
  • 13.6% decrease in total dwellings driven by weakness in alterations and additions. 

Partly offset by a:

  • 5.4% increase in non-dwelling construction.

Public gross fixed capital formation increased 9.1%, driven by a:

  • 7.6% increase in state and local general government investment.

Australian Capital Territory 1.7%

Total final consumption expenditure increased 2.2% driven by a:

  • 3.0% increase in household consumption due to rises in hotels, cafes and restaurants (16.3%) and transport services (94.9%), as COVID-19 restrictions continued to ease. 
  • 1.7% increase in government expenditure due to a 2.7% rise in national government spending.

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

  • 12.2% decrease in total non-dwelling construction led by weakness in new building investment.
  • 6.5% decrease in total dwellings led by falls in new and used dwellings.

Partly offset by a:

  • 9.5% increase in machinery and equipment investment. 

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

  • 2.9% increase in national general government. 

Key tables

Key national accounts aggregates

  Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Through the year, Mar 21 to Mar 22
Percentage change (a)
Chain volume GDP and related measures (b)
 GDP1.80.8-1.83.60.83.3
 GDP per capita (c)1.80.6-1.83.50.32.5
 Gross value added market sector (d)1.91.4-1.63.60.74.2
 Net domestic product2.10.9-2.34.30.83.6
Real income measures (b)
 Real gross domestic income3.62.6-1.82.22.15.0
 Real gross national income2.92.3-3.42.31.32.4
 Real net national disposable income3.42.5-4.02.61.42.4
 Real net national disposable income per capita (c)3.42.3-4.02.51.01.6
Current price measures
 GDP3.83.2-0.63.53.710.2
Productivity
 Hours worked0.92.0-4.74.4-0.90.5
 Hours worked market sector (d)1.32.5-6.15.8-0.61.2
 GDP per hour worked0.8-1.13.1-0.81.72.8
 Gross value added per hour worked market sector (d)0.6-1.04.8-2.01.33.0
 Real unit labour costs0.30.00.1-0.8-2.0-2.7
 Real unit labour costs - non-farm0.30.20.4-0.2-2.4-1.9
Prices
 GDP implicit price deflator1.92.41.3-0.12.96.6
 Domestic final demand implicit price deflator0.40.80.71.11.44.1
 Terms of trade7.78.0-0.5-4.95.98.3
Levels
Chain volume GDP and related measures (b)
 GDP ($m)510 590514 784505 413523 725527 676. .
 GDP per capita (c) ($)19 87819 99719 63320 31720 380. .
 Gross value added market sector (d) ($m)340 952345 862340 342352 688355 249. .
 Net domestic product ($m)421 076424 786414 929432 762436 225. .
Real income measures (b)
 Real gross domestic income ($m)525 630539 105529 377540 997552 151. .
 Real gross national income ($m)519 992532 107514 194525 869532 483. .
 Real net national disposable income ($m)430 022440 738423 047434 173440 383. .
 Real net national disposable income per capita (c) ($)16 74117 12016 43416 84317 009. .
Current price measures
 GDP ($m)527 433544 542541 366560 439581 276. .
 GDP per capita (c) ($)20 53421 15321 03021 74122 450. .
 Gross national income ($m)521 662537 482526 879546 371562 512. .
 National net saving ($m)49 24056 39853 30452 01255 365. .
 Household saving ratio13.811.819.713.411.4. .
Prices
 Terms of trade (index) (e)113.5122.6122.0116.0122.9. .

. . 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 2019-20.
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 2019-20 = 100.0.

Revisions to percentage changes (a)

  Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21
Percentage change (a)
Chain volume GDP and related measures (b)
 GDP-0.1-0.10.2
 GDP per capita (c)-0.2-0.10.1
 Gross value added market sector (d)-0.10.20.2-
 Net domestic product--0.10.2
Real income measures (b)
 Real gross domestic income-0.2-0.10.3
 Real gross national income-0.1--0.20.8
 Real net national disposable income-0.10.1-0.20.9
 Real net national disposable income per capita (c)-0.30.1-0.20.9
Current price measures
 GDP---0.1
 Household saving ratio (e)0.2--0.1-0.2
Productivity
 Hours worked--0.10.1
 Hours worked market sector (d)0.1--0.2
 GDP per hour worked-0.10.10.1-
 Gross value added per hour worked market sector (d)-0.10.20.2-0.1
 Real unit labour costs----0.1
 Real unit labour costs - non-farm0.1-0.10.1-0.1
Prices
 Terms of trade-0.10.4-0.70.2

- nil or rounded to zero
a. Change on preceding quarter.
b. Reference year for chain volume measures and real income measures is 2019-20.
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

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Through the year, Mar 21 to Mar 22Contribution to growth, Dec 21 to Mar 22
Final consumption expenditure
 General government-0.21.53.50.42.78.30.6
 Households1.11.1-4.76.41.54.00.8
  Goods-0.70.7-3.16.20.33.90.1
  Services2.41.3-5.76.52.34.00.7
  Essential0.10.7-0.91.9-0.21.5-0.1
  Discretionary2.81.6-11.014.44.38.00.9
Gross fixed capital formation  
 Private5.92.20.7-0.70.52.70.1
  Mining1.0-0.5-0.82.8-1.30.1-
  Non-mining6.52.40.7-0.22.45.30.2
  Total private business investment5.11.60.30.51.54.00.2
 Public0.97.9-2.3-1.81.75.30.1
Final demand       
 Public -2.82.3-2.57.70.7
 Private 2.31.4-3.34.51.23.70.9

- nil or rounded to zero

Revisions to percentage changes

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21
Final consumption expenditure
 General government-0.20.3-0.30.3
 Households-0.1-0.10.1
  Goods--0.1-0.1
  Services-0.1-0.10.2
  Essential----
  Discretionary-0.3-0.20.2
Gross fixed capital formation
 Private-0.20.3-0.7
  Mining-0.11.40.33.2
  Non-mining--0.1-0.20.4
  Total private business investment-0.2-0.11.0
 Public-0.70.3-0.60.2
Final demand    
 Public -0.30.4-0.40.3
 Private -0.10.10.10.3

- nil or rounded to zero

Expenditure aggregates

Contributions to growth

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22
Final consumption expenditure
 General government-0.30.70.10.6
 Households0.60.6-2.53.30.8
Gross fixed capital formation
 Private1.00.40.1-0.10.1
 Public-0.4-0.1-0.10.1
Domestic final demand1.61.7-1.83.11.6
Changes in inventories0.7-0.2-1.11.01.0
Exports of goods and services0.2-0.70.2-0.2-0.2
Imports of goods and services-0.5-0.30.5-0.1-1.5
Statistical discrepancy (E)-0.20.40.3-0.2-0.1
Gross domestic product1.80.8-1.83.60.8

- nil or rounded to zero

Expenditure on GDP

Percentage changes

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Through the year, Mar 21 to Mar 22Contribution to growth, Dec 21 to Mar 22
Final consumption expenditure
 General government-0.21.53.50.42.78.30.6
 Households1.11.1-4.76.41.54.00.8
 Total final consumption expenditure0.71.2-2.34.51.95.21.4
Private gross fixed capital formation
 Dwellings6.11.00.6-1.9-1.0-1.3-0.1
 Ownership transfer costs 11.29.93.1-3.7-1.47.7-
 Non-dwelling construction 1.10.63.10.4-0.24.0-
 Machinery and equipment 11.61.9-2.8-0.73.61.90.1
 Cultivated biological resources 8.36.1-10.57.80.63.0-
 Intellectual property products 2.53.11.22.21.58.2-
 Total private gross fixed capital formation 5.92.20.7-0.70.52.70.1
Public gross fixed capital formation
 Public corporations-1.12.6-2.61.3-1.00.2-
 General government1.59.4-2.3-2.62.46.60.1
 Total public gross fixed capital formation 0.97.9-2.3-1.81.75.30.1
Total gross fixed capital formation4.83.50.0-0.90.73.30.2
Domestic final demand1.71.8-1.83.21.64.81.6
Changes in inventories. .. .. .. .. .. .1.0
Exports of goods and services0.8-3.41.0-1.0-0.9-4.2-0.2
Imports of goods and services2.91.7-2.80.78.17.6-1.5
Statistical discrepancy (E). .. .. .. .. .. .-0.1
Gross domestic product1.80.8-1.83.60.83.30.8

. . not applicable
- nil or rounded to zero

Revisions to percentage changes

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21
Final consumption expenditure
 General government-0.20.3-0.30.3
 Households-0.1-0.10.1
 Total final consumption expenditure-0.10.1-0.1
Private gross fixed capital formation
 Dwellings-0.60.50.20.3
 Ownership transfer costs ----
 Non-dwelling construction -0.10.5-0.21.6
 Machinery and equipment ---0.8
 Cultivated biological resources 3.41.7-0.3-0.5
 Intellectual property products -0.2--0.1
 Total private gross fixed capital formation -0.20.3-0.7
Public gross fixed capital formation
 Public corporations-0.30.1-0.5-1.5
 General government-0.80.5-0.70.6
 Total public gross fixed capital formation -0.70.3-0.60.2
Total gross fixed capital formation-0.30.3-0.10.6
Domestic final demand-0.10.2-0.10.3
Gross national expenditure-0.2--0.5
Exports of goods and services0.2-0.3-0.50.5
Imports of goods and services-0.60.5-1.6
Gross domestic product-0.1-0.10.2

- nil or rounded to zero

Household final consumption expenditure

Percentage changes

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Through the year, Mar 21 to Mar 22Contribution to growth, Dec 21 to Mar 22
Food-1.7-0.75.4-2.2-2.00.4-0.2
Cigarettes and tobacco-0.9-1.3-1.0-3.6-2.6-8.2-
Alcoholic beverages-3.9-1.28.3-2.1-3.01.6-0.1
Clothing and footwear-1.01.0-21.541.33.115.40.1
Rent and other dwelling services0.40.40.40.40.41.80.1
Electricity, gas and other fuel-3.410.0-1.0-1.6-2.44.5-0.1
Furnishings and household equipment-0.4-0.1-4.37.8-0.12.9-
Health-0.41.8-7.18.1-2.3-0.2-0.2
Purchase of vehicles-2.47.1-8.8-2.713.07.40.3
Operation of vehicles1.42.0-12.813.90.01.3-
Transport services11.424.0-44.153.260.069.90.5
Communications1.91.01.20.91.24.5-
Recreation and culture3.1-0.7-11.717.14.87.60.5
Education services0.40.50.60.70.52.2-
Hotels, cafes and restaurants13.52.4-20.525.25.37.30.3
Insurance and other financial services1.30.71.11.30.94.00.1
Other goods and services2.90.9-5.98.90.84.3-
Total1.11.1-4.76.41.54.01.5

- nil or rounded to zero

Industry gross value added

Percentage changes

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Through the year, Mar 21 to Mar 22Contribution to growth, Dec 21 to Mar 22
Agriculture, Forestry and Fishing3.94.54.76.9-5.810.2-0.2
Mining0.3-0.91.7-1.2-1.5-2.0-0.1
Manufacturing2.31.6-1.72.21.13.20.1
Electricity, Gas, Water and Waste Services-1.42.10.1-0.70.92.4-
Construction3.82.1-0.92.70.24.2-
Wholesale Trade2.51.2-5.43.53.22.30.1
Retail Trade-0.50.5-3.57.20.84.8-
Accommodation and Food Services5.13.0-24.823.93.7-0.50.1
Transport, Postal and Warehousing4.22.9-2.43.44.38.30.2
Information Media and Telecommunications-1.81.90.95.81.210.2-
Financial and Insurance Services1.21.10.70.60.73.10.1
Rental, Hiring and Real Estate Services6.81.4-0.41.9-1.81.1-0.1
Professional, Scientific and Technical Services0.30.20.25.03.18.70.2
Administrative and Support Services2.16.1-1.15.30.511.1-
Public Administration and Safety-0.60.20.81.60.22.9-
Education and Training0.30.30.40.40.41.5-
Health Care and Social Assistance1.02.4-2.15.9-0.95.1-0.1
Arts and Recreation Services5.10.1-5.89.14.47.3-
Other Services5.61.8-13.617.7-0.23.3-
Ownership of dwellings0.40.40.50.40.41.8-
Gross value added at basic prices1.51.3-1.23.20.53.80.5
Taxes less subsidies on products3.60.4-8.74.63.0-1.10.2
Statistical discrepancy (P). ..  ..  ..  ..  .. .0.1
Gross domestic product1.80.8-1.83.60.83.30.8

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

Revisions to percentage changes

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21
Agriculture, Forestry and Fishing1.90.71.3-2.1
Mining0.4-0.30.1-0.2
Manufacturing-0.70.7-0.50.4
Electricity, Gas, Water and Waste Services-0.70.40.20.3
Construction-0.80.30.10.8
Wholesale Trade-0.70.40.1-
Retail Trade0.5-0.3-0.1-0.2
Accommodation and Food Services-0.40.30.7-2.2
Transport, Postal and Warehousing-0.1-0.30.80.4
Information Media and Telecommunications-0.60.4-0.22.4
Financial and Insurance Services0.70.4-0.5-0.5
Rental, Hiring and Real Estate Services1.5-0.50.2-1.0
Professional, Scientific and Technical Services-1.10.90.8-0.3
Administrative and Support Services-0.10.40.60.2
Public Administration and Safety----
Education and Training----
Health Care and Social Assistance---0.1
Arts and Recreation Services0.1-0.50.80.9
Other Services-0.30.1-2.3
Ownership of dwellings--0.1--0.1
Gross value added at basic prices-0.20.1-
Taxes less subsidies on products-0.90.70.30.3
Gross domestic product-0.1-0.10.2

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

Income from GDP

Seasonally adjusted current prices, percentage changes

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Through the year, Mar 21 to Mar 22Contribution to growth, Dec 21 to Mar 22
Compensation of employees
 Wages and salaries1.61.20.22.01.85.20.7
 Employers' social contributions (a)1.20.92.91.81.87.50.1
 Total compensation of employees1.61.20.52.01.85.50.8
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations-2.46.74.81.47.321.61.6
  Public non-financial corporations-2.79.5-4.2-2.20.22.9-
  Total non-financial corporations-2.46.84.41.27.020.81.6
 Financial corporations0.61.71.41.30.95.4-
 Total corporations-1.95.93.91.26.018.11.6
 General government0.70.81.00.80.83.5-
 Dwellings owned by persons0.81.30.90.51.64.40.1
 Total gross operating surplus-1.24.63.11.14.814.41.8
Gross mixed income0.2-0.48.62.8-2.78.1-0.2
Total factor income0.32.42.31.72.69.22.4
Taxes less subsidies on production and imports62.012.5-26.329.315.724.01.4
Statistical discrepancy (I). ..  ..  ..  ..  .. .-
Gross domestic product3.83.2-0.63.53.710.23.7

. . 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

 Dec 20 to Mar 21Mar 21 to Jun 21Jun 21 to Sep 21Sep 21 to Dec 21
Compensation of employees
 Wages and salaries----
 Employers' social contributions (a)--0.1--
 Total compensation of employees0.1---
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations---1.0
  Public non-financial corporations-0.20.7-0.50.5
  Total non-financial corporations---0.10.9
 Financial corporations-0.20.1-0.1
 Total corporations-0.1--0.8
 General government----
 Dwellings owned by persons-0.20.2-0.2
 Total gross operating surplus-0.1--0.10.7
Gross mixed income0.2-0.60.4-0.2
Total factor income--0.10.2
Taxes less subsidies on production and imports-0.10.2-0.20.1
Gross domestic product---0.1

- 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 Dec 21 to Mar 22
NSWVic.QldSAWATas.NTACTAust.(a)
Final consumption expenditure         
 General government2.12.43.21.15.33.46.21.72.7
 Households1.92.70.40.90.0-0.5-0.13.01.5
Gross fixed capital formation         
 Private-1.12.2-2.00.33.2-6.7-1.7-2.20.5
 Public-1.31.63.81.08.3-2.89.11.71.7
State final demand1.22.40.80.82.2-0.62.21.71.6

- 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. 

Investigations into export prices for coal and LNG

The ABS is aware that since December quarter 2021 there have been differences between the Export Price Index (EPI) and Implicit Price Deflators (IPDs) for Coal (Coal, coke & briquettes) and LNG (Other mineral fuels). With the current price volatility of bulk commodities and ongoing global uncertainty, the March quarter National Accounts and Balance of Payments volumes for Coal and LNG exports have been compiled using movements in the quantity data reported on Customs declarations. The ABS is undertaking further analysis on Coal and LNG export prices and will communicate the outcomes of the analysis in the next International Trade Price Index publication.

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.

Extraordinary Annual Seasonal Review (EASR)

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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.

Data downloads

Time series spreadsheets

Data files

Data cubes

Experimental food consumption estimates using scanner data

A datacube with experimental estimates of household final consumption expenditure on food compiled using supermarket scanner data has been included in this Data downloads section.

The ABS plans to replace existing estimates of food consumption with scanner data based estimates in September quarter 2022. If you have any questions or feedback about these changes, please contact National Accounts.

Experimental HFCE Food Estimates, current price and volume, COICOP Group, SUPC and IOPC, Original

Previous catalogue number

This release previously used catalogue number 5206.0.