Australian National Accounts: National Income, Expenditure and Product

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

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Reference period
March 2023
Released
7/06/2023
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Key statistics

  • The Australian economy rose 0.2% in seasonally adjusted chain volume measures
  • In nominal terms, GDP rose 2.1%
  • The terms of trade rose 2.8%
  • Household saving ratio decreased to 3.7% from 4.4%

In this release

Economic overview

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

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

March quarter key figures, percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Through the year, Mar 22 to Mar 23
Chain volume GDP and related measures (b)
 GDP0.60.80.60.60.22.3
 GDP per capita (c)0.20.40.10.1-0.20.3
 Gross value added market sector (d)0.61.00.90.50.12.5
 Real net national disposable income2.40.9-1.21.50.92.1
Productivity
 GDP per hour worked0.5-3.00.1-1.4-0.3-4.6
 Real unit labour costs-2.8-1.12.1-0.11.0
Prices
 GDP chain price index (original)5.04.10.30.61.86.8
 Terms of trade9.84.0-6.60.32.80.1
Current price measures
 GDP4.63.90.72.22.19.2
 Household saving ratio11.38.17.14.43.7na

na not available
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year.
b. Reference year for chain volume measures and real income measures is 2020-21.
c. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

Australian economy grew 0.2% in the March quarter 2023

Gross Domestic Product (GDP) rose 0.2%, the weakest result since the COVID-19 Delta lock-down contraction in September 2021. Domestic demand was the primary contributor to GDP growth, while net trade detracted from growth this quarter (stronger increase in imports relative to exports). 

Services prices accelerated while goods prices eased

Nominal GDP rose 2.1%. The GDP implicit price deflator (IPD) increased 1.9% driven by a rise in the terms of trade and elevated domestic prices. 

The terms of trade rose 2.8% as the fall in export prices (-1.4%) was offset by the fall in import prices (-4.0%). Lower crude oil prices, improved supply chains and the appreciation of the Australian dollar contributed to the fall in import prices. Export prices were led by reduced pricing for rural goods and mining commodities. Meat prices declined in line with improved global supply, while prices for liquified natural gas (LNG) and coal fell, which was consistent with reduced global demand from the milder Northern Hemisphere winter. Higher iron ore prices partly offset the fall as increased demand coincided with the reopening of China’s borders.

The domestic final demand IPD rose 1.1%, and 6.2% through the year. Services inflation strengthened as skilled labour shortages and the tight labour market placed upwards pressure on labour costs. Goods inflation moderated as prices for capital goods eased in line with import prices for materials, while consumption goods declined with demand for discretionary goods amidst the high inflationary environment. 

Domestic demand drove growth

Domestic final demand contributed 0.5 percentage points to GDP growth, following subdued demand in December quarter 2022. 

Capital investment drove demand and contributed 0.4 percentage points to GDP, with strength in machinery and equipment and non-dwelling construction on both private and public sector projects. 

Consumption expenditure by households and government were subdued, with a combined contribution of 0.1 percentage points to GDP. Household consumption (+0.2%) slowed as discretionary spending fell below essential spending for the first time since the Delta-variant lockdowns. Government expenditure grew 0.1%.

Net trade detracted 0.2 percentage points from GDP, as a 3.2% rise in imports offset a smaller 1.8% increase in exports.

Changes in inventories recorded a build-up of $2.4 billion in March quarter, matching the build-up in the December quarter, and did not contribute to growth. Wholesale trade inventories led the build-up and reflected backlogged imports of capital and consumption goods delayed at ports for biosecurity screening. 

a. Contributions may not be additive due to rounding.

Exports increased for the fourth consecutive quarter

Exports of goods and services rose 1.8%, driven by services exports. Services exports rose 7.7%, reflecting the continued recovery in education related travel as more international students returned to Australia for on campus learning. 

Imports of goods and services rose 3.2%. Imports of goods (+3.3%) led the rise with increased imports of telecommunications equipment following manufacturing disruptions in China in December quarter. Motor vehicles and machinery and equipment also contributed to the rise, with some of these imports held in inventories due to biosecurity cleaning requirements. Imports of services (+3.1%) also contributed to the rise, a reflection of Australians travelling to neighbouring countries. 

a. Contributions may not be additive due to rounding.

Business investment rose while housing investment declined

Private investment rose 1.4%. Business investment increased 3.4%, particularly in purchases of machinery and equipment following recent falls, driven by the manufacturing, transport, and mining industries. Non-dwelling construction (+2.4%) also rose with improved materials supply allowing work on major building and engineering projects to continue. 

Housing investment (-2.0%) fell, driven by ownership transfer costs (-5.0%), reflecting lower levels of property market activity following recent interest rate rises. Dwelling investment (-1.2%) fell as demand for renovation work declined. New and used dwelling activity also fell despite an existing pipeline of work, as ongoing labour shortages caused project delays and extended completion times.

a. Contributions may not be additive due to rounding.

Households cut back on discretionary spending

Household spending rose 0.2%, the weakest quarterly result since the fall recorded during the COVID-19 Delta-variant lockdowns in September 2021. Growth in essential spending increased (+1.1%), while discretionary spending (-1.0%) fell, as cost of living pressures exhausted residual post-lockdown demand. 

Essential spending was led by electricity, gas and other fuel (+5.2%) due to the ending of Queensland's Cost of Living Rebate, which saw increased government consumption on behalf of households in the December quarter. The warmer end of summer also contributed to increased electricity consumption. Growth in rent and other dwelling services (+0.5%) and insurance and other financial services (+0.5%) remained stable but emerged among the largest contributors to total expenditure this quarter, as households scaled back on other consumption categories amidst cost of living pressures. Food consumption (+0.4%) moderated from supply disruptions experienced in the second half of 2022. 

Transport services (+4.0%), hotels, cafes and restaurants (+0.2%) and clothing and footwear (+0.2%), were the only discretionary spending categories to record rises, though all at relatively weak growth following post-lockdown strength. 

Growth in COE continued in the tight labour market

Compensation of employees (COE) rose 2.4% as tight labour market conditions persisted in the March quarter. Sustained wages and employment growth translated to a 10.8% through the year rise in COE, the largest since June 2007.

Strength in private COE (+2.4%) reflected skilled labour shortages adding pressure to wages to attract and retain employees. Strength in public COE (+2.5%) resulted from updated enterprise agreements and government policies which introduced higher wage rates to address cost of living pressures. 

Operating surplus driven by non-mining industries

Gross operating surplus rose 3.0%, driven by private non-financial corporations (+4.0%) as eased supply chains and falls in petroleum prices saw lower operating expenses for non-mining industries. Financial corporations operating surplus (-0.2%) fell as loan and deposit balance growth weakened and banks' margins narrowed due to increased competition in the household deposit market. Dwellings owned by persons operating surplus (+2.7%) grew at its highest rate since December quarter 2009, as rental prices grew more than operating expenses. 

Mining detracted 1.0 percentage points from total growth in gross operating surplus plus gross mixed income (GOSMI), in line with decreased exports and lower pricing for coal and LNG. Wholesale trade and manufacturing were the main contributors to growth in non-mining GOSMI. Lower operating expenses contributed to higher profits in wholesale trade. Manufacturing profits were boosted by improved production conditions and increased sales, particularly in food and primary metal products.

a. Contributions may not be additive due to rounding.

Household saving ratio declined to its lowest rate since 2008

The household saving ratio declined from 4.4% to 3.7%, the lowest level since June 2008. Savings fell as the rise in household consumption outweighed a softer rise in gross disposable income.

Household gross income rose 1.7% driven by labour income (+2.3%). Non-labour income also grew as interest received on deposits rose 13.0%.

Household income payable rose 4.4%. Income tax rose 3.3%, aligned with growth in wages, employment and hours worked plus higher returns on investment income. Interest payable on dwellings rose 11.5%, reflecting further interest rate rises over the quarter.

a. Contributions may not be additive due to rounding.

Total industry production softened

Gross value added (GVA) rose modestly by 0.2%, as results were mixed across industries. 

Manufacturing drove the rise (+2.4%) as food product manufacturing caught up from the weather related delays in production suffered in the December quarter. Metal product manufacturing also contributed to the rise with increased global demand for non-monetary gold. 

Electricity, gas, water and waste services (+1.5%) rose as a warmer than usual end to the summer saw increased electricity usage.

Rental, hiring and real estate services (-1.6%) fell driven by reduced demand for commercial and residential real estate services, aligned with slowdown in the property market. 

Professional, scientific, and technical services (-1.2%) fell as demand for engineering and consulting services further eased from record high levels.

Mining (-0.3%) fell driven by iron ore mining (-0.5%) as shutdowns and maintenance of mines prevented production. Despite the fall, exports of iron ore continued through draw downs of inventories built up during recent quarters of high production volumes. 

Expenditure

Expenditure
 Dec 22 to Mar 23Mar 22 to Mar 23Dec 22 to Mar 23
 % change% change% points contribution to GDP growth
Final consumption expenditure
 General government0.1-0.1-
 Households0.23.50.1
 Total final consumption expenditure0.22.40.1
Gross fixed capital formation
 Private   
  Dwellings-1.2-4.4-0.1
  Ownership transfer costs-5.0-22.0-0.1
  Non-dwelling construction2.49.50.1
  Machinery and equipment6.07.20.2
  Cultivated biological resources-1.67.5-
  Intellectual property products1.01.4-
 Public3.03.80.1
 Total gross fixed capital formation1.81.50.4
Changes in inventoriesnana-
Gross national expenditure0.61.40.5
Exports of goods and services1.810.80.4
Imports of goods and services3.25.1-0.6
Statistical discrepancy (E)nana-0.1
Gross domestic product0.22.30.2

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

Final consumption expenditure (FCE) 0.2%

Household FCE rose 0.2%, driven by a:

  • 5.2% rise in electricity, gas and other fuel
  • 0.5% rise in rent and other dwelling services
  • 4.0% rise in transport services
  • 0.9% rise in operation of vehicles 

The increase was partly offset by a:

  • 2.4% fall in furnishings and household equipment
  • 2.2% fall in purchase of vehicles
  • 0.7% fall in other goods and services
  • 1.5% fall in alcoholic beverages

General government FCE rose 0.1%, driven by a:

  • 1.1% rise in national non-defence

The increase was partly offset by a: 

  • 0.4% fall in state and local
  • 0.9% fall in national defence

Gross fixed capital formation (GFCF) 1.8%

Private investment increased 1.4%, driven by a:

  • 6.0% rise in machinery and equipment
  • 2.4% rise in non-dwelling construction
  • 1.0% rise in intellectual property products

The increase was partly offset by a:

  • 5.0% fall in ownership transfer costs
  • 1.2% fall in dwellings
  • 1.6% fall in cultivated biological resources

Public investment increased 3.0%, driven by a:

  • 3.9% rise in state and local general government
  • 4.1% rise in state and local public corporations
  • 2.5% rise in national non-defence

The increase was partly offset by a:

  • 2.9% fall in commonwealth public corporations
  • 0.7% fall in national defence

Changes in inventories

Total inventories rose $2,417m following a rise of $2,360m in the December quarter. The largest contributors to the rise were a:

  • $1,968m rise in Wholesale Trade   
  • $358m rise in Retail Trade 
  • $261m rise in Public Authorities 
  • $111m rise in Mining
  • $79m rise in Other Non-Farm Industries 

This rise was partly offset by a:

  • $384m fall in Manufacturing

Exports and imports of goods and services

Exports of goods and services rose 1.8%, driven by a:

  • 17.5% rise in travel services
  • 36.9% rise in meat
  • 6.4% rise in non-monetary gold
  • 3.6% rise in other mineral fuels

The rise was partly offset by a:

  • 7.8% fall in coal
  • 7.1% fall in other rural
  • 14.5% fall in other non-rural & sugar
  • 3.4% fall in other services

Imports of goods and services rose 3.2%, driven by a:

  • 25.1% rise in telecommunications equipment
  • 11.0% rise in non-industrial transport equipment
  • 40.9% rise in non-monetary gold
  • 7.1% rise in travel services
  • 6.3% rise in machinery & industrial equipment 

The rise was partly offset by a:

  • 31.3% fall in civil aircraft & confidentialised items 
  • 6.9% fall in parts for transport equipment
  • 65.0% fall in other merchandise goods
  • 5.8% fall in transportation services  

Income

Income estimates are in seasonally adjusted current prices

Income
 Dec 22 to Mar 23Mar 22 to Mar 23Dec 22 to Mar 23
 % change% change% points contribution to GDP growth
Compensation of employees2.410.81.1
Gross operating surplus
 Private non-financial corporations4.013.50.9
 Other (a)1.38.00.2
Gross mixed income-3.8-4.0-0.3
Taxes less subsidies on production and imports1.53.40.1
Statistical discrepancy (I)nana-
Gross domestic product2.19.22.1

- nil or rounded to zero (including null cells)
na not available
a. Includes Public non-financial corporations, Financial corporations, General government and Dwellings owned by persons.

Compensation of employees (COE) 2.4%

Compensation of employees rose 2.4%, private sector COE rose 2.4% and public sector COE rose 2.5%. Private sector COE rose in line with wage price increases, hours worked and higher than usual end of year bonuses and incentives paid to workers as businesses continued to experience tight labour market.

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

  • 5.0% rise in ACT
  • 4.2% rise in WA
  • 2.6% rise in Queensland

Gross operating surplus (GOS) 3.0%

Private non-financial corporations GOS increased 4.0%, driven by a:

  • rise in Wholesale Trade driven by decreased operating expenses as global input prices fell
  • rise in Manufacturing driven by increased food production and sales
  • rise in Accommodation and Food Services driven by increased sales and softening operating expenses

Other sectors GOS rose 1.3%, driven by a:

  • 2.7% rise in dwellings owned by persons

The rise in other sectors GOS was partly offset by a:

  • 1.6% fall in public non-financial corporations
  • 0.2% fall in financial corporations

Taxes less subsidies on production and imports 1.5%

Taxes less subsidies on production and imports rose 1.5%. Taxes on production and imports rose 0.9% driven by a rise in payroll tax, excise tax and GST, partly offset by taxes on financial and capital transactions and taxes on international trade. The rise in excise taxes was driven by excise duty for petroleum products. Subsidies on production fell 2.5% driven by a decline in Building Skills and Capability support program while state and local subsidy payments partly offset the fall due to subsidies for arts and recreation services.

Production

Production
 Dec 22 to Mar 23Mar 22 to Mar 23Dec 22 to Mar 23
 % change% change% points contribution to GDP growth
Agriculture, Forestry and Fishing-0.2-6.0-
Mining-0.35.4-
Manufacturing2.4-1.20.1
Electricity, Gas, Water and Waste Services1.5-0.2-
Construction0.21.8-
Wholesale Trade1.3--
Retail Trade-0.5-0.4-
Accommodation and Food Services0.719.2-
Transport, Postal and Warehousing0.410.3-
Information Media and Telecommunications1.78.7-
Financial and Insurance Services-0.7-
Rental, Hiring and Real Estate Services-1.6-0.9-
Professional, Scientific and Technical Services-1.2-0.1-0.1
Administrative and Support Services-1.44.1-0.1
Public Administration and Safety0.81.7-
Education and Training0.41.5-
Health Care and Social Assistance1.12.80.1
Arts and Recreation Services-0.74.3-
Other Services1.25.0-
Ownership of dwellings0.51.8-
Taxes less subsidies on products-0.9-2.3-0.1
Statistical discrepancy (P)nana0.1
Gross domestic product0.22.30.2

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

Agriculture, Forestry and Fishing -0.2%

The decrease was driven by a:

  • 0.8% fall Forestry and Fishing driven by agriculture support services.
  • 0.1% fall in Agriculture following disruption of cotton planting in NSW. 

Mining -0.3%

The decrease was driven by a:

  • 0.5% fall in Iron Ore Mining driven by planned maintenance and shutdowns. 
  • 2.6% fall in Other Mining due to wet weather disrupting gold and copper production in key areas.
  • 0.2% fall in Oil and Gas Extraction driven by maintenance at large LNG plants. 

This was partly offset by a:

  • 4.4% rise in Exploration and Mining Support Services driven by increased mineral and petroleum exploration.  
  • 0.6% rise in Coal Mining as conditions improved in key production areas.  

Manufacturing 2.4%

The increase was driven by a: 

  • 5.4% rise in Food, Beverage and Tobacco Products due to increased meat and sugar production.
  • 4.7% rise in Metal Products as demand for fabricated metal products and gold increased.  
  • 0.8% rise in Other Manufacturing.  
  • 0.5% rise in Petroleum, Coal, Chemical and Rubber Products. 
  • 0.2% rise in Machinery and Equipment. 

Electricity, Gas, Water and Waste Services 1.5%

The increase was driven by a:

  • 2.5% rise in Electricity Supply as consumption increased in line with hotter weather conditions.
  • 0.8% rise in Water Supply and Waste Services.

This was partly offset by a:

  • 2.0% fall in Gas Supply as demand eased.

Construction 0.2%

The increase was driven by a:

  • 4.8% rise in Heavy and Civil Engineering Construction due to transportation and energy infrastructure projects.

This was partly offset by a:

  • 1.3% fall in Construction Services due to construction project delays and cancellations.
  • 0.6% fall in Building Construction driven by easing demand in residential construction.

Wholesale Trade 1.3%

The increase was driven by:

  • Basic Material Wholesaling as the flood delayed harvest increased the amount of grain available for sale on the East Coast. 
  • Commission-Based Wholesaling which continued to recover from low levels.
  • Grocery, Liquor and Tobacco Wholesaling, and Other Goods Wholesaling also rose.

Retail Trade -0.5%

The decrease was driven by:

  • Other Store Based Retailing as discretionary spending eased. 

Accommodation and Food Services 0.7%

The increase was driven by:

  • Food and Beverage Services due to sporting and recreational events boosting demand.

This was partly offset by:

  • Accommodation Services due to decreased domestic tourism. 

Transport, Postal and Warehousing 0.4%

The increase was driven by a:

  • 1.0% rise in Road Transport driven by increased demand for freight linked to the delayed grain harvest.
  • 4.2% rise in Air and Space Transport as international travel increased.
  • 0.3% rise in Rail, Pipeline and Other Transport due to increased demand for public transport.

This was partly offset by a:

  • 0.5% fall in Transport, Postal and Storage services due to decreased freight forwarding activity.

Information Media and Telecommunications 1.7%

The increase was driven by a:

  • 3.1% rise in Telecommunication Services due to increased internet and mobile service demand.
  • 0.5% rise in Other Information and Media.

Financial and Insurance Services 0.0%

This was driven by offsetting movements:

  • 0.2% fall in Finance due to weakness in dwelling and business loans, and deposit balances.
  • 0.3% rise in Other Financial and Insurance Services driven by superannuation services. 

Rental, Hiring and Real Estate Services -1.6%

This decrease was driven by a: 

  • 2.4% fall in Property Operators and Real Estate Services driven by reduced residential real estate sales volumes.

This was partly offset by a: 

  • 2.6% rise in Rental and Hiring Services driven by equipment hire.

Professional, Scientific and Technical Services -1.2%

This decrease was driven by a:

  • 1.6% fall in Other Professional, Scientific and Technical Services due to decreased demand for engineering and consulting services.
  • 0.3% fall in Computer System Design and Related Services.  

Administrative and Support Services -1.4%

Administrative Services fell due to reduced demand for recruitment and labour hire services.

Health Care and Social Assistance 1.1%

Health Care and Social Assistance rose driven by both private and public health. 

Arts and Recreation Services -0.7%

Arts and Recreation Services fell due to decreased Gambling Activities.

Other Services 1.2%

The rise was driven by Repair and Maintenance, with increased demand for automotive repair and maintenance.

State and territory final demand

State and territory final demand, percentage changes (a)
  Dec 22 to Mar 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.5-0.3-0.8-0.81.61.01.20.60.1
 Households0.20.3-0.10.80.20.5-0.71.00.2
Gross fixed capital formation
 Private1.02.11.9-1.10.9-4.0-4.8-3.31.4
 Public0.64.26.01.03.5-2.55.02.13.0
State final demand0.40.70.40.10.8-0.2-0.40.50.6

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

Quarterly volume measures, seasonally adjusted

The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 0.4% for the quarter.
Victoria's state final demand increased 0.7% for the quarter.
Queensland's state final demand increased 0.4% for the quarter.
South Australia's state final demand increased 0.1% for the quarter.
Western Australia's state final demand increased 0.8% for the quarter.
Tasmania's state final demand decreased 0.2% for the quarter.
Northern Territory's state final demand decreased 0.4% for the quarter.
Australian Capital Territory's state final demand increased 0.5% for the quarter.

New South Wales 0.4%

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

  • 0.2% rise in household consumption, led by increased spending on food (1.6%) and transport services (5.3%). The increase was partly offset by a fall in some discretionary categories including furnishings and household equipment (-3.5%) and hotels, cafes and restaurants (-1.1%).
  • 0.5% increase in government expenditure as national expenditure rose (0.6%) due to an increase in Commonwealth spending on social benefits to households including Aged and Home Care. Additionally, state and local expenditure increased (0.3%), driven by a rise in employee expenses related to the state election. 

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

  • 2.6% increase in total non-dwelling construction due to a rise in new engineering construction relating to energy projects. Partly offsetting the rise was a decrease in new building investment reflecting a fall in approvals in the preceding two quarters.
  • 2.3% increase in machinery and equipment led by an increase in purchases of vehicles by small businesses.

Partly offset by a:

  • 0.2% decrease in total dwellings, with weakness in dwelling construction partly offset by an increase in alterations and additions.

Public gross fixed capital formation increased 0.6%, driven by a:

  • 2.8% increase in public corporations led by state and local level investment in transport infrastructure.

Partly offset by a:

  • 0.2% decrease in general government driven by reduced investment at the state and local level.

Victoria 0.7%

Total final consumption expenditure increased 0.1%, driven by a:

  • 0.3% increase in household consumption. The primary drivers were hotels, cafes and restaurants (4.0%), food (1.2%) and rent and other dwelling services (0.5%). Partly offsetting the rise were falls in purchase of vehicles (-5.9%) and furnishings and household equipment (-1.4%).

Partly offset by a: 

  • 0.3% fall in government consumption led by weakness in state and local (-1.3%) due to falls in non-employee and employee expenses. Partly offsetting this fall was a 0.9% increase in national expenditure driven by Commonwealth spending on social benefits to households including Aged and Home Care.

Private gross fixed capital formation increased 2.1%, driven by a:

  • 12.0% increase in Machinery and equipment reflecting an increase in vehicle purchases from small businesses.
  • 5.0% increase in Non-dwelling construction driven by increased investment across both new building and engineering construction for energy and road projects.

Partly offset by a: 

  • 2.4% fall in total dwellings with falls across both new and used (-1.6%) and alterations and additions (-4.1%).

Public gross fixed capital formation increased 4.2%, driven by a:

  • 6.6% increase in State and local general government investment, with multiple new and upgraded buildings in Health and Education.

Queensland 0.4%

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

  • 0.8% fall in government expenditure, as state and local expenditure fell (-1.8%) due to a decrease in social benefits to households, which was elevated in prior quarters by the Queensland government's "Cost of living rebate for households". The fall was partly offset by a 0.4% rise in national expenditure driven by increased Commonwealth spending on social benefits to households including Aged and Home Care.
  • 0.1% decrease in household consumption led by falls in food (-2.4%), furnishings and household equipment (-3.0%), and hotels, cafes and restaurants (-1.6%). The fall was partly offset by electricity, gas and other fuel (49.4%), which rose due to the cost of living rebate ceasing in the December quarter. 

Private gross fixed capital formation increased 1.9%, driven by a:

  • 5.5% increase in total machinery and equipment driven by investment from the mining and construction industries and small businesses purchasing motor vehicles in the quarter.
  • 3.3% increase in total non-dwelling construction, with strength coming from new engineering construction with increased investment from the mining industry.

Partly offset by a:

  • 1.3% fall in total dwellings driven by alterations and additions, reflecting falls in home renovation approvals and loan commitments.

Public gross fixed capital formation increased 6.0% driven by a:

  • 8.6% increase in state and local general government as work done increased for several transport infrastructure and building projects.
  • 6.1% increase in state and local public corporations, primarily from utility projects.

South Australia 0.1%

Total final consumption expenditure increased 0.4%, driven by a:

  • 0.8% increase in household consumption. Leading the rise were hotels, cafes and restaurants (1.7%), food (1.4%), and health (1.5%). This was partly offset by furnishings and household equipment (-2.1%).

Partly offset by a:

  • 0.8% decrease in government expenditure. State and local expenditure fell 2.2% due to a decrease in both non-employee and employee expenses. This was partly offset by a 0.7% increase in national as a result of increased expenditure on social benefits to households, including Aged and Home Care.

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

  • 4.0% decrease in total machinery and equipment, driven by decreased spending on vehicles by the mining industry.
  • 2.1% decrease in total non-dwelling construction as a decline in new engineering construction was partly offset by increased investment in new building projects.

Partly offset by a:

  • 3.3% increase in total dwellings, led by increased investment in alterations and additions.

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

  • 10.2% increase in public corporations, led by strong investment at the state and local level (20.0%), particularly in water and renewable infrastructure.

Western Australia 0.8%

Total final consumption expenditure increased 0.6%, driven by a:

  • 1.6% increase in government expenditure driven by a 2.0% rise in state and local spending due to flood related expenses.
  • 0.2% increase in household consumption driven by increases in operation of vehicles (2.2%), health (1.2%), and rent and other dwellings services (0.4%). The increase was partly offset by furnishings and household equipment (-1.6%).

Private gross fixed capital formation increased 0.9%, driven by a:

  • 2.6% increase in total machinery and equipment due to increased investment in automation by the mining industry. 
  • 4.1% increase in intellectual property products reflecting a rise in mineral and petroleum exploration. 
  • 1.7% increase in total dwellings led by a rise in alterations and additions following four consecutive quarters of decreases.

Partly offset by a:

  • 1.0% decrease in total non-dwelling construction due to small falls across both new building and engineering construction.

Public gross fixed capital formation increased 3.5%, driven by a:

  • 3.4% increase in general government expenditure led by state and local investment (7.4%) in road projects and education buildings. 
  • 3.8% increase in public corporation expenditure due to on-going state and local spending (4.5%) on transport infrastructure.

Tasmania -0.2%

Total final consumption expenditure increased 0.6%, driven by a:

  • 1.0% increase in government expenditure, driven by both national (1.1%) and state and local (0.9%). National saw strength in social benefits to households relating to Aged and Home care. 
  • 0.5% increase in household consumption. Leading the increase were rises in operation of vehicles (3.3%), food (1.0%) and transport services (3.9%). This was partly offset by falls in clothing and footwear (-2.6%) and purchase of vehicles (-3.6%).

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

  • 13.3% decrease in machinery and equipment.

Partly offset by a:

  • 6.1% rise in total dwellings, driven by a 15.7% rise in alterations and additions reflecting strong approvals in recent quarters,

Public gross fixed capital formation decreased 2.5% driven by a: 

  • 8.0% decrease in state and local general government due to less investment in transport infrastructure following the completion of several projects in the previous quarter.

Northern Territory -0.4%

Total final consumption expenditure increased 0.2%, driven by a:

  • 1.2% increase in government expenditure, with a 1.8% increase in state and local expenditure reflecting strength in non-employee expenses, including flood support costs.

Partly offset by a:

  • 0.7% decrease in household consumption driven by recreation and culture (-2.8%), operation of vehicles (-2.8%), food (-1.1%), furnishings and household equipment (-2.3%) and hotels, cafes and restaurants (-0.8%). 

Private gross fixed capital decreased 4.8%, driven by a: 

  • 12.7% fall in non-dwelling construction driven by new engineering construction due to reduced mining investment. 

Partly offset by a:

  • 14.7% increase in total machinery and equipment with purchases across multiple industries.
  • 5.5% increase in intellectual property products due to strength in mineral and petroleum exploration. 

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

  • 27.4% increase in state and local public corporations due to increased investment in utility infrastructure.
  • 2.6% increase in state and local general government due to ongoing investment in road infrastructure.
     

Australian Capital Territory 0.5%

Total final consumption expenditure increased 0.8%, driven by a:

  • 1.0% increase in household consumption, driven by hotels, cafes and restaurants (4.0%), food (1.7%), purchases of vehicles (5.7%) and health (2.2%). This was partly offset by a 7.6% fall in electricity, gas and other fuel.
  • 0.6% increase in government expenditure led by a rise in national expenditure (0.9%) due to an increase in Commonwealth non-employee expenses.

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

  • 9.6% decrease in total dwellings driven by a fall across both new and used dwellings and alterations and additions.  
  • 8.1% decrease in ownership transfer costs due to the ongoing cooling of the residential property market.

Partly offset by a:

  • 12.2% increase in machinery and equipment investment due to a rise in vehicle purchases during the quarter. This follows three consecutive quarters of declines.

Public gross fixed capital formation increased 2.1%, driven by a:

  • 2.4% increase in general government investment due to a rise in state and local (8.5%) investment in building projects across Health. 

Key tables

Key national accounts aggregates

Key national accounts aggregates, percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Through the year, Mar 22 to Mar 23
Chain volume GDP and related measures (b)
 GDP0.60.80.60.60.22.3
 GDP per capita (c)0.20.40.10.1-0.20.3
 Gross value added market sector (d)0.61.00.90.50.12.5
 Net domestic product0.60.90.60.60.22.2
Real income measures (b)
 Real gross domestic income2.71.9-1.00.70.92.5
 Real gross national income2.10.9-0.91.40.82.1
 Real net national disposable income2.40.9-1.21.50.92.1
 Real net national disposable income per capita (c)2.00.5-1.81.00.40.2
Current price measures
 GDP4.63.90.72.22.19.2
Productivity
 Hours worked-4.00.52.00.57.2
 Hours worked market sector (d)0.84.80.42.5-0.87.1
 GDP per hour worked0.5-3.00.1-1.4-0.3-4.6
 Gross value added per hour worked market sector (d)-0.2-3.60.5-2.00.9-4.3
 Real unit labour costs-2.8-1.12.1-0.11.0
 Real unit labour costs - non-farm-2.7-1.01.8-0.5-0.3-
Prices
 GDP implicit price deflator4.03.10.11.61.96.8
 Domestic final demand implicit price deflator1.41.62.01.41.16.2
 Terms of trade9.84.0-6.60.32.80.1

- nil or rounded to zero
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year.
b. Reference year for chain volume measures and real income measures is 2020-21.
c. Population estimates are as published in the National, state and territory population (cat. no. 3101.0) and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

Key national accounts aggregates, levels
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23
Chain volume GDP and related measures (a)
 GDP ($m)544 763549 260552 624555 817557 113
 GDP per capita (b) ($)21 04721 13921 15021 16521 112
 Gross value added market sector (c) ($m)370 722374 481377 907379 768380 030
 Net domestic product ($m)452 094456 030458 836461 488462 223
Real income measures (a)
 Real gross domestic income ($m)560 389571 084565 412569 211574 595
 Real gross national income ($m)537 636542 260537 131544 486548 794
 Real net national disposable income ($m)444 287448 444443 009449 807453 684
 Real net national disposable income per capita (b) ($)17 16517 25916 95517 12817 193
Current price measures
 GDP ($m)589 141612 207616 783630 266643 563
 GDP per capita (b) ($)22 76123 56123 60523 99924 389
 Gross national income ($m)566 185582 533586 728603 457614 927
 National net saving ($m)47 63651 28843 80251 88755 328
 Household saving ratio11.38.17.14.43.7
Prices
 Terms of trade (index) (d)113.9118.4110.6110.9114.0

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

Key national accounts aggregates, revisions to percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22
Chain volume GDP and related measures (b)
 GDP--0.1-0.10.1
 GDP per capita (c)---0.1
 Gross value added market sector (d)-0.1-0.2-0.20.3
 Net domestic product--0.1-0.10.1
Real income measures (b)
 Real gross domestic income0.3-0.2-0.30.1
 Real gross national income0.1-0.1-0.1-
 Real net national disposable income0.1-0.2-0.2-0.1
 Real net national disposable income per capita (c)--0.2-0.3-0.1
Current price measures
 GDP0.3-0.1-0.50.1
 Household saving ratio (e)0.1-0.2--0.1
Productivity
 Hours worked-0.10.1-0.1
 Hours worked market sector (d)-0.1--0.2
 GDP per hour worked--0.1-0.1-
 Gross value added per hour worked market sector (d)-0.1-0.2-0.20.4
 Real unit labour costs-0.50.20.4-0.1
 Real unit labour costs - non-farm-0.40.10.3-0.2
Prices
 Terms of trade1.4-0.5-0.7-0.3

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

Analytical expenditure aggregates

Analytical expenditure aggregates, percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Through the year, Mar 22 to Mar 23Contribution to growth, Dec 22 to Mar 23
Final consumption expenditure
 General government2.6-1.00.20.60.1-0.1-
 Households1.92.20.80.30.23.50.1
  Goods1.4-0.2-0.4-1.20.2-1.6-
  Services2.23.81.51.20.36.90.1
  Essential0.41.10.20.31.12.70.3
  Discretionary4.13.81.60.3-1.04.7-0.2
Gross fixed capital formation
 Private-0.2-0.81.2-0.91.40.90.2
  Mining-2.8-3.03.73.01.04.6-
  Non-mining1.51.73.2-1.24.27.90.3
  Total private business investment0.40.53.3-0.23.47.10.4
 Public1.55.4-3.2-1.23.03.80.1
Final demand
 Public2.40.1-0.40.30.60.60.2
 Private1.31.40.9-0.52.80.4

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

Analytical expenditure aggregates, revisions to percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22
Final consumption expenditure
 General government-0.10.1--
 Households0.1--0.2-
  Goods-0.1-0.2-0.2
  Services0.1-0.1-0.2-
  Essential-0.1-0.1-
  Discretionary0.1-0.1-0.3-0.1
Gross fixed capital formation
 Private-0.30.1-0.8
  Mining-0.70.11.62.7
  Non-mining-0.30.2-0.60.7
  Total private business investment-0.40.2-0.11.2
 Public-0.40.20.3-0.5
Final demand
 Public-0.10.10.1-0.1
 Private-0.1--0.10.2

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

Expenditure aggregates

Expenditure aggregates, contributions to growth
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23
Final consumption expenditure
 General government0.6-0.2-0.1-
 Households0.91.10.40.10.1
Gross fixed capital formation
 Private--0.10.2-0.20.2
 Public0.10.3-0.2-0.10.1
Domestic final demand1.61.00.50.10.5
Changes in inventories1.0-1.00.6-0.5-
Exports of goods and services-0.11.10.40.30.4
Imports of goods and services-1.8-0.3-0.80.8-0.6
Statistical discrepancy (E)---0.1-0.2-0.1
Gross domestic product0.60.80.60.60.2

- nil or rounded to zero

Expenditure on GDP

Expenditure on GDP, percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Through the year, Mar 22 to Mar 23Contribution to growth, Dec 22 to Mar 23
Final consumption expenditure
 General government2.6-1.00.20.60.1-0.1-
 Households1.92.20.80.30.23.50.1
 Total final consumption expenditure2.11.20.60.40.22.40.1
Private gross fixed capital formation
 Dwellings-0.4-3.20.7-0.8-1.2-4.4-0.1
 Ownership transfer costs-2.5-2.1-10.3-6.5-5.0-22.0-0.1
 Non-dwelling construction-1.1-3.110.00.32.49.50.1
 Machinery and equipment2.35.2-2.3-1.76.07.20.2
 Cultivated biological resources0.91.72.64.6-1.67.5-
 Intellectual property products0.3-0.60.01.01.01.4-
 Total private gross fixed capital formation-0.2-0.81.2-0.91.40.90.2
Public gross fixed capital formation
 Public corporations1.23.22.63.72.312.3-
 General government1.66.0-4.8-2.73.21.40.1
 Total public gross fixed capital formation1.55.4-3.2-1.23.03.80.1
Total gross fixed capital formation0.20.50.2-1.01.81.50.4
Domestic final demand1.61.00.50.10.62.20.5
Changes in inventories. .. .. .. .. .. .-
Exports of goods and services-0.75.22.01.41.810.80.4
Imports of goods and services10.41.74.3-4.03.25.1-0.6
Statistical discrepancy (E). .. .. .. .. .. .-0.1
Gross domestic product0.60.80.60.60.22.30.2

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

Expenditure on GDP, revisions to percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22
Final consumption expenditure
 General government-0.10.1--
 Households0.1--0.2-
 Total final consumption expenditure---0.1-
Private gross fixed capital formation
 Dwellings--0.1-0.1
 Ownership transfer costs--0.9-0.3
 Non-dwelling construction--0.1-3.0
 Machinery and equipment-0.90.4-0.1-0.5
 Cultivated biological resources-1.90.4-0.11.7
 Intellectual property products-0.1--
 Total private gross fixed capital formation-0.30.1-0.8
Public gross fixed capital formation
 Public corporations-0.50.4-0.30.2
 General government-0.40.20.4-0.8
 Total public gross fixed capital formation -0.40.20.3-0.5
Total gross fixed capital formation-0.3-0.10.4
Domestic final demand-0.1--0.10.1
Gross national expenditure-0.10.10.10.1
Exports of goods and services0.4--0.50.3
Imports of goods and services-0.70.30.30.3
Gross domestic product--0.1-0.10.1

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

Household final consumption expenditure

Household final consumption expenditure, percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Through the year, Mar 22 to Mar 23Contribution to growth, Dec 22 to Mar 23
Food-2.20.1-1.22.50.41.7-
Cigarettes and tobacco-2.9-3.6-3.2-1.0-1.2-8.7-
Alcoholic beverages-1.92.5-1.0-1.1-1.5-1.1-
Clothing and footwear3.33.72.7-1.80.24.8-
Rent and other dwelling services0.50.50.50.50.51.90.1
Electricity, gas and other fuel-2.33.7-9.81.65.2-0.10.1
Furnishings and household equipment0.6-1.4-1.8-1.0-2.4-6.5-0.1
Health-1.83.41.61.00.46.5-
Purchase of vehicles12.7-4.19.60.7-2.23.5-0.1
Operation of vehicles0.82.93.3-1.70.95.4-
Transport services65.836.412.14.94.066.90.1
Communications1.21.3-0.30.91.53.3-
Recreation and culture5.83.3-0.9-1.40.00.9-
Education services-0.30.30.80.40.31.8-
Hotels, cafes and restaurants6.78.24.61.20.214.8-
Insurance and other financial services0.30.20.30.20.51.2-
Other goods and services1.72.91.3-0.3-0.73.2-
Total1.92.20.80.30.23.50.2

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

Industry gross value added

Industry gross value added, percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Through the year, Mar 22 to Mar 23Contribution to growth, Dec 22 to Mar 23
Agriculture, Forestry and Fishing-7.7-0.2-6.30.6-0.2-6.0-
Mining-1.10.22.23.3-0.35.4-
Manufacturing0.4-1.0-1.1-1.62.4-1.20.1
Electricity, Gas, Water and Waste Services1.63.5--5.11.5-0.2-
Construction0.90.31.00.30.21.8-
Wholesale Trade2.9-1.71.4-0.91.3--
Retail Trade0.60.20.6-0.7-0.5-0.4-
Accommodation and Food Services1.511.73.22.70.719.2-
Transport, Postal and Warehousing3.45.92.90.80.410.3-
Information Media and Telecommunications2.21.72.32.81.78.7-
Financial and Insurance Services-0.10.60.3-0.2-0.7-
Rental, Hiring and Real Estate Services-1.00.3-0.51.0-1.6-0.9-
Professional, Scientific and Technical Services3.20.52.2-1.6-1.2-0.1-0.1
Administrative and Support Services0.80.52.13.0-1.44.1-0.1
Public Administration and Safety--0.6-0.21.70.81.7-
Education and Training0.30.30.40.40.41.5-
Health Care and Social Assistance-0.82.4-0.3-0.41.12.80.1
Arts and Recreation Services5.53.6-0.82.2-0.74.3-
Other Services-1.8-0.82.71.25.0-
Ownership of dwellings0.50.50.50.40.51.8-
Gross value added at basic prices0.41.00.70.50.22.40.2
Taxes less subsidies on products4.3-0.4-1.30.2-0.9-2.3-0.1
Statistical discrepancy (P). ..  ..  ..  ..  .. .0.1
Gross domestic product0.60.80.60.60.22.30.2

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

Industry value added, revisions to percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22
Agriculture, Forestry and Fishing-0.6-3.0-4.13.2
Mining---0.20.1
Manufacturing-0.2-0.2-0.10.2
Electricity, Gas, Water and Waste Services0.1--0.2-0.2
Construction-0.2-0.10.6
Wholesale Trade-0.40.30.1-0.2
Retail Trade0.1--0.1-0.3
Accommodation and Food Services-2.20.50.31.3
Transport, Postal and Warehousing-0.50.70.10.2
Information Media and Telecommunications-0.40.20.10.2
Financial and Insurance Services0.2-0.1-0.1-
Rental, Hiring and Real Estate Services0.3-0.3-0.3-0.1
Professional, Scientific and Technical Services--0.4-0.2
Administrative and Support Services--0.70.10.6
Public Administration and Safety----
Education and Training----
Health Care and Social Assistance-0.1--0.1-0.1
Arts and Recreation Services1.0-0.80.6-0.2
Other Services0.4-0.10.7-2.2
Ownership of dwellings----0.1
Gross value added at basic prices-0.1-0.1-0.10.2
Taxes less subsidies on products2.3-0.7-0.7-1.3
Gross domestic product--0.1-0.10.1

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

Income from GDP

Income estimates are in seasonally adjusted current prices

Income from GDP, percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Through the year, Mar 22 to Mar 23Contribution to growth, Dec 22 to Mar 23
Compensation of employees
 Wages and salaries1.92.73.02.02.410.51.0
 Employers' social contributions (b)2.02.35.02.02.712.60.1
 Total compensation of employees1.92.73.22.02.410.81.1
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations10.611.2-5.33.84.013.50.9
  Public non-financial corporations2.512.4-5.07.2-1.612.6-
  Total non-financial corporations10.311.2-5.33.93.813.50.9
 Financial corporations-2.65.10.6-0.28.3-
 Total corporations8.69.9-3.83.43.212.70.9
 General government1.61.41.11.31.35.2-
 Dwellings owned by persons1.51.51.82.12.78.20.2
 Total gross operating surplus6.87.9-2.63.03.011.51.1
Gross mixed income-1.51.9-1.1-1.0-3.8-4.0-0.3
Total factor income3.54.70.42.22.19.71.9
Taxes less subsidies on production and imports15.6-3.73.81.91.53.40.1
Statistical discrepancy (I). ..  ..  ..  ..  .. .-
Gross domestic product4.63.90.72.22.19.22.1

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

Income from GDP, revisions to percentage changes (a)
 Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22
Compensation of employees
 Wages and salaries-0.20.1--0.1
 Employers' social contributions (b)-0.2--0.1-
 Total compensation of employees-0.20.1--0.1
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations1.2-0.2-1.20.1
  Public non-financial corporations-1.10.41.01.4
  Total non-financial corporations1.1-0.2-1.10.2
 Financial corporations-0.10.1-0.1
 Total corporations0.9-0.2-1.00.2
 General government----
 Dwellings owned by persons-0.30.10.1-
 Total gross operating surplus0.6-0.1-0.80.1
Gross mixed income0.5-1.1-1.10.5
Total factor income0.2-0.1-0.40.1
Taxes less subsidies on production and imports0.6-0.40.1-0.1
Gross domestic product0.3-0.1-0.50.1

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

State final demand

State and territory final demand, percentage changes (a)
  Dec 22 to Mar 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.5-0.3-0.8-0.81.61.01.20.60.1
 Households0.20.3-0.10.80.20.5-0.71.00.2
Gross fixed capital formation
 Private1.02.11.9-1.10.9-4.0-4.8-3.31.4
 Public0.64.26.01.03.5-2.55.02.13.0
State final demand0.40.70.40.10.8-0.2-0.40.50.6

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

Revisions and changes

Revisions in this issue

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

Outcomes of the annual seasonal reanalysis in March quarter 2023

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

Over the March quarter 2023, annual seasonal reanalysis of national accounts series was conducted. This process reviewed the seasonal factors in more detail than is possible during a quarterly processing cycle, including assessing the appropriateness of prior corrections. The outcomes of this are listed below:

  • Household final consumption expenditure: Transport services remains on forward factors, all other reviewed series were reverted to concurrent
  • Government final consumption expenditure: Multijurisdictional (universities) series reverted to concurrent
  • GDP Income measure: Compensation of employees and Gross operating surplus and gross mixed income for the Accommodation and Food Services industry, as well as Compensation of employees for the Arts and Recreation Services industry remain on forward factors
  • GDP Production measure: All series now on concurrent with the exception of Air and Space Transport Gross Value Added.

Revisions to seasonally adjusted estimates have occurred as part of this process.

The annual seasonal reanalysis process will continue in the June quarter with consumption, private gross fixed capital formation and income series to be assessed. The outcomes of this process will be advised in the June quarter 2023 release of Australian National Accounts: National Income, Expenditure and Product, planned for release on 6 September 2023.

The reinstatement of trend estimates will be reviewed once all published series have reverted back to concurrent adjustment.

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