Australian National Accounts: National Income, Expenditure and Product

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

Reference period
September 2022

Key statistics

  • The Australian economy rose 0.6% in seasonally adjusted chain volume measures 
  • In nominal terms, GDP rose 0.8%
  • The terms of trade fell 6.6% 
  • Household saving ratio decreased to 6.9% from 8.3% 

In this release

For a breakdown of key information from this and other recent economic releases, see 12 things to know about the Australian economy right now.

This quarter's National Accounts includes the following article:

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

Economic overview

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

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

September quarter key figures, percentage changes (a)
 Jun 21 to Sep 21Sep 21 to Dec 21Dec 21 to Mar 22Mar 22 to Jun 22Jun 22 to Sep 22Through the year, Sep 21 to Sep 22
Chain volume GDP and related measures (b)
 GDP per capita (c)-
 Gross value added market sector (d)-
 Real net national disposable income-
 GDP per hour worked1.21.20.4-2.80.6-0.7
 Real unit labour costs-0.1-0.9-2.1-1.52.0-2.5
 GDP chain price index (original)-0.1-
 Terms of trade0.7-
Current price measures
 Household saving ratio19.412.911.28.36.9na

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 rose 0.6% in the September quarter 2022

Gross Domestic Product (GDP) rose 0.6% this quarter, the fourth consecutive quarter of growth. GDP rose 5.9% through the year, reflecting sustained economic growth since the effects of the Delta outbreak in September quarter 2021. Growth was largely driven by strength in household spending.

Domestic price pressures continue to build

Nominal GDP rose 0.8%. The GDP implicit price deflator (IPD) increased 0.2% with higher domestic prices offset by a fall in the terms of trade.

The domestic final demand IPD rose 1.8%. This was the strongest growth since the introduction of the Goods and Services Tax, reflecting sustained levels of demand and high input costs.

The terms of trade fell 6.6% for the quarter with export (-2.8%) and import (+4.1%) prices both contributing to the fall. Mining commodities drove the fall in export prices with weaker overseas demand for iron ore, and coal prices falling from record highs in previous quarters. 

Domestic final demand drives economic activity

Domestic final demand contributed 0.6 percentage points to GDP growth. Household final consumption expenditure contributed 0.6 percentage points, driven by discretionary spending. Private investment contributed 0.1 percentage points, driven by dwelling and non-dwelling construction activity. 

Net trade detracted 0.2 percentage points driven by a rise in imports (+3.9%), partly offset by a rise in exports (+2.7%).

a. Contributions may not be additive due to rounding.

Travel drives household spending growth

Household spending rose 1.1% this quarter, driven by discretionary goods and services. Hotels, cafes and restaurants (+5.5%) and transport services (+13.9%) led the increases as COVID-related impacts eased, aiding the recovery of domestic and international tourism-related activity. Purchase of vehicles (+10.1%) also contributed to the rise as supply constraints eased and order backlogs were fulfilled.

Dwelling construction rebounds while ownership transfer costs fall

Private investment rose 0.8%, driven by non-dwelling construction of new and existing projects. Dwelling investment increased for the first time since September quarter 2021, with a strong level of housing projects in the pipeline. The rebound in construction activity follows a slight easing of ongoing material and labour shortages, and fewer wet weather impacts relative to previous quarters. 

Ownership transfer costs fell sharply, reflecting lower levels of housing market activity following recent interest rate rises. Despite falling for four consecutive quarters, ownership transfer costs remain above pre-pandemic levels.

Travel services drive trade

Net trade detracted 0.2 percentage points from GDP, with the 2.7% increase in exports being more than offset by the 3.9% rise in imports.

Exports of goods and services contributed 0.6 percentage points to GDP. Exports of services rose 10.6%, reflecting education and personal travel as international students and tourists returned to Australia. Exports of goods increased 1.4% driven by rural goods. Non-rural goods partly offset the rise due to weather and other disruptions hampering exports of coal and gas. 

Imports detracted 0.8 percentage points from growth. Imports of services rose 16.2% as the removal of COVID-related travel restrictions led to increased numbers of Australians travelling aboard.

a. Contributions may not be additive due to rounding.

Operating surplus falls as mining commodity prices weaken

Gross operating surplus plus gross mixed income (GOSMI) fell 2.2%. Mining operating surplus fell 7.1%, reflecting weaker commodity prices, particularly iron ore and coal. Financial corporations operating surplus (+4.9%) partly offset the fall in Mining, increasing at its fastest rate since September quarter 2008, as cash rate rises were passed on to borrowers.

a. Contributions may not be additive due to rounding.

Strong growth in COE as labour market tightens

Compensation of employees (COE) rose 3.2% this quarter, the strongest rise since December quarter 2006. Wage pressures continue to build from skilled labour shortages, resulting in businesses paying more to attract and retain staff and is reflected in average COE per employee up 2.5%. The Fair Work Commission's increase in the minimum wage, and the increase in the superannuation guarantee also contributed to growth. The superannuation guarantee rate increased from 10.0% to 10.5% on 1 July 2022 and is reflected in Employers' social contributions, which added 0.5 percentage points to growth in COE, the largest contribution since the series began.

a. Contributions may not be additive due to rounding.

Household saving ratio continues to decline towards pre-pandemic levels

The household saving ratio declined from 8.3% to 6.9%, returning to levels seen prior to the pandemic.

Household saving fell as the rise in household spending outpaced growth in gross disposable income. Gross disposable income rose 1.6%, driven by labour income (COE). Non-labour income also grew with property income received by households up 9.5%. Offsetting this was income payable growth of 5.2%. This was driven by interest payable on dwellings up 36.0%, in line with interest rate rises during the quarter.

a. Contributions may not be additive due to rounding.

Services industries drive strength in gross value added

Gross value added rose 0.8%. Hospitality, transport and other related services industries drove strength with the continued recovery in domestic and international travel. This was reflected in Accommodation and Food Services (+3.4%), Transport, Postal and Warehousing (+3.5%). and Administrative and Support Services (+3.3%).


 Jun 22 to Sep 22Sep 21 to Sep 22Jun 22 to Sep 22
 % change% change% points contribution to GDP growth
Final consumption expenditure
 General government0.13.3-
 Total final consumption expenditure0.89.10.6
Gross fixed capital formation
  Ownership transfer costs-11.2-16.2-0.2
  Non-dwelling construction8.65.20.4
  Machinery and equipment-2.74.4-0.1
  Cultivated biological resources1.616.7-
  Intellectual property products---
 Total gross fixed capital formation-0.20.2-
Changes in inventoriesnana0.2
Gross national expenditure0.88.00.8
Exports of goods and services2.76.80.6
Imports of goods and services3.919.1-0.8
Statistical discrepancy (E)nana0.1
Gross domestic product0.65.90.6

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

Final consumption expenditure (FCE) 0.8%

Gross fixed capital formation (GFCF) -0.2%

Changes in inventories

Exports and imports of goods and services


Income estimates are in seasonally adjusted current prices

 Jun 22 to Sep 22Sep 21 to Sep 22Jun 22 to Sep 22
 % change% change% points contribution to GDP growth
Compensation of employees3.210.01.4
Gross operating surplus
 Private non-financial corporations-4.717.8-1.2
 Other (a)
Gross mixed income-1.71.7-0.1
Taxes less subsidies on production and imports4.350.80.4
Statistical discrepancy (I)nana-
Gross domestic product0.813.10.8

- 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) 3.2%

Gross operating surplus (GOS) -2.3%

Taxes less subsidies on production and imports 4.3%


 Jun 22 to Sep 22Sep 21 to Sep 22Jun 22 to Sep 22
 % change% change% points contribution to GDP growth
Agriculture, Forestry and Fishing-0.4-0.1-
Electricity, Gas, Water and Waste Services0.44.8-
Wholesale Trade1.37.50.1
Retail Trade0.68.3-
Accommodation and Food Services3.447.60.1
Transport, Postal and Warehousing3.516.60.2
Information Media and Telecommunications1.112.3-
Financial and Insurance Services0.31.5-
Rental, Hiring and Real Estate Services-0.60.3-
Professional, Scientific and Technical Services1.610.80.1
Administrative and Support Services3.310.60.1
Public Administration and Safety-0.20.5-
Education and Training0.41.3-
Health Care and Social Assistance-0.27.1-
Arts and Recreation Services-0.318.7-
Other Services-0.719.3-
Ownership of dwellings0.51.9-
Taxes less subsidies on products-0.88.4-
Statistical discrepancy (P)nana-0.1
Gross domestic product0.65.90.6

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

Agriculture, Forestry and Fishing -0.4%

Mining 1.2%

Manufacturing -1.3%

Electricity, Gas, Water and Waste Services 0.4%

Construction 2.3%

Wholesale Trade 1.3%

Retail Trade 0.6%

Accommodation and Food Services 3.4%

Transport, Postal and Warehousing 3.5%

Information Media and Telecommunications 1.1%

Financial and Insurance Services 0.3%

Rental, Hiring and Real Estate Services -0.6%

Professional, Scientific and Technical Services 1.6%

Administrative and Support Services 3.3%

Health Care and Social Assistance -0.2%

Arts and Recreation Services -0.3%

Other Services -0.7%

State and territory final demand

State and territory final demand, percentage changes (a)
  Jun 22 to Sep 22
Final consumption expenditure
 General government1.1-1.40.9-
Gross fixed capital formation
State final demand0.

- 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

Loading map...

The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 0.7% for the quarter.
Victoria's state final demand was unchanged for the quarter.
Queensland's state final demand increased 0.7% for the quarter.
South Australia's state final demand increased 0.1% for the quarter.
Western Australia's state final demand increased 0.6% for the quarter.
Tasmania's state final demand increased 1.6% for the quarter.
Northern Territory's state final demand increased 2.7% for the quarter.
Australian Capital Territory's state final demand increased 0.2% for the quarter.

New South Wales 0.7%

Victoria 0.0%

Queensland 0.7%

South Australia 0.1%

Western Australia 0.6%

Tasmania 1.6%

Northern Territory 2.7%

Australian Capital Territory 0.2%

Key tables

Key national accounts aggregates

Analytical expenditure aggregates

Expenditure aggregates

Expenditure on GDP

Household final consumption expenditure

Industry gross value added

Income from GDP

State final demand

Revisions and changes

Revisions in this issue

The estimates in this issue incorporate the 2020-21 annual supply and use tables. The supply and use tables incorporate revisions reflecting changes in methods, concepts, classifications and data sources. For more information on the role of supply and use tables in the national accounts and the major revisions, please see the Revisions and changes section in Australian System of National Accounts, 2021-22 (cat. no. 5204.0).

This issue also includes the following changes:

  • the impact of re-referencing chain volume (CVM) estimates to the 2020-21 financial year. This in isolation will only affect levels of CVM estimates, generally leaving growth rates unchanged. Re-referencing can have an impact on CVM GDP growth (and other estimates) for the latest financial year (2021–22) if there are significant relative price changes between 2019-20 and 2020-21.

Food consumption estimates using supermarket scanner data

As previously advised, the ABS has introduced scanner data based estimates of household final consumption expenditure on food in this release. 

A datacube with estimates of food expenditure compiled using supermarket scanner data has been included in the Data downloads section. Please note that these estimates do not match the food estimates from Table 8. Household Final Consumption Expenditure (HFCE), as the scanner data based series has been spliced onto existing Retail Trade based estimates from September quarter 2021 onwards.

For further information on this change, see Improved measurement of household consumption of food in the national accounts.

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)

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

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

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

Changes to publication tables

This issue of Australian National Accounts: National Income, Expenditure and Product contains changes to publication tables 24. Selected Analytical Series and 34. Key Aggregates and Analytical Series, Annual. Compensation of employees per hour series have been added to these tables to provide further insights into labour costs.

If you require further information on these changes, please contact

Data downloads

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

Time series spreadsheets

Data files

Data cubes

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

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Previous catalogue number

This release previously used catalogue number 5206.0.

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