In this release
For a breakdown of key information from this and other recent economic releases, see 16 things that happened in the Australian economy in June quarter 2022.
This quarter's National Accounts includes the following articles:
Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving
For a breakdown of key information from this and other recent economic releases, see 16 things that happened in the Australian economy in June quarter 2022.
This quarter's National Accounts includes the following articles:
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.
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | Through the year, Jun 21 to Jun 22 | ||
---|---|---|---|---|---|---|---|
Chain volume GDP and related measures (b) | |||||||
GDP | 0.6 | -1.8 | 3.9 | 0.7 | 0.9 | 3.6 | |
GDP per capita (c) | 0.3 | -1.9 | 3.6 | 0.5 | 0.5 | 2.7 | |
Gross value added market sector (d) | 1.2 | -1.4 | 3.8 | 0.8 | 1.3 | 4.4 | |
Real net national disposable income | 2.1 | -3.8 | 2.4 | 1.9 | 2.7 | 3.0 | |
Productivity | |||||||
GDP per hour worked | -1.4 | 3.0 | -0.7 | 1.2 | -1.9 | 1.5 | |
Real unit labour costs | 0.4 | -0.1 | -1.0 | -2.2 | -1.6 | -4.8 | |
Prices | |||||||
GDP chain price index (original) | 3.2 | -0.1 | -0.8 | 5.0 | 4.3 | 8.7 | |
Terms of trade | 6.9 | 0.6 | -5.1 | 7.5 | 4.6 | 7.5 | |
Current price measures | |||||||
GDP | 2.7 | -0.3 | 3.6 | 4.1 | 4.3 | 12.1 | |
Household saving ratio | 11.7 | 19.8 | 13.5 | 11.1 | 8.7 | na |
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.
Gross Domestic Product (GDP) rose 0.9% this quarter, following a rise of 0.7% in March. The continued growth was aided by the first full quarter of re-opened domestic and international borders since the pandemic began.
The Australian economy grew by 3.9% over 2021-22. This is the strongest year-on-year growth since 2011-12 and a recovery from the Delta-affected 1.6% rise in the previous financial year. For further analysis on the impacts of the pandemic on economic growth, see Economic gains and losses over the COVID-19 pandemic.
Domestic final demand contributed 1.0 percentage point to GDP growth. Household final consumption expenditure contributed 1.1 percentage points, driven by increased spending on discretionary services. Government consumption detracted 0.2 percentage points, with reduced spending on health by state governments following the peak of the Omicron outbreak in March quarter.
Net trade contributed 1.0 percentage points, driven by a strong rise in exports (+5.5%), while imports recorded a partly offsetting rise (+0.7%).
Following an unprecedented inventory build-up of $7.8 billion in March, changes in inventories recorded a more moderate build-up of $1.6 billion this quarter, detracting 1.2 percentage points from GDP growth.
a. Contributions may not be additive due to rounding.
Exports of goods and services contributed 1.1 percentage points to GDP growth. Strength this quarter was broad-based across rural and mining goods, as well as services exports. Exports of services rose 13.7%, reflecting education-related travel as international students returned to Australia. This was the strongest rise since the Sydney Olympics boosted travel exports in September quarter 2000.
Imports detracted from growth, as the easing of travel restrictions led to increased numbers of Australians travelling abroad.
a. Contributions may not be additive due to rounding.
Household spending rose 2.2% this quarter.
Spending on services increased 3.6%, exceeding pre-pandemic levels for the first time. The easing of travel restrictions accelerated spending on transport and other related services. Hotels, cafes and restaurants (+8.8%), transport services (+37.3%) and recreation and culture (+3.6%) all contributed to the rise.
Spending on goods decreased 0.1%, as heightened demand during the onset of the pandemic began to stabilise.
Nominal GDP rose 4.3%. The GDP implicit price deflator (IPD) increased 3.3% and was 6.9% higher year-on-year. The annual price growth was the fastest since 1988-89 and was broad-based across the domestic economy and international trade.
The terms of trade rose 4.6% for the quarter, with export (+8.8%) and import prices (+3.9%) both up strongly. Continued strength in export prices reflected ongoing demand for Australia's mining and agricultural commodities amidst supply constraints in other producing nations.
The domestic final demand IPD rose 1.6%. This was the strongest growth since the introduction of the Goods and Services Tax, reflecting sustained levels of demand and high input costs.
Gross operating surplus plus gross mixed income (GOSMI) rose 7.3%. Mining operating surplus rose 16.9%, reflecting continued strength in commodity prices, particularly coal and liquified natural gas. Exports of mining commodities rose 17.7% in current price terms.
Non-Mining operating surplus increased 3.8%. Agriculture and Manufacturing benefitted from higher prices received for output. Other industries, including Transport, Postal and Warehousing and Accommodation and Food Services, were supported by increased activity.
a. Contributions may not be additive due to rounding.
COE rose 2.4% this quarter, the strongest rise since June quarter 2010. Hours worked rose 2.9%, rebounding from flood and Omicron-related absenteeism in the March quarter. Strength in COE is consistent with growth in employment in Labour Force, Australia. The number of employed persons rose 0.9% over the quarter, driven by growth in full-time employment (2.3%).
Private sector COE rose 3.1% and was the predominant contributor to growth. Wage pressures continue to build from skilled labour shortages, resulting in businesses paying more to attract and retain staff.
The recent rises in commodity prices and subsequent increases in Mining profits have impacted on the shares of factor income. The profits share of total factor income increased to a record 32.9% this quarter, while the COE share declined to a new low of 48.5%.
Excluding the Mining industry, these shares are more in line with their pre-pandemic levels.
The household saving ratio declined from 11.1% to 8.7%, remaining slightly above pre-pandemic levels.
Household saving fell as the rise in household spending outpaced growth in gross disposable income. Household gross disposable income rose 1.0%, driven by gross income. Labour income (COE) increased in line with strong labour market conditions. This was partly offset by non-life insurance claims, which fell back to more normal levels following major flood events in New South Wales and Queensland in March quarter.
Income payable detracted from growth in gross disposable income, driven by income tax and interest paid. This is consistent with strong labour market outcomes and increases in interest rates during the quarter.
a. Contributions may not be additive due to rounding.
Gross value added rose 1.2%. Hospitality, transport and other related services industries increased strongly with the removal of restrictions and increased travel. Accommodation and Food Services (+10.7%), Transport, Postal and Warehousing (+7.5%) and Arts and Recreation Services (+3.5%) all rose. Electricity, Gas, Water and Waste Services (+4.1%) rose with cooler than usual temperatures over the quarter increasing energy consumption.
% Change | % Change | % points contribution to growth in GDP | |||
---|---|---|---|---|---|
Mar 22 to Jun 22 | Jun 21 to Jun 22 | Mar 22 to Jun 22 | |||
Final consumption expenditure | |||||
General government | -0.8 | 6.3 | -0.2 | ||
Households | 2.2 | 6.0 | 1.1 | ||
Total final consumption expenditure | 1.3 | 6.1 | 1.0 | ||
Gross fixed capital formation | |||||
Private | |||||
Dwellings | -2.9 | -4.6 | -0.1 | ||
Ownership transfer costs | -2.4 | -3.7 | - | ||
Non-dwelling construction | -5.0 | -2.0 | -0.2 | ||
Machinery and equipment | 4.0 | 5.4 | 0.2 | ||
Cultivated biological resources | 0.7 | -6.9 | - | ||
Intellectual property products | -0.5 | 4.0 | - | ||
Public | 5.9 | 3.5 | 0.3 | ||
Total gross fixed capital formation | 0.2 | 0.3 | - | ||
Changes in inventories | na | na | -1.2 | ||
Gross national expenditure | -0.2 | 4.4 | -0.2 | ||
Exports of goods and services | 5.5 | 4.9 | 1.1 | ||
Imports of goods and services | 0.7 | 10.0 | -0.1 | ||
Statistical discrepancy (E) | na | na | 0.1 | ||
Gross domestic product | 0.9 | 3.6 | 0.9 |
- nil or rounded to zero (including null cells)
na not available
Household FCE rose 2.2%, driven by a:
The increase was partly offset by a:
General government FCE fell 0.8%, driven by a:
The decrease was partly offset by a:
Private investment decreased 1.5%, driven by a:
The decrease was partly offset by a:
Public investment increased 5.9%, driven by a:
Total inventories rose $1,561m following a rise of $7,816m in the March quarter. The largest contributors to the rise were a:
This rise was partly offset by a:
Exports of goods and services rose 5.5%, driven by a:
The rise was partly offset by a:
Imports of goods and services rose 0.7%, driven by a:
The rise was partly offset by a:
Income estimates are in seasonally adjusted current prices
% Change | % Change | % points contribution to growth in GDP | ||
---|---|---|---|---|
Mar 22 to Jun 22 | Jun 21 to Jun 22 | Mar 22 to Jun 22 | ||
Compensation of employees | 2.4 | 7.0 | 1.1 | |
Gross operating surplus | ||||
Private non-financial corporations | 11.2 | 29.3 | 2.6 | |
Other (a) | 2.5 | 5.6 | 0.4 | |
Gross mixed income | 4.7 | 13.5 | 0.4 | |
Taxes less subsidies on production and imports | -3.0 | 7.8 | -0.3 | |
Statistical discrepancy (I) | na | na | 0.1 | |
Gross domestic product | 4.3 | 12.1 | 4.3 |
- 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 rose 2.4%, private sector COE rose 3.1% and public sector COE rose 0.4%. Employed persons rose 0.9%. Private sector COE rose due to higher demand for tourism related services and the increasingly tight labour market.
All states and territories recorded quarterly rises. The largest increases were a:
Private non-financial corporations GOS increased 11.2%, driven by a:
Partly offset by a:
Other sectors GOS rose 2.5%, driven by a:
Taxes less subsidies on production and imports fell 3.0%. Taxes on production and imports fell 3.2% driven by a fall in excise tax and taxes on financial and capital transactions, partly offset by a rise in GST. The large fall in the fuel excise tax was driven by the temporary reduction of the fuel excise tax rate. Subsidies on production fell 10.3% driven by a reduction in the fuel tax credit claimed by businesses.
% Change | % Change | % points contribution to growth in GDP | |
---|---|---|---|
Mar 22 to Jun 22 | Jun 21 to Jun 22 | Mar 22 to Jun 22 | |
Agriculture, Forestry and Fishing | 1.6 | 11.0 | - |
Mining | 0.2 | -0.7 | - |
Manufacturing | -1.1 | 0.6 | -0.1 |
Electricity, Gas, Water and Waste Services | 4.1 | 5.3 | 0.1 |
Construction | -0.4 | 2.2 | - |
Wholesale Trade | -2.2 | -0.5 | -0.1 |
Retail Trade | 0.4 | 4.4 | - |
Accommodation and Food Services | 10.7 | 7.0 | 0.2 |
Transport, Postal and Warehousing | 7.5 | 13.1 | 0.3 |
Information Media and Telecommunications | 1.6 | 8.7 | - |
Financial and Insurance Services | 0.9 | 2.6 | 0.1 |
Rental, Hiring and Real Estate Services | 1.0 | 1.3 | - |
Professional, Scientific and Technical Services | 1.3 | 10.5 | 0.1 |
Administrative and Support Services | 2.8 | 8.3 | 0.1 |
Public Administration and Safety | -0.5 | 2.2 | - |
Education and Training | 0.4 | 1.7 | - |
Health Care and Social Assistance | 2.5 | 5.4 | 0.2 |
Arts and Recreation Services | 3.5 | 11.1 | - |
Other Services | 1.9 | 3.1 | - |
Ownership of dwellings | 0.4 | 1.8 | - |
Taxes less subsidies on products | -0.1 | 0.9 | - |
Statistical discrepancy (P) | na | na | -0.2 |
Gross domestic product | 0.9 | 3.6 | 0.9 |
- nil or rounded to zero (including null cells)
na not available
This increase was driven by a:
This was partly offset by a:
This decrease was driven by a:
This was partly offset by a:
This increase was driven by a:
This decrease was driven by a:
This was offset by:
This decrease was driven by:
This increase was driven by:
This was partly offset by:
This increase was driven by:
This increase was driven by a:
This increase was driven by a:
This increase was driven by a:
This increase was driven by a:
This increase was driven by a:
Percentage change from Mar 22 to Jun 22 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
NSW | Vic. | Qld | SA | WA | Tas. | NT | ACT | Aust.(a) | ||
Final consumption expenditure | ||||||||||
General government | -1.0 | -1.5 | -0.1 | 2.5 | -0.6 | -1.4 | -6.2 | -0.6 | -0.8 | |
Households | 2.5 | 2.3 | 2.2 | 1.5 | 1.4 | 1.4 | 1.4 | 1.4 | 2.2 | |
Gross fixed capital formation | ||||||||||
Private | 1.5 | -2.7 | -2.4 | 1.3 | -1.4 | -0.1 | 5.2 | 1.8 | -1.5 | |
Public | 8.7 | 9.6 | 4.1 | -2.4 | -3.3 | 2.9 | 4.3 | 3.6 | 5.9 | |
State final demand | 1.9 | 1.0 | 1.0 | 1.5 | 0.1 | 0.6 | -0.5 | 0.6 | 1.0 |
- nil or rounded to zero (including null cells)
a. Australia estimates relate to Domestic final demand.
The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 1.9% for the quarter.
Victoria's state final demand increased 1.0% for the quarter.
Queensland's state final demand increased 1.0% for the quarter.
South Australia's state final demand increased 1.5% for the quarter.
Western Australia's state final demand increased 0.1% for the quarter.
Tasmania's state final demand increased 0.6% for the quarter.
Northern Territory's state final demand decreased 0.5% for the quarter.
Australian Capital Territory's state final demand increased 0.6% for the quarter.
Total final consumption expenditure increased 1.5%, driven by a:
Partly offset by a:
Private gross fixed capital formation increased 1.5%, due to a:
Partly offset by a:
Public gross fixed capital formation increased 8.7%, driven by a:
Total final consumption expenditure increased 1.2%, due to a:
Partly offset by a:
Private gross fixed capital formation decreased 2.7%, driven by a:
Partly offset by a:
Public gross fixed capital formation increased 9.6%, driven by a:
Total final consumption expenditure increased 1.5%, driven by a:
Partly offset by a:
Private gross fixed capital formation fell 2.4%, driven by a:
Partly offset by a:
Public gross fixed capital formation increased 4.1% driven by a:
Total final consumption expenditure increased 1.8%, driven by a:
Private gross fixed capital formation increased 1.3%, driven by a:
Partly offset by a:
Public gross fixed capital formation fell 2.4%, driven by a:
Partly offset by a:
Total final consumption expenditure increased 0.8%, due to a:
Partly offset by a:
Private gross fixed capital formation decreased 1.4%, due to a:
Partly offset by a:
Public gross fixed capital formation decreased 3.3%, driven by a:
Partly offset by a:
Total final consumption expenditure increased 0.5%, due to a:
Partly offset by a:
Private gross fixed capital formation decreased 0.1%, driven by a:
Partly offset by a:
Public gross fixed capital formation increased 2.9%, driven by a:
Total final consumption expenditure decreased 2.1%, driven by a:
Partly offset by a:
Private gross fixed capital formation increased 5.2%, driven by a:
Partly offset by a:
Public gross fixed capital formation increased 4.3%, driven by a:
Total final consumption expenditure increased 0.2%, driven by a:
Partly offset by a:
Private gross fixed capital formation increased 1.8%, driven by a:
Partly offset by a:
Public gross fixed capital formation increased 3.6%, driven by a:
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | Through the year, Jun 21 to Jun 22 | ||
---|---|---|---|---|---|---|---|
Percentage change (a) | |||||||
Chain volume GDP and related measures (b) | |||||||
GDP | 0.6 | -1.8 | 3.9 | 0.7 | 0.9 | 3.6 | |
GDP per capita (c) | 0.3 | -1.9 | 3.6 | 0.5 | 0.5 | 2.7 | |
Gross value added market sector (d) | 1.2 | -1.4 | 3.8 | 0.8 | 1.3 | 4.4 | |
Net domestic product | 0.6 | -2.3 | 4.6 | 0.7 | 1.0 | 3.9 | |
Real income measures (b) | |||||||
Real gross domestic income | 2.0 | -1.5 | 2.4 | 2.4 | 2.3 | 5.6 | |
Real gross national income | 2.0 | -3.2 | 2.0 | 1.6 | 2.3 | 2.8 | |
Real net national disposable income | 2.1 | -3.8 | 2.4 | 1.9 | 2.7 | 3.0 | |
Real net national disposable income per capita (c) | 1.9 | -3.9 | 2.1 | 1.6 | 2.3 | 2.1 | |
Current price measures | |||||||
GDP | 2.7 | -0.3 | 3.6 | 4.1 | 4.3 | 12.1 | |
Productivity | |||||||
Hours worked | 2.0 | -4.7 | 4.6 | -0.4 | 2.9 | 2.1 | |
Hours worked market sector (d) | 2.5 | -6.1 | 5.9 | -0.2 | 4.0 | 3.2 | |
GDP per hour worked | -1.4 | 3.0 | -0.7 | 1.2 | -1.9 | 1.5 | |
Gross value added per hour worked market sector (d) | -1.3 | 4.9 | -2.0 | 1.0 | -2.6 | 1.2 | |
Real unit labour costs | 0.4 | -0.1 | -1.0 | -2.2 | -1.6 | -4.8 | |
Real unit labour costs - non-farm | 0.8 | 0.3 | -0.5 | -2.5 | -1.2 | -3.8 | |
Prices | |||||||
GDP implicit price deflator | 2.1 | 1.6 | -0.2 | 3.3 | 3.3 | 8.3 | |
Domestic final demand implicit price deflator | 0.8 | 0.8 | 1.0 | 1.4 | 1.6 | 4.9 | |
Terms of trade | 6.9 | 0.6 | -5.1 | 7.5 | 4.6 | 7.5 | |
Levels | |||||||
Chain volume GDP and related measures (b) | |||||||
GDP ($m) | 514 593 | 505 177 | 524 644 | 528 374 | 533 092 | . . | |
GDP per capita (c) ($) | 19 991 | 19 610 | 20 325 | 20 422 | 20 525 | . . | |
Gross value added market sector (d) ($m) | 345 492 | 340 566 | 353 380 | 356 083 | 360 859 | . . | |
Net domestic product ($m) | 424 595 | 414 693 | 433 681 | 436 923 | 441 147 | . . | |
Real income measures (b) | |||||||
Real gross domestic income ($m) | 537 782 | 529 535 | 542 032 | 554 963 | 567 660 | . . | |
Real gross national income ($m) | 529 934 | 513 196 | 523 707 | 532 200 | 544 567 | . . | |
Real net national disposable income ($m) | 438 669 | 422 071 | 431 995 | 440 041 | 451 849 | . . | |
Real net national disposable income per capita (c) ($) | 17 041 | 16 384 | 16 736 | 17 007 | 17 397 | . . | |
Current price measures | |||||||
GDP ($m) | 543 152 | 541 703 | 561 451 | 584 299 | 609 133 | . . | |
GDP per capita (c) ($) | 21 100 | 21 028 | 21 751 | 22 583 | 23 453 | . . | |
Gross national income ($m) | 535 902 | 525 396 | 543 371 | 562 290 | 585 740 | . . | |
National net saving ($m) | 54 841 | 51 856 | 47 805 | 52 138 | 63 417 | . . | |
Household saving ratio | 11.7 | 19.8 | 13.5 | 11.1 | 8.7 | . . | |
Prices | |||||||
Terms of trade (index) (e) | 121.6 | 122.4 | 116.2 | 124.9 | 130.7 | . . |
. . 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.
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | ||
---|---|---|---|---|---|
Percentage change (a) | |||||
Chain volume GDP and related measures (b) | |||||
GDP | -0.2 | - | 0.3 | -0.1 | |
GDP per capita (c) | -0.3 | -0.1 | 0.1 | 0.2 | |
Gross value added market sector (d) | -0.2 | 0.2 | 0.2 | 0.1 | |
Net domestic product | -0.3 | - | 0.3 | -0.1 | |
Real income measures (b) | |||||
Real gross domestic income | -0.6 | 0.3 | 0.2 | 0.3 | |
Real gross national income | -0.3 | 0.2 | -0.3 | 0.3 | |
Real net national disposable income | -0.4 | 0.2 | -0.2 | 0.5 | |
Real net national disposable income per capita (c) | -0.4 | 0.1 | -0.4 | 0.6 | |
Current price measures | |||||
GDP | -0.5 | 0.3 | 0.1 | 0.4 | |
Household saving ratio (e) | -0.1 | 0.1 | 0.1 | -0.3 | |
Productivity | |||||
Hours worked | - | - | 0.2 | 0.5 | |
Hours worked market sector (d) | - | - | 0.1 | 0.4 | |
GDP per hour worked | -0.3 | -0.1 | 0.1 | -0.5 | |
Gross value added per hour worked market sector (d) | -0.3 | 0.1 | - | -0.3 | |
Real unit labour costs | 0.4 | -0.2 | -0.2 | -0.2 | |
Real unit labour costs - non-farm | 0.6 | -0.1 | -0.3 | -0.1 | |
Prices | |||||
Terms of trade | -1.1 | 1.1 | -0.2 | 1.6 |
- 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.
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | Through the year, Jun 21 to Jun 22 | Contribution to growth, Mar 22 to Jun 22 | |||
---|---|---|---|---|---|---|---|---|---|
Final consumption expenditure | |||||||||
General government | 1.6 | 3.4 | 1.0 | 2.6 | -0.8 | 6.3 | -0.2 | ||
Households | 1.0 | -4.7 | 6.5 | 2.2 | 2.2 | 6.0 | 1.1 | ||
Goods | 0.7 | -3.3 | 6.4 | 1.0 | -0.1 | 3.8 | - | ||
Services | 1.3 | -5.7 | 6.6 | 3.0 | 3.6 | 7.3 | 1.2 | ||
Essential | 0.7 | -0.8 | 2.1 | - | 1.0 | 2.3 | 0.3 | ||
Discretionary | 1.7 | -11.2 | 14.6 | 5.8 | 3.9 | 11.9 | 0.8 | ||
Gross fixed capital formation | |||||||||
Private | 1.9 | 1.0 | -0.4 | 0.3 | -1.5 | -0.7 | -0.3 | ||
Mining | 0.4 | -1.3 | 2.4 | -4.5 | -6.0 | -9.3 | -0.2 | ||
Non-mining | 1.5 | 1.5 | - | 2.8 | 0.8 | 5.3 | 0.1 | ||
Total private business investment | 1.2 | 0.8 | 0.6 | 1.0 | -0.8 | 1.7 | -0.1 | ||
Public | 7.4 | -2.1 | -2.1 | 2.0 | 5.9 | 3.5 | 0.3 | ||
Final demand | |||||||||
Public | 2.7 | 2.3 | 0.4 | 2.5 | 0.5 | 5.7 | 0.1 | ||
Private | 1.3 | -3.3 | 4.7 | 1.7 | 1.2 | 4.2 | 0.9 |
- nil or rounded to zero
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | ||||||
---|---|---|---|---|---|---|---|---|---|
Final consumption expenditure | |||||||||
General government | 0.1 | -0.1 | 0.6 | -0.1 | |||||
Households | -0.1 | - | 0.1 | 0.7 | |||||
Goods | - | -0.2 | 0.2 | 0.7 | |||||
Services | - | - | 0.1 | 0.7 | |||||
Essential | - | 0.1 | 0.2 | 0.2 | |||||
Discretionary | 0.1 | -0.2 | 0.2 | 1.5 | |||||
Gross fixed capital formation | |||||||||
Private | -0.3 | 0.3 | 0.3 | -0.2 | |||||
Mining | 0.9 | -0.5 | -0.4 | -3.2 | |||||
Non-mining | -0.9 | 0.8 | 0.2 | 0.4 | |||||
Total private business investment | -0.4 | 0.5 | 0.1 | -0.5 | |||||
Public | -0.5 | 0.2 | -0.3 | 0.3 | |||||
Final demand | |||||||||
Public | -0.1 | - | 0.4 | - | |||||
Private | -0.1 | - | 0.2 | 0.5 |
- nil or rounded to zero
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | ||||
---|---|---|---|---|---|---|---|---|
Final consumption expenditure | ||||||||
General government | 0.3 | 0.7 | 0.2 | 0.6 | -0.2 | |||
Households | 0.5 | -2.5 | 3.4 | 1.2 | 1.1 | |||
Gross fixed capital formation | ||||||||
Private | 0.3 | 0.2 | -0.1 | - | -0.3 | |||
Public | 0.4 | -0.1 | -0.1 | 0.1 | 0.3 | |||
Domestic final demand | 1.6 | -1.7 | 3.4 | 1.9 | 1.0 | |||
Changes in inventories | -0.2 | -1.0 | 1.0 | 1.0 | -1.2 | |||
Exports of goods and services | -1.0 | 0.3 | -0.2 | -0.2 | 1.1 | |||
Imports of goods and services | -0.3 | 0.5 | -0.1 | -2.1 | -0.1 | |||
Statistical discrepancy (E) | 0.4 | 0.1 | -0.1 | 0.1 | 0.1 | |||
Gross domestic product | 0.6 | -1.8 | 3.9 | 0.7 | 0.9 |
- nil or rounded to zero
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | Through the year, Jun 21 to Jun 22 | Contribution to growth, Mar 22 to Jun 22 | ||||
---|---|---|---|---|---|---|---|---|---|---|
Final consumption expenditure | ||||||||||
General government | 1.6 | 3.4 | 1.0 | 2.6 | -0.8 | 6.3 | -0.2 | |||
Households | 1.0 | -4.7 | 6.5 | 2.2 | 2.2 | 6.0 | 1.1 | |||
Total final consumption expenditure | 1.2 | -2.4 | 4.8 | 2.3 | 1.3 | 6.1 | 1.0 | |||
Private gross fixed capital formation | ||||||||||
Dwellings | 0.9 | 0.8 | -2.0 | -0.5 | -2.9 | -4.6 | -0.1 | |||
Ownership transfer costs | 9.9 | 2.5 | -1.5 | -2.3 | -2.4 | -3.7 | - | |||
Non-dwelling construction | 0.2 | 3.4 | 0.9 | -1.1 | -5.0 | -2.0 | -0.2 | |||
Machinery and equipment | 1.1 | -1.2 | -0.9 | 3.5 | 4.0 | 5.4 | 0.2 | |||
Cultivated biological resources | 8.4 | -17.4 | 10.5 | 1.2 | 0.7 | -6.9 | - | |||
Intellectual property products | 3.1 | 1.1 | 2.0 | 1.4 | -0.5 | 4.0 | - | |||
Total private gross fixed capital formation | 1.9 | 1.0 | -0.4 | 0.3 | -1.5 | -0.7 | -0.3 | |||
Public gross fixed capital formation | ||||||||||
Public corporations | 2.4 | -1.5 | 1.9 | 1.0 | 5.3 | 6.8 | 0.1 | |||
General government | 8.7 | -2.3 | -3.2 | 2.3 | 6.1 | 2.7 | 0.3 | |||
Total public gross fixed capital formation | 7.4 | -2.1 | -2.1 | 2.0 | 5.9 | 3.5 | 0.3 | |||
Total gross fixed capital formation | 3.2 | 0.3 | -0.8 | 0.7 | 0.2 | 0.3 | - | |||
Domestic final demand | 1.7 | -1.7 | 3.5 | 1.9 | 1.0 | 4.7 | 1.0 | |||
Changes in inventories | . . | . . | . . | . . | . . | . . | -1.2 | |||
Exports of goods and services | -4.4 | 1.5 | -1.1 | -0.8 | 5.5 | 4.9 | 1.1 | |||
Imports of goods and services | 1.4 | -2.4 | 0.6 | 11.3 | 0.7 | 10.0 | -0.1 | |||
Statistical discrepancy (E) | . . | . . | . . | . . | . . | . . | 0.1 | |||
Gross domestic product | 0.6 | -1.8 | 3.9 | 0.7 | 0.9 | 3.6 | 0.9 |
. . not applicable
- nil or rounded to zero
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | ||||
---|---|---|---|---|---|---|---|
Final consumption expenditure | |||||||
General government | 0.1 | -0.1 | 0.6 | -0.1 | |||
Households | -0.1 | - | 0.1 | 0.7 | |||
Total final consumption expenditure | - | -0.1 | 0.3 | 0.4 | |||
Private gross fixed capital formation | |||||||
Dwellings | -0.1 | 0.2 | -0.1 | 0.5 | |||
Ownership transfer costs | - | -0.6 | 2.2 | -0.9 | |||
Non-dwelling construction | -0.4 | 0.3 | 0.5 | -0.9 | |||
Machinery and equipment | -0.8 | 1.6 | -0.2 | -0.1 | |||
Cultivated biological resources | 2.3 | -6.9 | 2.7 | 0.6 | |||
Intellectual property products | - | -0.1 | -0.2 | -0.1 | |||
Total private gross fixed capital formation | -0.3 | 0.3 | 0.3 | -0.2 | |||
Public gross fixed capital formation | |||||||
Public corporations | -0.2 | 1.1 | 0.6 | 2.0 | |||
General government | -0.7 | - | -0.6 | -0.1 | |||
Total public gross fixed capital formation | -0.5 | 0.2 | -0.3 | 0.3 | |||
Total gross fixed capital formation | -0.3 | 0.3 | 0.1 | - | |||
Domestic final demand | -0.1 | 0.1 | 0.3 | 0.3 | |||
Gross national expenditure | -0.1 | 0.1 | 0.1 | 0.3 | |||
Exports of goods and services | -1.0 | 0.5 | -0.1 | 0.1 | |||
Imports of goods and services | -0.3 | 0.4 | -0.1 | 3.2 | |||
Gross domestic product | -0.2 | - | 0.3 | -0.1 |
- nil or rounded to zero
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | Through the year, Jun 21 to Jun 22 | Contribution to growth, Mar 22 to Jun 22 | |
---|---|---|---|---|---|---|---|
Food | -0.6 | 5.3 | -2.2 | -1.5 | -1.2 | 0.2 | -0.1 |
Cigarettes and tobacco | -0.9 | -1.2 | -3.2 | -2.2 | -3.0 | -9.3 | - |
Alcoholic beverages | -1.4 | 8.0 | -1.5 | -1.4 | 2.7 | 7.7 | 0.1 |
Clothing and footwear | 0.9 | -21.5 | 41.6 | 4.4 | 3.7 | 20.3 | 0.2 |
Rent and other dwelling services | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 1.8 | 0.1 |
Electricity, gas and other fuel | 9.4 | -1.0 | -1.9 | -2.2 | 3.3 | -1.9 | 0.1 |
Furnishings and household equipment | -0.1 | -4.4 | 7.9 | 0.2 | -1.0 | 2.4 | - |
Health | 1.7 | -7.2 | 8.2 | -1.8 | 3.1 | 1.7 | 0.2 |
Purchase of vehicles | 7.2 | -8.9 | -2.7 | 12.7 | -4.3 | -4.5 | -0.1 |
Operation of vehicles | 1.3 | -12.6 | 13.8 | 1.0 | 3.0 | 3.4 | 0.1 |
Transport services | 24.0 | -44.1 | 58.0 | 72.3 | 37.3 | 108.8 | 0.6 |
Communications | 0.9 | 1.4 | 1.0 | 1.6 | 1.0 | 5.1 | - |
Recreation and culture | -0.8 | -11.7 | 17.4 | 6.3 | 3.6 | 14.2 | 0.4 |
Education services | 0.6 | 0.5 | 0.8 | 0.6 | 0.4 | 2.4 | - |
Hotels, cafes and restaurants | 2.4 | -20.4 | 25.7 | 7.6 | 8.8 | 17.2 | 0.6 |
Insurance and other financial services | 0.7 | 1.0 | 1.3 | 1.2 | 0.6 | 4.1 | 0.1 |
Other goods and services | 1.0 | -6.0 | 9.1 | 0.9 | 2.0 | 5.6 | 0.1 |
Total | 1.0 | -4.7 | 6.5 | 2.2 | 2.2 | 6.0 | 2.2 |
- nil or rounded to zero
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | Through the year, Jun 21 to Jun 22 | Contribution to growth, Mar 22 to Jun 22 | |
---|---|---|---|---|---|---|---|
Agriculture, Forestry and Fishing | 2.2 | 8.2 | 7.9 | -6.4 | 1.6 | 11.0 | - |
Mining | -1.1 | 1.7 | -1.3 | -1.3 | 0.2 | -0.7 | - |
Manufacturing | 1.4 | -1.5 | 2.1 | 1.0 | -1.1 | 0.6 | -0.1 |
Electricity, Gas, Water and Waste Services | 1.4 | 0.7 | -1.2 | 1.7 | 4.1 | 5.3 | 0.1 |
Construction | 1.7 | -0.8 | 2.8 | 0.7 | -0.4 | 2.2 | - |
Wholesale Trade | 0.6 | -5.8 | 4.4 | 3.5 | -2.2 | -0.5 | -0.1 |
Retail Trade | 0.6 | -3.5 | 7.0 | 0.8 | 0.4 | 4.4 | - |
Accommodation and Food Services | 3.0 | -24.8 | 23.9 | 3.8 | 10.7 | 7.0 | 0.2 |
Transport, Postal and Warehousing | 2.8 | -2.3 | 3.4 | 4.2 | 7.5 | 13.1 | 0.3 |
Information Media and Telecommunications | 1.9 | 0.9 | 5.8 | 0.2 | 1.6 | 8.7 | - |
Financial and Insurance Services | 1.5 | 0.4 | 1.4 | -0.1 | 0.9 | 2.6 | 0.1 |
Rental, Hiring and Real Estate Services | 1.0 | -0.2 | 1.9 | -1.3 | 1.0 | 1.3 | - |
Professional, Scientific and Technical Services | -0.1 | 0.3 | 5.0 | 3.6 | 1.3 | 10.5 | 0.1 |
Administrative and Support Services | 6.1 | -1.1 | 5.3 | 1.1 | 2.8 | 8.3 | 0.1 |
Public Administration and Safety | 0.2 | 0.8 | 1.6 | 0.2 | -0.5 | 2.2 | - |
Education and Training | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 1.7 | - |
Health Care and Social Assistance | 2.4 | -2.2 | 5.9 | -0.7 | 2.5 | 5.4 | 0.2 |
Arts and Recreation Services | 0.1 | -5.8 | 9.1 | 4.4 | 3.5 | 11.1 | - |
Other Services | 1.8 | -13.6 | 17.7 | -0.5 | 1.9 | 3.1 | - |
Ownership of dwellings | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 | 1.8 | - |
Gross value added at basic prices | 1.1 | -1.1 | 3.3 | 0.6 | 1.2 | 4.0 | 1.1 |
Taxes less subsidies on products | -1.0 | -9.3 | 8.7 | 2.4 | -0.1 | 0.9 | - |
Statistical discrepancy (P) | . . | . . | . . | . . | . . | . . | -0.2 |
Gross domestic product | 0.6 | -1.8 | 3.9 | 0.7 | 0.9 | 3.6 | 0.9 |
. . not applicable
- nil or rounded to zero
a. Excludes ownership of dwellings.
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | |
---|---|---|---|---|
Agriculture, Forestry and Fishing | -2.3 | 3.5 | 1.0 | -0.6 |
Mining | -0.2 | - | -0.1 | 0.2 |
Manufacturing | -0.2 | 0.2 | -0.1 | -0.1 |
Electricity, Gas, Water and Waste Services | -0.7 | 0.6 | -0.5 | 0.8 |
Construction | -0.4 | 0.1 | 0.1 | 0.5 |
Wholesale Trade | -0.6 | -0.4 | 0.9 | 0.3 |
Retail Trade | 0.1 | - | -0.2 | - |
Accommodation and Food Services | - | - | - | 0.1 |
Transport, Postal and Warehousing | -0.1 | 0.1 | - | -0.1 |
Information Media and Telecommunications | - | - | - | -1.0 |
Financial and Insurance Services | 0.4 | -0.3 | 0.8 | -0.8 |
Rental, Hiring and Real Estate Services | -0.4 | 0.2 | - | 0.5 |
Professional, Scientific and Technical Services | -0.3 | 0.1 | - | 0.5 |
Administrative and Support Services | - | - | - | 0.6 |
Public Administration and Safety | - | - | - | - |
Education and Training | - | - | - | - |
Health Care and Social Assistance | - | -0.1 | - | 0.2 |
Arts and Recreation Services | - | - | - | - |
Other Services | - | - | - | -0.3 |
Ownership of dwellings | - | - | 0.1 | 0.1 |
Gross value added at basic prices | -0.2 | 0.1 | 0.1 | 0.1 |
Taxes less subsidies on products | -1.4 | -0.6 | 4.1 | -0.6 |
Gross domestic product | -0.2 | - | 0.3 | -0.1 |
- nil or rounded to zero
a. Excludes ownership of dwellings.
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | Mar 22 to Jun 22 | Through the year, Jun 21 to Jun 22 | Contribution to growth, Mar 22 to Jun 22 | ||||
---|---|---|---|---|---|---|---|---|---|---|
Compensation of employees | ||||||||||
Wages and salaries | 1.1 | 0.3 | 1.8 | 2.0 | 2.5 | 6.7 | 1.0 | |||
Employers' social contributions (a) | 0.9 | 3.0 | 1.7 | 1.8 | 2.1 | 8.9 | 0.1 | |||
Total compensation of employees | 1.1 | 0.6 | 1.8 | 1.9 | 2.4 | 7.0 | 1.1 | |||
Gross operating surplus | ||||||||||
Non-financial corporations | ||||||||||
Private non-financial corporations | 4.6 | 4.7 | 1.5 | 9.4 | 11.2 | 29.3 | 2.6 | |||
Public non-financial corporations | 5.9 | -2.0 | -3.0 | 3.8 | 10.8 | 9.3 | 0.1 | |||
Total non-financial corporations | 4.6 | 4.4 | 1.3 | 9.2 | 11.2 | 28.5 | 2.7 | |||
Financial corporations | 1.6 | 1.5 | 1.3 | 1.0 | 3.6 | 7.7 | 0.2 | |||
Total corporations | 4.1 | 3.9 | 1.3 | 7.9 | 10.0 | 24.9 | 2.8 | |||
General government | 0.8 | 1.0 | 0.8 | 0.8 | 0.8 | 3.5 | - | |||
Dwellings owned by persons | 1.1 | 1.1 | 0.5 | 1.7 | 1.2 | 4.5 | 0.1 | |||
Total gross operating surplus | 3.3 | 3.2 | 1.1 | 6.3 | 7.9 | 19.6 | 2.9 | |||
Gross mixed income | -0.1 | 8.8 | 3.1 | -3.4 | 4.7 | 13.5 | 0.4 | |||
Total factor income | 1.8 | 2.4 | 1.7 | 3.2 | 4.9 | 12.6 | 4.4 | |||
Taxes less subsidies on production and imports | 12.2 | -26.4 | 30.9 | 15.3 | -3.0 | 7.8 | -0.3 | |||
Statistical discrepancy (I) | . . | . . | . . | . . | . . | . . | 0.1 | |||
Gross domestic product | 2.7 | -0.3 | 3.6 | 4.1 | 4.3 | 12.1 | 4.3 |
. . not applicable
- nil or rounded to zero
a. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.
Mar 21 to Jun 21 | Jun 21 to Sep 21 | Sep 21 to Dec 21 | Dec 21 to Mar 22 | |||
---|---|---|---|---|---|---|
Compensation of employees | ||||||
Wages and salaries | -0.1 | 0.1 | -0.2 | 0.2 | ||
Employers' social contributions (a) | - | 0.1 | -0.1 | - | ||
Total compensation of employees | -0.1 | 0.1 | -0.2 | 0.1 | ||
Gross operating surplus | ||||||
Non-financial corporations | ||||||
Private non-financial corporations | -2.1 | -0.1 | 0.1 | 2.1 | ||
Public non-financial corporations | -3.6 | 2.2 | -0.8 | 3.6 | ||
Total non-financial corporations | -2.2 | - | 0.1 | 2.2 | ||
Financial corporations | -0.1 | 0.1 | - | 0.1 | ||
Total corporations | -1.8 | - | 0.1 | 1.9 | ||
General government | - | - | - | - | ||
Dwellings owned by persons | -0.2 | 0.2 | - | 0.1 | ||
Total gross operating surplus | -1.3 | 0.1 | - | 1.5 | ||
Gross mixed income | 0.3 | 0.2 | 0.3 | -0.7 | ||
Total factor income | -0.6 | 0.1 | - | 0.6 | ||
Taxes less subsidies on production and imports | -0.3 | -0.1 | 1.6 | -0.4 | ||
Gross domestic product | -0.5 | 0.3 | 0.1 | 0.4 |
- nil or rounded to zero
a. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.
Percentage change from Mar 22 to Jun 22 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
NSW | Vic. | Qld | SA | WA | Tas. | NT | ACT | Aust.(a) | ||
Final consumption expenditure | ||||||||||
General government | -1.0 | -1.5 | -0.1 | 2.5 | -0.6 | -1.4 | -6.2 | -0.6 | -0.8 | |
Households | 2.5 | 2.3 | 2.2 | 1.5 | 1.4 | 1.4 | 1.4 | 1.4 | 2.2 | |
Gross fixed capital formation | ||||||||||
Private | 1.5 | -2.7 | -2.4 | 1.3 | -1.4 | -0.1 | 5.2 | 1.8 | -1.5 | |
Public | 8.7 | 9.6 | 4.1 | -2.4 | -3.3 | 2.9 | 4.3 | 3.6 | 5.9 | |
State final demand | 1.9 | 1.0 | 1.0 | 1.5 | 0.1 | 0.6 | -0.5 | 0.6 | 1.0 |
- nil or rounded to zero (including null cells)
a. Australia estimates relate to Domestic final demand.
The July 2022 issue of Monthly Household Spending Indicator was released on 6 September 2022. The experimental Monthly Household Spending Indicator is derived using aggregated, de-identified banks transactions data from some of Australia’s banking and financial institutions. The ABS transforms the banks transactions data in order to derive the Monthly Household Spending Indicator. As this data is not designed for statistical purposes, its scope varies from Australian National Accounts concept of household final consumption expenditure (HFCE) and the Retail Trade turnover estimates for retail businesses. The indicator should be considered experimental at this stage, as further enhancement to the transformation processes and methodology are expected in the future.
The June quarter 2022 issue of Australian National Accounts: Finance and Wealth will be released on 29 September 2022. This publication provides quarterly estimates of the financial flows between sectors of the domestic economy and with the rest of the world. This publication also provides estimates of the financial assets and liabilities owned by each sector and various sub-sectors at the end of each quarter. Other key estimates within the publication include the demand for credit by non-financial domestic institutional sectors during the quarter, and their corresponding levels of credit outstanding.
The 2021-22 issue of the Australian System of National Accounts will be released on 28 October 2022. This publication provides detailed, annual estimates of Australia's national accounts. These include expenditure, income and production estimates of gross domestic product (GDP), productivity estimates, sectoral accounts (for households, financial and non-financial corporations, general government and the rest of the world), and additional aggregates dissected by industry.
The 2020-21 issue of the Australian National Accounts: Supply Use Tables will be released on 28 October 2022. The Supply Use tables were introduced in the annual National Accounts in 1998 as an integral part of the annual compilation of the Australian System of National Accounts. They are used to ensure Gross Domestic Product is balanced for all three approaches (production, expenditure and income) and provide the annual benchmarks from which the quarterly estimates are compiled.
The 2020-21 issue of Estimates of Industry Level KLEMS Multifactor Productivity will be released on 15 November 2022. Since 2016, the ABS has published estimates of industry level KLEMS MFP for the 16 market sector industries. The term KLEMS represents the five input categories - Capital (K), Labour (L), Energy (E), Materials (M) and Services (S). By explicitly identifying the role of intermediate inputs in the production process, KLEMS facilitates a more rigorous analysis of the determinants of output growth at the industry level.
The 2021-22 issue of the Australian National Accounts: State Accounts will be released on 18 November 2022. This publication provides detailed annual estimates of gross state product (GSP) for all states and territories. These are estimated using the expenditure, income and production approaches. Also published are estimates of household and agricultural incomes.
In addition to revisions due to the incorporation of more up-to-date data and concurrent seasonal adjustment, this issue of the quarterly national accounts also incorporates revisions to travel services debits.
As noted with the June 2022 issue of International Trade in Goods and Services, Australia, there have been revisions to travel services debits back to November 2021 following a review of the annual benchmark used to calculate this series. The key series impacted are imports of goods and services, and household final consumption expenditure.
Statistical revisions are carried out regularly in the Australian National Accounts to reflect the most current information and estimation methods. For most statistical releases the ABS will try to limit revisions to the most recent quarters. Periodically ABS needs to revise a longer time series of selected estimates, which is referred to as a “historical revision". Historical revisions are important for a number of reasons including improved data quality, to update classifications and to improve international comparability.
Historical revisions in the national accounts have traditionally been undertaken on an ad-hoc basis every few years. This involved holding back individual historical revisions until a time where many changes were put through in bulk. Going forward the ABS has decided to change this policy to annually make a smaller number of targeted Historical revisions. This is to ensure that the National accounts uses the most up to date data available, best captures changes in a dynamic economy and is more responsive to user needs. The ABS will advise users on annual targeted historical revisions in advance of publication.
This year’s round of targeted historical revisions will be first published in:
The 2022 round of revisions will incorporate two major changes focussing on measurement of education:
The ABS will reclassify non-government schools from non-market Non-Profit Institutions Serving Households (NPISH) to market producers (market, non-profit institutions). These changes have been previously highlighted in the 2020-21 annual GFS publication. This will have minimal change on GDP, but results in a reclassification of government payments to non-government schools as government final consumption expenditure (GFCE). This reclassification will be largely offset in Household Final Consumption Expenditure (HFCE), where government payments to non-government schools are currently included. Household and General government net savings will also be relatively unchanged overall.
The ABS has aligned the value of outputs of non-government schools to data from the Australian Curriculum, Assessment and Reporting Authority. These estimates result in an upwards revision to the output and gross value added of Division P: Education and Training and increased HFCE in primary and secondary education services. The ABS has also incorporated improved volume estimates of output for primary and secondary, vocational and higher education.
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.
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.
The ABS shortly plans to publish the analytical series COE per hour worked to provide further insights into labour costs. Annual estimates will first be included in the 2021-22 issue of Australian System of National Accounts, scheduled for release on 28 October 2022. The series will be added to publication table 16. Selected Analytical Series. Subsequently, quarterly and annual estimates will be added to the September quarter 2022 issue of this publication, scheduled for release on 7 December 2022. Tables 24. Selected Analytical Series and 34. Key Aggregates and Analytical Series, Annual will be affected. For further information on the changes, please contact national.accounts@abs.gov.au.
For insights into pandemic impacts on COE per hour worked and other national accounts labour measures, please refer to the spotlight article Analytical measures of labour costs.
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.
This release previously used catalogue number 5206.0.