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Business Indicators, Australia

Quarterly estimates of private sector sales, wages, profits, and inventories

Reference period
September Quarter 2019
Released
2/12/2019

Key statistics

  • The trend estimate for company gross operating profits rose 1.9%.
  • The trend estimate for inventories fell 0.4% in chain volume terms.
  • The seasonally adjusted estimate for company gross operating profits fell 0.8%.
  • The seasonally adjusted estimate for wages and salaries rose 1.0%.

Main features

September key figures

   Jun Qtr 19 to Sep Qtr 19Sep Qtr 18 to Sep Qtr 19
   %%
Sales of goods and services (Chain volume measures)  
 Manufacturing  
  Trend
-0.5
-3.6
  Seasonally Adjusted
-0.3
-3.3
 Wholesale trade  
  Trend
-0.5
-0.3
  Seasonally Adjusted
-0.5
-0.6
Inventories (Chain volume measures)  
 Trend
-0.4
-0.7
 Seasonally Adjusted
-0.4
-0.9
Company gross operating profits  
 Trend
1.9
10.6
 Seasonally Adjusted
-0.8
9.4
Wages and salaries  
 Seasonally Adjusted
1.0
4.8
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September key points

Chain volume estimates

  • The trend estimate for inventories fell 0.4% in the September quarter 2019. The seasonally adjusted estimate fell 0.4% this quarter.
  • The trend estimate for Manufacturing sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 0.3% this quarter.
  • The trend estimate for Wholesale trade sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 0.5%.
     

Current prices estimates

  • The seasonally adjusted estimate for company gross operating profits fell 0.8% in the September quarter 2019.
  • The seasonally adjusted estimate for wages and salaries rose 1.0% in the September quarter 2019.
     

Comparison between company gross operating profits and gross operating surplus

Valuation changes have had an impact on the value of inventories held by Australian businesses this quarter. An inventories valuation adjustment (IVA) is applied in the calculation of the gross operating surplus of private non-financial corporations (GOS) estimate in the Australian National Accounts. The IVA for the September quarter 2019 is $573m which is $2,233m lower than the June quarter 2019 IVA of $2,806m.

No adjustment is made to the company gross operating profits (CGOP) estimate in this publication and, as a result, users should exercise caution when comparing CGOP and GOS. It should be noted that there are other differences between the two series. In particular, changes are made to GOS when annual benchmarks are applied and slightly different seasonal factors apply to the two series. Given this, while CGOP movements are an appropriate indicator for GOS, the two series will not have equivalent seasonally adjusted movements from quarter to quarter.

Changes in this issue

Each September quarter the reference and base year for chain volume estimates for the Business Indicators Survey are updated. A new base, 2017-18, has been introduced into the chain volume estimates which has resulted in minor revisions to growth rates in subsequent periods. In addition, the chain volume estimates have been re-referenced to 2017-18. Additivity is preserved in the quarters of the reference year and subsequent quarters. Re-referencing affects the level of, but not the movements in, chain volume estimates.

Change to Australia's economic territory

A new Maritime Boundary Treaty between Australia and Timor-Leste came into force on 30 August 2019. The new treaty provides exclusive jurisdiction of the former Joint Petroleum Development Area excluding Greater Sunrise in the Timor Sea to the Democratic Republic of Timor-Leste. From this publication onwards, data contained within Business Indicators, Australia (cat.no.5676.0) will reflect the new maritime boundary.

Analysis by industry

The following graphs and commentary refer to seasonally adjusted and trend estimates for sales of goods and services and inventories in volume terms, and wages and salaries and company gross operating profits in current price terms.

Total all industries

In current prices, the trend estimate for company gross operating profits rose 1.9% this quarter. The seasonally adjusted estimate fell 0.8%. In current price terms, the trend estimate for wages and salaries rose 1.2% this quarter. The seasonally adjusted estimate rose 1.0%.

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In volume terms, the trend estimate for total inventories fell 0.4% this quarter. The seasonally adjusted estimate fell 0.4%.

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Mining

In current prices, the trend estimate for company gross operating profits rose 3.7% this quarter. The seasonally adjusted estimate fell 2.1%. In current price terms, the trend estimate for wages and salaries rose 1.1% this quarter. The seasonally adjusted estimate rose 1.6%.

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In volume terms, the trend estimate for sales of goods and services rose 0.7% this quarter. The seasonally adjusted estimate fell 2.1%. In volume terms, the trend estimate for inventories rose 0.6% this quarter. The seasonally adjusted estimate rose 1.3%.

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Manufacturing

In current prices, the trend estimate for company gross operating profits fell 0.5% this quarter. The seasonally adjusted estimate rose 1.1%. In current price terms, the trend estimate for wages and salaries rose 0.7% this quarter. The seasonally adjusted estimate rose 1.3%.

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In volume terms, the trend estimate for sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 0.3%. In volume terms, the trend estimate for inventories fell 0.2% this quarter. The seasonally adjusted estimate fell 0.7%.

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Electricity, gas, water and waste services

In current prices, the trend estimate for company gross operating profits fell 4.2% this quarter. The seasonally adjusted estimate rose 2.0%. In current price terms, the trend estimate for wages and salaries rose 1.8% this quarter. The seasonally adjusted estimate fell 1.8%.

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In volume terms, the trend estimate for sales of goods and services remained relatively unchanged this quarter. The seasonally adjusted estimate rose 3.6%. In volume terms, the trend estimate for inventories fell 1.4% this quarter. The seasonally adjusted estimate fell 5.3%.

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Construction

In current prices, the trend estimate for company gross operating profits rose 4.9% this quarter. The seasonally adjusted estimate rose 14.6%. In current price terms, the trend estimate for wages and salaries fell 0.2% this quarter. The seasonally adjusted estimate rose 0.3%.

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In volume terms, the trend estimate for sales of goods and services rose 0.6% this quarter. The seasonally adjusted estimate rose 0.5%.

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Wholesale trade

In current prices, the trend estimate for company gross operating profits rose 1.6% this quarter. The seasonally adjusted estimate rose 1.1%. In current price terms, the trend estimate for wages and salaries rose 1.7% this quarter. The seasonally adjusted estimate rose 1.8%.

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In volume terms, the trend estimate for sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 0.5%. In volume terms, the trend estimate for inventories fell 0.4% this quarter. The seasonally adjusted estimate rose 0.1%.

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Retail trade

In current prices, the trend estimate for company gross operating profits rose 2.0% this quarter. The seasonally adjusted estimate rose 1.6%. In current price terms, the trend estimate for wages and salaries rose 1.1% this quarter. The seasonally adjusted estimate fell 0.4%.

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In volume terms, the trend estimate for sales of goods and services fell 0.8% this quarter. The seasonally adjusted estimate fell 1.6%. In volume terms, the trend estimate for inventories fell 0.8% this quarter. The seasonally adjusted estimate fell 1.8%.

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Accommodation and food services

In current prices, the trend estimate for company gross operating profits rose 2.0% this quarter. The seasonally adjusted estimate rose 2.2%. In current price terms, the trend estimate for wages and salaries rose 0.6% this quarter. The seasonally adjusted estimate remained relatively unchanged this quarter.

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In volume terms, the trend estimate for sales of goods and services rose 0.6% this quarter. The seasonally adjusted estimate rose 0.2%. In volume terms, the trend estimate for inventories fell 1.0% this quarter. The seasonally adjusted estimate rose 3.3%.

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Transport, postal and warehousing

In current prices, the trend estimate for company gross operating profits fell 3.1% this quarter. The seasonally adjusted estimate fell 6.6%. In current price terms, the trend estimate for wages and salaries rose 0.9% this quarter. The seasonally adjusted estimate rose 2.0%.

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In volume terms, the trend estimate for sales of goods and services rose 0.2% this quarter. The seasonally adjusted estimate rose 0.4%.

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Information media and telecommunications

In current prices, the trend estimate for company gross operating profits rose 2.5% this quarter. The seasonally adjusted estimate rose 9.6%. In current price terms, the trend estimate for wages and salaries fell 1.6% this quarter. The seasonally adjusted estimate fell 6.1%.

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In volume terms, the trend estimate for sales of goods and services rose 0.5% this quarter. The seasonally adjusted estimate rose 0.3%.

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Financial and insurance services

In current prices, the trend estimate for company gross operating profits fell 9.6% this quarter. The seasonally adjusted estimate fell 28.0%. In current price terms, the trend estimate for wages and salaries remained relatively unchanged this quarter. The seasonally adjusted estimate fell 0.2%.

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In volume terms, the trend estimate for sales of goods and services rose 1.1% this quarter. The seasonally adjusted estimate fell 0.2%.

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Rental hiring and real estate services

In current prices, the trend estimate for company gross operating profits fell 3.1% this quarter. The seasonally adjusted estimate fell 11.2%. In current price terms, the trend estimate for wages and salaries fell 0.1% this quarter. The seasonally adjusted estimate rose 0.2%.

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In volume terms, the trend estimate for sales of goods and services rose 0.3% this quarter. The seasonally adjusted estimate rose 0.1%.

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Professional, scientific and technical services

In current prices, the trend estimate for company gross operating profits rose 7.3% this quarter. The seasonally adjusted estimate rose 7.2%. In current price terms, the trend estimate for wages and salaries rose 2.6% this quarter. The seasonally adjusted estimate rose 3.4%.

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In volume terms, the trend estimate for sales of goods and services rose 1.8% this quarter. The seasonally adjusted estimate rose 1.5%.

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Administrative and support services

In current prices, the trend estimate for company gross operating profits rose 3.9% this quarter. The seasonally adjusted estimate rose 2.0%. In current price terms, the trend estimate for wages and salaries rose 2.0% this quarter. The seasonally adjusted estimate rose 0.5%.

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In volume terms, the trend estimate for sales of goods and services rose 1.2% this quarter. The seasonally adjusted estimate rose 1.0%.

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Education and training

In current price terms, the trend estimate for wages and salaries rose 1.0% this quarter. The seasonally adjusted estimate fell 0.2%.

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Healthcare and social assistance

In current price terms, the trend estimate for wages and salaries rose 3.4% this quarter. The seasonally adjusted estimate rose 3.4%.

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Arts and recreation services

In current prices, the trend estimate for company gross operating profits fell 4.7% this quarter. The seasonally adjusted estimate fell 16.6%. In current price terms, the trend estimate for wages and salaries rose 0.8% this quarter. The seasonally adjusted estimate remained relatively unchanged this quarter.

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In volume terms, the trend estimate for sales of goods and services fell 0.3% this quarter. The seasonally adjusted estimate fell 0.7%.

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Other services

In current prices, the trend estimate for company gross operating profits fell 1.8% this quarter. The seasonally adjusted estimate fell 4.4%. In current price terms, the trend estimate for wages and salaries fell 0.5% this quarter. The seasonally adjusted estimate fell 1.8%.

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In volume terms, the trend estimate for sales of goods and services rose 0.3% this quarter. The seasonally adjusted estimate fell 1.7%.

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Data downloads

Table 1. Inventories, chain volume measures

Table 2. Inventories, chain volume measures, percentage change from previous quarter

Table 3. Inventories, current prices

Table 4. Income from sales of goods and services, chain volume measures

Table 5. Income from sales of goods and services, chain volume measures, percentage change from previous quarter

Table 6. Income from sales of goods and services, current prices

Table 7. Income from sales of goods and services by state, current prices

Table 8. Income from sales of goods and services by state, current prices, percentage change from previous quarter

Table 9. Company profits before income tax, current prices

Table 10. Company profits before income tax, current prices, percentage change from previous quarter

Table 11. Company gross operating profits, current prices

Table 12. Company gross operating profits, current prices, percentage change from previous quarter

Table 13. Unincorporated gross operating profits, current prices

Table 14. Unincorporated gross operating profits, current prices, percentage change from previous quarter

Table 15. Business gross operating profits, current prices

Table 16. Business gross operating profits, current prices, percentage change from previous quarter

Table 17. Wages and salaries, current prices

Table 18. Wages and salaries, current prices, percentage change from the previous quarter

Table 19. Wages and salaries by state, current prices

Table 20. Wages and salaries by state, current prices, percentage change from previous quarter

Table 21. Sales/wages and salaries ratio, current prices, original

Table 22. Business gross operating profits/sales ratio, current prices, original

Table 23. Inventories/sales ratio, current prices, original

Table 24. Manufacturing subdivision, income from sales of goods and services, chain volume measures

Table 25. Manufacturing subdivision, income from sales of goods and services, current prices

Table 26. Manufacturing subdivision, inventories, chain volume measures

Table 27. Manufacturing subdivision, inventories, current prices

Table 28. Manufacturing subdivision, company profits before income tax, current prices, original

Table 29. Manufacturing subdivision, company gross operating profits, current prices, original