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MAIN FEATURES EXPENDITURE CHAIN VOLUME MEASURES

			Trend				Seasonally adjusted
			% change Dec 06 to Mar 07	% change Mar 06 to Mar 07	% points contribution to growth in GDP Dec 06 to Mar 07		% change Dec 06 to Mar 07	% change Mar 06 to Mar 07	% points contribution to growth in GDP Dec 06 to Mar 07
Final consumption expenditure
	General government		0.1	2.7	-		0.8	3.5	0.1
	Households		1.2	4.2	0.7		1.5	4.2	0.9
Gross fixed capital formation
	Private
		Dwellings	1.5	7.1	0.1		1.5	9.5	0.1
		Business investment	np	np	np		7.6	7.3	1.2
		Ownership transfer costs	-1.0	-6.6	-		6.5	-3.0	0.1
	Public		np	np	np		-16.9	-2.0	-0.8
Changes in inventories
	Private non-farm		. .	. .	0.5		. .	. .	0.6
	Farm and public authority		. .	. .	-		. .	. .	-0.1
Gross national expenditure			1.6	4.7	1.6		2.0	5.1	2.1
Exports of goods and services			0.8	4.1	0.2		1.4	4.7	0.3
Imports of goods and services			3.2	10.8	-0.7		2.2	11.3	-0.5
Statistical discrepancy (E)			. .	. .	0.1		. .	. .	-0.2
Gross domestic product			1.1	3.5	1.1		1.6	3.8	1.6
. . not applicable
- nil or rounded to zero (including null cells)
np not available for publication but included in totals where applicable, unless otherwise indicated

MARCH QUARTER

Summary Comments

Final Consumption Expenditure

• Household final consumption expenditure grew by 1.2% in trend terms (1.5% seasonally adjusted). The growth in seasonally adjusted terms is the highest since September quarter 2004 with the main contributors to growth being Rent and other dwelling services and Food.

• Private business investment increased 7.6% in seasonally adjusted terms. The seasonally adjusted increase was due in most part to New engineering construction investment (up 14.4%). This series is impacted by the privatisation of Telstra. Dwelling investment increased by 1.5% seasonally adjusted driven by a 4.7% in New and used dwellings offsetting a 2.0% fall in Alterations and additions.

• Total inventories increased by $1,655m in trend terms, which followed an increase of $437m in the December quarter. In seasonally adjusted terms, total inventories increased by $1,883m following a $631m increase in the previous quarter. As a result, Changes in inventories contributed 0.5 percentage points to seasonally adjusted GDP growth during the quarter.

• In trend terms, Exports of goods and services increased 0.8% (1.4% seasonally adjusted). In seasonally adjusted terms, Non-rural export goods rose 3.3% and Exports of services increased 2.0% offsetting falls in Rural exports.
• Imports of goods and services increased by 3.2% in trend terms (seasonally adjusted 2.2%). Seasonally adjusted Import of goods increased by 2.9%, driven by growth in most components while Imports of services fell -0.7% driven by a fall in Transportation services.