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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Jun 2009 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/09/2009   
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JUNE KEY FIGURES

% change Mar qtr 09 to Jun qtr 09
% change Jun qtr 08 to Jun qtr 09

GDP (Chain volume measure)
Trend
0.3
0.3
Seasonally adjusted
0.6
0.6
Final consumption expenditure (Chain volume measure)
Trend
0.5
1.6
Seasonally adjusted
0.8
1.9
Gross fixed capital formation (Chain volume measure)
Trend
-1.9
-3.2
Seasonally adjusted
0.7
-2.3
GDP chain price index
Original
-2.2
-0.5
Terms of trade
Seasonally adjusted
-7.4
-11.6
Real net national disposable income
Trend
-2.2
-3.2
Seasonally adjusted
-2.0
-3.2


GDP growth rates, Volume measures, quarterly change
Graph: GDP growth rates, Volume measures, quarterly change

Contributions to GDP growth, Seasonally adjusted
Graph: Contributions to GDP growth, Seasonally adjusted




JUNE KEY POINTS


KEY AGGREGATES
  • In trend terms, GDP increased 0.3% and Non-farm GDP increased by 0.5%. GDP per hour worked in the market sector rose 0.1% and the Terms of Trade fell 6.9%.
  • In seasonally adjusted terms, GDP increased by 0.6% in the June quarter. Non-farm GDP grew 1.1%. The Terms of trade fell 7.4% and Real gross domestic income fell 1.1%.


EXPENDITURE ON GDP
  • In seasonally adjusted terms, the main positive contributors to expenditure on GDP were New machinery and equipment (0.5 percentage points) and Household final consumption expenditure (0.5 percentage points). The largest negative contributors were New building construction (-0.3 percentage points) and Imports (-0.5 percentage points).


INDUSTRY GROSS VALUE ADDED
  • In seasonally adjusted terms, Property and business services contributed 0.4 percentage points to GDP growth, while Agriculture, forestry and fishing detracted 0.4 percentage points.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
September 2009 16 December 2009
December 2009 3 March 2010
March 2010 2 June 2010
June 2010 1 September 2010



REVISIONS IN THIS ISSUE

There are quarterly revisions due to the incorporation of more up-to-date source data and changes to seasonal adjustment factors. The overall effect of these revisions has been to leave unchanged the seasonally adjusted volume measure of GDP in March quarter 2009, decrease by 0.1 percentage points the December quarter 2008 growth and to increase September quarter 2008 growth by 0.1 percentage points.

Imports of travel services between September quarter 2007 and December quarter 2008 have been revised due to a combination of more up-to-date source data from the National visitors survey and improved methodology. This revision impacts on Household final consumption.


INTERPRETING TREND ESTIMATES

The trend series in this publication should be interpreted with caution as the underlying behaviour of a number of series may have been impacted by global economic conditions and the Federal Government's Economic Security Package announced in December 2008 and further fiscal stimulus measures implemented during the quarter.


SEASONAL ADJUSTMENT CHANGES

For some selected series for this issue forward factor seasonal adjustment has replaced the usual concurrent seasonal adjustment. The forward seasonal factors have been projected from March quarter 2008. This has been done because of the uncertain influence of the global financial crisis on the seasonal pattern of the original estimates. This change in seasonal adjustment approach will be reviewed next quarter.


50 YEARS OF QUARTERLY NATIONAL ACCOUNTS

The release of June quarter 2009 national accounts estimates marks 50 years of time series for the quarterly national accounts. With the time series beginning in the September quarter of 1959, users now have available to them 200 quarters of observations on the economic performance of Australia.

The upcoming September quarter 2009 release will mark the next step in the evolution of the Australian national accounts with a move to an updated industry classification (ANZSIC06), and new international standard (SNA2008). For more information on these changes see Information paper: Product changes to National Income, Expenditure and Product following revisions to international standards (5206.0.55.002).


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Laurie Nitschke on Canberra (02) 6252 6711, email <national.accounts@ abs.gov.au>.


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