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5206.0 - Australian National Accounts: National Income, Expenditure and Product, Jun 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/09/2007   
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JUNE KEY FIGURES

% change Mar qtr 07 to Jun qtr 07
% change Jun qtr 06 to Jun qtr 07

GDP (Chain volume measure)
Trend
1.2
4.4
Seasonally adjusted
0.9
4.3
Final consumption expenditure (Chain volume measure)
Trend
0.9
3.6
Seasonally adjusted
0.5
3.4
Gross fixed capital formation (Chain volume measure)
Trend
3.7
10.5
Seasonally adjusted
5.3
11.6
GDP chain price index
Original
0.8
3.8
Terms of trade
Seasonally adjusted
-0.1
6.2
Real net national disposable income
Trend
1.5
5.3
Seasonally adjusted
0.9
5.1

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

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



JUNE KEY POINTS


KEY AGGREGATES

  • In trend terms, GDP increased by 1.2% in the quarter and Non-farm GDP rose by 1.4%. GDP per hour worked in the market sector rose by 1.2% and the Household saving ratio was 0.1.
  • In seasonally adjusted terms, GDP increased by 0.9% in the June quarter. Non-farm GDP increased by 1.2%. The terms of trade decreased slightly by 0.1%, the first fall since December quarter 2001. Real gross domestic income rose 0.9%.


EXPENDITURE ON GDP
  • In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Private business investment (0.7 percentage points), Public gross fixed capital formation (0.6 percentage points) and Household final consumption expenditure (0.3 percentage points). The largest negative contributions came from Changes in Private non-farm inventories (-0.5 percentage points) and Imports of goods and services (-0.3 percentage points).


INDUSTRY GROSS VALUE ADDED
  • In seasonally adjusted terms, Property and business services (0.3 percentage points) and Finance and insurance (0.2 percentage points) were the largest contributors to GDP growth. Agriculture, forestry and fishing detracted 0.2 percentage points from GDP growth.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
September 2007 5 December 2007
December 2007 5 March 2008



FEATURE ARTICLES AND RECENT RELEASES

A description of recent releases related to the National Accounts program is presented in Recent and Upcoming Releases.



REVISIONS IN THIS ISSUE

Revisions have been made to a number of aggregates. The net effect of these revisions has left growth in the seasonally adjusted volume measure of GDP in March quarter 2007 unchanged. The revisions to component series reflect normal quarterly revisions due to incorporation of more up-to-date source data and the impact of concurrent seasonal adjustment.



CHANGES NEXT ISSUE

A new reference year for volume measures is typically updated annually in the June quarter issue. From 2007 onwards the reference year will be updated in the September quarter issue each year. In the September quarter 2007 issue, the new reference year will be 2005-06 for volume estimates. This will have two effects, first, a new base year, 2005-06, will be introduced which will result in revisions to growth rates in subsequent periods. Second, the volume estimates will be re-referenced to 2005-06 thus preserving additivity in the quarters after the reference year. Re-referencing affects the levels of, but not the movements in, volume estimates.


The September quarter 2007 release will also contain revisions to many series as a result of benchmarking quarterly series to updated annual benchmarks from the annual supply and use tables. These annual benchmarks will be released in Australian System of National Accounts, 2006-07 (cat. no. 5204.0) on 7 November 2007.



INQUIRIES

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


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