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NOMINAL GDP EXHIBITS RAPID GROWTH
Nominal GDP grew at a rate of 3.0% this quarter. This was the strongest rise in Nominal GDP since June quarter 2010 and is largely due to strong prices received for key commodity exports.
DRAMATIC IMPROVEMENT IN BALANCE ON EXTERNAL INCOME
The Balance on external income, which reflects net income paid to non residents, improved sharply this quarter due to record export receipts. The Balance on external income is at its lowest level since September quarter 2001.
GROSS OPERATING SURPLUS BOOSTED BY STRONG EXPORT PRICES
Private non-financial corporations gross operating surplus (GOS) rose 16.5% this quarter. A significant rise in export prices accompanied with strong demand for resources and minerals contributed to this result in GOS. The strength in export prices can be observed in the Terms of trade, which was also up 9.1% this quarter. This was the strongest growth rate experienced in the Terms of trade since June Quarter 2010.
COMPENSATION OF EMPLOYEES DECLINES
In current price terms, Compensation of employees (COE) fell by 0.5% this quarter. This is the first fall in COE since September quarter 2012. Through the year growth of COE moderated to 1.5%. This result is supported by the record low through the year growth of 1.9% observed in the December quarter 2016 Wage Price Index (Wage Price Index, Australia (Cat. No. 6345.0)).
HOUSEHOLD SAVING FALLS
The Household saving ratio was 5.2% in seasonally adjusted terms in December quarter 2016, down from the 6.3% recorded last quarter. This decline was driven by weak growth in household Gross disposable income of 0.2% while household spending lifted to 1.2% from subdued growth of 0.6% in the previous quarter.
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