5676.0 - Business Indicators, Australia, Dec 2016 Quality Declaration
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 27/02/2017
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DECEMBER KEY POINTS
CHAIN VOLUME ESTIMATES
CURRENT PRICE ESTIMATES
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 December quarter 2016 is $3,318m which is $2,131m higher than the September quarter 2016 IVA of $1,187m.
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 NEXT ISSUE
For the March quarter 2017 release, an improvement will be applied to the seasonal adjustment method of current price data within the Mining aggregate estimates. Seasonal factors derived from the corresponding chain volume measures will be used to seasonally adjust the current price values for selected components. This change will be consistent with improvements to the March quarter 2017 release of the Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) and the Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).
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