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			Trend			Seasonally adjusted
			Quarterly % change Sep 04 to Dec 04	Annual % change Dec 03 to Dec 04	% points contribution to growth in GDP Sep 04 to Dec 04	Quarterly % change Sep 04 to Dec 04	Annual % change Dec 03 to Dec 04	% points contribution to growth in GDP Sep 04 to Dec 04
Final consumption expenditure
	General government		1.0	3.7	0.2	1.2	3.9	0.2
	Households		0.8	4.3	0.5	0.4	3.9	0.2
Gross fixed capital formation
	Private
		Dwellings	-1.7	0.5	-0.1	-3.5	-1.8	-0.2
		Business investment	3.2	9.7	0.4	5.8	10.0	0.8
		Ownership transfer costs	-4.4	-22.1	-0.1	-3.5	-24.3	-0.1
	Public		2.1	10.9	0.1	2.6	9.0	0.1
Changes in inventories
	Private non-farm		. .	. .	-0.5	. .	. .	-0.3
	Farm and public authority		. .	. .	-	. .	. .	-0.2
Gross national expenditure			0.6	3.6	0.7	0.5	3.6	0.5
Exports of goods and services			-0.4	2.1	-0.1	1.3	1.5	0.2
Imports of goods and services			1.7	11.3	-0.4	3.2	13.1	-0.8
Statistical discrepancy (E)			. .	. .	0.2	. .	. .	0.2
Gross domestic product			0.3	1.9	0.3	0.1	1.5	0.1
. . not applicable
- nil or rounded to zero (including null cells)

DECEMBER QUARTER

Summary Comments

Final Consumption Expenditure

• Household consumption grew by 0.8% in trend terms (up 0.4% seasonally adjusted). The strongest trend growth rates were recorded for health, up 1.4% (up 1.8% seasonally adjusted) and furnishings and household equipment, up 1.0% (up 0.8% seasonally adjusted). Household purchases from hotels, cafes and restaurants fell by -0.1% in trend terms (up 0.4% seasonally adjusted). Government consumption grew by 1.0% in trend terms (up 1.2% seasonally adjusted) with all levels of government contributing to the growth.

• Private GFCF rose by 1.2% in trend terms with machinery and equipment rising most strongly. Seasonally adjusted, private GFCF rose by 2.3%, with rises in non-dwelling construction (up 7.1%) and machinery and equipment (up 5.8%). These increases were offset by falls in dwelling investment (down 3.5%) and ownership transfer costs (down 3.5%).

• Trend inventories fell by $205 million (down $351 million seasonally adjusted), due to a run down in manufacturing and farm inventories. This run down in inventories followed a build up in the September quarter (in both trend and seasonally adjusted terms) and therefore the change in inventories detracted from GDP growth.

• Trend exports of goods and services fell by 0.4% (up 1.3% seasonally adjusted). In seasonally adjusted terms, exports of goods rose by 2.0%, while exports of services fell by 1.2%.
• Trend imports of goods and services rose by 1.7% (up 3.2% seasonally adjusted). Seasonally adjusted, imports of goods rose by 2.8% and imports of services rose 5.1%.