SEPTEMBER KEY FIGURES

		Jun Qtr 2014 to Sep Qtr 2014	Sep Qtr 2013 to Sep Qtr 2014
		% change	% change
GDP (Chain volume measure)
	Trend	0.5	2.7
	Seasonally adjusted	0.3	2.7
Final consumption expenditure (Chain volume measure)
	Trend	0.6	2.4
	Seasonally adjusted	0.6	2.3
Gross fixed capital formation (Chain volume measure)
	Trend	-0.6	-2.2
	Seasonally adjusted	-2.7	-2.8
GDP chain price index
	Original	-0.3	0.1
Terms of trade
	Seasonally adjusted	-3.5	-8.9
Real net national disposable income
	Trend	-0.1	0.8
	Seasonally adjusted	-0.3	0.8

GDP growth rates, Volume measures, quarterly change

Contribution to GDP growth, Seasonally adjusted

SEPTEMBER KEY POINTS


KEY AGGREGATES

• In trend terms, GDP increased 0.5% in the September quarter 2014. Gross value added per hour worked in the market sector rose 0.2% and the Terms of trade fell 3.0%.
• In seasonally adjusted terms, GDP increased by 0.3% in the September quarter. The Terms of trade decreased 3.5%, and Real gross domestic income decreased 0.4%.

EXPENDITURE ON GDP

• In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Net exports (0.8 percentage points) and Final consumption expenditure (0.4 percentage points) The main detractors were Private gross fixed capital formation (-0.5 percentage points) and Public gross fixed capital formation (-0.2 percentage points).

INDUSTRY GROSS VALUE ADDED

• In seasonally adjusted terms, the main contributor to GDP growth was Financial and insurance services (0.2 percentage points), with Mining and Information media and telecommunications each contributing 0.1 percentage points to the increase in GDP. The main detractors to growth in GDP were Construction (-0.2 percentage points) and Professional, scientific and technical services (-0.2 percentage points).

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
December 2014	4 March 2015
March 2015	3 June 2015
June 2015	2 September 2015
September 2015	2 December 2015

REVISIONS IN THIS ISSUE

The estimates in this issue incorporate the 2012-13 annual supply and use tables. For information on the role of supply and use tables in the national accounts and the major revisions please see the 'Analysis of Results' section Australian System of National Accounts (ABS cat. no. 5204.0). There are also revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.

When the annual national accounts are compiled, a new base year is introduced. In the June quarter release of the quarterly national accounts, GDP growth for 2013-14 was expressed in 2011-12 prices. The introduction of a new base year in the annual accounts meant that GDP growth for 2013-14 could be expressed in 2012-13 prices for the first time. As a result, the 10.0% fall in the Terms of trade experienced in 2012-13 was reflected in the 2013-14 growth rate, and the 2.9% growth rate published in the June quarter release of the quarterly national accounts was revised to 2.5%. Introducing a new base year as part of compiling the annual national accounts is standard statistical practice in Australia.


CHANGES IN THIS ISSUE

This issue sees the introduction of quarterly income accounts for the non-financial corporations and financial corporations sectors. These are quarterly counterparts to the annual income accounts for these sectors which are published in Australian System of National Accounts (ABS cat. no. 5204.0). Quarterly estimates for these sectors are published in original, seasonally adjusted and trend terms. These new quarterly tables are electronic only.


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