DECEMBER KEY FIGURES

			Sep Qtr 17 to Dec Qtr 17	Dec Qtr 16 to Dec Qtr 17
			%	%
Sales of goods and services (Chain volume measures)
	Manufacturing
		Trend	1.0	2.6
		Seasonally Adjusted	-0.5	1.4
	Wholesale trade
		Trend	-0.4	-0.7
		Seasonally Adjusted	-1.2	-1.1
Inventories (Chain volume measures)
	Trend		0.0	0.5
	Seasonally Adjusted		0.2	1.0
Company gross operating profits
	Trend		-0.2	5.2
	Seasonally Adjusted		2.2	4.3
Wages and salaries
	Seasonally Adjusted		1.0	4.3

Inventories (volume terms), Trend estimates

Company gross operating profits, Trend estimates

DECEMBER KEY POINTS


CHAIN VOLUME ESTIMATES

• The trend estimate for inventories remained relatively unchanged in the December quarter 2017. The seasonally adjusted estimate rose 0.2% this quarter.
• The trend estimate for Manufacturing sales of goods and services rose 1.0% this quarter. The seasonally adjusted estimate fell 0.5% this quarter.
• The trend estimate for Wholesale trade sales of goods and services fell 0.4% this quarter. The seasonally adjusted estimate fell 1.2%.

CURRENT PRICE ESTIMATES

• The seasonally adjusted estimate for company gross operating profits rose 2.2% in the December quarter 2017.
• The seasonally adjusted estimate for wages and salaries rose 1.0% in the December quarter 2017.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
March 2018	4 June 2018
June 2018	3 September 2018
September 2018	3 December 2018
December 2018	4 March 2019

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 2017 is $2,422m which is $3,650m higher than the September quarter 2017 IVA of -$1,228m.

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.


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