5676.0 - Business Indicators, Australia, Jun 2006  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/09/2006   
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JUNE KEY FIGURES

Mar Qtr 06 to Jun Qtr 06
Jun Qtr 05 to Jun Qtr 06
%
%
Sales of goods & services (Chain vol. meas.)
Manufacturing
Trend
-0.7
-1.4
Seasonally Adjusted
-1.2
-1.6
Wholesale trade
Trend
0.4
2.8
Seasonally Adjusted
-1.3
1.0
Inventories (Chain vol. meas.)
Trend
0.1
1.8
Seasonally Adjusted
-0.7
1.2
Company profits before income tax
Trend
0.3
8.6
Seasonally Adjusted
10.9
12.3
Company gross operating profits
Trend
1.6
10.1
Seasonally Adjusted
3.3
9.3
Wages and salaries
Seasonally Adjusted
1.3
7.4

Inventories (volume terms), Trend estimates - Quarterly change
Graph: Inventories (volume terms)

Company gross operating profits (current prices), Trend estimates - Quarterly change
Graph: Company gross operating profits (current prices) Trend estimates Quarterly change



JUNE KEY POINTS


CHAIN VOLUME ESTIMATES

  • The trend estimate for inventories increased 0.1% in the June quarter 2006. The seasonally adjusted estimate decreased 0.7%. Manufacturing and Mining industries are the main contributors to the fall this quarter.
  • The trend estimate for Manufacturing sales of goods and services decreased 0.7% this quarter. The seasonally adjusted estimate decreased 1.2% this quarter after a small fall of 0.1% in the previous quarter.
  • The trend estimate for Wholesale trade's sales of goods and services increased 0.4% this quarter. The seasonally adjusted estimate decreased 1.3% this quarter, following an increase of 1.5% in the previous quarter.


CURRENT PRICE ESTIMATES
  • The trend estimate for company gross operating profits increased 1.6% this quarter. The seasonally adjusted estimate increased 3.3% this quarter after a 0.6% rise in the previous quarter.
  • The trend estimate for wages and salaries increased 1.3% this quarter. The seasonally adjusted estimate also increased 1.3% this quarter, the rate of growth unchanged since last quarter.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
September 2006 4 December 2006
December 2006 5 March 2007



CHANGES IN THIS ISSUE

A new base year, 2004-05, has been introduced into the chain volume estimates which has resulted in revisions to growth rates in subsequent periods. In addition, the chain volume estimates have been re-referenced to 2004-05, thereby preserving additivity in the quarters after the reference year. Re-referencing affects the levels of, but not the movements in, chain volume estimates.



COMPARISON BETWEEN COMPANY GROSS OPERATING PROFITS AND GROSS OPERATING SURPLUS

Price 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. As prices for inventories have risen significantly in the June quarter, growth in GOS will be lower after the application of the IVA. The IVA for the June quarter is $2251m which is $1077m higher than March quarter IVA of $1174m. 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 the two series. It should also 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, it is not the case that the two series will have equivalent seasonally adjusted movements from quarter to quarter.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Fiona Cotsell on Sydney (02) 9268 4241.



ANALYSIS BY INDUSTRY


FEATURED SERIES

The following graphs and commentary refer to seasonally adjusted and trend estimates of: sales of goods and services ('Sales') and inventories ('Inv.') in volume terms; and wages and salaries ('Wages') and company gross operating profits ('CGOP') in current price terms.



TOTAL ALL INDUSTRIES

In current price terms, the trend estimate for company gross operating profits increased 1.6% this quarter. The seasonally adjusted estimate increased 3.3%, the growth rate increasing in comparison to the previous two quarters. The current price trend estimate for wages and salaries increased 1.3% this quarter. The seasonally adjusted estimate also increased 1.3% this quarter, a similar rate of growth to the previous quarter.

Graph: Total All Industries - CGOP and Wages


In volume terms, the trend estimate for total inventories remained relatively unchanged this quarter. The seasonally adjusted estimate decreased 0.7% this quarter, the first decrease following five consecutive quarters of growth.

Graph: Total All Industries - Inventories



MINING

In current prices, the trend estimate for company gross operating profits increased 7.4%, the growth rate falling slightly in comparison to the strong growth rates of the previous nine quarters. The seasonally adjusted estimate increased 7.5% following a strong increase of 10.1% in the previous quarter. The trend estimate for wages and salaries increased 4.3% this quarter. The seasonally adjusted estimate increased 1.3% following a strong increase in the previous quarter.

Graph: Mining - CGOP and Wages


In volume terms, the trend estimate for sales of goods and services increased 1.9% this quarter. The seasonally adjusted estimate increased 3.3%, the rate of growth increasing in comparision to the previous four quarters. The trend estimate for inventories decreased 0.3% this quarter. The seasonally adjusted estimate decreased 6.5% this quarter following two quarters of strong growth.

Graph: Mining - Inventories and Sales



MANUFACTURING

In current price terms, the trend estimate for company gross operating profits decreased 0.1% this quarter, the third consecutive quarter of little change. The seasonally adjusted estimate increased 2.6% this quarter following two quarters of decreases. The trend estimate for wages and salaries increased 0.6% this quarter. The seasonally adjusted estimate increased 1.1% this quarter.

Graph: Manufacturing - CGOP and Wages


In volume terms, the trend estimate for sales of goods and services decreased 0.7% this quarter, following similar falls in the previous two quarters. The seasonally adjusted estimate decreased 1.2% this quarter, the third consecutive quarter of falls. The trend estimate for inventories decreased 1.5% this quarter, the ninth consecutive quarter of decline. The seasonally adjusted estimate also decreased 1.5% this quarter, and follows similar declines in December quarter 2005 and March quarter 2006.

Graph: Manufacturing - Inventories and Sales



CONSTRUCTION

In current prices, the trend estimate for company gross operating profits decreased 1.7% this quarter. The seasonally adjusted estimate fell 1.4% this quarter, the second consecutive quarter of falls. The trend estimate for wages and salaries increased 1.6% this quarter. The seasonally adjusted estimate increased 1.5%, the growth rate increasing compared to the previous quarter.

Graph: Construction - CGOP and Wages


In volume terms, the trend estimate for sales of goods and services has weakened, decreasing 0.3% this quarter. The seasonally adjusted estimate fell 0.3%, the second consecutive quarter of decreases.

Graph: Construction - Sales



WHOLESALE TRADE

In current prices, the trend estimate for company gross operating profits increased 0.6% this quarter. The seasonally adjusted estimate increased 2.3% following a decrease of 1.5% in the previous quarter. The trend estimate for wages and salaries increased 0.7% this quarter. The seasonally adjusted estimate fell 0.9% following a rise of 2.3% in the previous quarter.

Graph: Wholesale Trade - CGOP and Wages


In volume terms, the trend estimate for sales of goods and services increased 0.4% this quarter. The seasonally adjusted estimate decreased 1.3% following two consecutive quarters of increases. The trend estimate for inventories increased 1.7%, the eighth consecutive quarter of similar growth. The seasonally adjusted estimate increased 0.6%, the growth rate falling slightly in comparision to the previous two quarters.

Graph: Wholesale Trade - Inventories and Sales



RETAIL TRADE

In current prices, the trend estimate for company gross operating profits fell 3.6% this quarter. The seasonally adjusted estimate increased 0.7% this quarter following two consecutive quarters of falls. The trend estimate for wages and salaries increased 0.5% this quarter. The seasonally adjusted estimate increased 0.7% this quarter.

Graph: Retail Trade - CGOP and Wages


In volume terms, the trend estimate for sales of goods and services decreased 0.2% this quarter. The seasonally adjusted estimate fell 0.5%, the second consecutive quarter of small decreases. The trend estimate for inventories increased 0.2% this quarter. The seasonally adjusted estimate decreased by 0.5% this quarter.

Graph: Retail Trade - Inventories and Sales



TRANSPORT AND STORAGE

In current prices, the trend estimate for company gross operating profits has strengthened increasing 1.5% this quarter. The seasonally adjusted estimate increased 3.2%, the second consecutive quarter of similar growth. The trend estimate for wages and salaries increased 2.6% this quarter. The seasonally adjusted estimate increased 2.8% this quarter following a similar rate of growth in the previous quarter.

Graph: Transport and Storage - CGOP and Wages


In volume terms, the trend estimate for sales of goods and services increased 1.2% this quarter. The seasonally adjusted estimate increased 1.4% this quarter, the second consecutive quarter of positive growth.

Graph: Transport and Storage - Sales



PROPERTY AND BUSINESS SERVICES

In current prices, the trend estimate for company gross operating profits decreased 3.9% this quarter. The seasonally adjusted estimate increased 8.9% this quarter following a large fall of 15.1% in the previous quarter. The trend estimate for wages and salaries increased 1.6% this quarter. The seasonally adjusted estimate increased 0.8%, the growth rate falling in comparison to recent quarters.

Graph: Property and Business Services - CGOP and Wages


In volume terms, the trend estimate for sales of goods and services increased 0.4% this quarter. The seasonally adjusted estimate increased 0.8% this quarter following a small fall in the previous quarter.

Graph: Property and Business Services - Sales