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JUNE KEY FIGURES

			Mar Qtr 07 to Jun Qtr 07	Jun Qtr 06 to Jun Qtr 07
			%	%
Sales of goods & services (Chain vol. meas.)
	Manufacturing
		Trend	(a)0.5	(a)na
		Seasonally Adjusted	-0.3	3.6
	Wholesale trade
		Trend	1.0	3.9
		Seasonally Adjusted	0.4	3.8
Inventories (Chain vol. meas.)
	Trend		0.8	1.1
	Seasonally Adjusted		0.4	1.0
Company gross operating profits
	Trend		(a)1.4	(a)na
	Seasonally Adjusted		1.4	11.2
Wages and salaries
	Seasonally Adjusted		2.2	11.5
na not available
(a) See paragraph 23 of the Technical Notes for more information

Inventories (volume terms), Trend estimates - Quarterly change

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

JUNE KEY POINTS


CHAIN VOLUME ESTIMATES

• The trend estimate for inventories increased 0.8% in the June quarter 2007. The seasonally adjusted estimate increased 0.4% this quarter with Manufacturing and Mining the largest contributors.
• The trend estimate for Manufacturing sales of goods and services increased 0.5% this quarter. The seasonally adjusted estimate fell 0.3% following a 1.3% rise in the March quarter.
• The trend estimate for Wholesale trade's sales of goods and services increased 1.0% this quarter. The seasonally adjusted estimate increased 0.4% following a 1.5% increase in the previous quarter.

• The trend estimate for company gross operating profits increased 1.4% in the June quarter 2007. The seasonally adjusted estimate also increased 1.4% this quarter.
• The seasonally adjusted estimate for wages and salaries increased by 2.2% this quarter after a strong rise of 4.1% the previous quarter.

REVISIONS IN THIS ISSUE

This quarter there has been a change to the methodology of seasonal adjustment for Mining inventories. Rather than being seasonally adjusted at the current price level and the resulting factors being applied to the chain volume series, the chain volume series is now seasonally adjusted independently. This is now consistent with the methodology applied to sales of goods and services and is necessary because there appears to be some seasonality in prices.

This quarter trend breaks have been applied to Mining company gross operating profits and related profits series to be more consistent with sales of goods and services. These changes have resulted in revisions to the seasonally adjusted series.

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 in the June quarter, growth in GOS will be lower after the application of the IVA. The IVA for the June quarter is $825m which is $1,221m higher than March quarter IVA of -$397m. 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 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.