JUNE KEY FIGURES

			Mar Qtr 08 to Jun Qtr 08	Jun Qtr 07 to Jun Qtr 08
			%	%
Sales of goods & services (Chain vol. meas.)
	Manufacturing
		Trend	1.1	4.4
		Seasonally Adjusted	0.4	4.8
	Wholesale trade
		Trend	0.8	3.1
		Seasonally Adjusted	1.1	3.8
Inventories (Chain vol. meas.)
	Trend		0.8	4.0
	Seasonally Adjusted		0.3	4.1
Company gross operating profits
	Trend		(a)na	(a)na
	Seasonally Adjusted		14.3	21.5
Wages and salaries
	Seasonally Adjusted		2.3	7.3
na not available
(a) See paragraph 24 of the Technical Note 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 rose 0.8% in the June quarter 2008. The seasonally adjusted estimate rose 0.3% this quarter.
• The trend estimate for Manufacturing sales of goods and services rose 1.1% this quarter. The seasonally adjusted estimate rose 0.4%.
• The trend estimate for Wholesale trade's sales of goods and services rose 0.8% this quarter. The seasonally adjusted estimate rose 1.1%.

CURRENT PRICE ESTIMATES

• The seasonally adjusted estimate for company gross operating profits rose 14.3% in the June quarter 2008. This quarter there is a break in the trend series for company gross operating profits.
• The seasonally adjusted estimate for wages and salaries rose 2.3% in the June quarter 2008.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
September 2008	1 December 2008
December 2008	2 March 2009
March 2009	1 June 2009
June 2009	31 August 2009

CHANGES IN THIS ISSUE

This quarter there is a break in series to Mining and Total company gross operating profits trend, Mining and Total company profits before income tax trend and Mining and Total business gross operating profits trend. This is due to a very large once-off contract mining price rise on 1st April 2008 making it more difficult to reliably estimate the trend at the current end of the series. This situation will improve over time as more quarters become available.


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 $3181m which is $1890m higher than the March quarter IVA of $1291m. 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 Scott Johnston on Sydney (02) 9268 4241.