JUNE KEY FIGURES

			Mar Qtr 18 to Jun Qtr 18	Jun Qtr 17 to Jun Qtr 18
			%	%
Sales of goods and services (Chain volume measures)
	Manufacturing
		Trend	-0.1	2.2
		Seasonally Adjusted	-1.6	1.7
	Wholesale trade
		Trend	-0.6	-1.2
		Seasonally Adjusted	-1.9	-1.2
Inventories (Chain volume measures)
	Trend		0.6	1.1
	Seasonally Adjusted		0.6	1.8
Company gross operating profits
	Trend		3.7	10.3
	Seasonally Adjusted		2.0	11.4
Wages and salaries
	Seasonally Adjusted		1.2	4.5

Inventories (volume terms), Trend estimates

Company gross operating profits, Trend estimates

JUNE KEY POINTS


CHAIN VOLUME ESTIMATES

• The trend estimate for inventories rose 0.6% in the June quarter 2018. The seasonally adjusted estimate rose 0.6% this quarter.
• The trend estimate for Manufacturing sales of goods and services fell 0.1% this quarter. The seasonally adjusted estimate fell 1.6% this quarter.
• The trend estimate for Wholesale trade sales of goods and services fell 0.6% this quarter. The seasonally adjusted estimate fell 1.9%.

CURRENT PRICE ESTIMATES

• The seasonally adjusted estimate for company gross operating profits rose 2.0% in the June quarter 2018.
• The seasonally adjusted estimate for wages and salaries rose 1.2% in the June quarter 2018.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
September 2018	3 December 2018
December 2018	4 March 2019
March 2019	3 June 2019
June 2019	2 September 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 June quarter 2018 is $1,332m which is $646m lower than the March quarter 2018 IVA of $1,978m.

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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