JUNE KEY FIGURES

			Mar Qtr 17 to Jun Qtr 17	Jun Qtr 16 to Jun Qtr 17
			%	%
Sales of goods and services (Chain volume measures)
	Manufacturing
		Trend	-0.2	-2.7
		Seasonally Adjusted	0.9	-2.8
	Wholesale trade
		Trend	0.2	4.9
		Seasonally Adjusted	-1.6	3.3
Inventories (Chain volume measures)
	Trend		0.3	1.7
	Seasonally Adjusted		-0.4	1.5
Company gross operating profits
	Trend		3.2	31.0
	Seasonally Adjusted		-4.5	21.2
Wages and salaries
	Seasonally Adjusted		1.2	1.6

Inventories (volume terms), Trend estimates

Company gross operating profits, Trend estimates

JUNE KEY POINTS


CHAIN VOLUME ESTIMATES

• The trend estimate for inventories rose 0.3% in the June quarter 2017. The seasonally adjusted estimate fell 0.4% this quarter.
• The trend estimate for Manufacturing sales of goods and services fell 0.2% this quarter. The seasonally adjusted estimate rose 0.9% this quarter.
• The trend estimate for Wholesale trade sales of goods and services rose 0.2% this quarter. The seasonally adjusted estimate fell 1.6%.

CURRENT PRICE ESTIMATES

• The seasonally adjusted estimate for company gross operating profits fell 4.5% in the June quarter 2017.
• The seasonally adjusted estimate for wages and salaries rose 1.2% in the June quarter 2017.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
September 2017	4 December 2017
December 2017	5 March 2018
March 2018	4 June 2018
June 2018	3 September 2018

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 2017 is -$519m which is $1,995m lower than the March quarter 2017 IVA of $1,476m. 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.


CHANGES IN THIS ISSUE

The June quarter 2017 release includes revisions to mining sales and inventories in chain volume terms as a result of revisions published in the June quarter release of the International Trade Price Indexes, Australia publication (ABS cat no 6457.0). These revisions relate to coal mining sales and inventories, and are applied back to the September quarter 2016. The export price indexes in publication 6457.0 form the basis of price deflators that are used to derive chain volume measures for coal mining in this publication 5676.0. Similar revisions will also be incorporated in the June quarter 2017 release of the Australian National Accounts: National Income, Expenditure and Product publication (ABS cat no 5206.0) and the Balance of Payments and International Investment Position, Australia publication (ABS cat no 5302.0).


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