MARCH KEY FIGURES

			Dec Qtr 14 to Mar Qtr 15	Mar Qtr 14 to Mar Qtr 15
			%	%
Sales of goods and services (Chain volume measures)
	Manufacturing
		Trend	-1.7	-4.2
		Seasonally Adjusted	-4.1	-5.1
	Wholesale trade
		Trend	0.7	2.2
		Seasonally Adjusted	1.9	3.3
Inventories (Chain volume measures)
	Trend		0.0	0.7
	Seasonally Adjusted		0.4	1.5
Company gross operating profits
	Trend		0.2	-5.5
	Seasonally Adjusted		0.2	-7.5
Wages and salaries
	Seasonally Adjusted		-0.1	1.4

Inventories (volume terms), Trend estimates

Company gross operating profits, Trend estimates

MARCH KEY POINTS


CHAIN VOLUME ESTIMATES

• The trend estimate for inventories was relatively unchanged in the March quarter 2015. The seasonally adjusted estimate rose 0.4% this quarter.
• The trend estimate for Manufacturing sales of goods and services fell 1.7% this quarter. The seasonally adjusted estimate fell 4.1% this quarter.
• The trend estimate for Wholesale trade sales of goods and services rose 0.7% this quarter. The seasonally adjusted estimate rose 1.9%.

CURRENT PRICE ESTIMATES

• The seasonally adjusted estimate for company gross operating profits rose 0.2% in the March quarter 2015.
• The seasonally adjusted estimate for wages and salaries fell 0.1% in the March quarter 2015.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
June 2015	31 August 2015
September 2015	30 November 2015
December 2015	29 February 2016
March 2016	30 May 2016

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 March quarter 2015 is -$988m which is $406m lower than the December quarter 2014 IVA of -$582m.

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.


INQUIRIES

Inquiries about these and related statistics, contact the National Information and Referral Service on 1300 135 070. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.