5676.0 - Business Indicators, Australia, Sep 2003
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 01/12/2003
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KEY FIGURES
KEY POINTS TREND ESTIMATES
SEASONALLY ADJUSTED ESTIMATES
NOTES CHANGES IN THIS ISSUE A new accounting standard - UIG 53 - has recently been introduced. This new standard governs the method by which sales of speculative construction projects are recorded. Previously, sales were recorded upon completion of a project but, from March 2003, sales are recorded progressively. This standard has been adopted by providers to the Quarterly Business Indicators Survey from the June quarter 2003 and impacts on sales and profits estimates for the Construction industry. The ABS is not able to fully quantify the impact of this change and so, during the transition period, sales and profits estimate for Construction should be treated with caution. COMPARISON BETWEEN COMPANY GROSS OPERATING PROFITS AND GROSS OPERATING SURPLUS As was the case last quarter, price decreases have had a significant impact on the value of inventories held by Manufacturing and Wholesale trade. While last quarter's impact was mainly driven by crude oil prices, price falls this quarter have been more widespread. Consequently, a large inventories valuation adjustment will again be applied in calculating the gross operating surplus estimate in the September quarter 2003 release of the Australian National Accounts. No such adjustment is made to the company gross operating profits estimate in this publication and, as a result, users should exercise caution when comparing the two series. REVISIONS IN THIS ISSUE As is usually the case after the initial release of a quarter's estimates, revisions have been made to the June quarter 2003 estimates as a result of responses received or revised after the publication of the previous issue. Concurrent seasonal adjustment methodology has also resulted in revisions to previously-released estimates. The net effect on June quarter 2003 estimates of these revisions has been to adjust: the seasonally adjusted chain volume estimates for total inventories by +0.7%, Manufacturing income from sales of goods and services by -0.8% and wholesale trade income from sales of goods and services by -0.8%; seasonally adjusted current price estimates for company gross operating profits by -0.3%; and original current price estimates for wages and salaries by +0.3%. INDUSTRY TREND ESTIMATES TOTAL ALL INDUSTRIES Company gross operating profits Inventories The current price trend estimate for total company gross operating profits decreased marginally following decreases of around 1% in the previous two quarters. The trend estimate for total inventories (in volume terms) has increased strongly in the latest three quarters driven mainly by a strong build up in Wholesale trade. MINING Company gross operating profits Inventories The current price trend estimate for company gross operating profits has decreased sharply for the third successive quarter. The current level is the lowest recorded figure since December quarter 1999. The trend estimate for inventories (in volume terms) has increased in the past two quarters following three quarters of falls. MANUFACTURING Company gross operating profits Inventories Income, from sales of goods and services The current price trend estimates for company gross operating profits has continued to fall in September quarter, extending the period of decline to four quarters. The trend estimate for inventories (in volume terms) increased by 1.5% this quarter following a similar increase in the previous quarter. The trend estimate for income from sales of goods and services (in volume terms) has remained relatively flat over the latest four quarters after seven quarters of sustained growth. CONSTRUCTION Company gross operating profits The current price trend estimates for company gross operating profits has decreased in the latest three quarters and is now at a similar level to that recorded in March 2002. WHOLESALE TRADE Company gross operating profits Inventories Income from sales of goods and services The current price trend estimate for company gross operating profits has started to increase again in the latest two quarters after being flat in the March quarter 2003. The trend estimate for inventories (in volume terms) has been growing strongly over the past three quarters, continuing the growth that commenced in June quarter 2002. The trend estimate for income from sales of goods and services (in volume terms) has been growing at a steady rate since March quarter 2001. RETAIL TRADE Company gross operating profits Inventories Income from sales of goods and services The current price trend estimate for company gross operating profits increased by 8.3% this quarter, with a slight fall in March quarter 2003 breaking sustained growth since March quarter 2001. The trend estimate for inventories (in volume terms) has increased steadily in the latest four quarters after decreases in the previous four quarters. The trend estimate for income from sales of goods and services (in volume terms) has increased steadily in the latest three quarters after being flat in the September and December quarters 2002. TRANSPORT AND STORAGE Company gross operating profits Income from sales of goods and services The current price trend estimate for company gross operating profits has decreased in the latest three quarters after a period of sustained growth from September quarter 2001. The trend estimate for income from sales of goods and services (in volume terms) decreased in the latest four quarters after increasing in the previous seven quarters. PROPERTY AND BUSINESS SERVICES Company gross operating profits Income from sales of goods and services The current price trend estimate for company gross operating profits has increased in the latest two quarters, following decreases in the previous three quarters. The trend estimate for income from sales of goods and services (in volume terms) has increased in the latest two quarters after being relatively flat in the previous quarter, which was preceded by six quarters of decline. Document Selection These documents will be presented in a new window.
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