SEPTEMBER KEY FIGURES

			Jun Qtr 15 to Sep Qtr 15	Sep Qtr 14 to Sep Qtr 15
			%	%
Sales of goods and services (Chain volume measures)
	Manufacturing
		Trend	0.1	-5.3
		Seasonally Adjusted	0.8	-5.1
	Wholesale trade
		Trend	0.2	1.9
		Seasonally Adjusted	0.2	1.9
Inventories (Chain volume measures)
	Trend		0.2	0.4
	Seasonally Adjusted		0.1	-0.4
Company gross operating profits
	Trend		0.3	-0.7
	Seasonally Adjusted		1.3	0.1
Wages and salaries
	Seasonally Adjusted		1.0	2.5

Inventories (volume terms), Trend estimates

Company gross operating profits, Trend estimates

SEPTEMBER KEY POINTS


CHAIN VOLUME ESTIMATES

• The trend estimate for inventories rose 0.2% in the September quarter 2015. The seasonally adjusted estimate rose 0.1% this quarter.
• The trend estimate for Manufacturing sales of goods and service rose 0.1% this quarter. The seasonally adjusted estimate rose 0.8% this quarter.
• The trend estimate for Wholesale trade sales of goods and services rose 0.2% this quarter. The seasonally adjusted estimate rose 0.2%.

CURRENT PRICE ESTIMATES

• The seasonally adjusted estimate for company gross operating profits rose 1.3% in the September quarter 2015.
• The seasonally adjusted estimate for wages and salaries rose 1.0% in the September quarter 2015.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
December 2015	29 February 2016
March 2016	30 May 2016
June 2016	5 September 2016
September 2016	5 December 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 September quarter 2015 is $580m which is $685m lower than the June quarter 2015 IVA of $1,265m.

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

Each September quarter the reference and base year for chain volume estimates for the Business Indicators Survey are updated. A new base year, 2013-14, has been introduced into the chain volume estimates which has resulted in minor revisions to growth rates in subsequent periods. In addition, the chain volume estimates have been re-referenced to 2013-14. Additivity is preserved in the quarters of the reference year and subsequent quarters. Re-referencing affects the level of, but not the movements in, chain volume estimates.

As happens each year, a seasonal re-analysis has been undertaken based on estimates up to and including the June quarter 2015. No significant changes have occurred in this re-analysis, resulting in only minor revisions to the seasonally adjusted estimates.


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.