SEPTEMBER KEY FIGURES

			Jun Qtr 18 to Sep Qtr 18	Sep Qtr 17 to Sep Qtr 18
			%	%
Sales of goods and services (Chain volume measures)
	Manufacturing
		Trend	-0.5	0.4
		Seasonally Adjusted	-0.9	-0.9
	Wholesale trade
		Trend	0.0	-0.4
		Seasonally Adjusted	0.9	-0.3
Inventories (Chain volume measures)
	Trend		0.5	1.7
	Seasonally Adjusted		0.0	1.6
Company gross operating profits
	Trend		2.6	13.2
	Seasonally Adjusted		1.9	13.5
Wages and salaries
	Seasonally Adjusted		0.9	4.3

Inventories (volume terms), Trend estimates

Company gross operating profits, Trend estimates

SEPTEMBER KEY POINTS


CHAIN VOLUME ESTIMATES

• The trend estimate for inventories rose 0.5% in the September quarter 2018. The seasonally adjusted estimate remained relatively unchanged this quarter.
• The trend estimate for Manufacturing sales of goods and services fell 0.5% this quarter. The seasonally adjusted estimate fell 0.9% this quarter.
• The trend estimate for Wholesale trade sales of goods and services remained relatively unchanged this quarter. The seasonally adjusted estimate rose 0.9%.

CURRENT PRICE ESTIMATES

• The seasonally adjusted estimate for company gross operating profits rose 1.9% in the September quarter 2018.
• The seasonally adjusted estimate for wages and salaries rose 0.9% in the September quarter 2018.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
December 2018	4 March 2019
March 2019	3 June 2019
June 2019	2 September 2019
September 2019	2 December 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 September quarter 2018 is $1,944m which is $616m higher than the June quarter 2018 IVA of $1,328m.

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, 2016-17, 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 2016-17. 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.


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