6427.0 - Producer Price Indexes, Australia, Sep 2003
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 20/10/2003
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KEY FIGURES
KEY POINTS FINAL (STAGE 3) COMMODITIES
INTERMEDIATE (STAGE 2) COMMODITIES
PRELIMINARY (STAGE 1) COMMODITIES
COMMENTARY STAGE OF PRODUCTION OVERVIEW The final (Stage 3) stage of production producer price index increased by 0.5% in the September quarter 2003, whereas the intermediate (Stage 2) and preliminary (Stage 1) indexes both fell -0.4%. Annual growth through the year to September quarter 2003 was 1.5% for the final (Stage 3) index, 0.8% for the intermediate (Stage 2) index and 0.6% for the preliminary (Stage 1) index. For final (Stage 3) commodities, building construction, electricity, gas and water supply and petroleum refining were mostly responsible for the 0.5% increase in this index for the September quarter 2003. Largely offsetting these were significant price decreases for many imported products, particularly amongst all types of manufactured equipment. The most significant contributors to the -0.4% decline in both the intermediate (Stage 2) and preliminary (Stage 1) indexes were price falls observed for wheat and dairy farming, oil and gas extraction, and motor vehicle and part manufacturing. Partial offsets were observed with significant price increases for legal and accounting services, and for marketing and business management services. MANUFACTURING INDUSTRIES PRODUCER PRICE INDEXES The input and output prices for the manufacturing industries decreased during the September quarter by -2.5% and -0.5% respectively. Significant appreciation of the Australian dollar against the US dollar and all other major currencies had a strong impact on the results for both the input and output indexes. The input and output price indexes decreased by -3.0% and -0.1%, respectively, through the year to September quarter 2003. Decreases in the price of both domestic and imported crude oil were the main contributors to the quarterly result for the materials used in manufacturing industries index, with falls in wheat and meslin, and whole milk, also being significant contributors. Price increases for sheep and lamb, cattle and calves, and rice partly provided some offsets to these falls. Declining prices for diesel and beef contributed to the bulk of the decrease in the articles produced by manufacturing industries index for the September quarter, which were partially offset by increases for unleaded petrol. CONSTRUCTION INDUSTRIES PRODUCER PRICE INDEXES The price indexes for materials used in house building and materials used in building other than house building increased by 0.6% and 0.5%, respectively, in the September quarter 2003. For both indexes, price increases were observed for a wide range of materials. Cupboards and fittings and clay bricks were significant contributors to the increase observed for the materials used in house building price index. Structural steel products made the major contribution to the increase in the index of materials used in building other than house building. Through the year to September quarter 2003, the materials used in house building index rose 3.2%, compared with an increase of 3.9% for the index of materials used in building other than house building. Other significant contributors to the increase in the materials used in house building price index were ready mixed concrete, aluminium windows and doors, and reinforcing steel. Few offsetting price decreases were recorded for this price index, with the largest being for plastic pipes and fittings. Price increases for precast concrete products and clay bricks contributed significantly to the increase recorded for the materials used in building other than house building price index, with small offsets provided by plastic pipes and fittings. All State capital city indexes recorded increases in the September quarter 2003, ranging from 0.4% in Melbourne and Adelaide to 0.9% in Sydney for the materials used in house building price index, and from 0.3% in Melbourne to 0.6% in Sydney for the materials used in building other than house building price index. The price index for the output of the general construction industry increased by 1.8% in the September quarter 2003 and by 6.7% for the year ending September quarter 2003. Increases were registered across the quarter for all component industries, with indexes for residential building construction other than houses (2.1%) and non-residential building construction (2.1%) being the largest. Increases were also recorded for the house construction index (1.8%), and the road and bridge construction index (0.8%). Significant contributors to these increases were continued high demand and increases in the price of inputs, both labour and materials. The property and business services industries price index increased by 1.2% in the September quarter. Annually the index increased 3.2% to September quarter 2003. The price index for property services increased by 1.1% this quarter. Within property services all indexes showed increases, with the price index of real estate agents continuing to be the largest contributor to the increase, gaining 3.9% for the September quarter. For the period September quarter 2002 to September quarter 2003, the real estate agent index rose 12.3%. The business services index rose 1.3% for the September quarter 2003. The main contributors were legal services (3.3%) and consultant engineering (4.1%). A number of small decreases were also recorded this quarter for commercial art display, market research, architecture and employment placement services. The transport (freight) and storage industries index decreased by -0.2% in the September quarter 2003, compared with a 0.4% increase in the June 2003 quarter. Annually the index rose 2.5% from September quarter 2002 to September quarter 2003. The main contributors to this quarter's decrease were international sea transport with a -5.3% decrease and rail transport with a -0.6% decrease. These decreases were partially offset by a number of increases in small components including 5.4% in parking services. The storage index increased by 0.2% in the September quarter. Document Selection These documents will be presented in a new window.
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