June key figures
| Mar Qtr 19 to Jun Qtr 19 | Jun Qtr 18 to Jun Qtr 19 | |||
|---|---|---|---|---|
| % | % | |||
| Sales of goods and services (Chain volume measures) | ||||
| Manufacturing | ||||
| Trend | -1.0 | -4.0 | ||
| Seasonally Adjusted | -0.6 | -3.7 | ||
| Wholesale trade | ||||
| Trend | -0.1 | 0.8 | ||
| Seasonally Adjusted | -1.6 | 0.5 | ||
| Inventories (Chain volume measures) | ||||
| Trend | -0.1 | 0.3 | ||
| Seasonally Adjusted | -0.9 | -0.3 | ||
| Company gross operating profits | ||||
| Trend | 3.2 | 11.1 | ||
| Seasonally Adjusted | 4.5 | 12.5 | ||
| Wages and salaries | ||||
| Seasonally Adjusted | 1.4 | 4.7 | ||
June key points
Chain volume estimates
- The trend estimate for inventories fell 0.1% in the June quarter 2019. The seasonally adjusted estimate fell 0.9% this quarter.
- The trend estimate for Manufacturing sales of goods and services fell 1.0% this quarter. The seasonally adjusted estimate fell 0.6% this quarter.
- The trend estimate for Wholesale trade sales of goods and services fell 0.1% this quarter. The seasonally adjusted estimate fell 1.6%.
Current prices estimates
- The seasonally adjusted estimate for company gross operating profits rose 4.5% in the June quarter 2019.
- The seasonally adjusted estimate for wages and salaries rose 1.4% in the June quarter 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 June quarter 2019 is $2,814m which is $2,182m higher than the March quarter 2019 IVA of $632m.
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.