Business Indicators, Australia

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Quarterly estimates of private sector sales, wages, profits and inventories

Reference period
September 2022
Released
5/12/2022

Key statistics

Current price estimates for the September quarter 2022:

  • Company gross operating profits fell 12.4% seasonally adjusted 
  • Wages and salaries rose 2.9% seasonally adjusted 

Chain volume estimates for the September quarter 2022:

  • Inventories rose 1.7% seasonally adjusted
 Jun Qtr 22 to Sep Qtr 22Sep Qtr 21 to Sep Qtr 22
%%
Sales of goods and services (Chain volume measures)  
 Manufacturing  
  Trend

na

na

  Seasonally Adjusted

-1.4

-1.2

 Wholesale trade  
  Trend

na

na

  Seasonally Adjusted

2.7

7.9

Inventories (Chain volume measures)  
 Trend

na

na

 Seasonally Adjusted

1.7

7.9

Company gross operating profits  
 Trend

na

na

 Seasonally Adjusted

-12.4

8.5

Wages and salaries  
 Seasonally Adjusted

2.9

11.0

*na - not available. Trend estimates have been suspended due to the impacts of COVID-19.

 

Inventories

Trend estimates have been suspended

 

Company gross operating profits

Trend estimates have been suspended

Notes on release

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 2022 is -$2,930m which is $12,188m lower than the June quarter 2022 IVA of $9,258m.

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.

Re-referencing of chain volume estimates

Each September quarter the reference and base year for chain volume estimates for the Business Indicators Survey are updated. A new base, 2020-21, 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 2020-21. 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.

Suspension of trend series

The trend series attempts to measure underlying behaviour in business activity. In the short term, this measurement will be significantly affected by changes to regular patterns in spending due to the Coronavirus pandemic. If the trend estimates in this publication were to be calculated without fully accounting for this irregular event, they would likely provide a misleading view of underlying business activity.

It may be some time before the underlying trend in business activity can be accurately estimated. The Business Indicators trend series have therefore been suspended and will be reinstated when more certainty emerges in the underlying trend in business activity.

Analysis by industry

​​​​​​​Featured series

The following graphs and commentary refer to seasonally adjusted estimates for sales of goods and services and inventories in volume terms, and wages and salaries and company gross operating profits in current price terms. Trend estimates have been suspended from June quarter 2019 onwards for all series due to the impacts of coronavirus (COVID-19).

Total all industries

Mining

Manufacturing

Electricity, gas, water and waste services

Construction

Wholesale trade

Retail trade

Accommodation and food services

Transport, postal and warehousing

Information media and telecommunications

Financial and insurance services

Rental, hiring and real estate services

Professional, scientific and technical services

Administrative and support services

Education and training

Health care and social assistance

Arts and recreation services

Other services

Data downloads

Time series spreadsheets

Data files

Data Explorer datasets

Caution: Data in Data Explorer is currently released after the 11:30am release on the ABS website. Please check the reference period when using Data Explorer.

Business Indicators  - Quarterly estimates of private sector sales, wages, profits and inventories

Previous catalogue number

This release previously used catalogue number 5676.0.

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