Australian National Accounts: National Income, Expenditure and Product

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Quarterly estimates of key economic flows in Australia, including gross domestic product (GDP), consumption, investment, income and saving

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Reference period
September 2023
Released
6/12/2023
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Key statistics

  • The Australian economy rose 0.2% in seasonally adjusted chain volume measures 
  • In nominal terms, GDP rose 1.2% 
  • The terms of trade fell 2.6% 
  • Household saving to income ratio decreased to 1.1% from 2.8% 

In this release

Economic overview

Unless otherwise stated all figures are in seasonally adjusted, chain volume measures.

The reference year for chain volume measures is 2021-22.

September quarter key figures, percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Through the year, Sep 22 to Sep 23
Chain volume GDP and related measures (b)
 GDP0.20.90.50.40.22.1
 GDP per capita (c)-0.40.3--0.1-0.5-0.3
 Gross value added market sector (d)0.40.70.60.6-0.11.9
 Real net national disposable income-1.41.11.6-1.2-0.60.9
Productivity
 GDP per hour worked-1.2-0.6-0.7-1.60.9-2.1
 Real unit labour costs2.20.2-0.22.71.23.9
Prices
 GDP chain price index (original)0.50.61.6-2.10.60.6
 Terms of trade-5.5-2.53.2-7.2-2.6-9.0
Current price measures
 GDP0.71.72.3-0.71.24.5
 Household saving ratio7.03.83.52.81.1na

na not available
- nil or rounded to zero
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year.
b. Reference year for chain volume measures and real income measures is 2021-22.
c. Population estimates are as published in National, state and territory population and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

Australian economy grew 0.2% in the September quarter 2023

Gross Domestic Product (GDP) rose 0.2%, driven by increased government consumption and capital investment during the quarter. Growth in both household consumption and GDP over 2023 has slowed due to sustained cost of living pressures and higher interest rates.

Strength in domestic prices offset the fall in terms of trade

Nominal GDP rose 1.2%. The GDP implicit price deflator (IPD) increased 1.0%, driven by continued strength in domestic prices. The domestic final demand IPD rose 1.3%, and remained elevated near 30-year highs in through the year terms (+5.2%). Prices for essential household consumption drove the rise, particularly in housing rent, fuel and communications.

The terms of trade fell 2.6% as export prices (-1.4%) fell and import prices (+1.2%) rose. Export prices for coal and liquefied natural gas (LNG) declined with elevated levels of inventories in export markets curbing demand. Strong oil prices and the depreciation of the Australian dollar led to rises in import prices during the quarter.

Public demand supported economic growth

Domestic final demand contributed 0.5 percentage points to GDP growth.

Government expenditure contributed 0.2 percentage points, driven by social benefits to households. Capital investment contributed 0.2 percentage points to GDP, led by new investment by public corporations.

Changes in inventories contributed 0.4 percentage points to GDP, led by a build up in mining inventories. A larger fall in exports than production volumes, particularly in coal, iron ore and LNG, meant increased quantities held in inventories.

Net trade detracted 0.6 percentage points from GDP, from a fall in exports (-0.7%) and a rise in imports (+2.1%).

  1. Contributions may not be additive due to rounding.

Government sector increased spending on behalf of households

Government expenditure (+1.1%) contributed 0.2 percentage points to GDP. State and federal government social benefit schemes for households, including the Energy Bill Relief Fund and expansion of the Child Care Subsidy, were the main contributors to the rise. Defence expenditure (+4.7%) was also boosted by large scale international training exercises facilitated in Australia during the quarter.

  1. Contributions may not be additive due to rounding.

New public investment continued to grow

Capital investment (+1.1%) contributed 0.2 percentage points to GDP. Growth was led by new public investment, which excludes the impact of second-hand asset transfers from the private sector, and was driven by large expansion work done on major public corporation projects.

Private investment rose 1.2%, as new engineering construction accelerated on mining infrastructure projects.

Ownership transfer costs (+2.0%) rose for the second consecutive quarter due to increased property market activity.

Dwelling investment experienced a small rise of 0.2%. Increased renovation activity saw a rise in alterations and additions, which was partly offset by falls in other residential dwelling construction.

Electricity and childcare rebates drove weakness in household spending

Household spending (+0.0%) was unchanged in the September quarter, largely impacted by the treatment of government policies including electricity rebates and expansion of the Child Care Subsidy scheme, which saw increased government consumption on behalf of households.

Though the year, household consumption (+0.4%) slowed to its lowest rate since the COVID-19 impacted March 2021 quarter. The slow down in demand reflected the ongoing effects of higher mortgage interest rates and sustained cost of living pressures on household budgets.

Household spending on electricity, gas and other fuel fell 16.9%, partly due to underlying weakness in usage as a result of a warmer than usual end to winter. The state and federal government rebates also saw a reduction in household spending on electricity.

Purchase of vehicles rose 13.0%, as prolonged demand for motor vehicles was met with improved supply. Delivery wait times for cars continued to ease towards pre-pandemic levels.

Large scale events including the 2023 FIFA Women’s World Cup saw increased spending on hotels, cafes and restaurants (+0.9%) and transport services (+3.9%).

Exports fall for the first time since March 2022

Exports of goods and services fell 0.7% driven by a fall in exports of goods, partly offset by a rise in exports of services. Goods exports fell 1.2% led by mining commodities. Elevated inventory levels in export destinations resulted in weakened demand for Australian coal and LNG, while uncertainty in international markets led to reduced demand for iron ore.

Exports of services increased 1.9% driven by travel services. Education related travel continued to grow as the stock of international students studying in Australia reached record levels. Personal travel also contributed to growth boosted by the re-introduction of group travel from China and fans attending the 2023 FIFA Women’s World Cup.

Imports of goods and services rose 2.1%. Imports of services rose 8.4% driven by travel, as Australians travelled to northern hemisphere destinations for longer overseas stays through the peak holiday season.

Imports of goods rose 0.5%, led by capital goods, notably motor vehicles and telecommunications equipment. Imports of industrial transport equipment rose 16.5% as continued strong demand for motor vehicles was met by easing supply constraints at Australian ports. Imports of telecommunications equipment (10.9%) also contributed to the rise in capital goods, in preparation for the release of new mobile phone models during the quarter.

  1. Contributions may not be additive due to rounding.

Production rises in service industries as good industries weaken

Gross value added (GVA) rose 0.2% this quarter, with 12 out of 19 industries experiencing rises.

Health care and social assistance rose 1.8% rose with strength from the National Disability Insurance Scheme (NDIS) and the Medicare Benefits Schedule (MBS).

Transport, postal and warehousing rose 1.4%, boosted by the introduction of next-day mail services by Australia Post as well as the continued ramp up in the growth of international travel.

Mining (-1.0%) activity detracted from growth, as planned and unplanned maintenance disrupted production across a number of mine sites.

Agriculture (-3.5%) declined due to dryer conditions. An El Niño event was declared during the quarter.

Electricity, gas, water and waste services fell 2.6%, with warmer than usual conditions reducing demand for heating in the quarter.

Mining GOS continues to decline as demand weakens

Gross operating surplus (GOS) fell 1.5%. The weakness was driven by private non-financial corporations (-4.5%) as profits for the Mining industry continued to decline. Demand for energy coal and LNG fell with high inventory levels in export markets driving falls in energy commodity prices. Non-mining industries were mixed across industries as higher sales were offset by higher operating costs. 

Dwellings GOS owned by persons (+3.5%) partly offset the falls, recording its highest rate of growth since September quarter 2007 and its highest growth through the year (13.0%) since September 1990. Tight rental market conditions persisted. Lower rental availability and strong population growth continued in the September quarter.

Financial corporations GOS rose (+2.1%) as banks’ margins increased with a large portion of fixed rate mortgages rolled onto higher variable rates.

Wage prices drive growth in COE

Compensation of employees (COE) rose 2.6%, with continued tightness in the Labour market during the September quarter. Private COE rose 3.0% due to higher wages and bonuses as businesses continued to face competition for skilled workers. The Fair Work Commission’s 2022-23 minimum wage decision further contributed to wage growth. Public COE (+1.2%) rose, boosted by higher annual salaries following updated enterprise bargaining agreements and the removal of public sector salary caps during the quarter.

Employers' social contributions (+3.8%) experienced its second highest rise since the September quarter 1992 with the superannuation guarantee increasing from 10.5% to 11% on 1 July 2023.

Household saving ratio falls to lowest level since December 2007

The household saving to income ratio declined from 2.8 to 1.1, the lowest level since December 2007. Household saving declined due to a strong rise in income payable (+6.3%), which experienced its highest growth through the year (+27.9%) since September quarter 1977. Income taxes drove the rise, in the absence of the Low and Middle Income Tax Offset which ceased over 2022-23. Interest on dwellings also contributed to the rise in income payable, as fixed rate mortgages continued to transition to higher variable rates. 

Inflationary pressure led to increased nominal household consumption (+1.4%), as consumers faced higher prices for goods and services, further contributing to the decline in household saving.

Household gross income (+1.8%) partly offset the decline, due to increased income from labour (COE) (+2.5%) and interest received on deposits (+8.4%).

  1. Contributions may not be additive due to rounding.

Expenditure

Expenditure
 Jun 23 to Sep 23Sep 22 to Sep 23Jun 23 to Sep 23
 % change% change% points contribution to GDP growth
Final consumption expenditure
 General government1.12.60.2
 Households-0.4-
 Total final consumption expenditure0.41.00.3
Gross fixed capital formation
 Private   
  Dwellings0.2-0.3-
  Ownership transfer costs2.0-6.1-
  Non-dwelling construction3.36.00.2
  Machinery and equipment-0.57.7-
  Cultivated biological resources-3.45.1-
  Intellectual property products1.611.1-
 Public0.712.4-
 Total gross fixed capital formation1.15.90.2
Changes in inventoriesnana0.4
Gross national expenditure0.91.00.9
Exports of goods and services-0.76.8-0.2
Imports of goods and services2.12.2-0.4
Statistical discrepancy (E)nana-0.1
Gross domestic product0.22.10.2

- nil or rounded to zero (including null cells)
na not available

Final consumption expenditure (FCE) 0.4%

Household FCE was a flat 0.0%, driven by a:

  • 13.0% rise in purchase of vehicles 
  • 3.9% rise in transport services
  • 0.4% rise in rent and other dwelling services
  • 1.6% rise in furnishings and household equipment 

The increase was offset by a:

  • 16.9% fall in electricity, gas and other fuels
  • 2.8% fall in other goods and services
  • 1.1% fall in recreation and culture
  • 3.9% fall in cigarettes and tobacco

General government FCE rose 1.1%, driven by a:

  • 1.2% rise in state and local
  • 4.7% rise in national defence
  • 0.3% rise in national non-defence

Gross fixed capital formation (GFCF) 1.1%

Private investment increased 1.2%, driven by a:

  • 3.3% rise in non-dwelling construction
  • 1.6% rise in intellectual property products
  • 2.0% rise in ownership transfer costs
  • 0.2% rise in dwellings

The increase was partly offset by a:

  • 0.5% fall in machinery and equipment
  • 3.4% fall in cultivated biological resources

Public investment increased 0.7%, driven by a:

  • 15.5% rise in commonwealth public corporations
  • 6.0% rise in state and local public corporations
  • 8.1% rise in national non-defence

The increase was partly offset by a:

  • 2.3% fall in state and local general government
  • 8.8% fall in national-defence

Changes in inventories

Total inventories fell $531m following a fall of $2,838m in the June quarter. The largest contributors to the decrease were a:

  • $1,529m fall in Public Authorities
  • $1,469m fall in Farm
  • $145m fall in Other Non-Farm
  • $132m fall in Wholesale Trade

 
The fall was partly offset by a:

  • $2,396m rise in Mining
  • $328m rise in Manufacturing
  • $21m rise in Retail Trade

Exports and imports of goods and services

Exports of goods and services fell 0.7%, driven by a:

  • 6.8% fall in coal
  • 3.4% fall in mineral ores
  • 6.3% fall in other mineral fuels
  • 8.2% fall in cereals 

The decrease was partly offset by a:

  • 24.0% increase in other rural
  • 12.2% increase in non-monetary gold
  • 4.4% increase in travel services
  • 10.2% increase in meat

Imports of goods and services rose 2.1%, driven by a:

  • 19.5% rise in travel services
  • 16.5% rise in industrial transport equipment
  • 10.1% rise in transportation services
  • 4.6% rise in non-industrial transport equipment

The rise was partly offset by a:

  • 5.5% fall in processed industrial supplies nes
  • 46.6% fall in civil aircraft and confidentialised items  
  • 2.9% fall in fuels and lubricants 
  • 6.5% fall in food, beverages and tobacco  

Income

Income estimates are in seasonally adjusted current prices

Income
 Jun 23 to Sep 23Sep 22 to Sep 23Jun 23 to Sep 23
 % change% change% points contribution to GDP growth
Compensation of employees2.68.41.2
Gross operating surplus
 Private non-financial corporations-4.5-6.0-1.0
 Other (a)3.010.50.5
Gross mixed income0.3-4.0-
Taxes less subsidies on production and imports5.48.50.5
Statistical discrepancy (I)nana-
Gross domestic product1.24.51.2

- nil or rounded to zero (including null cells)
na not available
a. Includes Public non-financial corporations, Financial corporations, General government and Dwellings owned by persons.

Compensation of employees (COE) 2.6%

Compensation of employees rose 2.6%, private sector COE rose 3.0% and public sector COE rose 1.2%. Strength in Private sector COE was driven by higher wages and bonuses as well as an increase in the Superannuation guarantee levy. This is consistent with continued tightness in the labour market and increased minimum and award wages, which saw the largest quarterly rise in the wage price index since 2008. Public sector COE rose due to wage rises under enterprise agreements, removal of state wage caps and increased defence activity. 

All states and territories recorded quarterly rises in COE. The largest increases were:

  • 3.0% rise in WA
  • 3.0% rise in NSW
  • 2.5% rise in Victoria

Gross operating surplus (GOS) -1.5%

Private non-financial corporations GOS decreased 4.5%, driven by a:

  • fall in Mining driven by decreased commodity prices for coal and gas, partly offset by a rise in iron ore prices
  • fall in Transport, Postal and Warehousing driven by increased operating expenses
  • fall in Professional, Scientific and Technical Services driven by increased labour costs and decreased demand for digital services 

Other sectors GOS rose 3.0%, driven by a:

  • 3.5% rise in dwellings owned by persons
  • 2.1% rise in financial corporations
  • 4.3% rise in public non-financial corporations

Taxes less subsidies on production and imports 5.4%

Taxes less subsidies on production and imports rose 5.4%. Taxes on production and imports rose 3.4% driven by a rise in taxes on international trade, GST, and payroll taxes. The rise in taxes on international trade was due to increased import volumes of tobacco and a rise in tobacco excise tax. Subsidies on production fell 16.4% driven by a decrease in research and development tax incentive, and state housing and flood related subsidies.

Production

Production
 Jun 23 to Sep 23Sep 22 to Sep 23Jun 23 to Sep 23
 % change% change% points contribution to GDP growth
Agriculture, Forestry and Fishing-3.516.2-0.1
Mining-1.00.5-0.1
Manufacturing-0.30.2-
Electricity, Gas, Water and Waste Services-2.6-2.1-0.1
Construction0.83.00.1
Wholesale Trade-0.9-2.0-
Retail Trade0.6-1.2-
Accommodation and Food Services1.55.0-
Transport, Postal and Warehousing1.45.50.1
Information Media and Telecommunications2.69.20.1
Financial and Insurance Services0.10.4-
Rental, Hiring and Real Estate Services0.94.7-
Professional, Scientific and Technical Services0.6-1.8-
Administrative and Support Services-1.72.1-0.1
Public Administration and Safety1.13.90.1
Education and Training0.41.6-
Health Care and Social Assistance1.83.30.1
Arts and Recreation Services2.03.8-
Other Services-6.9-
Ownership of dwellings0.41.6-
Taxes less subsidies on products--1.2-
Statistical discrepancy (P)nana-
Gross domestic product0.22.10.2

- nil or rounded to zero (including null cells)
na not available

Agriculture, Forestry and Fishing -3.5%

The decrease was driven by a:

  • 2.5% fall in Agriculture driven by grains. 
  • 10.9% fall in Forestry and Fishing due to declines in agricultural support services. 

Mining -1.0%

The decrease was driven by a:

  • 1.6% fall in Iron Ore Mining due to planned maintenance.
  • 1.5% fall in Oil and Gas Extraction due to planned maintenance in Queensland and Western Australia.  
  • 1.2% fall in Other Mining driven by gold and copper. 
  • 0.2% fall in Coal Mining due to lower coking coal production. 

 
This was partly offset by a:

  • 3.5% rise in Exploration and Mining Support Services due to increased services and exploration activity. 

Manufacturing -0.3%

The decrease was driven by a: 

  • 2.5% fall in Other Manufacturing, driven by Non-Metallic Mineral Products.
  • 1.3% fall in Machinery and Equipment.
  • 0.7% fall in Metal Products.

Electricity, Gas, Water and Waste Services -2.6%

The decrease was driven by a:

  • 2.6% fall in Electricity Supply from warmer than average winter conditions reducing household demand.
  • 2.3% fall in Water Supply and Waste Services.
  • 7.3% fall in Gas Supply due to decreased consumption. 

Construction 0.8%

The increase was driven by a:

  • 2.3% rise in Heavy and Civil Engineering driven by mining resource and public transport infrastructure projects.
  • 0.7% rise in Construction Services driven by trades working through project backlogs.

This was partly offset by a:

  • 0.5% fall in Building Construction due to decreased non-residential building activity.

Wholesale Trade -0.9%

The decrease was driven by:

  • Basic Materials Wholesaling, due to reduced grain exports.
  • Machinery and Equipment Wholesaling, due to lower agricultural machinery sales.

This was partly offset by:

  • An increase in Motor Vehicle and Motor Vehicle Parts Wholesaling, as supply chain disruptions continued to ease.

Retail 0.6%

The increase was driven by:

  • Motor Vehicle and Parts Retailing due to improved supply and reduced wait times for vehicles.
  • Other store-based retailing driven by household goods, clothing, and department stores.

Accommodation and Food Services 1.5%

The increase was driven by:

  • Accommodation Services and Food and Beverage Services due to major events and increased tourism activity.

Transport, Postal and Warehousing 1.4%

The increase was driven by a:

  • 2.2% rise in Transport, Postal and Storage services.
  • 2.5% rise in Rail, Pipeline and Other Transport.
  • 2.4% rise in Air and Space Transport as increased tourism boosted domestic and international travel.

    
This was partly offset by a:

  • 0.5% fall in Road Transport due to easing road freight activity.

Information Media and Telecommunications 2.6%

The increase was driven by a: 

  • 4.4% rise in Other Information and Media Services.

Financial and Insurance Services 0.1%

The increase was driven by a:

  • 1.0% rise in Other Financial and Insurance Services driven by superannuation services and mortgage brokering. 

This was offset by a: 

  • 0.3% fall in Finance due to weakness in real deposit balances. 

Rental, Hiring and Real Estate Services 0.9%

The increase was driven by a:

  • 2.3% rise in Property Operators and Real Estate Services as residential property market conditions improved.

This was partly offset by a: 

  • 5.3% fall in Rental and Hiring Services driven by decreased machinery hire.

Professional, Scientific and Technical Services 0.6%

The increase was driven by a:

  • 1.6% rise in Other Professional, Scientific and Technical Services due to engineering services demand.

This was partly offset by a:

  • 2.4% fall in Computer System Design and Related Services.

Administrative and Support Services -1.7%

Administrative Services decreased, due to decreased labour hire and recruitment activity.

Public Administration and Safety 1.1%

Public Administration and Safety rose driven by defence operations. 

Health Care and Social Assistance 1.8%

Health Care and Social Assistance increased, driven by public health. 

Arts and Recreation Services 2.0%

Arts and Recreation Services rose driven by Sports and Recreation Activities and Creative & Performing Arts.

Other Services 0.0%

Other Services remained steady, due to offsetting movements.

State and territory final demand

State and territory final demand, percentage changes (a)
  Jun 23 to Sep 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.61.01.11.03.22.71.20.41.1
 Households0.20.1-0.2-0.3-0.30.20.10.60.0
Gross fixed capital formation
 Private-0.61.2-1.21.17.03.91.3-7.41.2
 Public2.3-1.5-4.06.02.91.85.817.40.7
State final demand0.30.4-0.30.52.41.51.10.70.5

- nil or rounded to zero (including null cells)
a. Change on preceding quarter
b. Australia estimates relate to Domestic final demand.

Quarterly volume measures, seasonally adjusted

The map shows quarterly volume measures of state final demand by state/territory.
New South Wales' state final demand increased 0.3% for the quarter.
Victoria's state final demand increased 0.4% for the quarter.
Queensland's state final demand decreased -0.3% for the quarter.
South Australia's state final demand increased 0.5% for the quarter.
Western Australia's state final demand increased 2.4% for the quarter.
Tasmania's state final demand increased 1.5% for the quarter.
Northern Territory's state final demand increased 1.1% for the quarter.
Australian Capital Territory's state final demand increased 0.7% for the quarter.

New South Wales 0.3%

Total final consumption expenditure increased 0.3%, driven by a:

  • 0.2% rise in household consumption driven by purchases of vehicles (+21.1%) due to improved supply. There were also increases in transport services (+3.7%) and clothing and footwear +2.0%), partly offset by falls in electricity, gas and other fuel (-15.5%) and recreation and culture (-2.7%).
  • 0.6% rise in government consumption, led by strength in national general government (+0.9%) due to an increase in commonwealth spending on social benefits programs and defence training exercises.

Private gross fixed capital formation decreased 0.6%, driven by a:

  • 7.6% fall in total machinery and equipment reflecting reduced expenditure on transport equipment.

Partly offset by a:

  • 4.6% rise in ownership transfer costs due to increased activity in the residential property market.
  • 1.2% rise in total dwellings, driven by strength in alterations and additions (+4.2%).

Public gross fixed capital formation increased 2.3%, driven by a:

  • 4.5% rise in public corporations driven by increased commonwealth investment (+9.0%) in infrastructure.
  • 1.5% rise in general government led by increased state and local investment in transport projects as well as higher capital spending by the university sector.

Victoria 0.4%

Total final consumption expenditure increased 0.4%, driven by a:

  • 1.0% rise in government consumption  due to an increase in spending on social benefit programs and defence training exercises.
  • 0.1% rise in household consumption driven by purchases of vehicles (+8.6%), furnishings and household equipment (+2.9%) and transport services (+3.6%). The rise was partly offset by a fall in electricity, gas and other fuel (-13.9%) due to weaker gas usage during a milder winter and energy rebates.

Private gross fixed capital formation increased 1.2%, driven by a:

  • 2.7% rise in total machinery and equipment due to increased purchases of vehicles by businesses.
  • 0.7% rise in total dwellings, driven by strength in alterations and additions (+4.0%), and partly offset by a fall in new and used dwellings (-1.0%).

Public gross fixed capital formation decreased 1.5%, driven by a:

  • 6.8% fall in general government investment due to a decrease in state and local investment (-7.5%) with less work done on transport infrastructure and fewer asset transfers from the private sector.

Partly offset by a:

  • 21.0% rise in public corporations, with increases in both state and local (+14.6%) and commonwealth (+43.6%) investment, driven by social housing and work done on national infrastructure respectively.

Queensland -0.3%

Total final consumption expenditure increased 0.2%, driven by a: 

  • 1.1% rise in government consumption, led by strength in national government (+1.6%) due to an increase in commonwealth spending on social benefit programs and defence training exercises. State and local government expenditure also rose (+0.7%) driven by the Queensland government's provision of the Cost of Living Rebate for Households from 1 July 2023. 

Partly offset by a:

  • 0.2% fall in household consumption, driven by falls in electricity, gas and other fuel (-24.3%) and other goods and services (-3.4%), with government spending reducing the out-of-pocket expenditure for households on electricity and child care services in the quarter. This was partly offset by a rise in  purchases of vehicles (+11.3%), hotels, cafes and restaurants (+1.6%), and transport services (+3.6%), with improved supply chains for transport equipment and increased overseas tourism by Australian residents. 

Private gross fixed capital formation decreased 1.2%, driven by a: 

  • 5.2% fall in total machinery and equipment led by weakness in the mining and construction industries. 
  • 3.2% decrease in total dwellings driven by weakness in alterations and additions (-4.8%). 

Public gross fixed capital formation decreased 4.0%, driven by a: 

  • 8.0% fall in general government led by decreased state and local investment (-9.1%) on transport infrastructure and health buildings as key project stages reach completion. 

Partly offset by a: 

  • 9.1% rise in public corporations driven by increased state and local investment (+10.2%) on utility projects, including water and renewable energy.

South Australia 0.5%

Total final consumption expenditure increased 0.1%, driven by a:

  • 1.0% rise in government consumption led by strength in national general government (+1.5%) due to an increase in commonwealth spending on social benefit programs and defence training exercises.

Partly offset by a:

  • 0.3% fall in household consumption driven by decreases in electricity, gas and other fuel (-16.6%), other goods and services (-2.4%) and food (-0.9%). The fall was partly offset by rises in purchases of vehicles (+10.6%), furnishings and household equipment (+2.5%) and transport services (+4.9%).

Private gross fixed capital formation increased 1.1%, driven by a:

  • 4.7% rise in non-dwelling construction led by increased investment by the Mining industry.

Partly offset by a:

  • 2.5% fall in total machinery and equipment after elevated spending in the prior quarter.
  • 1.8% fall in total dwellings, driven by a decrease in alterations and additions (-7.0%).

Public gross fixed capital formation increased 6.0%, driven by a:

  • 5.0% rise in general government, led by strength in state and local investment (+8.0%) in transport infrastructure and health buildings.
  • 10.6% rise in public corporations driven by both commonwealth investment (+14.8%) in national infrastructure and state and local (+7.7%) expenditure on social housing.

Western Australia 2.4%

Total final consumption expenditure increased 0.7%, driven by a: 

  • 3.2% rise in government consumption, led by strength in state and local government spending (+4.0%) on social benefits, primarily the household electricity credit. National government (+2.0%) also rose driven by an increase in commonwealth spending on benefit programs, as well as defence training exercises.

Partly offset by a:

  • 0.3% fall in household consumption, driven by electricity, gas and other fuel (-26.1%), as well as other goods and services (-1.9%), with reduced out of pocket expenditure for households as a result of government policies. The falls were partly offset by strength in transport services (+5.0%) and purchase of vehicles (+5.5%), with increased overseas travel and lower wait times on motor vehicle deliveries. 

Private gross fixed capital formation rose 7.0%, driven by a: 

  • 8.4% rise in total non-dwelling construction driven by increases in mining investment.
  • 11.6% increase in machinery and equipment driven by the Mining, Construction and Wholesale trade industries.

Public gross fixed capital formation increased 2.9%, driven by a:

  • 3.1% rise in general government led by increased investment in state and local (+5.3%) road projects and purchases of medical equipment. There was also increased capital spending from the university sector. 
  • 2.5% increase in public corporations, driven by commonwealth investment (+26.7%) in national infrastructure.

Tasmania 1.5%

Total final consumption expenditure increased 1.0%, driven by a: 

  • 2.7% increase in government consumption, driven by an increase in state and local spending on social benefits and core services.
  • 0.2% rise in household consumption, led by purchase of vehicles (+23.1%), with fewer supply chain disruptions and shorter delivery times. There were also rises in hotels, cafes and restaurants (+1.2%), and transport services (+2.3%) with increased tourism expenditure. 

Private gross fixed capital formation increased 3.9%, driven by a: 

  • 13.6% rise in total machinery and equipment driven by vehicle purchases across industries.

Public gross fixed capital formation increased 1.8%, driven by a: 

  • 6.5% increase in public corporations due to increased investment in social housing and utilities.

Partly offset by a:

  • 1.5% fall in general government driven by decreased state and local investment (-1.9%) with less work done on road infrastructure. 

Northern Territory 1.1%

Total final consumption expenditure increased 0.6%, driven by a:

  • 1.2% rise in government consumption led by strength in national general government (+3.2%) due to an increased spending on defence spending.
  • 0.1% rise in household consumption driven by hotels, cafes and restaurants (+3.6%) and recreation and culture (+3.8%). The rise was partly offset by falls in other goods and services (-1.9%), electricity, gas and other fuel (-6.4%), furnishings and household equipment (-1.5%) and cigarettes and tobacco (-3.4%).

Private gross fixed capital formation increased 1.3%, driven by a: 

  • 6.0% rise in total non-dwelling construction driven by increased mining investment.
  • 5.0% rise in intellectual property products due to increased mineral exploration activity.

Partly offset by a:

  • 5.5% fall in total machinery and equipment due to fewer truck and vehicle purchases.
  • 6.4% fall in total dwellings, driven by a decrease in alterations and additions (-11.5%).

Public gross fixed capital formation increased 5.8%, driven by a:

  • 4.9% rise in general government due to increased national investment (+13.5%) in defence the university sector.
  • 9.9% rise in public corporations driven by state and local (+9.0%) utility investment.

Australian Capital Territory 0.7%

Total final consumption expenditure increased 0.5%, driven by a: 

  • 0.4% increase in government consumption, driven by increased spending by state and local government (+6.1%) on health services and social benefits for households.
  • 0.6% increase in household consumption driven by purchase of vehicles (15.8%), hotels, cafes and restaurants (1.8%) and furnishings and household equipment (2.4%). 

Private gross fixed capital formation decreased 7.4%, driven by a:

  • 26.9% fall in non-dwelling construction.
  • 6.0% fall in total machinery and equipment.

Public gross fixed capital formation increased 17.4%, driven by a:

  • 17.3% rise in general government, led by state and local investment (+44.4%). National general government (+7.0%) also rose driven by increased work done on Commonwealth office buildings. 

Key tables

Key national accounts aggregates

Key national accounts aggregates, percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Through the year, Sep 22 to Sep 23
Chain volume GDP and related measures (b)
 GDP0.20.90.50.40.22.1
 GDP per capita (c)-0.40.3--0.1-0.5-0.3
 Gross value added market sector (d)0.40.70.60.6-0.11.9
 Net domestic product0.10.90.50.40.11.9
Real income measures (b)
 Real gross domestic income-1.20.21.4-1.5-0.5-0.4
 Real gross national income-1.21.01.4-0.8-0.31.2
 Real net national disposable income-1.41.11.6-1.2-0.60.9
 Real net national disposable income per capita (c)-2.00.61.0-1.7-1.3-1.5
Current price measures
 GDP0.71.72.3-0.71.24.5
Productivity
 Hours worked1.41.51.22.1-0.74.2
 Hours worked market sector (d)1.42.0-0.41.8-0.62.8
 GDP per hour worked-1.2-0.6-0.7-1.60.9-2.1
 Gross value added per hour worked market sector (d)-1.0-1.31.0-1.20.6-0.9
 Real unit labour costs2.20.2-0.22.71.23.9
 Real unit labour costs - non-farm2.2--0.52.91.13.5
Prices
 GDP implicit price deflator0.50.81.7-1.21.02.4
 Domestic final demand implicit price deflator1.91.51.11.21.35.2
 Terms of trade-5.5-2.53.2-7.2-2.6-9.0

- nil or rounded to zero
a. Change on preceding quarter; last column shows the change between the current quarter and the corresponding quarter of the previous year.
b. Reference year for chain volume measures and real income measures is 2021-22.
c. Population estimates are as published in National, state and territory population and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.

Key national accounts aggregates, levels
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23
Chain volume GDP and related measures (a)
 GDP ($m)595 251600 340603 542606 190607 475
 GDP per capita (b) ($)22 76022 82722 81922 78822 682
 Gross value added market sector (c) ($m)407 529410 241412 872415 489415 176
 Net domestic product ($m)493 616498 097500 633502 562503 142
Real income measures (a)
 Real gross domestic income ($m)597 889599 098607 349597 975595 265
 Real gross national income ($m)567 878573 724581 761576 892574 883
 Real net national disposable income ($m)465 843471 039478 558472 956469 924
 Real net national disposable income per capita (b) ($)17 81217 91018 09317 77917 546
Current price measures
 GDP ($m)626 601637 182651 649646 920654 643
 GDP per capita (b) ($)23 95924 22724 63824 31924 443
 Gross national income ($m)595 407611 682625 157624 163632 067
 National net saving ($m)43 98549 85655 01144 31940 296
 Household saving ratio7.03.83.52.81.1
Prices
 Terms of trade (index) (d)101.799.2102.495.092.5

- nil or rounded to zero
a. Reference year for chain volume measures and real income measures is 2021-22.
b. Population estimates are as published in National, state and territory population and ABS projections.
c. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
d. Reference year for indexes is 2021-22 = 100.0.

Key national accounts aggregates, revisions to percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23
Chain volume GDP and related measures (b)
 GDP-0.50.20.1-
 GDP per capita (c)-0.50.20.30.2
 Gross value added market sector (d)-0.40.20.40.2
 Net domestic product-0.60.20.20.1
Real income measures (b)
 Real gross domestic income-0.1-0.30.3-
 Real gross national income-0.3-0.30.20.3
 Real net national disposable income-0.2-0.40.20.2
 Real net national disposable income per capita (c)-0.2-0.40.30.4
Current price measures
 GDP0.2-0.40.10.5
 Household saving ratio (e)-0.2-0.6-0.1-0.4
Productivity
 Hours worked0.9-0.50.5-0.3
 Hours worked market sector (d)0.9-0.50.3-0.4
 GDP per hour worked-1.40.7-0.30.4
 Gross value added per hour worked market sector (d)-1.40.7-0.5
 Real unit labour costs-0.30.1-0.2-0.5
 Real unit labour costs - non-farm-0.20.4-0.1-0.4
Prices
 Terms of trade1.8-2.00.50.7

- nil or rounded to zero
a. Change on preceding quarter.
b. Reference year for chain volume measures and real income measures is 2021-22.
c. Population estimates are as published in National, state and territory population and ABS projections.
d. ANZSIC divisions A to N, R and S. See Glossary - Market sector.
e. Revisions to levels.

Analytical expenditure aggregates

Analytical expenditure aggregates, percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Through the year, Sep 22 to Sep 23Contribution to growth, Jun 23 to Sep 23
Final consumption expenditure
 General government-0.10.9-0.10.61.12.60.2
 Households0.80.20.10.1-0.4-
  Goods-0.5-0.2-0.70.2-1.3-2.0-0.2
  Services1.70.40.50.10.81.80.2
  Essential0.40.70.50.5-0.51.2-0.1
  Discretionary1.4-0.6-0.6-0.40.7-0.80.1
Gross fixed capital formation
 Private1.5-0.72.31.21.24.00.2
  Mining1.72.21.50.29.613.90.3
  Non-mining4.9-0.35.51.5-1.05.6-0.1
  Total private business investment4.10.34.51.21.57.60.2
 Public-1.7-0.74.17.90.712.4-
Final demand
 Public-0.30.60.72.01.04.40.3
 Private0.9-0.10.70.40.31.30.2

- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Analytical expenditure aggregates, revisions to percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23
Final consumption expenditure
 General government-0.30.2-0.20.2
 Households--0.1-0.2-
  Goods0.2-0.1--0.1
  Services--0.1-0.40.1
  Essential0.20.1-0.1-
  Discretionary-0.1-0.4-0.40.1
Gross fixed capital formation
 Private-0.10.10.30.6
  Mining-1.3-0.50.31.7
  Non-mining1.20.60.60.3
  Total private business investment0.60.30.50.6
 Public0.7-0.10.4-0.3
Final demand
 Public-0.2-0.10.2
 Private-0.1-0.1-0.1

- nil or rounded to zero
a. Change on preceding quarter.

Expenditure aggregates

Expenditure aggregates, contributions to growth
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23
Final consumption expenditure
 General government-0.2-0.10.2
 Households0.40.1-0.1-
Gross fixed capital formation
 Private0.3-0.10.40.20.2
 Public-0.1-0.20.4-
Domestic final demand0.60.10.60.80.5
Changes in inventories0.4-0.70.4-1.20.4
Exports of goods and services-0.60.11.2-0.2
Imports of goods and services-0.71.0-0.7-0.4-0.4
Statistical discrepancy (E)-0.1-0.2---0.1
Gross domestic product0.20.90.50.40.2

- nil or rounded to zero

Expenditure on GDP

Expenditure on GDP, percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Through the year, Sep 22 to Sep 23Contribution to growth, Jun 23 to Sep 23
Final consumption expenditure
 General government-0.10.9-0.10.61.12.60.2
 Households0.80.20.10.10.00.4-
 Total final consumption expenditure0.50.40.00.30.41.00.3
Private gross fixed capital formation
 Dwellings0.3-0.8-0.20.50.2-0.3-
 Ownership transfer costs-8.8-6.3-4.93.32.0-6.1-
 Non-dwelling construction9.30.24.2-1.83.36.00.2
 Machinery and equipment-1.6-1.76.03.9-0.57.7-
 Cultivated biological resources1.74.31.52.7-3.45.1-
 Intellectual property products3.83.23.02.91.611.1-
 Total private gross fixed capital formation1.5-0.72.31.21.24.00.2
Public gross fixed capital formation
 Public corporations5.05.83.38.48.929.00.1
 General government-3.6-2.74.47.8-2.07.3-0.1
 Total public gross fixed capital formation-1.7-0.74.17.90.712.4-
Total gross fixed capital formation0.8-0.72.72.71.15.90.2
Domestic final demand0.60.10.70.90.52.20.5
Changes in inventories. .. .. .. .. .. .0.4
Exports of goods and services-2.50.54.5-0.76.8-0.2
Imports of goods and services3.4-4.83.31.82.12.2-0.4
Statistical discrepancy (E). .. .. .. .. .. .-0.1
Gross domestic product0.20.90.50.40.22.10.2

. . not applicable
- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Expenditure on GDP, revisions to percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23
Final consumption expenditure
 General government-0.30.2-0.20.2
 Households--0.1-0.2-
 Total final consumption expenditure-0.1--0.20.1
Private gross fixed capital formation
 Dwellings-0.50.20.50.7
 Ownership transfer costs-0.6-0.4-0.4-0.6
 Non-dwelling construction-0.7-0.51.1
 Machinery and equipment0.4-0.1--0.3
 Cultivated biological resources--0.14.55.1
 Intellectual property products3.41.41.40.7
 Total private gross fixed capital formation-0.10.10.30.6
Public gross fixed capital formation
 Public corporations0.80.1-0.40.4
 General government0.6-0.20.7-0.5
 Total public gross fixed capital formation 0.7-0.10.4-0.3
Total gross fixed capital formation0.10.10.30.3
Domestic final demand---0.2
Gross national expenditure-0.1-0.20.3-
Exports of goods and services-2.01.0-1.30.2
Imports of goods and services-0.8-0.8-0.31.1
Gross domestic product-0.50.20.1-

- nil or rounded to zero
a. Change on preceding quarter.

Household final consumption expenditure

Household final consumption expenditure, percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Through the year, Sep 22 to Sep 23Contribution to growth, Jun 23 to Sep 23
Food-0.92.10.20.1-0.22.2-
Cigarettes and tobacco-3.2-1.2-1.5-1.4-3.9-7.8-0.1
Alcoholic beverages-1.4-1.4-1.4-0.6-0.9-4.2-
Clothing and footwear1.6-2.2-1.00.21.0-1.9-
Rent and other dwelling services0.40.50.40.40.41.70.1
Electricity, gas and other fuel-9.12.45.02.6-16.9-8.3-0.4
Furnishings and household equipment-2.4-0.8-2.9-2.51.6-4.50.1
Health1.60.90.60.40.42.3-
Purchase of vehicles9.40.2-1.45.713.018.00.4
Operation of vehicles2.8-1.80.40.3-0.8-1.9-
Transport services4.93.24.92.13.914.80.1
Communications-0.81.40.8-0.32.8-
Recreation and culture-1.3-1.4-0.4-2.6-1.1-5.4-0.1
Education services0.80.50.20.10.71.4-
Hotels, cafes and restaurants4.01.10.00.50.92.60.1
Insurance and other financial services-0.00.20.50.41.1-
Other goods and services0.9-0.4-1.20.3-2.8-4.1-0.2
Total0.80.20.10.10.00.4-

- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Industry gross value added

Industry gross value added, percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Through the year, Sep 22 to Sep 23Contribution to growth, Jun 23 to Sep 23
Agriculture, Forestry and Fishing-2.66.213.5-0.1-3.516.2-0.1
Mining0.42.1-0.80.2-1.00.5-0.1
Manufacturing-0.8-2.01.80.7-0.30.2-
Electricity, Gas, Water and Waste Services0.3-3.11.62.1-2.6-2.1-0.1
Construction1.00.40.80.90.83.00.1
Wholesale Trade1.7-1.42.1-1.8-0.9-2.0-
Retail Trade0.5-1.0-0.7-0.20.6-1.2-
Accommodation and Food Services3.02.60.50.31.55.0-
Transport, Postal and Warehousing4.01.20.71.91.45.50.1
Information Media and Telecommunications2.22.82.01.52.69.20.1
Financial and Insurance Services0.4-0.1-0.30.10.4-
Rental, Hiring and Real Estate Services-1.31.6-0.82.90.94.7-
Professional, Scientific and Technical Services0.9-1.5-1.00.20.6-1.8-
Administrative and Support Services2.22.9-0.91.9-1.72.1-0.1
Public Administration and Safety-0.41.50.80.41.13.90.1
Education and Training0.50.40.40.40.41.6-
Health Care and Social Assistance0.3-0.30.90.81.83.30.1
Arts and Recreation Services-1.62.1-0.90.62.03.8-
Other Services-0.93.11.12.5-6.9-
Ownership of dwellings0.40.40.40.40.41.6-
Gross value added at basic prices0.50.60.60.60.22.10.2
Taxes less subsidies on products-3.2-2.50.60.7--1.2-
Statistical discrepancy (P). ..  ..  ..  ..  .. .-
Gross domestic product0.20.90.50.40.22.10.2

. . not applicable
- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.

Industry value added, revisions to percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23
Agriculture, Forestry and Fishing5.93.411.7-1.0
Mining-1.5-1.0-1.5
Manufacturing--0.1-0.5-
Electricity, Gas, Water and Waste Services-0.21.8-0.3-0.8
Construction-0.20.20.2-1.3
Wholesale Trade0.8-0.50.4-0.3
Retail Trade-0.1-0.2-0.1-0.1
Accommodation and Food Services-0.2-0.1-0.1-0.1
Transport, Postal and Warehousing1.10.50.40.8
Information Media and Telecommunications-0.10.10.41.2
Financial and Insurance Services---0.10.1
Rental, Hiring and Real Estate Services-0.90.60.40.3
Professional, Scientific and Technical Services-1.20.2-0.20.5
Administrative and Support Services--0.2-0.10.1
Public Administration and Safety-0.2-0.2--0.1
Education and Training0.1---
Health Care and Social Assistance-0.1-0.2--0.1
Arts and Recreation Services-0.9-0.2-0.2-0.3
Other Services-0.30.4-0.11.3
Ownership of dwellings-0.1-0.1-0.1-0.1
Gross value added at basic prices-0.20.10.20.1
Taxes less subsidies on products-1.8-2.71.81.8
Gross domestic product-0.50.20.1-

- nil or rounded to zero
a. Change on preceding quarter.

Income from GDP

Income estimates are in seasonally adjusted current prices

Income from GDP, percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Jun 23 to Sep 23Through the year, Sep 22 to Sep 23Contribution to growth, Jun 23 to Sep 23
Compensation of employees
 Wages and salaries3.01.72.21.62.58.11.0
 Employers' social contributions (b)4.92.02.61.83.810.50.2
 Total compensation of employees3.21.72.21.62.68.41.2
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations-5.52.04.3-7.6-4.5-6.0-1.0
  Public non-financial corporations-8.37.3-7.05.84.310.1-
  Total non-financial corporations-5.62.23.9-7.2-4.2-5.5-1.0
 Financial corporations6.81.90.81.52.16.40.1
 Total corporations-3.92.23.5-5.9-3.2-3.7-0.9
 General government3.62.82.72.62.310.90.1
 Dwellings owned by persons1.82.53.13.43.513.00.3
 Total gross operating surplus-2.52.33.4-3.7-1.50.2-0.6
Gross mixed income0.11.2-3.8-1.60.3-4.0-
Total factor income0.51.92.3-0.90.74.00.7
Taxes less subsidies on production and imports2.51.91.6-0.65.48.50.5
Statistical discrepancy (I). ..  ..  ..  ..  .. .-
Gross domestic product0.71.72.3-0.71.24.51.2

. . not applicable
- nil or rounded to zero
a. Last column shows the percentage point contribution to growth in GDP.
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

Income from GDP, revisions to percentage changes (a)
 Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23
Compensation of employees
 Wages and salaries-0.1-0.3-0.2-
 Employers' social contributions (b)-0.2--0.2
 Total compensation of employees-0.1-0.3-0.2-
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations0.8-2.3-1.0
  Public non-financial corporations-3.90.2-0.25.4
  Total non-financial corporations0.6-2.2-1.1
 Financial corporations1.71.30.9-0.1
 Total corporations0.7-1.60.20.9
 General government2.61.51.31.1
 Dwellings owned by persons-0.20.20.3-0.1
 Total gross operating surplus0.6-1.10.30.8
Gross mixed income1.23.1-0.41.1
Total factor income0.3-0.30.10.4
Taxes less subsidies on production and imports-1.70.5-0.30.5
Gross domestic product0.2-0.40.10.5

- nil or rounded to zero
a. Change on preceding quarter.
b. Includes contributions to superannuation made by employers and payments of workers' compensation premiums.

State final demand

State and territory final demand, percentage changes (a)
  Jun 23 to Sep 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.61.01.11.03.22.71.20.41.1
 Households0.20.1-0.2-0.3-0.30.20.10.60.0
Gross fixed capital formation
 Private-0.61.2-1.31.17.03.91.3-7.41.2
 Public2.2-1.5-4.06.02.91.85.617.30.7
State final demand0.30.4-0.30.52.41.51.10.70.5

- nil or rounded to zero (including null cells)
a. Change on preceding quarter
b. Australia estimates relate to Domestic final demand.

Revisions and changes

Revisions in this issue

There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment. 

This issue also includes re-referencing of chain volume measure (CVM) estimates to the 2021-22 financial year. This in isolation will only affect levels of CVM estimates, generally leaving growth rates unchanged. Re-referencing can have an impact on CVM GDP growth (and other estimates) for the latest financial year (2022–23) if there are significant relative price changes between 2020-21 and 2021-22.

Incorporation of the 2021-22 supply and use tables

The estimates in this issue incorporate the 2021-22 annual supply and use tables. The supply and use tables incorporate revisions reflecting changes in methods, concepts, classifications and data sources. For more information on the role of supply and use tables in the national accounts and the major revisions, please see the Revisions and changes section in Australian System of National Accounts, 2022-23, and the article Improved Annual National Accounts estimates: Results of the implementation of the 2021-22 benchmarks.

Incorporation of the 2022-23 historical revisions

The estimates in this issue incorporate changes from the 2022-23 historical revisions. The 2023 round of revisions incorporated four major historical revision improvements:

  • Incorporating Census data into Rent estimates
  • Victorian Capital Assets Charge (CAC) reclassification
  • Improvements to Finance industry estimates
  • Reclassification for several software businesses

For more information, please read Improved estimates of the Annual National Accounts: results of the 2023 historical revisions.

Upcoming changes to HFCE data sources - Replacement of Retail Business Survey

The ABS intends to cease the Retail Business Survey (RBS) and Retail Trade Publication after the June 2025 reference period (August 2025). For additional detail, please visit Cessation of the Retail Business Survey and Retail Trade Publication. 

The ABS has been assessing bank transactions data and other administrative data as potential sources for Household Final Consumption Expenditure (HFCE) estimates. National Accounts has found these sources to be fit for purpose and will begin using more of these data sources in lieu of survey based data sources in line with ABS’ strategic priority to reduce burden on data providers. 

The ABS intends to transition to these new data sources, phasing out the use of RBS in 2024 and 2025 over four incremental waves. The first wave of data source replacement will occur in the December quarter 2023 for HFCE category Food and Miscellaneous Goods and Services. A schedule of expected changes is outlined in Table 1 below. 

Table 1. National Accounts retail trade replacement schedule
PhasesIntended implementation 
Wave 1  
1.    01.0 Food  
2.    12.0 Miscellaneous Goods and Services 		December quarter 2023
Wave 2  
1.    03. Clothing and Footwear  
2.    02.0 Alcoholic Beverages and Tobacco 		March quarter 2024
Wave 3  
1.    05.0 Furnishings and Household Equipment 
2.    11.0 Hotels, Cafes, and Restaurants 		June quarter 2024
Wave 4  
1.    06.0 Health 
2.    09.0 Recreation and Culture 
3.    Retail Trade Industry GVA 		December quarter 2024

If you have any questions regarding these changes, please see Cessation of the Retail Business Survey and Retail Trade Publication or contact household.spending@abs.gov.au

Changes to the HFCE food data cube

As advised in the June quarter 2023 publication of the Australian National Accounts: National Income, Expenditure and Product, the publication of Input Output Product Classifications (IOPC) estimates in the HFCE Food Estimates Data Cube has been discontinued from the September quarter 2023 release onwards. The publication of higher-level aggregates such as Supply Use Product Classifications (SUPC) and Total Food will continue as usual. IOPC level estimates are available on an annual basis within the Australian National Accounts: Input-Output Tables.

If you have any questions or feedback about these changes, please contact national.accounts@abs.gov.au.

Suppression of data

The ABS has suppressed the release of some data in the September quarter release of Australian National Accounts: National Income and Product. Tables affected include Tables 26 and 33 State Final Demand, Detailed Components for New South Wales and Australian Capital Territory.
The data items affected include original and seasonal measures for current price and chain volume measures of:

  • Private ;  Gross fixed capital formation - Non-dwelling construction - New building
  • Private ;  Gross fixed capital formation - Non-dwelling construction - New engineering construction
  • Private ;  Gross fixed capital formation - Non-dwelling construction - Net purchase of second hand assets
  • Private ;  Gross fixed capital formation - Machinery and equipment - New
  • Private ;  Gross fixed capital formation - Machinery and equipment - Net purchase of second hand assets

The reason for the data being suppressed is to confidentialise the transfer of a second hand asset from the private sector.

Suspension of trend estimates

Due to the impacts of COVID-19 on the economy, trend estimates for all series in the National Accounts have been suspended from June 2019 (inclusive). In the short term, this measurement will be significantly affected by changes to regular patterns in economic activity. If trend estimates were to be calculated without fully accounting for this unusual event, they would likely provide a misleading view of the underlying trend in the economy.

Extraordinary Annual Seasonal Review (EASR)

In the March quarter 2020 issue of Australian National Accounts: National Income, Expenditure and Product, the ABS advised that the method used to produce seasonally adjusted estimates would be changed from the ‘concurrent’ method to the ‘forward factors’ method for series with significant and prolonged impacts from COVID-19. 

Given the large changes in the Australian economy during the COVID-19 period and the continuing use of a forward factors approach to seasonal adjustment, the ABS has undertaken an extensive annual review of seasonally adjusted series. This review changed a range of time series treatments to ensure that the seasonal adjustment process continues to be less influenced by the large irregular movements over the past year. Revisions to most seasonally adjusted series are relatively minor, but larger than would be observed on a quarterly basis through the use of concurrent seasonal adjustment. 

For some series, the review has allowed a return to concurrent seasonal adjustment, where economic conditions are assessed to have returned to pre COVID-19 patterns. For the remaining series where this is not the case, forward factors have been calculated for the next 12 months through this annual process.

Data downloads

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Time series spreadsheets

Data files

Data cubes

Upcoming changes to HFCE Food Estimates Data Cube

As of September quarter 2023, the publication of Input Output Product Classification estimates in the HFCE Food datacube has been discontinued. For further information regarding the changes, see the Revisions and changes section above.

HFCE Food Estimates, current price and chain volume measures, COICOP Group, SUPC and IOPC, Original

Data files
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Related releases

Australian National Accounts: Finance and Wealth

The September quarter 2023 issue of Australian National Accounts: Finance and Wealth will be released on 21 December 2023. This publication includes the quarterly household balance sheets with an estimate of net worth. It also provides quarterly estimates of the financial flows and balance outstanding between sectors and various sub-sectors of the domestic economy and with the rest of the world. Other key estimates within the publication include the financial instrument markets, demand for credit by non-financial domestic institutional sectors during the quarter, and their corresponding levels of credit outstanding and quarterly sectoral capital accounts (current price).

Monthly Household Spending Indicator

The November 2023 issue of the Monthly Household Spending Indicator will be released on 12 January 2024. The experimental Monthly Household Spending Indicator is derived using aggregated, de-identified banks transactions data from some of Australia’s banking and financial institutions. The ABS transforms the banks transactions data in order to derive the Monthly Household Spending Indicator. As this data is not designed for statistical purposes, its scope varies from Australian National Accounts concept of household final consumption expenditure (HFCE) and the Retail Trade turnover estimates for retail businesses. The indicator should be considered experimental at this stage, as further enhancement to the transformation processes and methodology are expected in the future.

Estimates of Industry Multifactor Productivity

The 2022-23 issue of Estimates of Industry Multifactor Productivity will be released on 13 December 2023. It provides updated estimates of multifactor productivity (MFP) for the 16 industries defined to comprise the market sector. Longer time series are produced for 12 selected industries. Also included are productivity growth cycles for market sector industries and selected industries aggregates back to 1998-99 and 1973-74, respectively. The release includes experimental estimates of productivity growth cycles for individual industries, sources of aggregate labour productivity growth and its industry origin. Experimental estimates of state productivity back to 1994-95 are also provided.

Published Releases

Australian System of National Accounts

The 2022-23 issue of the Australian System of National Accounts was released on 27 October 2023. This publication provides detailed, annual estimates of Australia's national accounts. These include expenditure, income and production estimates of gross domestic product (GDP), productivity estimates, sectoral accounts (for households, financial and non-financial corporations, general government and the rest of the world), and additional aggregates dissected by industry. 

Australian National Accounts: Supply Use Tables

The 2021-22 issue of the Australian National Accounts: Supply Use Tables was released on 27 October 2023. The Supply Use tables were introduced in the annual National Accounts in 1998 as an integral part of the annual compilation of the Australian System of National Accounts. They are used to ensure Gross Domestic Product is balanced for all three approaches (production, expenditure and income) and provide the annual benchmarks from which the quarterly estimates are compiled.

Australian National Accounts: State Accounts

The 2022-23 issue of Australian National Accounts: State Accounts was released on 21 November 2023. This publication provides detailed annual estimates of gross state product (GSP) for all states and territories. These are estimated using the expenditure, income and production approaches. Also published are estimates of household and agricultural incomes.

Estimates of Industry Level KLEMS Multifactor Productivity

The 2021-22 issue of Estimates of Industry Level KLEMS Multifactor Productivity was released on 15 November 2023. Since 2016, the ABS has published estimates of industry level KLEMS MFP for the 16 market sector industries. The term KLEMS represents the five input categories - Capital (K), Labour (L), Energy (E), Materials (M) and Services (S). By explicitly identifying the role of intermediate inputs in the production process, KLEMS facilitates a more rigorous analysis of the determinants of output growth at the industry level. 

Previous catalogue number

This release previously used catalogue number 5206.0.

Methodology

Australian National Accounts: National Income, Expenditure and Product methodology, September 2023

Articles

Media releases