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
June 2023
Released
6/09/2023
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Key statistics

  • The Australian economy rose 0.4% in seasonally adjusted chain volume measures
  • GDP rose 3.4% in 2022-23
  • The terms of trade fell 7.9%
  • Household saving ratio decreased to 3.2% from 3.6%

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 2020-21.

June quarter key figures, percentage changes (a)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Through the year, Jun 22 to Jun 23
Chain volume GDP and related measures (b)
 GDP0.70.70.70.40.42.1
 GDP per capita (c)0.30.10.1-0.3-0.3-0.3
 Gross value added market sector (d)1.00.80.50.20.42.0
 Real net national disposable income0.9-1.21.51.4-1.40.2
Productivity
 GDP per hour worked-3.10.2-1.3-0.4-2.0-3.6
 Real unit labour costs-1.82.50.1-3.25.8
Prices
 GDP chain price index (original)4.00.10.51.7-2.20.1
 Terms of trade6.0-7.3-0.52.7-7.9-12.7
Current price measures
 GDP4.40.52.12.2-1.23.6
 Household saving ratio8.17.24.43.63.2na

na not available
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 2020-21.
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 0.4% in the June quarter 2023

Gross Domestic Product (GDP) rose 0.4%, the seventh consecutive rise. Exports and investment were the primary contributors to GDP growth this quarter, partly offset by changes in inventories.

The Australian economy grew by 3.4% in 2022-23, above the 10-year pre-pandemic average of 2.6%. The growth reflected a strong recovery in demand following the COVID-19 Delta-variant lockdowns in September quarter of the previous financial year. Through the year growth was lower at 2.1%. This measure compares the economy between June quarter 2022 and June quarter 2023, excluding part of the recovery from the lockdowns.

Largest quarterly fall in the terms of trade since June 2009

Nominal GDP fell 1.2%. The GDP implicit price deflator (IPD) declined 1.5%, driven by the largest fall in the terms of trade since June quarter 2009. Domestic prices increased 1.2%.

The terms of trade fell 7.9% due to export prices (-8.2%). A warmer northern hemisphere winter resulted in high European inventories of coal and liquefied natural gas, reducing demand and prices for these commodities. Prices for iron ore also fell due to reduced demand from China’s construction and manufacturing industries. Import prices recorded a small fall of 0.3%.

Growth in domestic demand prices remained elevated, but declined off their peak in mid 2022 following an easing in demand and global supply chain congestion. Prices for household consumption increased 1.2%, with a strong contribution from rental prices in the tight rental market. Prices for capital investment (+1.3%) also rose, impacted by the depreciation of the Australian dollar.

Exports and investment drove growth

Domestic final demand contributed 0.7 percentage points to GDP growth, driven by investment.

Investment contributed 0.5 percentage points to growth, led by public investment which increased 8.2%. Private investment rose 0.6%.

Consumption contributed 0.1 percentage points to GDP. Growth in household consumption (+0.1%) slowed further, but remained positive. Government expenditure grew 0.4%.

Net trade contributed 0.8 percentage points, with a rise in exports (+4.3%) partly offset by a smaller increase in imports (+0.7%).

Changes in inventories was the predominant detractor from GDP growth. Inventories recorded a $3.4 billion run down this quarter, and partly facilitated the rise in exports. Wholesale trade inventories declined as grain inventories were exported following recent harvests. The clearing of quarantine backlogs for motor vehicles and other equipment also contributed to the decline, resulting in deliveries to households and businesses this quarter. Mining inventories were run down, supporting exports amid production disruptions for some commodities.

  1. Contributions may not be additive due to rounding.

New investment increased strongly across both private and public sectors

Total public investment increased 8.2% this quarter. While growth was boosted by second-hand asset transfers from the private sector, new investment was also strong at 5.5%. This reflected ongoing work on large-scale transport, health and education projects across a number of states.

New private investment increased 1.6%. New machinery and equipment investment rose 4.3%, boosted by the improved availability of motor vehicles and other equipment following supply chain disruptions and processing backlogs at ports in prior quarters.

Ownership transfer costs rose 3.9%, the first increase since September quarter 2021. The increased activity in the housing market followed recent increases in dwelling prices and heightened demand supported by population growth.

Dwelling investment fell 0.2%. Increased activity in the construction of apartments and townhouses was offset by a continued decline in demand for renovations. House construction fell, with ongoing constraints on labour further extending average completion times.

  1. Contributions may not be additive due to rounding.

Households continued to cut back on discretionary spending

Household spending (+0.1%) slowed further this quarter, impacted by pressures on household budgets from inflation and interest rate rises. These pressures have resulted in a continued shift away from discretionary spending towards essential categories.

Discretionary spending fell 0.5%, the third consecutive fall. The decline was led by recreation and culture (-2.5%) and furnishings and household equipment (-2.5%). Spending on transport services (+3.2%) and hotels, cafes and restaurants (+0.2%) continued to increase, but at a subdued rate compared to prior quarters. Partly offsetting the weakness was purchase of vehicles (+5.8%), with vehicles delivered to households this quarter after quarantine delays at ports.

Essential spending rose 0.5%, driven by rent and other dwelling services (+0.5%), electricity gas and other fuel (+2.2%) and insurance and other financial services (+0.6%). The rise in electricity, gas and other fuel reflected stronger demand for heating following a cooler than usual Autumn.

Exports increased for the fifth consecutive quarter

Exports of goods and services rose 4.3%, with both goods and services contributing. Services exports rose 12.1%, driven by education and personal travel. Education-related travel was supported by high levels of international students in the country. Personal travel was led by an increase in Chinese tourism to Australia following their easing of restrictions from late 2022.

Exports of goods increased 2.5% driven by mining commodities. Improved weather conditions led to increased coal production, which, combined with a run down in inventories supported a strong rise in coal exports. Increased demand for Australian crude oil drove a rise for other mineral fuels.

Imports of goods and services rose 0.7%. Imports of services (+4.7%) drove the rise, partly offset by goods (-0.2%). Imports of travel services increased 11.2%, with travel to northern hemisphere destinations increasing as Australians took greater advantage of the shoulder season.

The decline in imports of goods was driven by telecommunications equipment, with the volume of imports returning to more usual levels following the arrival of backlogged orders in the March quarter. This was partly offset by stronger imports of fuels and lubricants.

  1. Contributions may not be additive due to rounding.

Production rose in 15 out of 19 industries

Gross value added (GVA) rose 0.5% this quarter.

Construction increased 2.2% and was strongest contributor to GVA growth. Construction services (+3.5%) drove the rise after three consecutive falls, reflecting increased activity supporting both private and public sector construction works.

Rental, hiring and real estate (+2.6%) rose predominantly reflecting higher levels of activity in the residential and commercial property markets. The hiring of machinery for construction projects also supported growth.

Mining partly offset the rises, declining by 1.3%. Iron ore production was adversely affected by Cyclone Ilsa in April. Oil and gas extraction was also impacted by production disruptions at a number of sites. Coal partly offset the falls, increasing 5.8% with drier conditions and less maintenance activity driving increased production.

Lower commodity prices drove a decline in operating surplus

Gross operating surplus (GOS) fell 4.5%, the largest decline since March quarter 1991. The weakness was driven by private non-financial corporations (-8.6%), as profits for the Mining industry declined strongly in line with lower prices for key export commodities. Non-mining industries also contributed to the weakness, including Wholesale Trade which experienced lower levels of demand and output prices.

Partly offsetting the falls were Dwellings GOS owned by persons (+3.5%) and GOS for financial corporations (+1.6%). Dwellings GOS grew at its highest rate since September quarter 2007, consistent with increased rental prices in the tight rental market. Financial corporations GOS increased as banks’ margins widened following a 50 basis point increase to the cash rate over the quarter. Growth was also supported by fixed rate home loans expiring and rolling onto higher variable rates.

Continued COE growth in the tight labour market

Compensation of employees (COE) rose 1.6% as tight labour market conditions persisted in the June quarter. Sustained wages, employment and hours worked growth over the last year drove a 10.1% rise in COE in 2022-23, the largest since 1989-90.

Growth in private COE (+1.8%) reflected increased employment and higher pay rises offered by businesses to attract and retain staff. Public COE grew 1.2% as new enterprise agreements were entered into across a number of states.

Household saving ratio continued to decline

The household saving ratio declined from 3.6% to 3.2%, the seventh consecutive fall and the lowest level since June 2008. Savings fell as the rise in nominal household consumption outweighed a softer rise in gross disposable income.

Household gross income rose 1.8% as income from labour increased 1.6%. Non-labour income also grew as interest received on deposits rose 10.7% driven by interest rate rises over the quarter. Dwellings GOS owned by persons also contributed to growth in non-labour income due to higher rental income.

Household income payable rose 3.7%. Interest payable on dwellings rose 10.9%. Income tax rose 2.2%, reflecting growth in wages, hours worked and returns on investment income.

  1. Contributions may not be additive due to rounding.

Expenditure

Expenditure
 Mar 23 to Jun 23Jun 22 to Jun 23Mar 23 to Jun 23
 % change% change% points contribution to GDP growth
Final consumption expenditure
 General government0.41.40.1
 Households0.11.50.1
 Total final consumption expenditure0.21.40.1
Gross fixed capital formation
 Private   
  Dwellings-0.2-1.1-
  Ownership transfer costs3.9-14.20.1
  Non-dwelling construction-2.911.1-0.1
  Machinery and equipment4.26.50.2
  Cultivated biological resources-2.40.6-
  Intellectual property products2.26.2-
 Public8.28.80.4
 Total gross fixed capital formation2.44.70.5
Changes in inventoriesnana-1.1
Gross national expenditure-0.41.2-0.4
Exports of goods and services4.39.81.0
Imports of goods and services0.74.4-0.1
Statistical discrepancy (E)nana-0.1
Gross domestic product0.42.10.4

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

Final consumption expenditure (FCE) 0.2%

Household FCE rose 0.1%, driven by a:

  • 5.8% rise in purchase of vehicles 
  • 0.5% rise in rent and other dwelling services
  • 3.2% rise in transport services
  • 2.2% rise in electricity, gas and other fuels

The increase was partly offset by a:

  • 2.5% fall in recreation and culture
  • 2.5% fall in furnishings and household equipment 
  • 1.6% fall in cigarettes and tobacco 
  • 0.6% fall in alcoholic beverages

General government FCE rose 0.4%, driven by a:

  • 1.2% rise in national non-defence
  • 0.3% rise in national defence

The increase was partly offset by a: 

  • 0.2% fall in state and local

Gross fixed capital formation (GFCF) 2.4%

Private investment increased 0.6%, driven by a:

  • 4.2% rise in machinery and equipment
  • 3.9% rise in ownership transfer costs
  • 2.2% rise in intellectual property products

The increase was partly offset by a:

  • 2.9% fall in non-dwelling construction
  • 0.2% fall in dwellings
  • 2.4% fall in cultivated biological resources

Public investment increased 8.2%, driven by a:

  • 8.4% rise in state and local general government
  • 16.2% rise in national defence
  • 6.8% rise in state and local public corporations
  • 11.7% rise in commonwealth public corporations

The increase was partly offset by a:

  • 0.7% fall in national non-defence

Changes in inventories

Total inventories fell $3,392m following a rise of $2,625m in the March quarter. The largest contributors to the fall were a:

  • $1,584m fall in Wholesale Trade 
  • $1,078m fall in Mining 
  • $854m fall in Retail Trade
  • $581m fall in Farm
  • $6m fall in Manufacturing

This rise was partly offset by a:

  • $672m rise in Public Authorities 
  • $38m rise in Other Non-farm industries

Exports and imports of goods and services

Exports of goods and services rose 4.3%, driven by a:

  • 18.5% rise in travel services
  • 11.0% rise in coal
  • 4.9% rise in other mineral fuels
  • 6.9% rise in non-monetary gold

The rise was partly offset by a:

  • 1.3% fall in cereals
  • 5.3% fall in goods procured in port
  • 0.5% fall in meat
  • 0.3% fall in machinery

Imports of goods and services rose 0.7%, driven by a:

  • 11.2% rise in travel services
  • 7.9% rise in fuels and lubricants
  • 32.0% rise in civil aircraft & confidentialised items 
  • 4.4% rise in transportation services

The rise was partly offset by a:

  • 20.9% fall in telecommunications equipment
  • 4.9% fall in textile clothing & footwear 
  • 8.9% fall in household electrical items
  • 5.3% fall in ADP equipment  

Income

Income estimates are in seasonally adjusted current prices

Income
 Mar 23 to Jun 23Jun 22 to Jun 23Mar 23 to Jun 23
 % change% change% points contribution to GDP growth
Compensation of employees1.69.60.7
Gross operating surplus
 Private non-financial corporations-8.6-6.8-2.1
 Other (a)2.48.10.3
Gross mixed income-2.7-8.8-0.2
Taxes less subsidies on production and imports-1.16.3-0.1
Statistical discrepancy (I)nana0.1
Gross domestic product-1.23.6-1.2

- 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) 1.6%

Compensation of employees rose 1.6%, private sector COE rose 1.8% and public sector COE rose 1.2%. Private sector COE rose in line with strong hours worked and wage price increases as businesses continued to experience a tight labour market. Year on year, COE was up 10.1% due to increases in headcount, wage rises and bonus payments.  

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

  • 2.6% rise in Victoria
  • 2.0% rise in NSW
  • 1.7% rise in Queensland

Gross operating surplus (GOS) -4.5%

Private non-financial corporations GOS decreased 8.6%, driven by a:

  • fall in Mining driven by decreased commodity prices partly offset by an increase in volumes exported
  • fall in Wholesale Trade driven by lower prices for petroleum, fertilisers and grains
  • fall in Professional, Scientific and Technical Services driven by increased labour costs and operating expenses 

Other sectors GOS rose 2.4%, driven by a:

  • 3.5% rise in dwellings owned by persons
  • 1.6% rise in financial corporations
  • 0.4% rise in public non-financial corporations

Taxes less subsidies on production and imports -1.1%

Taxes less subsidies on production and imports fell 1.1%. Taxes on production and imports fell 0.5% driven by a fall in taxes on international trade, partly offset by a rise in taxes on financial and capital transactions, excise tax and payroll taxes. The fall in taxes on international trade was due to decreased tobacco imports. Subsidies on production rose 16.0% driven by a rise in the fuel tax credits scheme due to higher volumes, a rise in research and development tax incentives, and state energy and housing subsidies.

Production

Production
 Mar 23 to Jun 23Jun 22 to Jun 23Mar 23 to Jun 23
 % change% change% points contribution to GDP growth
Agriculture, Forestry and Fishing0.9-3.5-
Mining-1.32.9-0.1
Manufacturing0.70.3-
Electricity, Gas, Water and Waste Services2.90.20.1
Construction2.24.30.2
Wholesale Trade-1.50.1-0.1
Retail Trade-0.1-0.9-
Accommodation and Food Services0.47.1-
Transport, Postal and Warehousing1.15.0-
Information Media and Telecommunications0.37.2-
Financial and Insurance Services0.20.6-
Rental, Hiring and Real Estate Services2.62.00.1
Professional, Scientific and Technical Services-0.3-0.7-
Administrative and Support Services1.86.30.1
Public Administration and Safety0.52.8-
Education and Training0.41.6-
Health Care and Social Assistance0.92.00.1
Arts and Recreation Services0.91.9-
Other Services1.24.6-
Ownership of dwellings0.51.8-
Taxes less subsidies on products-1.1-3.4-0.1
Statistical discrepancy (P)nana-
Gross domestic product0.42.10.4

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

Agriculture, Forestry and Fishing 0.9%

The increase was driven by a:

  • 1.1% rise in Agriculture driven by grains and declining input costs.
  • 0.8% fall in Forestry and Fishing due to declines in agriculture support services.

Mining -1.3%

This decrease was driven by a:

  • 1.8% fall in Iron Ore Mining driven by adverse weather and planned maintenance.
  • 1.4% fall in Oil and Gas Extraction due to maintenance in Western Australia.  
  • 2.5% fall in Other Mining. 
  • 3.9% fall in Exploration and Mining Support Services driven by decreased petroleum exploration. 

This was partly offset by a:

  • 5.8% rise in Coal Mining as production recovered from wet weather, maintenance activities, and port congestion.  

Manufacturing 0.7%

This increase was driven by a: 

  • 4.0% rise in Machinery and Equipment driven by transport equipment manufacturing activity.
  • 2.7% rise in Other Manufacturing.
  • 0.2% rise in Food, Beverage and Tobacco Products.

 This was partly offset by:

  • 3.9% fall in Petroleum, Coal, Chemical and Rubber Products due to interrupted oil refinery activity. 
  • 0.1% fall in Metal Products.

Electricity, Gas, Water and Waste Services 2.9%

This increase was driven by a:

  • 3.3% rise in Electricity Supply in line with increased demand from households.
  • 2.3% rise in Water Supply and Waste Services.
  • 4.1% rise in Gas Supply due to cooler weather.

Construction 2.2%

The rise was driven by a:

  • 3.5% rise in Construction Services driven by trades, and land development and sub-division services. 
  • 1.2% rise in Heavy and Civil Engineering Construction due to increased infrastructure project activity. 
  • 0.1% rise in Building Construction driven by non-residential construction.

Wholesale Trade -1.5%

This fall was driven by:

  • Basic Material Wholesaling as grain wholesale activity fell from high levels. 
  • Grocery, Liquor and Tobacco Wholesaling as retailer demand weakened. 
  • Machinery and Equipment Wholesaling and Commission-Based Wholesaling also fell. 

Retail Trade -0.1%

The fall was driven by:

  • Food Retailing with continued easing of household spending.
  • Other-Store Based Retailing driven by weakness in household goods retailing.

This was partly offset by:

  • Motor Vehicle and Motor Parts Retailing as disruptions to supply chains eased.

Accommodation and Food Services 0.4%

This increase was driven by:

  • Accommodation Services due to demand from international travel.
  • Food and Beverage Services.

Transport, Postal and Warehousing 1.1%

This increase was driven by a:

  • 8.0% rise in Air and Space Transport with increased international and domestic travel.
  • 1.5% rise in Road Transport due to increased road freight activity.
  • 2.1% rise in Rail, Pipeline and Other Transport.

 This was partly offset by a:

  • 0.4% fall in Transport, Postal and Storage Services.

Information Media and Telecommunications 0.3%

This increase was driven by a: 

  • 0.4% rise in Telecommunication Services with increased household demand.
  • 0.3% rise in Other Information and Media Services.

Financial and Insurance Services 0.2%

  • 0.2% increase in Finance driven by dwelling and business loans and personal deposit balances. 
  • 0.3% rise in Other Financial and Insurance Services driven by superannuation activity. 

Rental, Hiring and Real Estate Services 2.6%

This increase was driven by a:

  • 2.7% rise in Property Operators and Real Estate Services driven by improving commercial and residential property market conditions.
  • 2.1% rise in Rental and Hiring Services driven by machinery hire.

Professional, Scientific and Technical Services -0.3%

This decrease was driven by a:

  • 0.8% fall in Other Professional, Scientific and Technical Services due to declining demand for research and consulting services.

This was partly offset by a:

  • 1.2% rise in Computer System Design and Related Services.

Administrative and Support Services 1.8%

Administrative Services rose due to increased demand for labour hire, recruitment, and travel services.

Health Care and Social Assistance 0.9%

Health Care and Social Assistance increased driven by public health. 

Arts and Recreation Services 0.9%

Arts and Recreation Services rose driven by Creative and Performing Arts.

Other Services 1.2%

The rise was driven by Repair and Maintenance, with increased demand for automotive and other repair services.

State and territory final demand

State and territory final demand, percentage changes (a)
  Mar 23 to Jun 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.40.31.61.1-2.3-1.5-1.51.40.4
 Households0.0-0.20.30.60.8-0.50.40.00.1
Gross fixed capital formation
 Private2.30.11.42.61.72.6-5.7-1.60.6
 Public7.212.28.97.53.02.15.94.08.2
State final demand0.80.71.31.30.4-0.2-1.00.80.7

- 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 0.8% for the quarter.
Victoria's state final demand increased 0.7% for the quarter.
Queensland's state final demand increased 1.3% for the quarter.
South Australia's state final demand increased 1.3% for the quarter.
Western Australia's state final demand increased 0.4% for the quarter.
Tasmania's state final demand decreased 0.2% for the quarter.
Northern Territory's state final demand decreased 1.0% for the quarter.
Australian Capital Territory's state final demand increased 0.8% for the quarter.

New South Wales 0.8%

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

  • 0.4% rise in government consumption, led by strength in national general government (1.0%) due to an increase in commonwealth spending on social benefit programs. 
  • Household consumption was flat this quarter, with strength in transport services (3.2%) and essential categories such as food (0.7%) and electricity, gas and other fuel (3.3%), offset by weakness in recreation and culture (-3.1%) and furnishings and household equipment (-3.9%). 

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

  • 7.5% rise in total machinery and equipment led by strength across a range of transport equipment as well as construction machinery and IT equipment. 
  • 4.3% increase in ownership transfer costs due to a slight rebound in the residential housing market.

Partly offset by a:

  • 0.8% fall in total dwellings, driven by weakness in alterations and additions (-7.6%). 

Public gross fixed capital formation increased 7.2%, driven by a:

  • 6.8% rise in general government led by increased state and local investment (6.3%) in transport and health. 
  • 8.3% rise in public corporations driven by increased commonwealth investment (18.6%) in transport infrastructure and utilities.

Victoria 0.7%

Total final consumption expenditure was flat, driven by a:

  • 0.3% rise in government consumption as national expenditure grew (1.4%) due to an increase in commonwealth spending on social benefit programs. 

Offset by a:

  • 0.2% fall in household consumption driven by recreation and culture (-3.8%), furnishings and household equipment (-2.5%) and food (-1.0%). The fall was partly offset by a large rise in purchase of vehicles (14.3%) as orders were fulfilled after an easing of supply delays.

Private gross fixed capital formation increased 0.1%, driven by a:

  • 7.2% rise in total machinery and equipment driven by increases in vehicles and industrial transport expenditure.
  • 5.2% increase in ownership transfer costs due to a slight rebound in the residential housing market.

Public gross fixed capital formation increased 12.2%, driven by a:

  • 12.4% rise in general government investment led by increased state and local investment (13.4%) in health and education buildings. 
  • 11.1% rise in public corporations investment driven by strength in work done on state and local (13.7%) transport infrastructure and utilities projects.

Queensland 1.3%

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

  • 1.6% rise in government expenditure driven by state and local (2.0%) with a rise in employees in the health and education sectors. Additionally, national expenditure rose 1.1% driven by increased commonwealth spending on social benefit programs.
  • 0.3% rise in household consumption led by increases in hotels, cafes and restaurants (1.7%), purchase of vehicles (3.6%) and food (1.0%). The increases were partly offset by falls in recreation and culture (-2.0%) and furnishings and household equipment (-1.1%).

Private gross fixed capital formation increased 1.4%, driven by a:

  • 3.8% rise in total dwellings driven by strength in alterations and additions as well as other residential dwellings with increased work done on apartment buildings.
  • 2.4% rise in total machinery and equipment due to broad based increases in vehicle purchases as well as some large investment by the mining and transport industries. 

Public gross fixed capital formation increased 8.9% driven by a:

  • 10.9% rise in general government driven by strength in state and local (10.7%) with increased work on road and rail projects, hospital buildings and purchases of health equipment.  

South Australia 1.3%

Total final consumption expenditure increased 0.8%, driven by a:

  • 0.6% rise in household consumption, led by increases in hotels, cafes and restaurants (2.7%), electricity, gas and other fuel (6.4%) and health (2.0%). 
  • 1.1% rise in government consumption, led by strength in state and local (1.7%) non-employee expenses across a range of government functions including health. National expenditure rose 0.5% driven by increased commonwealth spending on social benefit programs. 

Private gross fixed capital formation increased 2.6%, driven by a:

  • 8.4% rise in total machinery and equipment, led by increased expenditure by the transport industry on fleet vehicles, trucks and specialised equipment.

Public gross fixed capital formation increased 7.5%, driven by a:

  • 7.2% rise in general government, led by strength in state and local (7.7%) investment in health buildings.  
  • 8.6% rise in public corporations driven by both commonwealth (13.7%) new building construction and state and local (6.2%) utility investment. 

Western Australia 0.4%

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

  • 2.3% fall in government consumption, driven by state and local (-4.0%) employee and non-employee expenses. 

Partly offset by a:

  • 0.8% rise in household consumption, led by purchase of vehicles (11.3%) as orders were fulfilled as supply constraints eased. There were also increases in essential consumption categories such as health (2.6%) and electricity, gas and other fuel (7.1%). The increases were partly offset by falls in furnishings and household equipment (-2.6%) and operation of vehicles (-1.2%). 

Private gross fixed capital formation increased 1.7%, driven by a:

  • 4.7% rise in total machinery and equipment led by strength in the mining, transport and construction industries. 
  • 4.2% rise in total dwellings driven by increased work done on new houses. 

Public gross fixed capital formation increased 3.0%, driven by a:

  • 10.0% rise in public corporations driven by state and local investment (11.0%) in transport and renewable energy infrastructure.

Partly offset by a: 

  • 2.0% fall in general government driven by state and local (-6.3%) following strength in previous quarters on road infrastructure and sporting facility upgrades. 

Tasmania -0.2%

Total final consumption expenditure decreased 0.8%, driven by a:

  • 1.5% fall in government expenditure driven by state and local (-3.3%) due to weakness in both employee and non-employee expenses.
  • 0.5% fall in household consumption driven by food (-1.5%), recreation and culture (-1.9%), and furnishings and household equipment (-2.9%). This was partly offset by rises in tourism related categories such as hotels, cafes and restaurants (1.1%) and transport services (4.0%).

Private gross fixed capital formation increased 2.6%, driven by a:

  • 12.6% rise in total non-dwelling construction, led by increased investment in health and aged care buildings and telecommunications assets.
  • 4.3% rise in total machinery and equipment due to increased vehicle purchases by businesses.

Partly offset by a:

  • 4.4% fall in total dwellings, driven by decreases in both alterations and additions and new houses, partly offset by a rise in other residential buildings.

Public gross fixed capital formation increased 2.1% driven by a: 

  • 10.0% rise in public corporations due to increased state and local investment (11.3%) in renewable energy infrastructure.

Partly offset by a:

  • 2.2% fall in general government due to decreased levels of work done on state and local (-5.7%) road infrastructure in the quarter. 

Northern Territory -1.0%

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

  • 1.5% fall in government consumption driven by decreases in state and local (-2.8%) employee and non-employee expenses.

Partly offset by a:

  • 0.4% rise in household consumption driven by transport services (5.8%), hotels, cafes and restaurants (1.2%) and purchase of vehicles (7.0%). 

Private gross fixed capital formation decreased 5.7%, driven by a: 

  • 12.4% fall in total non-dwelling construction driven due to reduced mining infrastructure investment. 

Partly offset by a:

  • 9.1% rise in total machinery and equipment purchases led by the mining industry. 

Public gross fixed capital formation increased 5.9%, driven by a:

  • 7.9% rise in general government due to increased state and local investment (9.1%) on road infrastructure upgrades and housing programs. 

Australian Capital Territory 0.8%

Total final consumption expenditure increased 0.8%, driven by a:

  • 1.4% rise in government consumption driven by both national (1.0%) and state and local (3.1%), with increased spending on health functions across both levels of government. 
  • Household consumption was flat this quarter with strength in food (1.2%), transport services (3.4%) and electricity, gas and other fuel (4.9%) offset by weakness in the discretionary categories of furnishings and household equipment (-3.4%), hotels, cafes and restaurants (-0.9%) and purchase of vehicles (-3.2%).

Private gross fixed capital formation decreased 1.6%, driven by a:

  • 5.3% fall in total dwellings driven by both alterations and additions and new and used dwellings. 
  • 6.6% fall in total machinery and equipment due to decreased investment in IT equipment. 

Partly offset by a:

  • 5.0% rise in ownership transfer costs due to a small rebound in the property market.

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

  • 2.6% rise in general government due to increased state and local (8.0%) investment that included health buildings. 
  • 38.9% rise in public corporations due to a rise in state and local investment (73.7%) in utilities, public transport projects and fewer disposals of assets. 

Key tables

Key national accounts aggregates

Key national accounts aggregates, percentage changes (a)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Through the year, Jun 22 to Jun 23
Chain volume GDP and related measures (b)
 GDP0.70.70.70.40.42.1
 GDP per capita (c)0.30.10.1-0.3-0.3-0.3
 Gross value added market sector (d)1.00.80.50.20.42.0
 Net domestic product0.70.70.70.30.32.0
Real income measures (b)
 Real gross domestic income2.3-1.10.51.1-1.5-1.1
 Real gross national income0.9-0.91.31.2-1.10.5
 Real net national disposable income0.9-1.21.51.4-1.40.2
 Real net national disposable income per capita (c)0.5-1.81.00.7-2.1-2.1
Current price measures
 GDP4.40.52.12.2-1.23.6
Productivity
 Hours worked3.90.52.00.72.45.8
 Hours worked market sector (d)4.80.52.5-0.72.24.5
 GDP per hour worked-3.10.2-1.3-0.4-2.0-3.6
 Gross value added per hour worked market sector (d)-3.60.4-2.01.0-1.7-2.3
 Real unit labour costs-1.82.50.1-3.25.8
 Real unit labour costs - non-farm-1.62.4-0.4-0.43.34.9
Prices
 GDP implicit price deflator3.6-0.21.51.8-1.51.5
 Domestic final demand implicit price deflator1.52.01.41.11.25.8
 Terms of trade6.0-7.3-0.52.7-7.9-12.7

- 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 2020-21.
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
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23
Chain volume GDP and related measures (a)
 GDP ($m)548 968552 670556 278558 349560 335
 GDP per capita (b) ($)21 11721 13721 16521 10921 047
 Gross value added market sector (c) ($m)374 365377 466379 371380 286381 988
 Net domestic product ($m)455 739458 882461 949463 459464 866
Real income measures (a)
 Real gross domestic income ($m)572 535566 179569 274575 305566 404
 Real gross national income ($m)542 431537 393544 565551 237545 376
 Real net national disposable income ($m)448 617443 282449 905456 156449 641
 Real net national disposable income per capita (b) ($)17 25616 95317 11717 24616 889
Current price measures
 GDP ($m)614 184617 123630 220644 126636 470
 GDP per capita (b) ($)23 62523 60223 97824 35223 907
 Gross national income ($m)582 590586 653603 989617 904612 921
 National net saving ($m)51 23643 86252 30357 87544 847
 Household saving ratio8.17.24.43.63.2
Prices
 Terms of trade (index) (d)119.9111.2110.6113.6104.7

- nil or rounded to zero
a. Reference year for chain volume measures and real income measures is 2020-21.
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 2020-21 = 100.0.

Key national accounts aggregates, revisions to percentage changes (a)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23
Chain volume GDP and related measures (b)
 GDP-0.10.10.10.2
 GDP per capita (c)-0.1---0.1
 Gross value added market sector (d)--0.1-0.1
 Net domestic product-0.20.10.10.1
Real income measures (b)
 Real gross domestic income0.4-0.1-0.20.2
 Real gross national income---0.10.4
 Real net national disposable income---0.5
 Real net national disposable income per capita (c)---0.3
Current price measures
 GDP0.5-0.2-0.10.1
 Household saving ratio (e)-0.1--0.1
Productivity
 Hours worked-0.1--0.2
 Hours worked market sector (d)-0.1-0.1
 GDP per hour worked-0.10.10.1-0.1
 Gross value added per hour worked market sector (d)--0.1-0.1
 Real unit labour costs-0.70.40.1-0.1
 Real unit labour costs - non-farm-0.60.60.1-0.1
Prices
 Terms of trade2.0-0.7-0.8-0.1

- nil or rounded to zero
a. Change on preceding quarter.
b. Reference year for chain volume measures and real income measures is 2020-21.
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)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Through the year, Jun 22 to Jun 23Contribution to growth, Mar 23 to Jun 23
Final consumption expenditure
 General government-1.10.20.70.10.41.40.1
 Households2.20.80.30.30.11.50.1
  Goods0.1-0.7-0.1-0.70.3-1.20.1
  Services3.61.70.50.9-3.2-
  Essential1.30.20.60.60.52.10.2
  Discretionary3.51.5-0.2-0.2-0.50.6-0.1
Gross fixed capital formation
 Private-1.51.6-0.82.00.63.40.1
  Mining-2.43.02.71.2-1.55.6-
  Non-mining0.83.7-0.94.91.29.10.1
  Total private business investment-3.5-4.00.68.20.1
 Public4.4-2.4-0.63.78.28.80.4
Final demand
 Public-0.1-0.30.40.81.82.80.5
 Private1.21.0-0.70.32.00.2

- 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)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23
Final consumption expenditure
 General government-0.1-0.1-
 Households---0.1
  Goods0.3-0.31.1-0.9
  Services-0.20.2-0.70.6
  Essential0.2-0.3-0.5
  Discretionary-0.3-0.1-0.50.8
Gross fixed capital formation
 Private-0.70.40.10.6
  Mining0.6-0.7-0.30.2
  Non-mining-0.90.50.30.7
  Total private business investment-0.50.20.20.6
 Public-1.00.80.60.7
Final demand
 Public-0.20.10.10.2
 Private-0.20.1-0.2

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

Expenditure aggregates

Expenditure aggregates, contributions to growth
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23
Final consumption expenditure
 General government-0.2-0.2-0.1
 Households1.10.40.10.10.1
Gross fixed capital formation
 Private-0.30.3-0.10.30.1
 Public0.2-0.1-0.20.4
Domestic final demand0.80.60.10.70.7
Changes in inventories-0.90.5-0.50.1-1.1
Exports of goods and services1.10.40.30.41.0
Imports of goods and services-0.4-0.80.8-0.7-0.1
Statistical discrepancy (E)0.1-0.1-0.1-0.2-0.1
Gross domestic product0.70.70.70.40.4

- nil or rounded to zero

Expenditure on GDP

Expenditure on GDP, percentage changes (a)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Through the year, Jun 22 to Jun 23Contribution to growth, Mar 23 to Jun 23
Final consumption expenditure
 General government-1.10.20.70.10.41.40.1
 Households2.20.80.30.30.11.50.1
 Total final consumption expenditure1.20.60.40.20.21.40.1
Private gross fixed capital formation
 Dwellings-3.50.8-1.0-0.7-0.2-1.1-
 Ownership transfer costs-4.8-8.2-5.9-4.53.9-14.20.1
 Non-dwelling construction-3.310.00.23.7-2.911.1-0.1
 Machinery and equipment4.2-2.0-1.66.04.26.50.2
 Cultivated biological resources2.51.74.4-3.0-2.40.6-
 Intellectual property products-0.70.41.81.62.26.2-
 Total private gross fixed capital formation-1.51.6-0.82.00.63.40.1
Public gross fixed capital formation
 Public corporations2.24.25.73.78.023.40.1
 General government5.0-4.2-2.53.78.34.80.3
 Total public gross fixed capital formation4.4-2.4-0.63.78.28.80.4
Total gross fixed capital formation-0.20.7-0.82.42.44.70.5
Domestic final demand0.80.60.10.70.72.20.7
Changes in inventories. .. .. .. .. .. .-1.1
Exports of goods and services5.22.01.51.84.39.81.0
Imports of goods and services1.94.2-4.03.60.74.4-0.1
Statistical discrepancy (E). .. .. .. .. .. .-0.1
Gross domestic product0.70.70.70.40.42.10.4

. . 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)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23
Final consumption expenditure
 General government-0.1-0.1-
 Households---0.1
 Total final consumption expenditure----
Private gross fixed capital formation
 Dwellings-0.30.1-0.20.5
 Ownership transfer costs-2.72.10.60.5
 Non-dwelling construction-0.2--0.11.3
 Machinery and equipment-1.00.30.1-
 Cultivated biological resources0.8-0.9-0.2-1.4
 Intellectual property products-0.10.40.80.6
 Total private gross fixed capital formation-0.70.40.10.6
Public gross fixed capital formation
 Public corporations-1.01.62.01.4
 General government-1.00.60.20.5
 Total public gross fixed capital formation -1.00.80.60.7
Total gross fixed capital formation-0.70.50.20.6
Domestic final demand-0.20.1-0.1
Gross national expenditure-0.1--0.2
Exports of goods and services--0.1-
Imports of goods and services0.2-0.1-0.4
Gross domestic product-0.10.10.10.2

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

Household final consumption expenditure

Household final consumption expenditure, percentage changes (a)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Through the year, Jun 22 to Jun 23Contribution to growth, Mar 23 to Jun 23
Food--1.42.60.50.11.8-
Cigarettes and tobacco-3.3-3.2-0.9-1.4-1.6-6.9-
Alcoholic beverages2.6-1.0-1.1-1.5-0.6-4.2-
Clothing and footwear3.42.6-1.90.10.10.8-
Rent and other dwelling services0.50.50.50.50.52.00.1
Electricity, gas and other fuel1.9-9.02.35.32.20.2-
Furnishings and household equipment-0.8-2.1-1.1-2.7-2.5-8.1-0.1
Health3.31.60.90.50.73.8-
Purchase of vehicles-4.19.7-0.1-1.55.814.20.2
Operation of vehicles3.33.2-1.70.60.32.4-
Transport services36.712.55.25.33.228.70.1
Communications1.1-0.20.91.50.93.1-
Recreation and culture3.4-0.9-1.30.1-2.5-4.6-0.3
Education services0.40.80.40.40.52.1-
Hotels, cafes and restaurants8.34.61.20.30.26.4-
Insurance and other financial services0.10.30.20.60.61.7-
Other goods and services2.91.3-0.4-0.80.20.2-
Total2.20.80.30.30.11.50.1

- 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)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Through the year, Jun 22 to Jun 23Contribution to growth, Mar 23 to Jun 23
Agriculture, Forestry and Fishing--8.52.81.80.9-3.5-
Mining0.61.93.1-0.8-1.32.9-0.1
Manufacturing-1.2-0.8-1.92.30.70.3-
Electricity, Gas, Water and Waste Services2.80.5-4.91.92.90.20.1
Construction-1.20.20.62.24.30.2
Wholesale Trade-1.30.9-0.91.7-1.50.1-0.1
Retail Trade0.50.6-0.8-0.6-0.1-0.9-
Accommodation and Food Services11.73.22.70.60.47.1-
Transport, Postal and Warehousing6.02.90.70.31.15.0-
Information Media and Telecommunications1.72.32.71.60.37.2-
Financial and Insurance Services0.40.4-0.10.10.20.6-
Rental, Hiring and Real Estate Services0.1-0.41.0-1.22.62.00.1
Professional, Scientific and Technical Services0.82.1-1.7-0.8-0.3-0.7-
Administrative and Support Services-2.23.1-0.81.86.30.1
Public Administration and Safety-0.6-0.21.70.80.52.8-
Education and Training0.30.40.40.40.41.6-
Health Care and Social Assistance2.40.4-0.10.90.92.00.1
Arts and Recreation Services3.4-0.72.3-0.70.91.9-
Other Services1.3-0.62.71.21.24.6-
Ownership of dwellings0.50.50.50.50.51.8-
Gross value added at basic prices0.90.70.50.40.52.00.4
Taxes less subsidies on products--1.40.2-1.2-1.1-3.4-0.1
Statistical discrepancy (P). ..  ..  ..  ..  .. .-
Gross domestic product0.70.70.70.40.42.10.4

. . 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)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23
Agriculture, Forestry and Fishing0.2-2.22.22.0
Mining0.4-0.3-0.2-0.5
Manufacturing-0.20.3-0.3-0.1
Electricity, Gas, Water and Waste Services-0.70.50.20.4
Construction-0.30.2-0.10.4
Wholesale Trade0.4-0.5-0.4
Retail Trade0.3--0.1-0.1
Accommodation and Food Services----0.1
Transport, Postal and Warehousing0.1--0.1-0.1
Information Media and Telecommunications---0.1-0.1
Financial and Insurance Services-0.20.10.10.1
Rental, Hiring and Real Estate Services-0.20.1-0.4
Professional, Scientific and Technical Services0.3-0.1-0.10.4
Administrative and Support Services-0.50.10.10.6
Public Administration and Safety----
Education and Training----
Health Care and Social Assistance-0.70.3-0.2
Arts and Recreation Services-0.20.10.1-
Other Services-0.50.2--
Ownership of dwellings--0.1-
Gross value added at basic prices-0.1--0.2
Taxes less subsidies on products0.4-0.1--0.3
Gross domestic product-0.10.10.10.2

- 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)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23Mar 23 to Jun 23Through the year, Jun 22 to Jun 23Contribution to growth, Mar 23 to Jun 23
Compensation of employees
 Wages and salaries2.53.12.02.41.69.40.7
 Employers' social contributions (b)2.25.12.02.61.611.60.1
 Total compensation of employees2.53.32.02.41.69.60.7
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations12.9-6.34.34.3-8.6-6.8-2.1
  Public non-financial corporations11.1-4.47.1-6.80.4-4.2-
  Total non-financial corporations12.8-6.24.43.9-8.3-6.7-2.1
 Financial corporations2.65.10.6-0.11.67.20.1
 Total corporations11.2-4.63.83.3-6.8-4.7-2.0
 General government1.41.01.31.41.55.4-
 Dwellings owned by persons0.82.02.32.83.511.10.2
 Total gross operating surplus8.7-3.13.43.1-4.5-1.4-1.7
Gross mixed income2.8-1.1-1.9-3.4-2.7-8.8-0.2
Total factor income5.10.22.22.2-1.33.3-1.2
Taxes less subsidies on production and imports-3.04.21.41.9-1.16.3-0.1
Statistical discrepancy (I). ..  ..  ..  ..  .. .0.1
Gross domestic product4.40.52.12.2-1.23.6-1.2

. . 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)
 Mar 22 to Jun 22Jun 22 to Sep 22Sep 22 to Dec 22Dec 22 to Mar 23
Compensation of employees
 Wages and salaries-0.20.1--
 Employers' social contributions (b)-0.10.1--0.1
 Total compensation of employees-0.20.1--
Gross operating surplus
 Non-financial corporations
  Private non-financial corporations1.7-1.00.50.3
  Public non-financial corporations-1.30.6-0.1-5.2
  Total non-financial corporations1.6-0.90.50.1
 Financial corporations---0.1
 Total corporations1.3-0.80.40.1
 General government--0.1-0.1
 Dwellings owned by persons-0.70.20.20.1
 Total gross operating surplus0.8-0.50.40.1
Gross mixed income0.9--0.90.4
Total factor income0.4-0.2-0.1
Taxes less subsidies on production and imports0.70.4-0.50.4
Gross domestic product0.5-0.2-0.10.1

- 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)
  Mar 23 to Jun 23
 NSWVic.QldSAWATas.NTACTAust.(b)
Final consumption expenditure
 General government0.40.31.61.1-2.3-1.5-1.51.40.4
 Households0.0-0.20.30.60.8-0.50.40.00.1
Gross fixed capital formation
 Private2.30.11.42.61.72.6-5.7-1.60.6
 Public7.212.28.97.53.02.15.94.08.2
State final demand0.80.71.31.30.4-0.2-1.00.80.7

- 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. There are also revisions to the HFCE Food estimates data cube, detailed below.

HFCE Food Estimates Data Cube revisions

Due to the discovery of a processing error in the March quarter 2023 release of the HFCE Food Estimates Data Cube, the following series have been revised:

  • Meat pies: IOPC; current prices;
  • Other bakery products (excl meat pies): IOPC; current prices;
  • Meat pies: IOPC; chain volume measures;
  • Other bakery products (excl meat pies): IOPC; chain volume measures;

Please note that these changes are offsetting and do not revise the higher-level aggregate Bakery product: SUPC estimate in both current prices and chain volume measures. 

Outcomes of the annual seasonal reanalysis in June quarter 2023

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. Trend estimates for all series were also suspended from June 2019 (inclusive).

Over the June quarter 2023, annual seasonal re-analysis of national accounts series was conducted. This process reviewed the seasonal factors in more detail than is possible during a quarterly processing cycle, including assessing the appropriateness of prior corrections. Revisions to seasonally adjusted estimates have occurred as part of this process.

Further details on the outcomes of this process are listed below.

Details of the June quarter 2023 EASR

Summary of outcomes from the June quarter 2023 annual seasonal reanalysis:

  • Household final consumption expenditure (HFCE): all reviewed series were reverted to concurrent adjustment
  • Government final consumption expenditure (GFCE): Commonwealth non-defence sales of goods and services was reverted to concurrent adjustment
  • Private gross fixed capital formation: Ownership transfer costs was reverted to concurrent adjustment
  • GDP Income measure: Private non-financial corporations GOS and COE for the Transport, Postal and Warehousing industry remain on forward factors. All other reviewed series were reverted to concurrent adjustment.
  • Taxes: National general government taxes on production and imports, Taxes on financial and capital transactions, and Gambling taxes remain on forward factors. All other reviewed series were reverted to concurrent adjustment.

The following series remain on forward factors for the quarterly national accounts:

  • HFCE - Transport services
  • Gross value added - Air and Space Transport industry
  • Private non-financial corporations GOS
  • Gross operating surplus and mixed income - Accommodation and Food Services industry
  • COE - Accommodation and Food Services, Arts and Recreation Services, and Transport, Postal and Warehousing industries
  • Taxes - National general government taxes on production and imports, Taxes on financial and capital transactions, Gambling taxes
  • Hours worked (taken from Labour Account Australia)
  • Income accounts:
    • Income tax paid by private non-financial corporations, Income tax received by general government from resident corporations
    • Other current transfers paid by national general government to state and local general government
    • Reinvested earnings paid by private non-financial corporations

The reinstatement of trend estimates will be reviewed once all published series have reverted back to concurrent adjustment.

Upcoming revisions - Annual Australian System of National Accounts historical revisions

Statistical revisions are carried out regularly in the Australian National Accounts to reflect the most current information and estimation methods. For most statistical releases the ABS will try to limit revisions to the most recent quarters. Periodically ABS needs to revise a longer time series of selected estimates, which is referred to as a “historical revision". Historical revisions are important for a number of reasons including improved data quality, to update classifications and to improve international comparability.

This year’s round of targeted historical revisions will be first published in:

The 2023 round of revisions will incorporate four major historical revision improvements:

Incorporating Census data into Rent estimates

The ABS will align the value of household final consumption expenditure (HFCE) on Rent with estimates from the 2021 Census for the period 2016-17 to 2020-21 (inclusive). The rent series in the National Accounts is updated every 5 years when the latest Census data is available. In the intervening years, rent estimates are indicators based on information about the number of dwellings in Australia from the Building Activity Survey (BACS) and information on rental price growth in capital cities only from the Consumer Price Index (CPI).

Victorian Capital Assets Charge (CAC) reclassification

The ABS will reclassify payments and receipts related to the Victorian Capital Asset Charge (CAC) across impacted sectors. These changes bring the National Accounts in alignment with Government Finance Statistics as described in the April 2023 Government Finance Statistics 2021-22 annual publication.

Improvements to Finance industry estimates

The ABS will make improvements to the treatment of personal and loan dwelling balances, offset accounts, buy now, pay later services and the International Investment Financial Intermediation Services Indirect Measured (FISIM) model in Finance estimates, as well as incorporating new data sources.

Activity reclassification for several software businesses

The ABS groups individual businesses together by industry based on their predominant activity according to the Australian and New Zealand Standard Industrial Classification (ANZSIC) classification. The ABS routinely reviews the assigned ANZSIC classification of business entities to ensure they are in the correct industry for the purpose of ABS estimates. A targeted review of businesses in the software design and software publishing industries will result in some shifts of Gross Value Added (GVA) and Compensation of Employees (COE) between industry estimates in the National Accounts, particularly from ANZSIC 7000 Computer System Design and Related Services (or at a higher level from Division M Professional, Scientific and Technical Services) to ANZSIC 5420 Software Publishing (or at a higher level to Division J Information Media and Telecommunications).

Upcoming changes to HFCE Food Estimates Data Cube

The ABS has decided that the publication of Input Output Product Classifications (IOPC) estimates in the HFCE Food Estimates Data Cube will be discontinued starting from the September quarter 2023 release onwards. The publication of higher-level aggregates Supply Use Product Classification (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.

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Upcoming changes to HFCE Food Estimates Data Cube

From the September quarter 2023, the publication of Input Output Product Classification estimates in the HFCE Food datacube will be 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

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