As happens each year, a seasonal re-analysis has been undertaken by the Australian Bureau of Statistics based on estimates up to and including the June quarter 2005.
No significant changes have occurred this re-analysis, resulting in only minor revisions to the seasonally adjusted estimates.
Improvements have been made to the calculation of chain volume measures of the income from sales of goods and services for three industries (Manufacturing, Retail trade and Accommodation, cafes and restaurants). Revisions to these series go back several years.
COMPARISON BETWEEN COMPANY GROSS OPERATING PROFITS AND GROSS OPERATING SURPLUS
Price changes have had a significant impact on the value of inventories held by Australian businesses this quarter. An inventories valuation adjustment (IVA) is applied in the calculation of the gross operating surplus of private non-financial corporations (GOS) estimate in the Australian National Accounts.
As prices for inventories have risen in the September quarter, growth in GOS will be lower after the application of the IVA. The IVA for the September quarter is $1244m which is $308m higher than June quarter IVA of $936m.
No adjustment is made to the company gross operating profits (CGOP) estimate in this publication and, as a result, users should exercise caution when comparing the two series. It should also be noted that there are other differences between the two series.
In particular, changes are made to GOS when annual benchmarks are applied and slightly different seasonal factors apply to the two series. Given this, while CGOP movements are an appropriate indicator for GOS, it is not the case that the two series will have equivalent seasonally adjusted movements from quarter to quarter.
marketing@alchempro.com
