June key figures





GDP summary

The Australian economy fell 7.0% in seasonally adjusted chain volume measures

GDP fell 7.6% in seasonally adjusted current price measures

The terms of trade rose 0.2%

Household saving ratio increased to 19.8% from 6.0%. Seasonally adjusted , percentage change (a) Mar 19 to

Jun 19 Jun 19 to

Sep 19 Sep 19 to

Dec 19 Dec 19 to

Mar 20 Mar 20 to

Jun 20 Jun 19 to

Jun 20 Chain volume GDP and related measures (b) GDP 0.8 0.5 0.6 -0.3 -7.0 -6.3 GDP per capita (c) 0.4 0.2 0.2 -0.6 -7.2 -7.4 Gross value added market sector (d) 0.5 0.4 0.2 -0.6 -8.3 -8.2 Real net national disposable income 1.9 0.9 -0.6 0.7 -7.8 -6.9 Productivity GDP per hour worked 1.0 -0.1 0.5 0.6 3.1 4.1 Real unit labour costs 0.1 0.2 1.4 -1.0 -9.8 -9.3 Prices GDP chain price index (original) 1.1 0.7 -1.2 1.1 -0.2 0.3 Terms of trade 1.5 0.2 -5.1 3.1 0.2 -1.8 Current price measures GDP 1.5 1.1 -0.2 0.9 -7.6 -5.9 Household saving ratio 2.5 4.8 3.6 6.0 19.8 na na not available (a) Change on preceding quarter, except for the last column which shows the change between the current quarter and the corresponding quarter of the previous year. Excludes Household saving ratio. (b) Reference year for chain volume measures and real income measures is 2017-18. (c) Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections. (d) ANZSIC divisions A to N, R and S. See Glossary - Market sector.



GDP growth rates, chain volume measures: seasonally adjusted







Contribution to GDP growth, seasonally adjusted







Notes



Forthcoming issues chain volume measuresseasonally adjustedseasonally adjusted Issue (quarter) Release date September 2020 2 December 2020 December 2020 3 March 2021 March 2021 2 June 2021 June 2021 1 Sep 2021



Revisions in this issue



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





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.





Changes in the seasonal adjustment process



Series with significant and prolonged impacts from COVID-19 will use forward seasonal factors to produce seasonally adjusted estimates instead of the standard concurrent seasonal factors method. The forward factors approach is better suited to managing large movements at the end of a series and will ensure that large movements do not have a disproportionate influence on the seasonal factors. A number of series across all measures have been moved to forward factors this quarter.





New ABS Website:



The ABS will be launching a new website on September 21, 2020. Before the launch, we encourage you to explore the way you access and consume ABS data. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email





Privacy



The





Inquiries



For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts by email <





There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.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.Series with significant and prolonged impacts from COVID-19 will use forward seasonal factors to produce seasonally adjusted estimates instead of the standard concurrent seasonal factors method. The forward factors approach is better suited to managing large movements at the end of a series and will ensure that large movements do not have a disproportionate influence on the seasonal factors. A number of series across all measures have been moved to forward factors this quarter.The ABS will be launching a new website on September 21, 2020. Before the launch, we encourage you to explore the beta.abs.gov.au to see if this will affect theway you access and consume ABS data. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email newABSwebsite@abs.gov.au The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to the ABS.For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts by email < national.accounts@abs.gov.au >.