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Gross Domestic Product: June 2012 quarter
Embargoed until 10:45am  –  20 September 2012
Revisions

Summary of revisions

A number of revisions were incorporated into GDP for the June 2012 quarter. Details of these revisions are discussed below.

Gross domestic product:

  • Agriculture was revised (back to the March 2011 quarter) due to updated annual benchmarks.
  • Updated source data for the March 2012 quarter resulted in revisions to mining; manufacturing; information media and telecommunications; rental, hiring, and real estate; and public administration and safety components.
  • Electricity, gas, water, and waste services was revised back to June 2009 due to updated source data. Transport, postal, and warehousing revised back to the March 2011 quarter due to updated source data, while updated source data for financial and insurance services resulted in revisions back to the June 2008 quarter.
  • The unallocated component has been revised back to the September 2006 quarter due to revisions in the series used to calculate the unallocated component.
  • Current price annual value added by industry was revised back to 1987 due to updated estimates of change in inventories by industry (as communicated on Infoshare in May 2012). This has resulted in small revisions to the quarterly series for agriculture, forestry, and fishing; manufacturing; electricity, gas, water, and waste services; construction; wholesale trade; retail trade and accommodation; financial and insurance services; public administration and safety; education and training; health care and social assistance; and arts, recreation and other services components. For most components these revisions were up to $4 million, with the largest revisions to retail trade and accommodation (up to $13 million in the March 2009 quarter).

Expenditure on gross domestic product:

  • Household consumption expenditure revised due to a change to seasonal adjustment methodology for housing and household utilities, updated balance of payments data, and updated source data.
  • Central government final consumption expenditure for the March 2012 quarter revised due to updated source data.
  • Local government final consumption expenditure revised due to the incorporation of Local Authority Financial Statistics: Year ended June 2011. The majority of these revisions are to the latest year, but some minor ones go back further.
  • Gross fixed capital formation for the March 2012 quarter revised due to updated source data. Small revisions go back further.
  • Revisions to change in inventories result from new annual benchmarks for agriculture (back to June 2009), and revised source data for manufacturing stocks (March 2012 quarter only).
  • Imports and exports of goods and services were revised due to updated overseas trade and balance of payments data.

The results of the Census of International Trade in Services and Royalties: Year ended June 2011 were incorporated for this release. The census has introduced significant revisions to imports and exports of services, affecting the imports, exports, and household consumption expenditure components of the expenditure measure of GDP.

There is an ongoing programme of statistical maintenance work for GDP. New methodologies for ownership of owner-occupied dwellings, health, education, and financial intermediary services indirectly measured will be incorporated into the Gross Domestic Product: September 2012 quarter release which will be published on 20 December 2012. These revisions will coincide with the usual incorporation of the latest annual benchmarks.

Quarter Gross domestic product – percent change from previous quarter Expenditure on gross domestic product – percent change from previous quarter

 

 Previously published

Revised

Previously published 

Revised 

March 2007

 1.1

1.1

0.7

0.7

June 2007

 0.5

0.5

1.7

1.7

September 2007

 0.6

0.6

0.9

0.9

December 2007

 0.4

0.4

0.2

0.2

March 2008

 0.0

-0.1

-0.3

-0.3

June 2008

 -0.9

-0.9

-1.5

-1.5

September 2008

 -0.1

0.0

-0.4

-0.3

December 2008

 -0.8

-0.7

-0.2

-0.2

March 2009

 -1.6

-1.6

-0.4

-0.4

June 2009

-0.5

-0.5

0.8

0.8

September 2009

 0.3

0.3

0.2

0.2

December 2009

 1.0

0.9

0.7

0.7

March 2010

 0.6

0.5

0.5

0.5

June 2010

 0.7

0.6

0.1

0.2

September 2010 

 -0.1

-0.1

-1.1

-1.0

December 2010 

0.0

0.0

0.1

0.0

March 2011 

 0.6

0.6

0.3

 0.4

June 2011 

 0.4

0.3

0.2 

0.2

September 2011

 0.4

0.5

0.6 

0.7

December 2011

 0.4

0.5

0.4

0.5

March 2012     

 1.1

1.0

0.8

0.4

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