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AUSTRALIA DATA: Weak Profits Driven By Mining, Inventories Controlled

AUSTRALIA DATA
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Q3 company profits were weak again falling 4.6% q/q after -6.8% q/q (revised down from -5.3%) to be down 8.5% y/y after -4.0%, driven by the mining sector. The drop in inventory volumes was more than expected at -0.9% q/q, which shouldn’t be enough to change Q3 GDP estimates though, with Q2 revised up to +0.7%. Q3 net exports and government spending will be released on Tuesday with GDP on Wednesday. 

  • Wages and salaries rose 1.2% q/q in Q3 to be up 4.0% y/y, the slowest annual growth rate since Q1 2021.
  • Total inventory volumes are close to flat on the year, signalling that there is little involuntary stock build.
  • The mining sector drove the weaker-than-expected profit result falling 8.8% q/q in Q3, as commodity prices fall, while wages & salaries exceeded the total at +1.6% q/q. Inventories fell sharply down 2.0% q/q. Sales volumes rose 1.2% q/q.
  • Real manufacturing sales fell 0.8% q/q and 0.4% y/y in Q3, and wholesale trade rose 0.2% q/q but was down 4.0% y/y. 

Australia company gross operating profits %

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Q3 company profits were weak again falling 4.6% q/q after -6.8% q/q (revised down from -5.3%) to be down 8.5% y/y after -4.0%, driven by the mining sector. The drop in inventory volumes was more than expected at -0.9% q/q, which shouldn’t be enough to change Q3 GDP estimates though, with Q2 revised up to +0.7%. Q3 net exports and government spending will be released on Tuesday with GDP on Wednesday. 

  • Wages and salaries rose 1.2% q/q in Q3 to be up 4.0% y/y, the slowest annual growth rate since Q1 2021.
  • Total inventory volumes are close to flat on the year, signalling that there is little involuntary stock build.
  • The mining sector drove the weaker-than-expected profit result falling 8.8% q/q in Q3, as commodity prices fall, while wages & salaries exceeded the total at +1.6% q/q. Inventories fell sharply down 2.0% q/q. Sales volumes rose 1.2% q/q.
  • Real manufacturing sales fell 0.8% q/q and 0.4% y/y in Q3, and wholesale trade rose 0.2% q/q but was down 4.0% y/y. 

Australia company gross operating profits %

Keep reading...Show less