Business indicators; New Home Sales; Petrol price
- Company profits fell by 1.5 per cent in the December quarter, led by the construction sector. Excluding mining, profits fell by a much larger 3.3 per cent in the quarter. Profits rose in just five of the 15 industry sectors.
- Sales also fell. Sales fell in ten of the 15 industry sectors in the September with aggregate sales down by 0.9 per cent. Sales in the mining states of Northern Territory and Western Australia outperformed.
- But inventories fall. Inventories (stocks) held by businesses fell by 0.8 per cent in the September quarter in inflation-adjusted terms.
- New home sales rose by 2.4 per cent in October. Over the past six months home sales have fallen by over 20 per cent.
- According to the Australian Institute of Petroleum the national average retail pump price rose 0.7 cents a litre last week to 125.0 cents a litre – a 15-week high. The Singapore unleaded price is holding at five month high in Aussie dollar terms and will continue to filter through to domestic pump prices.