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The Australian Bureau of Statistics (ABS) has released business indicators data for the June quarter, which feeds into Wednesday’s national accounts:
Company gross operating profits rose 7.6% seasonally adjusted, smashing expectations of a 4.5% rise:
Wages and salaries rose by a relatively soft 3.3% seasonally adjusted. Together, this suggests that profits’ share of national income will hit another record high in Q2.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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