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Financial News: Australia's Company Profits Rise Less Than Forecast

Australia's Company Profits Rise Less Than Forecast

06/03/2019 - 03:13:00 (RTTNews)

(RTTNews) - Australia's company profits grew less than expected in the first quarter, the Australian Bureau of Statistics showed Monday.

Gross operating profits of companies grew by seasonally adjusted 1.7 percent sequentially in the first quarter, following a 2.8 percent rise in the previous quarter. The growth rate was forecast to remain at 2.8 percent.

On a yearly basis, gross operating profits expanded 7.8 percent.

The key dynamic is that higher commodity prices, particularly for iron ore, are boosting mining profits and in turn tax revenues, Andrew Hanlan, an economist at Westpac said. This is providing the Federal government with additional flexibility on fiscal policy.

Wages and salaries increased 1.1 percent sequentially and 4.4 percent annually in the first quarter. Inventories advanced 0.7 percent on quarter and by 1.4 percent from last year.

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