FX.co ★ Australia Company Profits Rise 0.5% In Q1

Company gross operating profits in Australia were up 0.5 percent on quarter I the first quarter of 2023, the Australian Bureau of Statistics said on Monday.

That was shy of expectations for an increase of 1.5 percent following the upwardly revised 12.7 percent jump in the previous three months (originally 10.6 percent).

Business inventories were up 1.2 percent on quarter, exceeding expectations for a gain of 0.5 percent following the upwardly revised 0.3 percent gain in the three months prior (originally -0.2 percent).

Company profits pre-tax tumbled 7.5 percent on quarter after surging 22.2 percent in the previous quarter.