FX.co ★ Australia Company Profits Sink 5.3% In Q2

In the second quarter of 2024, Australia's gross operating profits for companies experienced a seasonally adjusted decrease of 5.3 percent, as reported by the Australian Bureau of Statistics on Monday. This decline was notably more significant than the anticipated 0.6 percent drop and followed a 2.5 percent reduction in the previous quarter. Year-over-year, profits fell by 3.9 percent.

In contrast, manufacturing sales saw an increase of 0.3 percent quarter-over-quarter and 0.7 percent year-over-year. Additionally, inventories grew by 0.1 percent on the quarter and 1.5 percent on the year, while wages rose by 0.7 percent on the quarter and 5.3 percent on the year.