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Australia Company Profits Gain 3.2% On Quarter In Q3

Company profits in Australia were up a seasonally adjusted 3.2 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Monday.

That was shy of expectations for a gain of 4.5 percent following the 15 percent spike in September. Profits were up 18.6 percent on year.

Business inventories were down 0.5 percent on quarter, beating expectations for a fall of 0.7 percent following the 3.0 percent decline in the three months prior. Inventories were down 4.6 percent on year.

Manufacturing sales were up 4.3 percent on quarter and down 1.6 percent on year, while wholesale sales gained 3.8 percent on quarter and lost 1.8 percent on year.

Wages and salaries rose 2.4 percent on quarter and 0.4 percent on year.

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