The Australian Bureau of Statistics (ABS) reported on Monday the company gross operating profits (CGOP) in Australia jumped 7.1 percent q-o-q (seasonally adjusted) in the second quarter of 2021, following a revised 0.6 percent q-o-q drop in the previous quarter (originally a 0.3 percent q-o-q fall). This represented the first advance in profits of private companies in the last three quarters and the biggest gain since the second quarter of 2020. Economists had expected a 3.0 percent q-o-q rise.

According to the report, profits rose in administrative and support services (+19.9 percent q-o-q), mining (+18.4 percent q-o-q), transport, postal and warehousing (+7.9 percent q-o-q), information and communication (+5.5 percent q-o-q), financial and insurance (+4.0 percent q-o-q), professional scientific and technical services (+0.5 percent q-o-q) as well as other services (+29.9 percent q-o-q). These gains, however, were partially offset by declines in profits in accommodation and food services (-19.8 percent q-o-q), rental, hiring and real estate services (-6.0 percent q-o-q), retail trade (-5.6 percent q-o-q), construction (-5.5 percent q-o-q), manufacturing (-3.2 percent q-o-q), wholesale trade (-3.2 percent q-o-q) and utilities (-1.0 percent q-o-q).