In spite the persisting low consumer demand, Australian companies have recorded a 6.7 percent growth on their gross profits, according to the seasonally adjusted data from the Australian Bureau of Statistics.

The second quarter of 2011 concluded with a 6.7% growth in profits in most companies. In the latest report released by Australian Bureau of Statistics on Monday, Sept. 5, industries such as construction, manufacturing, and mining recorded good performances.

In current prices, the construction industry earned 2.3% growth, while manufacturing companies gained 2.1% growth, and the mining industry posted 2.0% growth. In seasonally adjusted terms, the construction industry recorded 2.2% increase, while the manufacturing companies dropped to 7.4%, and the mining industry had 15.2%.

But the service sector garnered the biggest growth in current prices with 32% from the Administrative and Support group, and 14.4% from Professional, Scientific, and Technical [PST] department. In seasonally adjusted estimates, the Administrative and Support services enjoyed a 42.2% increment, and PST boasted 42.3%.

Even the Retail Trade had its own share of progress as it posted 3.2% increase in current prices and 6.2% in seasonally adjusted. The same cannot be said of Financial and Insurance services with a plummeting sale of 4.0% in current prices, but a soaring record of 37.8% in seasonally adjusted term.

Overall, the estimated trend for business inventories had a growth of 1.5% and the seasonally adjusted estimates rose to 2.5% in June. But despite this positive outcome, senior economist for Macquire Group said in a report of the Sydney Morning Herald that although the figures suggested strong performance, it will not change the inflation outlook of the Reserve Bank of Australia.

In the financial data recently released by the RBA, the banks suffered in the lending market with a slow credit growth recorded at 1.8% on a yearly term. Regardless, Westpac is seeing the situation positively as it decided to expand its network to open seven more branches in Melbourne's suburbs in September. Westpac's plan included two outlets to open today in Airport West and in Chirnside Park in the east of Melbourne, and 90 more in the next five years, the SMH report said. Westpac CEO Gail Kelly believes the move will boost the bank's aim of becoming a stronger regional brand franchise in Australia.