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1350.0.55.001 - Australian Economic Indicators Glossary, 2006  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 31/07/2007  Reissue
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Implicit price deflatorObtained by dividing a current price value by its real counterpart (the chain volume measure). When calculated from the major national accounting aggregates, such as gross domestic product, implicit price deflators relate to a broader range of goods and services in the economy than that represented by any of the individual price indexes that are published by the ABS. Whereas the chain price indexes are chain Laspeyres indexes, the annual implicit price deflators are chain Paasche price indexes, i.e. each year-to-year movement is calculated using the current price value shares of the second of the two years to weight together the elemental price indexes. Movements in implicit price deflators can be greatly affected by changes in the physical composition of the aggregates and their components. For this reason, quarterly implicit price deflators derived from seasonally adjusted or trend data are preferred to those derived using original data.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Import clearancesImport clearances are those goods which are brought into Australia directly for home consumption, plus goods cleared from a bonded warehouse (i.e. goods cleared into the Australian market for home consumption following payment of duty).
Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

Import dutyCustoms duties and all other duties, fees, or other charges which are collected on or in connection with the importation of goods, but not including fees and charges which are limited in amount to the approximate cost of services rendered. The main purpose for its imposition is domestic industry assistance.
Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

Import quotasImport quotas provide importers with an entitlement to import limited quantities of particular goods at concessional or normal rates of import duty during a specific quota period. This arrangement currently applies only to cheese and curd products. Imports in excess of the ceiling are subject to penalty rates of Customs duty.
Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

ImportsImports reflect goods that arrive in the country and include:
  • goods brought into Australia directly for home consumption following the payment of any duty; plus
  • goods which enter the country but are not cleared for home consumption; the goods instead go into Customs (bonded) warehouses and duty is not paid at that time.
Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

Imports of goods and servicesThe value of goods imported and amounts payable to non-residents for the provision of services to residents.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Imports to domestic sales ratioThe numerator - imports - refers to imports of merchandise goods. The denominator - domestic sales - is defined as: household final consumption expenditure on goods, plus private gross fixed capital formation: dwellings, non-dwelling construction, and machinery and equipment, plus public gross fixed capital formation: dwellings, non-dwelling construction, and machinery and equipment. This ratio is calculated using current price estimates.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

IncomeIncome refers to the earnings from the use of the factors of production (labour, land and financial capital). In Australia’s balance of payments, therefore, income credits refer to the return from providing non-residents with the use of Australian labour or Australian financial capital, while income debits refer to the return to non-residents made for use by residents of foreign labour and foreign financial capital.
Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

Income on debt (Interest accrued)This consists of interest payable on inter-company debt to/from direct investors from/to associated enterprises abroad. It covers interest on the borrowing and lending of funds (including debt securities and suppliers' credits) between direct investors and direct investment enterprise.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Income on equityThis comprises: dividends and distributed branch profits, and reinvested earnings and undistributed branch profits.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Incorporated enterpriseAn enterprise which is registered as a separate legal entity to its members or owners. Also known as a limited liability company.
Reference: Forms of Employment, Australia. cat. no. 6359.0.

Index of Commodity PricesA Reserve Bank of Australia-compiled index (based 2001/02=100) which provides a measure of price movements in rural and non-rural (including base metals) commodities in Australian Dollars (AUD), Special Drawing Rights (SDR) and United States Dollars (USD).
Reference: Reserve Bank of Australia (RBA).

Indexes of Industrial ProductionIndexes of Industrial Production present, in index number form, quarterly estimates of gross product in chain volume measures, prices for the non-farm, goods producing sector which, for brevity, is termed the ‘total industrial’.
  • Mining (excluding services to mining) Quarterly constant price output estimates are derived for major ANZSIC classes by quantity revaluation (i.e. quantities produced each quarter multiplied by associated base year (chain volume) average prices). Estimates of quantities produced are obtained from data contained in Quarterly Mineral Statistics (Australian Bureau of Agricultural and Resource Economics) and Mining Operations, Australia (cat. no. 8415.0). Constant price estimates of value added are derived by the gross output method for each ANZSIC class. Total quarterly estimates of value added are then benchmarked to annual gross product estimates obtained from the mining census.
  • Manufacturing: Quarterly constant price estimates of gross output for each manufacturing industry subdivision (excluding petroleum refining) are derived by summing constant price estimates of manufacturers’ sales of manufactured goods, other operating revenue (where significant) and changes in the level of stocks of finished goods and work-in-progress. Constant price estimates of all components of manufacturing output except petroleum refining are derived by price deflation, i.e. current price components (obtained from the quarterly Survey of Stocks and Manufacturers’ Sales) are deflated by fixed weighted producer price indexes (published in Producer Price Indexes, Australia (cat. no. 6427.0)). Quarterly petroleum refining estimates are based on quarterly quantity data published in Australian Petroleum Statistics (released by the Department of Industry, Tourism and Resources). Quarterly constant price estimates of output are used to derive constant price estimates of gross product at factor cost by the gross output method. The latter estimates are then benchmarked to corresponding annual estimates of gross product at market prices (based on annual Manufacturing Survey data).
    Quarterly business indicators data provides the main indicator series for the manufacturing indexes. As a result, these indexes have three important limitations as measures of manufacturing production:
      • changes in quarterly production by manufacturing establishments of non-manufacturing businesses are not reflected in the indexes;
      • changes in a part of the quarterly production of non-manufacturing establishments of manufacturing businesses are reflected in the indexes; and
      • changes in quarterly production by government bodies such as shipyards are not reflected in the indexes.
    • The scope of the data used in the manufacturing indicator series also differs slightly from the general definition of manufacturing gross product. The stocks estimates used include finished goods bought in, but not manufactured, by a business. As far as can be assessed this has not had a significant influence on the estimates.
    • Electricity, Gas and Water comprises:
        • ELECTRICITY: Quarterly quantities of electricity produced, as published in Manufacturing Production, Australia (cat. no. 8301.0.55.001), are benchmarked to annual gross product estimates based on the quantity of electricity sold (published by the Electricity Supply Association of Australia in Electricity Gas Australia).
        • GAS: Quarterly quantities of gas available through mains, as published in Manufacturing Production, Australia (cat. no. 8301.0.55.001), are benchmarked to gross product estimates derived from ABS economic census data relating to the performance of the gas production and distribution industry.
        • WATER AND SEWERAGE: Quarterly constant price output estimates are derived by quantity revaluation, i.e. quantities of water sold (to final consumers and for irrigation) and sewerage. connections, are multiplied by chain volume measures for each type of service. The quantity data are supplied by a selection of State and Local government authorities. Quarterly output estimates are then benchmarked to annual constant price gross product estimates.
      • The scope of ‘total industrial’ is defined to include all establishments classified to the Australian and New Zealand Standard Industrial Classification (ANZSIC) Division B (Mining), excluding ANZSlC subdivision 15 (Services to mining); Division C (Manufacturing); and Division D (Electricity, gas and water). The base year weights used in constructing these indexes have been derived from establishment data. However, the quarterly indicator series used for manufacturing are based on data relating to business units which may cover more than one establishment.
      Reference: Australian Economic Indicators. cat. no. 1350.0.

      IndexationThe periodic adjustment of a money value according to changes in a price index.
      Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.

      Indigenous birthThe birth of a live-born child where either the mother or the father was identified as being of Aboriginal or Torres Strait Islander origin on the birth registration form. Indigenous births in Indigenous population estimates/projections are those which result by applying assumed age-specific fertility rates to Aboriginal and Torres Strait Islander mothers in reproductive ages.
      Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.

      Indigenous coupleAn Indigenous couple is a couple where either or both partners in the relationship are of Aboriginal or Torres Strait Islander origin.
      Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.

      Indigenous deathThe death of a person who is identified as being of Aboriginal or Torres Strait Islander origin on the death information form.
      Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.

      Indigenous originPersons who identify as being of Aboriginal or Torres Strait Islander origin.
      Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.

      Indirect tradeGoods exported to an intermediate country from where the goods are then re-exported to another country (unknown to the original exporter) for final consumption.
      Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

      Individual consumptionAn individual consumption good or service is one that is acquired by a household and used to satisfy the needs and wants of members of that household. Individual goods and services can always be bought and sold on the market, although they may also be provided free, or at prices that are not economically significant, or as transfers in kind. Individual goods and services are essentially ‘private’, as distinct from ‘public’. See also Collective consumption.
      Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

      Industrial disputeAn industrial dispute is defined as a state of disagreement over an issue or group of issues between an employer and its employees, which results in employees ceasing work. Industrial disputes comprise strikes, which are a withdrawal from work by a group of employees; and lockouts, which are a refusal by an employer or group of employers to permit some or all of their employees to work.
      Reference: Industrial Disputes, Australia. cat. no. 6321.0.55.001.

      IndustryAn industry is a group of businesses or organisations that perform similar sets of activities in terms of the production of goods and services. Industry is classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 1993. cat. no. 1292.0. The industry assigned to an employed person is the industry of the organisation in which the person's main job is located. Unemployed persons who had worked for two weeks or more in the last two years are classified according to the industry of their most recent job.
      Reference: Australian Labour Market Statistics. cat. no. 6105.0.

      Infant deathAn infant death is the death of a live-born child who dies before reaching his/her first birthday.
      Reference: Australian Demographic Statistics. cat. no. 3101.0.

      Infant mortality rateThe number of deaths of children under one year of age in a calendar year per 1,000 live births in the same calendar year.
      Reference: Deaths, Australia. cat. no. 3302.0.

      Inflation (deflation)A term commonly used to refer to changes in price levels. A rise in prices is called inflation, while a fall is called deflation.
      Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.

      Informal Clearance DocumentsWhen the value of goods imported by air or sea is below $250 but duty and taxes exceed $50, then an informal clearance document (ICD) must be lodged. If the value exceeds $250 a formal entry declaration must be lodged. For postal articles the commercial (formal) entry threshold is set at $1000.
      Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

      Input-output tableAn input-output table is a means of presenting a detailed analysis of the process of production and the use of goods and services (products) and the income generated in the production process; they can be either in the form of (a) supply and use tables or (b) symmetric input-output tables. See also Coefficient table; Supply and use tables.
      Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

      Inscribed stockDebt securities whose issuer maintains a register of current holders. Accordingly, settlement of transactions (trades) in these securities is effected by assignment
      Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.

      Institutional sectorsThe SNA groupings of all resident institutional units according to their institutional characteristics and functions. Five institutional sectors are recognised: the non-financial corporations sector, the financial corporations sector, the general government sector, the households sector and the non-profit institutions serving households sector.
      Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.

      Institutional unitsAn institutional unit is an economic entity that is capable, in its own right, of owning assets, incurring liabilities, and engaging in economic activities and in transactions with other entities. There are two main types of institutional units, namely persons or groups of persons in the form of households, and legal or social entities whose existence is recognised by law or society independently of the persons, or other entities, that may own or control them. The individual members of multi-person households are not treated as separate institutional units. Legal or social entities that engage in economic activities in their own right, such as a corporation, NPI or government unit, are considered institutional units as they are responsible and accountable for the economic decisions or actions they take. See also Institutional sectors.
      Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

      Insurance technical reservesInsurance technical reserves comprise financial assets that are reserves against outstanding risks, reserves for with-profit insurance, prepayments of premiums and reserves against outstanding claims. Insurance technical reserves may be liabilities not only of life or non-life insurance enterprises (whether mutual or incorporated) but also of autonomous pension funds, which are included in the insurance enterprise sub-sector, and certain non-autonomous pension funds that are included in the institutional sector that manages the funds. Insurance technical reserves are subdivided between net equity of households on life insurance reserves and on pension funds, and prepayments of premiums and reserves against outstanding claims. See also Net equity of households on life insurance reserves and on pension funds; Prepayments of premiums and reserves against outstanding claims.
      Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

      Intangible fixed assetsIncludes such assets as computer software, entertainment, literary or artistic originals, and mineral exploration intended to be used for more than a year.
      Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

      Intangible non-produced assetsIncludes such assets as purchased goodwill, 3G spectrum licences, patented entities and leases on land and subsoil assets. Estimation of these assets is in its infancy. Currently only the value of 3G spectrum licences is included in the national and sector balance sheets
      Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

      Intangible non-produced assetsIntangible non-produced assets are assets that are constructs of society. They are evidenced by legal or accounting actions, such as the granting of a patent or the conveyance of some economic benefit to a third party. Some entitle their owners to engage in certain specific activities and to exclude other institutional units from doing so except with the permission of the owner. These assets consist of patented entities, leases and other transferable contracts, purchased goodwill and other intangible non-produced assets. See also Non-produced assets.
      Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

      Intended length of stayOn arrival in Australia, all overseas visitors are asked to state their 'intended length of stay in Australia'. On departure from Australia, all Australian residents are asked to state their 'intended length of stay overseas'.
      Reference: Overseas Arrivals and Departures. cat. no. 3401.0.

      Intercensal discrepancyIntercensal discrepancy is the difference between two estimates at 30 June of a census year population, the first based on the latest census and the second arrived at by updating the 30 June estimate of the previous census year with intercensal components of population change which take account of information available from the latest census. It is caused by errors in the start and/or finish population estimates and/or in estimates of births, deaths or migration in the intervening period which cannot be attributed to a particular source.
      Reference: Australian Demographic Statistics. cat. no. 3101.0.

      Intercensal errorIntercensal error is the difference between two estimates at 30 June of a census year population, the first based on the latest census and the second arrived at by updating the 30 June estimate of the previous census year with intercensal components of population change which do not take account of information available from the latest census.
      Reference: Australian Demographic Statistics. cat. no. 3101.0.

      InterestForm of property income earned by making financial assets available to other units which is equal to the amount the debtor becomes liable to pay to the creditor over a given period of time without reducing the amount of the principal outstanding.
      Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

      Interest payable/receivableInterest payable/receivable refers to interest income which accrued during the quarter on non-tradeable instruments (i.e., on trade credits, loans, deposits, and other claims and liabilities other than securities). It is valued using quarterly compound rates for the interest rates specified in the loan or other contract which are then applied to the stock of assets or liabilities.
      Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

      Intermediate consumptionIntermediate consumption consists of the value of the goods and services consumed as inputs by a process of production, excluding the consumption of fixed capital. See also Gross value added.
      Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

      International containersReceptacles used in the international freight industry to transport various commodities. Individual items or packages may be loaded into a single larger unit.
      Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

      International investment positionThe international investment position (IIP) is the stock or level of Australia's foreign financial assets and liabilities at a specified date. Foreign financial assets and liabilities in the international investment position statement are components of the balance sheet of an economy with the rest of the world.
      Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

      International Merchandise Trade Statistics (IMTS, Rev.2)The UN's International Merchandise Trade Statistics: Concepts and Definitions Series M, No. 52, Rev. 2 (IMTS, Rev.2). This is the current international framework followed by Australia for the compilation of international merchandise trade statistics.
      Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

      InventoriesConsist of stocks of outputs that are held at the end of a period by the units that produced them prior to their being further processed, sold, delivered to other units or used in other ways and stocks of products acquired from other units that are intended to be used for intermediate consumption or for resale without further processing.
      Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0 and Business Indicators, Australia. cat. no. 5676.0.

      Invoice currencyThe currency in which an invoice for exported or imported goods is denominated. Conversion of a foreign invoice currency value to Australian dollars is undertaken by Customs (for imports), or by the ABS or the trader (for exports), using exchange rates applicable at the time of import or export. Australia's international merchandise statistics are presented in Australian dollars, unless specified otherwise.
      Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.


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