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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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OccupationAn occupation is a collection of jobs that are sufficiently similar in their main tasks to be grouped together for the purposes of classification. Occupation is classified according to the ASCO Australian Standard Classification of Occupations, Second Edition. cat. no. 1220.0. The occupation assigned to an employed person relates to the person's main job. Unemployed persons who had worked for two weeks or more in the last two years are classified according to the occupation of their most recent job.
Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0 and Australian Labour Market Statistics. cat. no. 6105.0.

Occupied private dwellingAn occupied private dwelling is defined as the premises occupied by a household on census night. See also Household.
Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.

OffshoreCommences from the low water mark to three nautical miles out (referred to as coastal waters) under State and Northern Territory legislation and extends to those areas beyond coastal waters governed by the Commonwealth under the Petroleum (Submerged Lands) Act 1967.
Reference: Mineral and Petroleum Exploration, Australia. cat. no. 8412.0.

One-name paperOne-name paper includes promissory notes, Treasury Notes and certificates of deposits issued by banks.
  • A promissory note - also called commercial paper - is a written promise to pay a specified sum of money to the bearer at an agreed date. It is usually issued for an original term between 30 and 180 days and is sold to an investor at a simple discount to the value shown on the face of the document. A promissory note is not accepted by a bank and unlike a bill of exchange is not endorsed by the parties which sell it in the market.
  • Treasury Notes are inscribed instruments issued by the Commonwealth Government and have an original maturity of five, thirteen or twenty-six weeks.
  • Bank certificates of deposits are similar to promissory notes except that the drawer is a bank rather than (say) an industrial company. Bank-issued certificates of deposit with an original term to maturity of one year or less are called negotiable certificates of deposit.
Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.

One-parent familyA family consisting of a lone parent with at least one dependent or non-dependant child (regardless of age) who is also usually resident in the household.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

OnshoreIncludes all Australian territorial lands to the low water mark.
Reference: Mineral and Petroleum Exploration, Australia. cat. no. 8412.0.

Opening and closing positionsThe market value of Australia's stock of foreign financial assets and liabilities to non-residents at the beginning and end of a period, respectively. Also referred to as opening and closing levels (or stocks).
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Operating statementThe Operating Statement presents details of transactions in GFS revenues, GFS expenses and the net acquisition of non-financial assets for an accounting period. GFS revenues are broadly defined as transactions that increase net worth and GFS expenses as transactions that decrease net worth. Net acquisition of non-financial assets equals gross fixed capital formation, less depreciation, plus changes in inventories plus other transactions in non-financial assets. Two key GFS analytical balances in the operating statement are GFS Net Operating Balance (NOB) and GFS Net Lending(+)/Borrowing(-).
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

OptionA contract granting the right, and not the obligation, to purchase or sell an asset during a specified period at an agreed-upon price (the exercise price or strike price). A call option is a contract that gives the holder the right to buy from the option seller an asset at a specified price. A put option is a contract that gives the holder the right to sell an asset at a predetermined price. They can relate to equities, commodities, foreign currencies, interest rate, etc. Creating and exercising the option contracts, as well as secondary trading in options, all constitute transactions for balance of payments purposes where the holder and the writer are residents of different countries. Options are traded both on exchanges and over the counter.
Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.

Ordinary time earningsWeekly ordinary time earnings refers to one week’s earnings of employees for the reference period attributable to award, standard or agreed hours of work. It is calculated before taxation and any other deductions (e.g. superannuation, board and lodging) have been made. Included in ordinary time earnings are award, workplace and enterprise bargaining payments, and other agreed base rates of pay, over-award and over-agreed payments, penalty payments, shift and other allowances; commissions and retainers; bonuses and similar payments related to the reference period; payments under incentive or piecework; payments under profit sharing schemes normally paid each pay period; payment for leave taken during the reference period; all workers’ compensation payments made through the payroll; and salary payments made to directors. Excluded are overtime payments, retrospective pay, pay in advance, leave loadings, severance, termination and redundancy payments, and other payments not related to the reference period.
Reference: Average Weekly Earnings, Australia. cat. no. 6302.0.

Ordinary time hoursAward, standard or agreed hours of work paid for at the ordinary rate.
Reference: Labour Price Index, Australia. cat. no. 6345.0.

Original DataIt is not uncommon for movements in original time series data and those provided from seasonally adjusted and trend series to differ significantly. Movements in a time series of original data may reflect several factors, including:
  • longer-term changes in the item being measured (i.e. trend movements)
  • short-term irregular changes
  • regular seasonal influences
  • normal ‘trading’, ‘working’ or ‘pay’ day patterns
  • systematic holiday effects.
Seasonal adjustment and trend estimates help the user to identify the effect of these influences on the time series. Seasonal adjustment removes the effect of the last three listed influences from the data, leaving only the trend and short-term irregular movements. Trend estimates are then obtained by removing the effects of the short-term irregularities, which in many series can be a major contributor to movements in the original data. By comparing the historical trend series with the seasonally adjusted series, the user can identify the short-term irregularities which have influenced the original series.
Reference: Information Paper: A Guide to Interpreting Time Series - Monitoring Trends. cat. no. 1349.0.

Original seriesEstimates produced directly from the survey data, before seasonal adjustment or trend estimation takes place.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

Other accounts receivable/payableThis term is used in two ways. Firstly it is the financial asset consisting of two subordinate classifications: ‘trade credit and advances’, and ‘other accounts receivable/payable’. Alternatively, the item can refer to the actual classification ‘other accounts receivable/payable’.

Accounts receivable and payable include items other than those in the previous paragraph (e.g. in respect of taxes, dividends, purchases and sales of securities, rent, wages and salaries and social contributions). Interest accruing that is not capitalised in the underlying asset may be included. See also Financial assets.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Other buildings and structuresOther buildings and structures consist of non-residential buildings and other structures. ‘Non-residential buildings’ are buildings other than dwellings, including fixtures, facilities and equipment that are integral parts of the structures and costs of site clearance and preparation.

‘Other structures’ are structures other than buildings, including streets, sewers and site clearance and preparation other than for residential or non-residential buildings. Also included are shafts, tunnels and other structures associated with mining subsoil assets. Major improvements to land, such as dams, are also included. See also Tangible fixed assets.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0 and Building Approvals, Australia. cat. no. 8731.0.

Other changes in the volume of assetsChanges in the value of assets, liabilities and net worth arising from events other than transactions and revaluations.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Other economic flowsChanges in the volume or value of an asset or liability that do not result from transactions (i.e. revaluations and other changes in the volume of assets).
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Other familyRelated individuals residing in the same household who do not form a couple or parent-child relationship with any other person in the household and are not attached to a couple or one parent family in the household. If two brothers, for example, are living together and neither is a spouse, a lone parent or a child, then they are classified as other family.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

Other investmentOther investment is the residual category of finance measured in balance of payments and international investment position statistics.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Other lenders n.e.c.Comprises all lenders that are not banks, permanent building societies, credit cooperatives or securitisation vehicles. Includes life or general insurance companies, superannuation funds, government housing schemes, housing cooperatives, registered financial corporations and other financial institutions.
Reference: Housing Finance, Australia. cat. no. 5609.0.

Other residential buildingAn other residential building is a building other than a house primarily used for long-term residential purposes and which contains (or has attached to it) more than one dwelling unit (e.g. includes blocks of flats, home units, attached townhouses, villa units, terrace houses, semidetached houses, maisonettes, duplexes, apartment buildings, etc.).
Reference: Building Approvals, Australia. cat. no. 8731.0.

Other subsidies on productionOther subsidies on production consist of all subsidies, except subsidies on products, which resident enterprises may receive as a consequence of engaging in production. Other subsidies on production include: subsidies related to the payroll or workforce numbers, including subsidies payable on the total wage or salary bill, on numbers employed, or on the employment of particular types of persons, e.g. persons with disabilities or persons who have been unemployed for a long period. The subsidies may also be intended to cover some or all of the costs of training schemes organised or financed by enterprises. Subsidies aimed at reducing pollution are also included. See also Subsidies on products.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Other taxes on productionOther taxes on production consist of all taxes that enterprises incur as a result of engaging in production, except taxes on products. Other taxes on production include: taxes related to the payroll or workforce numbers excluding compulsory social security contributions paid by employers and any taxes paid by the employees themselves out of their wages or salaries; recurrent taxes on land, buildings or other structures; some business and professional licences where no service is provided by the Government in return; taxes on the use of fixed assets or other activities; stamp duties; taxes on pollution; and taxes on international transactions. See also Current taxes on income; Taxes on production and imports; and Taxes on products.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Other vehiclesIncludes utilities, panel vans, cab chassis, goods carrying vans, rigid trucks, prime movers, non-freight carrying trucks, and buses. Also includes four wheel drive light commercial vehicles not classified as sports utility vehicles (SUVs).
Reference: Sales of New Motor Vehicles, (Electronic Publication). cat. no. 9314.0.

OutputOutput consists of those goods and services that are produced within an establishment that become available for use outside that establishment, plus any goods and services produced for own final use.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Output produced for own final useOutput of goods and services to be retained for their own final use by the owners of the institutional units in which they are produced.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Overnight loansLoans, which are recallable, repayable or renegotiable the next day, usually by 11.00 am. Also referred to as the 11am Call Rate or the Unofficial Market Rate.
Reference: Reserve Bank of Australia (RBA).

Overtime hoursThe number of hours paid for in excess of ordinary time hours, based on the data for the first quarter a selected job is included in the survey.
Reference: Labour Price Index, Australia. cat. no. 6345.0.

Overseas arrivals and departures (OAD)Overseas arrivals and departures (OAD) refer to the arrival or departure of Australian residents or overseas visitors, through Australian airports (or sea ports), which have been recorded on incoming and outgoing passenger cards. Statistics on OAD relate to the number of movements of travellers rather than the number of travellers (i.e. the multiple movements of individual persons during a given reference period are all counted).
Reference: Overseas Arrivals and Departures. cat. no. 3401.0.

Own-account workerA person who operates his or her own unincorporated economic enterprise or engages independently in a profession or trade, and hires no employees.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

Owner managersPersons who work in their own business, with or without employees, whether or not the business is of limited liability.
Reference: Forms of Employment, Australia. cat. no. 6359.0.

Owner managers of incorporated enterprisesPersons who work in their own incorporated enterprise, that is, a business entity 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.

Owner managers of unincorporated enterprisesPersons who operate their own unincorporated enterprise, that is, a business entity in which the owner and the business are legally inseparable, so that the owner is liable for any business debts that are incurred. Includes those engaged independently in a trade or profession.
Reference: Forms of Employment, Australia. cat. no. 6359.0.

Ownership of buildingsThe ownership of a building is classified as either public sector or private sector, according to the sector of the intended owner of the completed building as evident at the time of approval. Residential buildings being constructed by private sector builders under government housing authority schemes whereby the authority has contracted, or intends to contract, to purchase the buildings on or before completion, are classified as public sector.
Reference: Building Activity, Australia. cat. no. 8750.0.

Ownership transfer costsThe costs of ownership transfer consist of the following kinds of items: all professional charges, taxes payable or commissions incurred by the units acquiring and disposing of the asset (e.g. fees paid to lawyers, architects, surveyors, engineers, valuers, etc., and commissions paid to estate agents, auctioneers, etc.). The assets on which ownership transfer costs may apply include dwellings, non-dwelling buildings and land.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.


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