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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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Labour forceFor any group, persons who were employed or unemployed, as defined.
Reference: Labour Force, Australia. cat. no. 6202.0.

Labour forceThe labour force is the labour supply available for the production of economic goods and services in a given period, and is the most widely used measure of the economically active population. Persons in the labour force are classified as either employed or unemployed according to their activities during the reference period by using a specific set of priority rules.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

Labour force statusA classification of the civilian population aged 15 years and over into employed, unemployed or not in the labour force, as defined. The definitions conform closely to the international standard definitions adopted by the International Conferences of Labour Statisticians.
Reference: Labour Force, Australia. cat. no. 6202.0.

Labour force underutilisation rateThe unemployed plus the underemployed, as a percentage of the labour force.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

Labour price indexMeasures changes in the price of labour. Includes wages and salaries, overtime, bonuses (only in the labour price index including bonuses), annual and public holiday leave, superannuation, payroll tax, and workers' compensation.
Reference: Labour Price Index, Australia. cat. no. 6345.0.

Labour productivitySee Gross domestic product per hour worked.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Legal entity unitA statistical unit covering all the operations in Australia of an entity that possesses some or all of the rights and obligations of individual persons or corporations or that behaves as such in respect of those matters of concern for economic statistics.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Level of government (LOG)The classification comprising the three tiers of government (national, state and territory, local) for which Australia’s GFS are compiled.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

LiabilityA liability is an obligation which requires one unit (the debtor) to make a payment or a series of payments to the other unit (the creditor) in certain circumstances specified in a contract between them.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Licensed hotels and resorts with facilitiesEstablishments with five or more rooms which are licensed to operate a public bar and which provide accommodation on a room/suite basis, with a bath/shower and toilet in most guest rooms, but which do not have full cooking facilities (i.e. hot plates and oven/microwave) in most guest rooms.
Reference: Tourist Accommodation, Australia. cat. no. 8635.0.

Life expectancyLife expectancy refers to the average number of additional years a person of a given age and sex might expect to live if the age-specific death rates of the given period continued throughout his/her lifetime.
Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.

Link factorA ratio used to join a new index series to an old index series to form a continuous series.
Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.

Livestock assetsLivestock assets are classified as either fixed assets or inventories. Those livestock which are used in production of other products (e.g. breeding stock, animals for entertainment, sheep for wool and dairy cattle) are fixed assets. Inventories cover all other livestock types and include those animals raised for meat or other one-off products (e.g. leather).
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Loans and placementsLoans are borrowings which are not evidenced by the issue of debt securities, and are not usually traded. Examples are an overdraft from a bank, money lent by a building society with a mortgage over a property as collateral, and a financial lease agreement with a finance company. Repurchase agreements are treated as purchases and sales of debt securities, not collateralised loans. Placements are customers’ account balances with entities not regarded as deposit-taking institutions. Examples are account balances of State and local public non-financial corporations with their central borrowing authorities, of public sector pension funds with their State Treasuries, and 11am money placed with corporate treasuries.
Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.

Local government employeesEmployees of municipalities and shires and other local authorities created by or subject to the provisions of local government legislation, such as county councils in New South Wales.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

Local level of governmentThe level of government of public sector units that have a local role or function i.e. the political authority underlying their functions is limited to a local government area or other region within a state or territory or the functions involve policies that are primarily of concern at a local level.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Long-term arrivalsLong-term arrivals comprise:
  • overseas visitors who intend to stay in Australia for 12 months or more (but not permanently); and
  • Australian residents returning after an absence of 12 months or more overseas.
Reference: Australian Demographic Statistics. cat. no. 3101.0.

Long-term debt securitiesLong-term debt securities are debt securities with an original term to maturity of more than one year. They include Treasury bonds, semi-government securities, corporate securities, asset backed bonds and convertible notes prior to conversion. Long-term debt securities also include subordinated debt. See also Financial assets.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Long-term departuresLong-term departures comprise:
  • Australian residents who intend to stay abroad for 12 months or more (but not permanently); and
  • overseas visitors departing who stayed 12 months or more in Australia.
Reference: Australian Demographic Statistics. cat. no. 3101.0.

Long-term unemployedPersons unemployed for 12 months or more. See duration of unemployment for details of the calculation of duration of unemployment.
Reference: Australian Labour Market Statistics. cat. no. 6105.0.

Long-term unemployment rateThe number of long-term unemployed persons expressed as a percentage of the labour force.
Reference: Labour Force, Australia. cat. no. 6202.0.

Long-term unemployment since last full-time jobThis variable is the elapsed period to the end of the reference week since the time a currently unemployed person began looking for work since holding their last full-time job.
Reference: Labour Force, Australia. cat. no. 6202.0.


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