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5204.0.55.005 - Information paper: Product changes to Australian System of National Accounts following revisions to international standards, 2009  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 21/08/2009  First Issue
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KEY CHANGES TO OUTPUTS


KEY CHANGES TO OUTPUTS

Backcasting.

From the 2008-09 issue of Australian System of National Accounts (cat. no. 5204.0), data will be presented on a SNA08, BPM6, ANZSIC06 and SESCA08 basis. The changes being implemented with these new standards will impact on the value of some key aggregates. However, data quality improvements will result in a shift in the level of some series. To maintain the integrity of time series, level shifts will be backcast to the same start dates as previously published.


System of National Accounts, 2008

Gross fixed capital formation (GFCF)

Significant changes to the private gross fixed capital formation component of Expenditure on Gross Domestic Product are:

  • 'Cultivated biological resources', which replaces the previously published 'Livestock' but includes a new component of 'Orchard growth'; and
  • 'Intellectual property products', which replaces the previously published 'Intangible fixed assets' but includes a new component of 'Research and development'.

The order in which the various private sector assets are displayed has also changed to better align with SNA08. This has also meant that the category of 'Private business investment' has been dropped from the pdf tables, but has been retained in the time series spreadsheets.

Affected tables are:
  • pdf tables 2 to 8, and time series spreadsheets 2 to 4, relating to 'Expenditure components of GDP';
  • pdf tables 28, 33, 34, 36, 42 and 49, and time series spreadsheets 18, 23, 26, 32 and 39, relating to 'capital accounts';
  • pdf tables 62 and 63, and time series spreadsheet 51, relating to 'gross fixed capital formation';
  • pdf table 69, and time series spreadsheets 56, 63, 66 and 69, relating to 'capital stock;
  • time series spreadsheets 64, 67 and 70, relating to 'gross fixed capital formation'; and
  • time series spreadsheets 65, 68 and 71, relating to 'consumption of fixed capital'.

These changes to 'assets' also impact on the labelling and ordering of assets in the balance sheets.

Affected tables are:
  • pdf tables 16 to 19, 30, 38, 44 and 51, and time series spreadsheets 10, 20, 28, 34, 41 and 59, relating to 'balance sheets'.

Capitalisation of weapons systems

The treatment of defence expenditure has altered to bring it into line with capital formation in other industries. Expenditure on weapons systems that have an anticipated ongoing use (greater than one year) is recorded as gross fixed capital formation. Expenditure on 'disposable' equipment will continue to be recorded as inventories until used.

Affected tables are:
  • pdf tables 16 to 19, 44, and time series spreadsheets 10 and 34, relating to 'balance sheets';
  • pdf tables 42, and time series spreadsheet 32, relating to 'capital accounts';
  • pdf tables 62, 63, and time series spreadsheet 51, relating to 'gross fixed capital formation'; and
  • pdf tables 69, and time series spreadsheet 56, relating to 'capital stock'.

These changes will not affect the structure of the 'Expenditure on GDP' tables, but the levels of the following series will be impacted:
  • Final consumption expenditure of:
      • National General Government-Defence and National General Government;
  • Gross fixed capital formation of:
      • National General Government-Defence and National General Government.

Tangible and intangible assets

The delineation of produced non-financial assets into tangible and intangible has been removed from the balance sheets.

Affected tables are:
  • pdf tables 16 to 19, 30, 38, 44 and 51, and time series spreadsheets 10, 20, 28, 34, 41 and 59, relating to 'balance sheets'.

For non-produced assets, a new delineation has been introduced of:
  • natural resources; and
  • permissions to use natural resources.

Affected tables are:
  • pdf tables 16 to 19, 30, 38, 44 and 51, and time series spreadsheets 10, 20, 28, 34, 41 and 59, relating to 'balance sheets'.

Reinvested earnings

The imputation of reinvested earnings from undistributed direct foreign investment has been expanded to include undistributed earnings in both resident and non-resident investment funds.

Affected tables are:
  • pdf tables 27, 31, 35, 46 and 54, and time series spreadsheets 17, 21, 25, 36 and 43, relating to 'income accounts'.

Ownership Transfer Costs

These costs, which were previously written off through consumption of fixed capital in the same period in which they arose, will now be written off over the period during which the acquirer expects to hold the asset.

Affected tables are:
  • pdf tables 16 to 19. 30 and time series spreadsheets 10, 20, 41 and 59, relating to 'balance sheets'.

Mineral and Petroleum exploration

Mineral exploration assets, previously considered to have already been implicitly included within the value of subsoil assets, will now be separately shown in the balance sheets and not implicitly included in subsoil assets.

Affected tables are:
  • pdf tables 16 to 19, 30, 38, 44 and 51, and time series spreadsheets 10, 20, 28, 34, 41 and 59, relating to 'balance sheets'.

Changes in inventories

No longer publishing the item:
  • selected marketing authorities

More generally, private non-farm inventories includes, for all periods, privatised marketing authorities.

Affected tables are:
  • pdf tables 67 and 68, and time series spreadsheet 55, relating to 'changes in inventories'.

Agricultural income

No longer publishing the items:
  • Increase in assets with marketing authorities;
  • Output for own consumption; and
  • Realised agricultural income.

Affected tables are:
  • pdf table 61, and time series spreadsheet 50, relating to 'agricultural income'.


Australian and New Zealand Industrial Classification, 2006

A joint project between the ABS and Statistics New Zealand has developed a new standard classification of industrial activity, the Australian and New Zealand Standard Industrial Classification, 2006 (ANZSIC06). This will replace the existing classification, ANZSIC93, with a more contemporary classification system. This new classification is in response to changes in the structure and composition of the economy, changing user demands, and enhancing compatibility with other major international classification standards. The result of implementing this new classification is a significant change to the layout of industry representation in the Australian System of National Accounts. In particular these changes have brought about:
  • changes to the ANZSIC06 division structure which will include 19 divisions compared to 17 in ANZSIC93;
  • adaptation to the emergence of 'new economic' activities including internet publishing and broadcasting, computer retailing and communication equipment manufacturing;
  • an introduction of a new industry division, 'Information Media and Telecommunications'. This new division groups activity mainly engaged in creating and storing information products in media that allow for their dissemination. This is an industry that has grown rapidly in both Australian and New Zealand since ANZSIC93 was developed;
  • the splitting of 'Property and Business Services' division to its component parts of:
      • Rental, Hiring and Real Estate Services;
      • Professional, Scientific and Technical Services; and
      • Administrative and Support Services.

Affected tables are:
  • pdf tables 9 to 11, and time series spreadsheet 5, relating to 'Industry gross value added';
  • pdf tables 24 and 25, and time series spreadsheet 15, relating to 'Labour input and productivity';
  • pdf table 57, and time series spreadsheet 46, relating to 'Total factor income';
  • pdf table 58, and time series spreadsheets 47, 65, 68 and 71, relating to 'consumption of fixed capital';
  • pdf table 59, and time series spreadsheet 48, relating to 'Compensation of employees';
  • pdf table 64 and 66, and time series spreadsheets 52, 54, 64, 67 and 70, relating to 'gross fixed capital formation';
  • pdf tables 67 and 68, and time series spreadsheet 55, relating to 'Changes in inventories'; and
  • pdf table 71, and time series spreadsheets 58, 63, 66 and 69, relating to 'Capital stock'.

Definition of market sector

With the introduction of ANZSIC06, the definition of those industries that constitute the 'market sector' has also changed. It is now defined to include all industries, except:
  • Public administration and safety (O);
  • Education and training (P); and
  • Health care and social assistance (Q).

Affected tables are:
  • pdf tables 1 to 3, relating to 'Key National Accounts Aggregates'; and
  • time series spreadsheet 1 and 30, relating to 'key aggregates and analytical series'.

The multifactor productivity estimates will continue to be produced, but on the basis of selected ANZSIC06 industries and not the new definition of market sector, Those ANZSIC06 industries excluded from the multifactor productivity estimates are:
  • Rental, hiring and real estate services (L);
  • Professional, scientific and technical services (M);
  • Administrative and support services (N);
  • Public administration and safety (O);
  • Education and training (P); and
  • Other services (S).

Affected tables are:
  • pdf table 22 and 23, time series spreadsheet 13, and data cube 14, relating to 'Productivity measures-Selected industries'.

Further information about the changes to ANZSIC can be found in Information paper: ANZSIC 2006 Implementation, 2006 (cat. no. 1295.0) and Information paper: Update on ANZSIC 2006 Implementation, 2008 (cat.no.1295.0.55.001).


Product consistency

In considering impacts of the revised international standards, some other changes have been made to the time series spreadsheets to improve the consistency of the treatment of some statistics.

Use of Government Purpose Classification

Detailed breakdowns of Government final consumption expenditure and General Government gross fixed capital formation are classified by the Government Purpose Classification (GPC), which is also used in Government Finance statistics.

Affected tables are:
  • pdf table 45, relating to 'Government final consumption expenditure';
  • pdf table 64, relating to 'General Government gross fixed capital formation';
  • time series spreadsheet 35 , relating to 'Government final consumption expenditure'; and
  • time series spreadsheet 53, relating to 'General Government gross fixed capital formation'.


IMPLEMENTATION TIMING

The first National and International Accounts products incorporating these updated standards will be released according to the following schedule:

PUBLICATION TABLES AND TIME SERIES SPREADSHEETS

Available from the Downloads tab of this publication are:
  • an Adobe pdf file that includes a preview of the full of tables that will be published in Australian System of National Accounts, 2008-09 (cat. no. 5204.0) on Tuesday 8 December 2009;
  • previews of the set of time series spreadsheets that will be published in Australian System of National Accounts, 2008-09 (cat. no. 5204.0) on Tuesday 8 December 2009;
  • a data cube that describes the series by series changes made to each of the time series spreadsheets.


TIME SERIES IDENTIFIERS

The changes described above will result in new seriesIDs for some series in the time series spreadsheets. SeriesIDs for main aggregates have not changed.


CONCEPTS, SOURCES AND METHODS

The underlying concepts and structure of the national accounts and the sources, methods and terms used in compiling the estimates are described in the product Australian National Accounts: Concepts, Sources and Methods (cat. no. 5216.0). The current version of this product reflects SNA93 concepts and a number of references to data sources and methods are, or will be, out of date.

A revised Concepts, Sources and Methods product is scheduled for release in late 2010.

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