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5220.0.55.004 - Information paper: Product changes to State Accounts following revisions to international standards, 2009  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 18/08/2009  First Issue
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KEY CHANGES TO OUTPUTS


KEY CHANGES TO OUTPUTS

Backcasting

From the 2008-09 issue of Australian National Accounts: State Accounts (cat. no. 5220.0), 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

Significant changes to the private gross fixed capital formation component of Expenditure on Gross State 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 5 to 22, relating to 'Expenditure components of gross state product' and 'Expenditure components of gross domestic product'; and
  • time series spreadsheets 2 to 10, relating to 'Expenditure, income and industry components of GSP'.


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 us a significant change to the layout of industry representation in the ASNA. 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 23 to 31, relating to 'Industry gross value added';
  • pdf tables 33 to 41, relating to 'Total factor income by industry and principal components'; and
  • time series spreadsheets 2 to 10, relating to 'Expenditure, income and industry components of GSP'.

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).


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 National Accounts: State Accounts, 2008-09 (cat. no. 5220.0) on Friday 11 December 2009;
  • previews of the set of time series spreadsheets that will be published in Australian National Accounts: State Accounts, 2008-09 (cat. no. 5220.0) on Friday 11 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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