5206.0 - Australian National Accounts: National Income, Expenditure and Product, Mar 2009 Quality Declaration
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/06/2009
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MARCH KEY POINTS
EXPENDITURE ON GDP
INDUSTRY GROSS VALUE ADDED
REVISIONS IN THIS ISSUE
There are quarterly revisions due to the incorporation of more up-to-date source data and changes to seasonal adjustment factors. The overall effect of these revisions has been to decrease growth in the seasonally adjusted volume measure of GDP in December quarter 2008 by 0.1 percentage points, and to increase September quarter 2008 growth by 0.1 percentage points.
INTERPRETING TREND ESTIMATES
The trend series in this publication should be interpreted with caution as the underlying behaviour of a number of series may have been impacted by global economic conditions and the Federal Government's Economic Security Package implemented in December 2008 and further fiscal stimulus measures implemented in March 2009.
These Federal Government initiatives have had significant one-off impacts to government social assistance benefits paid to households. These measures have distorted the regular pattern of this series and have therefore been removed from the seasonal factor and trend estimation processes, although the full impacts of these measures are still reflected in the original and seasonally adjusted estimates. Aggregates and balances in the household income account and the general government income account, including the household saving ratio, are affected in trend terms. Impacts of future measures will be treated similarly.
SEASONAL ADJUSTMENT CHANGES
For some selected series for this issue forward factor seasonal adjustment has replaced the usual concurrent seasonal adjustment. The forward seasonal factors have been projected from March quarter 2008. This has been done because of the uncertain influence of the global financial crisis on the seasonal pattern of the original estimates. This change in seasonal adjustment approach will be reviewed next quarter.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Laurie Nitschke on Canberra (02) 6252 6711, email <national.accounts@ abs.gov.au>.
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