ALTERNATIVE VIEW OF INPUT–OUTPUT TABLES
An alternative view of the 2007–08 Input Output Tables (cat. no. 5209.0.55.001) has been produced to support the needs of users who apply the data in large and sophisticated models.
The variation relates to the treatment of imports data. In the Final release for 2007–08 it offsets the treatment of freight and insurance services provided on imports by residents. These are already part of domestic output and should not be treated as imports, therefore in the main tables imports of freight and insurance services are adjusted downwards at an aggregated level.
While conceptually correct and in line with international standards, this adjustment can generate negative values for imports of transport services for certain industry groups which, being an accounting entry, have no economic meaning. These adjustments were included in previous I–O tables, but depending on data for individual years, imported services of water and air transport may more than compensate for the negative adjustment for a particular industry group, thus avoiding negatives appearing in the columns of Table 3 (Imports).
In the alternative view these negatives have been removed by adding the value of freight and insurance on imports provided by residents back into imports and, to maintain the balance on the current account, adding a similar value to exports. The value of this adjustment in 2007–08 is $1,159m.
The alternative view is available on request from Gregory Legoff on 02 6252 6462, email <email@example.com>.