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To assist data users to link these industry level estimates to aggregate measures in the Australian System of National Accounts (cat. no. 5204.0), this data cube also includes aggregate MFP measures for the market sector definition (see above, ANZSIC06 Divisions A to N and Divisions R and S) dating back to 1994–95. Also included is a 12 selected industry grouping (Divisions A to K and R), which is useful for analysing productivity performance from the perspective of a longer time series.
CHANGES IN THIS DATA CUBE
IMPACT OF LATEST REVISION TO NATIONAL ACCOUNTS DATA
This data cube release reflects the full historical revision cycle of the 2010–11 release of Australian System of National Accounts (cat. no. 5204.0). Annual benchmarks were revised through the entire time series, to reflect updated source data and improvements to compilation methods.
The revisions directly impacting on productivity measures include:
For a more detailed discussion of the full historical revision cycle, please refer to the Analysis of results section of the 2010–11 release of Australian System of National Accounts (cat. no. 5204.0). For a more detailed discussion of the revisions to the Finance and insurance industry, please refer to the Feature Article: Revisions to Finance and Insurance Estimates in the Australian System of National Accounts, released in the 2010–11 issue of Australian System of National Accounts (cat. no. 5204.0).
CONCEPTUAL CHANGE IN OUTPUT VALUATION
A conceptual change in output valuation was introduced for aggregate productivity measures.
Previously, production for the market sector was measured by GDP market sector. This aggregate has been replaced by Gross value added market sector. The difference between the new and old measures of production is that the new measures exclude taxes less subsidies on products. The change means that production for the purposes of productivity measurement will be measured at the prices producers receive (i.e. basic prices), rather than the prices purchasers pay (i.e. purchasers' prices).
The new valuation is consistent with the recommendations of the 2001 OECD Manual – Measuring Productivity, which states that:
The change also brings the ABS's aggregate measures of productivity into line with the industry estimates in this data cube.
This method change has tended to moderate the productivity slowdown, as real output measures valued at basic prices grow slightly stronger than real output measures valued at purchasers' prices (ie net taxes on products has been declining as a share of GDP).
For a more detailed discussion of this method change, including an impact analysis see the Information Paper: Upcoming changes to the Australian System of National Accounts, 2010–11 (cat. no. 5204.0.55.007).
LIST OF TABLES
More information available from the ABS website.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Derek Burnell on Canberra (02) 6252 6427.
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