5206.0 - Australian National Accounts: National Income, Expenditure and Product, Dec 2008 Quality Declaration
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/03/2009
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DECEMBER KEY FIGURES
DECEMBER KEY POINTS
EXPENDITURE ON GDP
INDUSTRY GROSS VALUE ADDED
REVISIONS IN THIS ISSUE
Revisions have been made to a number of aggregates as follows:
Treatment of economic stimulus package
In December 2008 the Federal Government made payments to households as part of the Economic Security Strategy package. In this December Quarter 2008 release of the quarterly national accounts these payments have been recorded as a transfer (Social Assistance Benefits) from the Government to the Household sector in the Income Accounts.
The proportion of the package spent by households contributed to GDP calculated from the expenditure side as Household Final Consumption, and contributed to Value Added for those industries whose outputs were purchased. The remainder of the package contributed to Net Savings for the Household sector.
Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding
The first payments arising from the Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding were made during the December quarter 2008. These payments have been treated in the national accounts as a fee for a service, paid by financial corporations to the government. On the expenditure side of the national accounts these payments have been recorded as an offset to Government Final Consumption. On the income and production sides, they have been recorded as an expense of the paying financial corporation, and hence have reduced the Value Added of financial corporations.
This treatment does not result in the creation of financial asset or liability positions, so does not affect the Financial Accounts (cat. no. 5232.0) to be released on March 27.
The ABS will introduce revised international standards into the National Accounts, Balance of Payments and related series with the September quarter 2009 releases. To enable series to be compiled and validated according to the new standards, the September quarter 2009 issue of this publication will be delayed. Revised release dates are described in 'Recent and upcoming releases' (page 16).
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Michael Smedes on Canberra (02) 6252 7092, email <national.accounts@ abs.gov.au>.
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