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FLOW OF FUNDS MATRIX
On a sectoral basis, the ABS maintains net errors and omissions close to zero for the general government and rest of the world sectors. For non-financial corporations, financial corporations and households sectors, the two accounts are not equal.
There have been revisions to 'net savings' back to 1959-60 with significant revisions for the latest 5 years following the release of Australian System of National Accounts, 2009-10 (ABS 5204.0). These changes have now flowed through to the quarterly sectoral capital accounts, presented in the flow of funds matrix, and as a result the financial accounts have been re-balanced in the context of these revised estimates. For the periods where re-balancing has occurred, the adjustments made to accounts receivable/payable have been minimal compared to previous releases.
The revisions policy in the financial accounts, means that the re-balancing has only occurred from the December 2008 quarter for this release. For the quarters prior to December 2008, the financial accounts have not been revised and will therefore still include previous balancing adjustments to accounts receivable/payable. However, as the capital accounts contain revisions back to 1988-89, the net errors and omissions for these periods have now re-calibrated and may in some quarters be larger than previously published.
In 2011, the ABS will be investigating a number of potential changes to reduce the net errors and omissions in the flow of funds matrix including:
For more information about the flow of funds matrix please contact Tom Lay 02 6252 5574.
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