5206.0 - Australian National Accounts: National Income, Expenditure and Product, Mar 2020 Quality Declaration
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 03/06/2020
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GDP growth rates, chain volume measures: seasonally adjusted
Contribution to GDP growth, seasonally adjusted
Revisions in this issue
There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.
Suspension of trend estimates
Due to the impacts of COVID-19 on the economy, trend estimates for all series in the National Accounts have been suspended from June 2019 (inclusive). In the short term, this measurement will be significantly affected by changes to regular patterns in economic activity. If trend estimates were to be calculated without fully accounting for this unusual event, they would likely provide a misleading view of the underlying trend in the economy.
Changes in the seasonal adjustment process
Series with significant and prolonged impacts from COVID-19 will use forward seasonal factors to produce seasonally adjusted estimates instead of the standard concurrent seasonal factors method. The forward factors approach is better suited to managing large movements at the end of a series and will ensure that large movements do not have a disproportionate influence on the seasonal factors. A number of series across all measures have been moved to forward factors this quarter.
Changes to Hours worked
National Accounts has incorporated hours worked from the Labour Accounts as of March quarter 2020. Labour Accounts are produced within the same framework used by National Accounts and are consistent in concept and scope.
New ABS website
The ABS will be launching a new website in 2020. You will soon be able to see how this release will appear on the new website by exploring our Beta site. Regular users of this information are encouraged to explore the Beta site and consider if this will affect the way you access and consume ABS data and information. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email newABSwebsite@abs.gov.au.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts by email <firstname.lastname@example.org>.
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