REVISIONS IN THIS ISSUE
This issue of the Australian System of National Accounts (cat. no. 5204.0) incorporates historical revisions in the 2015-16 annual supply and use tables. These revisions, spanning the entire time series, are necessary in order to reflect changes in methods, concepts, classifications and data sources and to maintain consistent time series. These changes were flagged in the Information Paper: Changes to the 2016-17 release of the Australian System of National Accounts (cat. no. 5204.0.55.012). Specific details on the revisions, including changes to estimates, and the range of improvements incorporated in the historical revisions are outlined in the Feature Article included in this publication.
There are also revisions to 2016-17 estimates arising from the 2015-16 benchmarks, new data and data confrontation to balance the accounts. These revisions are to component series and have revised GDP growth for 2016-17 to 2.0% from the 1.9% published in June quarter 2017.
This issue also incorporates the updated Australian resident population figures based on the 2016 Australian Census. This will impact various per capita analytical series. The various hours worked series used within the publication have not been updated to incorporate the latest census benchmarks. This will be done for the December quarter publication of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) following their incorporation into the published labour force estimates on 7 December 2017.
Following revisions to the estimates, there has been a change in the productivity growth cycles, a peak previously observed in 2007-08 has been removed, while a new peak in 2011-12 has emerged. More information on this is available in the aforementioned Feature Article.
A quality declaration for the Australian System of National Accounts (cat. no. 5204.0) is available within the Explanatory Notes section. The Explanatory Notes also foreshadow future changes to the accounts.
CHANGES IN THIS ISSUE
This issue also includes changes to the presentation of general government final consumption expenditure (GFCE) and gross fixed capital formation (GFCF) which will now be disaggregated by industry instead of by purpose. Additionally, there are changes to the published levels of gross value added (GVA) by industry. Details of the new industry breakdowns and the affected tables are included in the Information Paper: Changes to selected series in the annual and quarterly Australian National Accounts (cat. no. 5204.0.55.013). The new GFCE and GFCF disaggregation will be published at the total general government level only.
Tables containing balance sheet estimates will be re-released with the September quarter 2017 publication of Australian National Accounts: Finance and Wealth (cat. no. 5232.0) on 14 December 2017 to incorporate the most up-to-date data.
FORTHCOMING NATIONAL ACCOUNTS RELEASES
For information on related national accounts publications and papers to be released in the next three months, see the section Related National Accounts Products.