Impacts from the 2026 Annual National Accounts historical revisions

The annual supply-use tables balance the three measures of Gross Domestic Product and provide benchmarks for the quarterly estimates.

Released

23/10/2026

Source

Australian National Accounts: Supply Use Tables, 2024-25 financial year

Australian System of National Accounts, 2025-26 financial year

Release date and time

23/10/2026 11:30am AEDT

Introduction

The 2026 annual national accounts historical revisions process included:

Improvements to the measurement of health care and social assistance
Improvements to the measurement of international trade in non-life insurance services
Improvements to the measurement of international trade in passenger transport services.

There were impacts to key economic indicators, such as Gross Domestic Product (GDP). The largest changes were to household final consumption expenditure (HFCE) from all three of the historical revisions processes.

The suite of 2026 historical revisions will appear in the following economic releases:

Australian National Accounts: Supply-Use Tables 2024-25 financial year (23 October 2026)

Australian System of National Accounts, 2025-26 financial year (23 October 2026)

Australian National Accounts: State Accounts, 2025-26 financial year (18 November 2026)

Balance Of Payments and International investment Position, Australia (1 December 2026)

Australian National Accounts: National Income, Expenditure and Product, September 2026 (3 December 2026)

Estimates of Industry Level KLEMS Multifactor Productivity, 2024-25 financial year (11 December 2026)

Estimates of Industry Multifactor Productivity, 2025-26 financial year (19 February 2027)

Revisions cycle

Australian national accounts data is regularly revised due to new and updated data sources, classification changes, and changes in methods. The diagram below shows the evolution of an annual estimate, from the first time it is published as the sum of four quarters when the June quarter national accounts are released, through the three supply-use benchmarking ‘open years’, to an estimate which is not revised, unless impacted by a historical revision.

Revisions to 2024-25 annual estimate of GDP

Image

Description

The diagram illustrates the revision cycle applied to annual GDP estimates in the Australian System of National Accounts.

The process begins with quarterly estimates for a financial year, published shortly after the end of the reference period. These quarterly estimates are combined to form the initial annual estimate. Over subsequent years, the annual estimate is progressively revised using increasingly complete data sources and Supply Use benchmarks. The first benchmark revision occurs around 16 months after the reference year, followed by further benchmark revisions at around 28 months and 40 months. Each revision incorporates more comprehensive annual data and balances production, income and expenditure measures through the Supply Use framework.

After the third benchmark revision, the estimates enter a closed period and are generally no longer revised, unless historical revisions are required to address significant methodological or data changes.

This revision cycle improves the accuracy, coherence and quality of Australia's national accounts over time.

Note: The (T) period referred to in the example year above is 2024-25.

Every year, the compilation of supply-use tables can introduce revisions for the three recent open years as part of the benchmarking process. After this, estimates are closed for further supply-use balancing unless there is an impacting historical revision. Historical revisions are the result of targeted projects to improve estimates, measure emerging areas of economic activity or arise from detailed studies of specific parts of the economy. The historical revisions program assists with maintaining contemporary and relevant national accounts.

The impact of historical revisions can be difficult to isolate for the open three years, because revisions in those years come from regular updates to data sources, classifications and compilation methods as well as the impact of historical revisions. This article separates out historical revisions impacts for all years up to but not including 2024-25.

2026 historical revisions

The 2026 historical revisions incorporates three improvements:

Improvements to the measurement of health care and social assistance

The ABS implemented industry-level source data to improve the estimation of Health Care and Social Assistance industry output, gross value added (GVA), and gross operating surplus and mixed income (GOSMI). Detailed Australian Industry survey data sources have enabled the ABS to better measure the value and composition of market output in the industry.

The ABS also increased the use of detailed and timely administrative data from sources such as the Australian Prudential Regulation Authority (APRA), Australian Institute of Health and Welfare and Medicare to measure household consumption (HFCE). These changes resulted in upward revisions to current prices and chain volume measures of the household consumption of Health services, Other goods and services (social assistance) and Accommodation services (care facilities).

Additional information can be found in the article on improvements to the measurement of health care and social assistance in the Australian National Accounts.

Improvements to the measurement of international trade in non-life insurance services

The ABS updated the sources and methods to measure international trade of non-life insurance services to improve measurement gaps and incorporate new data from APRA. This includes incorporating data from foreign insurers permitted to carry out business in Australia, sourced from APRA.

Revisions have been applied to the imports and exports of Insurance and pension services; Direct insurance and Reinsurance from 1994-95 to 2024-25. Through the supply use framework these changes have resulted in revisions to household consumption of Insurance and other financial services, as well as GVA and GOSMI measures of all industries due to the increased intermediate use of imported insurance services across the economy.

Additional information relating to the improvements can be found separately in the improvements to the measurement of international trade in non-life insurance in the International Accounts article.

Improvements to the measurement of international trade in passenger transport services

The ABS updated the data sources and methods for international trade in passenger transport services. The use of airfare data from the International Air Transport Association (IATA) has been expanded to improve the coverage and accuracy of these services across both imports and exports.

In conjunction with this change, the ABS took the opportunity to review the allocation of net expenditure overseas in the national accounts using updated information from Tourism Research Australia from 2022-23 onwards. This change better reflects the composition of Australian resident spending overseas.

These changes resulted in revisions to imports and exports of air passenger transport. Through the supply use framework those revisions have flowed into household consumption of Transport services; Accommodation; Catering; and Recreational and cultural services. GVA and GOSMI across selected industries were revised to reflect revisions to intermediate use of imported air passenger transport services.

Revisions to GDP

The graph below shows the overall revisions to annual GDP growth. Revisions prior to 2024-25 reflect the changes from the 2026 historical revisions program only, while 2024-25 incorporates new supply-use benchmarks as well.

GDP, Chain Volume Measures, Annual Growth
	Current (%)	Previous (%)	Revision (%)
1995-96	3.7	3.9	-0.2
1996-97	3.8	3.9	-0.1
1997-98	4.7	4.7	0.0
1998-99	5.0	5.0	0.0
1999-00	3.9	3.9	0.0
2000-01	2.0	2.0	0.0
2001-02	4.0	3.9	0.1
2002-03	3.1	3.1	0.0
2003-04	4.2	4.2	0.0
2004-05	3.2	3.2	0.0
2005-06	2.8	2.8	0.0
2006-07	3.8	3.8	0.0
2007-08	3.6	3.6	0.0
2008-09	1.9	2.0	-0.1
2009-10	2.2	2.2	0.0
2010-11	2.4	2.4	0.0
2011-12	4.0	4.0	0.0
2012-13	2.6	2.7	-0.1
2013-14	2.6	2.6	0.0
2014-15	2.3	2.2	0.1
2015-16	2.7	2.8	-0.1
2016-17	2.2	2.3	-0.1
2017-18	2.9	2.9	0.0
2018-19	2.1	2.2	-0.1
2019-20	-0.1	-0.1	0.0
2020-21	2.0	2.0	0.0
2021-22	4.2	4.3	-0.1
2022-23	3.5	3.6	-0.1
2023-24	1.3	1.4	-0.1
2024-25	1.6	1.4	0.2

GDP, Chain Volume Measures, Annual Growth

["","Current","Previous","Revision"]

[["1995-96","1996-97","1997-98","1998-99","1999-00","2000-01","2001-02","2002-03","2003-04","2004-05","2005-06","2006-07","2007-08","2008-09","2009-10","2010-11","2011-12","2012-13","2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[3.7],[3.8],[4.7],[5],[3.9],[2],[4],[3.1],[4.2],[3.2],[2.8],[3.8],[3.6],[1.9],[2.2],[2.4],[4],[2.6],[2.6],[2.3],[2.7],[2.2],[2.9],[2.1],[-0.1],[2],[4.2],[3.5],[1.3],[1.6]],[[3.9],[3.9],[4.7],[5],[3.9],[2],[3.9],[3.1],[4.2],[3.2],[2.8],[3.8],[3.6],[2],[2.2],[2.4],[4],[2.7],[2.6],[2.2],[2.8],[2.3],[2.9],[2.2],[-0.1],[2],[4.3],[3.6],[1.4],[1.4]],[[-0.2],[-0.1],[0],[0],[0],[0],[0.1],[0],[0],[0],[0],[0],[0],[-0.1],[0],[0],[0],[-0.1],[0],[0.1],[-0.1],[-0.1],[0],[-0.1],[0],[0],[-0.1],[-0.1],[-0.1],[0.2]]]

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Revisions to expenditure

Total Household Final Consumption Expenditure

The graph below displays revisions to HFCE in volume terms.

Revisions to HFCE from the improvements to the measurement of health care and social assistance and international trade in non-life insurance were applied back to 1994-95. Revisions from the incorporation of new international aviation data were applied back to 2021-22.

Revisions were applied to HFCE on Health, Other goods and services, Accommodation services and Insurance and other financial services.

Total HFCE, Chain Volume Measures, Annual Growth
	Current (%)	Previous (%)	Revision (%)
1995-96	3.4	3.4	0.0
1996-97	2.9	2.9	0.0
1997-98	5.1	5.1	0.0
1998-99	5.5	5.6	-0.1
1999-00	4.2	4.2	0.0
2000-01	3.2	3.3	-0.1
2001-02	3.0	2.9	0.1
2002-03	4.3	4.3	0.0
2003-04	5.3	5.3	0.0
2004-05	4.5	4.5	0.0
2005-06	3.3	3.3	0.0
2006-07	5.3	5.3	0.0
2007-08	4.8	4.9	-0.1
2008-09	0.4	0.4	0.0
2009-10	3.5	3.5	0.0
2010-11	4.0	4.0	0.0
2011-12	3.0	3.0	0.0
2012-13	2.0	2.0	0.0
2013-14	2.3	2.3	0.0
2014-15	2.7	2.6	0.1
2015-16	2.7	2.7	0.0
2016-17	2.5	2.5	0.0
2017-18	2.8	2.8	0.0
2018-19	1.4	1.7	-0.3
2019-20	-3.2	-3.3	0.1
2020-21	0.7	0.7	0.0
2021-22	4.3	4.3	0.0
2022-23	6.6	6.6	0.0
2023-24	1.0	1.0	0.0
2024-25	1.4	1.1	0.3

Total HFCE, Chain Volume Measures, Annual Growth

["","Current","Previous","Revision"]

[["1995-96","1996-97","1997-98","1998-99","1999-00","2000-01","2001-02","2002-03","2003-04","2004-05","2005-06","2006-07","2007-08","2008-09","2009-10","2010-11","2011-12","2012-13","2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[3.4],[2.9],[5.1],[5.5],[4.2],[3.2],[3],[4.3],[5.3],[4.5],[3.3],[5.3],[4.8],[0.4],[3.5],[4],[3],[2],[2.3],[2.7],[2.7],[2.5],[2.8],[1.4],[-3.2],[0.7],[4.3],[6.6],[1],[1.4]],[[3.4],[2.9],[5.1],[5.6],[4.2],[3.3],[2.9],[4.3],[5.3],[4.5],[3.3],[5.3],[4.9],[0.4],[3.5],[4],[3],[2],[2.3],[2.6],[2.7],[2.5],[2.8],[1.7],[-3.3],[0.7],[4.3],[6.6],[1],[1.1]],[[0],[0],[0],[-0.1],[0],[-0.1],[0.1],[0],[0],[0],[0],[0],[-0.1],[0],[0],[0],[0],[0],[0],[0.1],[0],[0],[0],[-0.3],[0.1],[0],[0],[0],[0],[0.3]]]

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Imports

The graph below shows the overall impact of revisions to annual percentage change in imports in chain volume measures. They were driven by improvements to international insurance models between 1994-95 and 2024-25, and the incorporation of new international aviation data between 2021-22 and 2024-25.

Total Imports, Chain Volume Measures, Annual Growth
	Current (%)	Previous (%)	Revision (%)
1995-96	5.3	4.7	0.6
1996-97	10.3	9.9	0.4
1997-98	10.2	10.2	0.0
1998-99	5.2	5.1	0.1
1999-00	12.1	12.0	0.1
2000-01	-0.9	-1.0	0.1
2001-02	1.3	1.3	0.0
2002-03	13.1	13.2	-0.1
2003-04	13.6	13.5	0.1
2004-05	12.2	12.5	-0.3
2005-06	8.2	8.5	-0.3
2006-07	10.2	10.4	-0.2
2007-08	14.4	14.5	-0.1
2008-09	-3.7	-3.7	0.0
2009-10	7.1	7.0	0.1
2010-11	10.1	10.4	-0.3
2011-12	11.2	11.3	-0.1
2012-13	0.9	0.7	0.2
2013-14	-2.9	-2.8	-0.1
2014-15	1.5	1.6	-0.1
2015-16	0.5	0.1	0.4
2016-17	5.8	5.6	0.2
2017-18	7.1	7.4	-0.3
2018-19	0.5	0.5	0.0
2019-20	-6.5	-6.6	0.1
2020-21	-2.9	-3.1	0.2
2021-22	7.4	7.3	0.1
2022-23	12.7	12.1	0.6
2023-24	6.7	6.3	0.4
2024-25	3.6	3.1	0.5

Total Imports, Chain Volume Measures, Annual Growth

["","Current","Previous","Revision"]

[["1995-96","1996-97","1997-98","1998-99","1999-00","2000-01","2001-02","2002-03","2003-04","2004-05","2005-06","2006-07","2007-08","2008-09","2009-10","2010-11","2011-12","2012-13","2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[5.3],[10.3],[10.2],[5.2],[12.1],[-0.9],[1.3],[13.1],[13.6],[12.2],[8.2],[10.2],[14.4],[-3.7],[7.1],[10.1],[11.2],[0.9],[-2.9],[1.5],[0.5],[5.8],[7.1],[0.5],[-6.5],[-2.9],[7.4],[12.7],[6.7],[3.6]],[[4.7],[9.9],[10.2],[5.1],[12],[-1],[1.3],[13.2],[13.5],[12.5],[8.5],[10.4],[14.5],[-3.7],[7],[10.4],[11.3],[0.7],[-2.8],[1.6],[0.1],[5.6],[7.4],[0.5],[-6.6],[-3.1],[7.3],[12.1],[6.3],[3.1]],[[0.6],[0.4],[0],[0.1],[0.1],[0.1],[0],[-0.1],[0.1],[-0.3],[-0.3],[-0.2],[-0.1],[0],[0.1],[-0.3],[-0.1],[0.2],[-0.1],[-0.1],[0.4],[0.2],[-0.3],[0],[0.1],[0.2],[0.1],[0.6],[0.4],[0.5]]]

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