6427.0.55.009 - Information Paper: Update on the Development of an Oil and Gas Extraction Producer Price Index, June 2016  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 23/06/2016  First Issue
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DEVELOPMENT UPDATE

Following the release of the first information paper in December 2015, the ABS undertook further engagement with industry participants to better understand the gas market dynamics and associated price measurement challenges. This information has been used to refine the initial index development proposal.

The ABS is well advanced in developing the natural gas producer sample for the proposed price index. This has involved extensive consultation with selected gas producers to develop appropriate price specifications and negotiate the provision of data. The initial data collection will include a historical series. Data will then be collected each quarter.

The dissemination of the natural gas PPI will occur as part of the quarterly release Producer Price Indexes, Australia (ABS cat. no. 6427.0). It is anticipated that the first release will occur in early 2017.

Related price indexes are also under development for ANZSIC Class 0700 Oil and gas extraction, in the ANSZIC Division B Mining. The ABS is also looking to develop PPIs for these higher aggregation levels, either in parallel, or as a next phase of development. The index structure has been developed to enable this further development work. Information relating to these developments will be released in Producer Price Indexes, Australia (ABS cat. no. 6427.0).