The ABS has completed an update of the Standard Economic Sector Classifications of Australia (SESCA). The concepts described in this publication are consistent with those presented in the original 2008 version. SESCA 2008 version 1.1 is presented in an e-mag format, replacing the original pdf publication.
REASON FOR THIS SESCA UPDATE
The update of SESCA was triggered primarily because of changes made to the ABS Economic Units Model (EUM). In addition, this version:
STANDARD INSTITUTIONAL SECTOR CLASSIFICATIONS OF AUSTRALIA CLASSIFICATION CHANGES
- clarifies class definitions;
- modifies includes/excludes to overcome practical difficulties in the classification of certain unit types;
- corrects minor errors and omissions;
- creates new classes brought about by changes in legislation; and,
- contains consequential changes to the 'Unit of Classification' and 'Glossary' brought about by the inclusion of the new EUM.
JURISDICTION CLASSIFICATION CHANGES
- Classes 1001 Non-Financial Investment Funds and 2142 Non-Money Market Financial Investment Funds:
- Clarification of the boundary between these classes by changes to the inclusions.
- Class 2191 Securitisers
- Identification of the Special Purpose Entity/Vehicle within the class description.
- Class 2200 Financial Auxiliaries:
- Explicit inclusion of units engaged in trading or broking carbon credits; and,
- Explicit inclusion of Holding Companies with financial subsidiaries.
- Class 3000 General Government:
- Explicit inclusion of Future and Sovereign Wealth Funds; and,
- Removal of explicit identification of Public Universities pending future investigation into market/non market characteristics.
LEVEL OF GOVERNMENT CLASSIFICATION CHANGE
- Removal of separate class 1 for "Commonwealth";
- Reduction of existing class numbering by one to reflect removal of "Commonwealth";
- Change of former class 10 Multi-jurisdiction to class 9 Other Jurisdiction;
- Explicit inclusion of Christmas and Cocos Keeling Islands in revised class 9 Other Jurisdiction.
- Inclusion of new class 4 Control n.f.d. (Not further defined) for public sector units where control is not recognised for any single level of government.
- Global change of “Not for Profit” usage to “Non-profit” to align with 2008 SNA.