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Chapter 2 Overview of the conceptual framework

Australian System of National Accounts: Concepts, Sources and Methods
Reference period
2020-21 financial year

Introduction

2.1    The conceptual framework of the ASNA is based on the standards set out in 2008 SNA. The ASNA does not include all the elements of the 2008 SNA framework, although Australia's implementation is extensive. Some minor variations have been adopted in the ASNA to allow for specific Australian data supply conditions or user requirements; these are noted at appropriate points throughout this manual.

2.2    The ASNA records key elements of the Australian economy: production, income, consumption (intermediate and final), accumulation of assets and liabilities, and wealth. These elements comprise economic flows and stocks that are grouped and recorded, according to specified accounting rules, in a set of accounts for the economy as a whole and for various sectors and subsectors. The sectors and subsectors comprise groups of institutional units with the same economic role. Statistics are also produced for industries, which comprise groups of producing units with common outputs. At a more detailed level, I-O statistics are produced that record the supply and use of different types of goods and services, or products, by the various industries. Many of the statistics in the ASNA are compiled as chain volume measures as well as current price terms by application of 2008 SNA recommendations for price and volume measures.