Institutional sectors and subsectors in the ASNA
|Private non-financial investment funds|
|Other private non-financial corporations|
|State and local|
|Financial corporations||Central Bank|
|Authorised deposit-taking institutions|
|Other broad money institutions|
|Superannuation funds and insurance corporations|
|Life insurance corporations|
|Non-life insurance corporations|
|Financial investment funds|
|Money market funds|
|Non-money market financial investment funds|
|Central borrowing authorities|
|Other financial corporations|
|State and local|
(a) Including uninccorporated businesses n.e.c. and non-profit insitiutions serving households.
4.71 Institutional sector and associated classifications used in ABS statistics are described in the ABS publication, Standard Economic Sector Classifications of Australia (SESCA). The classifications included in SESCA are based on international standards, adapted to suit Australian situations where appropriate. The institutional sector classification, the SISCA, is the main classification used for sectoring in the ASNA. For simplicity of presentation, the SISCA excludes the private/public, level of government and foreign controlled distinctions that are part of the 2008 SNA classification of institutional sectors. These distinctions are contained in other classifications within SESCA. The table above shows the domestic institutional sectors and subsectors included in the ASNA. Accounts for the rest of the world are grouped as 'external accounts' in ASNA. These accounts conform to the 2008 SNA definition of the rest of the world sector.
4.72 With the exception of the combination of the NPISH and household sectors, the ASNA structure corresponds with the structure outlined in 2008 SNA. The subsectors are a combination of 2008 SNA subsectors (adapted to Australian conditions) and other 2008 SNA-compliant classifications from the SESCA, as follows:
- the distinction between the private and public subsectors within the non-financial corporations sector is based on the ABS private/public classification;
- the Commonwealth, state and local, and national subsectors are based on the ABS level of government classification; and
- unlike 2008 SNA, SISCA and the ASNA distinguish authorised deposit-taking institutions from other broad money institutions, CBAs from captive financial institutions, and securitisers from other financial institutions.
4.73 The national subsector is so named because it includes units that are subject to a degree of control from both Commonwealth and state governments, and that cannot be allocated to either a state or Commonwealth subsector. The national subsector therefore includes multi-jurisdictional units in addition to units that are solely under the jurisdiction of the Commonwealth. At present, public universities are the only multi-jurisdictional institutions that are included in the national subsector.
Concordance between ASNA and 2008 SNA sector and subsector definitions
4.74 The composition of the ASNA institutional sectors and subsectors accords with 2008 SNA definitions in most cases. Instances where the ASNA's sectoral composition differs from the 2008 SNA guidelines are described in the following paragraphs.
Non-MMF investment funds
4.75 2008 SNA includes all non-MMF investment funds within the financial corporations sector. However, in ASNA, only those investment funds investing predominantly in financial assets are treated as financial corporations. Those investing in non-financial assets, such as property, are treated as non-financial corporations. This distinction is based on whether the institution's primary income is obtained from rentals, or dividends and interest.
Quasi-corporations in the non-financial and financial corporations sectors
4.76 One feature of both the non-financial corporations sector and the financial corporations sector is that they are designed to cover businesses which are legally, or clearly act as, entities independent of their owners with regard to their income, consumption and capital financing transactions, and accordingly are required to maintain separate profit and loss and balance sheet accounts. Private enterprises classified to these sectors are mainly companies registered under the Companies Act or other Acts of Parliament. However, 2008 SNA also recommends that all quasi-corporations be treated as corporations and allocated either to the non-financial corporations or the financial corporations sector. In Australia, it is often difficult to distinguish quasi-corporations owned by households where the bulk of quasi-corporations are not presently identifiable from ABS data sources. In the ASNA, unincorporated enterprises identified as quasi-corporations are currently limited to large and easily identified enterprises such as partnerships of companies, unit trusts of companies, credit unions, building societies, branches of overseas corporations, and mutual societies. All sole proprietors, partnerships and trusts of individuals are treated as unincorporated enterprises, and are included in the household sector in the ASNA.
Non-profit institutions serving households (NPISH)
4.77 In the ASNA, the recommendations of 2008 SNA are followed with regard to the sector allocation of NPIs that are market producers, and those that are controlled by government units under certain criteria. Contrary to 2008 SNA recommendations, the SISCA does not include separate subsectors within the corporations and general government sectors for NPIs.
4.78 A lack of data availability on the transactions of NPISHs inhibit the construction of a full range of sector accounts for NPISHs. For more information, see the feature article Deconsolidated Household Income Account in the 2013-14 issue of Australian System of National Accounts.