Sources and methods - Quarterly
11.35 The tables below outline the data sources and methods used in the estimation of quarterly GOS and GMI by institutional sector in current prices only. Note NPISHs are not distinguished as a separate sector as they are included the household sector. Consequently, GOS of NPISHs is implicitly included. Volume estimates are not calculated for GOS and GMI.
|Private non-financial corporations and quasi-corporations|
The annual benchmarks are allocated to quarters using gross operating profits data from the Quarterly Business Indicators Survey.
For incomplete years the quarterly estimates of private non-financial corporations GOS are calculated by extrapolating the latest quarterly estimates that have been benchmarked to an overall annual level. The movements in the gross operating profits data from the Quarterly Business Indicators Survey are used as the indicator.
|Public non-financial corporations and quasi-corporations|
|Estimates of public non-financial corporations GOS from quarterly Government Finance Statistics are used as an indicator to extrapolate the latest annual estimate.|
|Gross mixed income|
Annual non-farm GMI estimates are allocated to the quarters and extrapolated for quarters in year t-1 (and quarters in the incomplete year) based on a combination of QBIS data for unincorporated enterprises, average weekly earnings and labour force self-employed data as indicators.
This provides an estimate for the majority of the unincorporated non-farm businesses but due to the limitations of the QBIS data when surveying unincorporated enterprises, additional sources are required:
A range of indicators are used to allocate annual estimates of farm GMI to quarters. Estimates for the current years’ quarters are derived as a quarterly allocation of forecast annual totals. The allocations are based on estimated patterns of production and costs and are progressively updated as data become available. As mentioned previously, the annual estimates (including forecasts) largely depend on the Australian Bureau of Agricultural Resources and Sciences data, which are regularly revised to reflect weather and market conditions.
Annual estimates of farm production costs are allocated to quarters on the basis of the pattern of usage appropriate for each particular input. Some inputs are particularly seasonal, such as seed, fodder, fertilisers, fuel usage and the wages of seasonal workers.
Other inputs, such as marketing costs, are allocated according to the estimated gross value of production in each quarter or on the basis of linear trend.
|Dwellings owned by persons|
GOS for ownership of dwellings on a quarterly basis is derived as:
Output at basic prices
An estimate of GOS for dwellings owned by sectors other than households is deducted to obtain GOS for dwellings owned by persons.
The output estimate is equivalent to the estimate of household final consumption expenditure on imputed rentals for housing plus the actual rental on housing. No further adjustments are made.
The data sources and methods used to compile quarterly estimates of imputed rentals on housing and actual rental on housing are described in Chapter 10 (see Table 10.18 Quarterly household final consumption expenditure - Housing, water, electricity, gas and other fuels).
Intermediate use related to dwellings owned by persons GOS includes:
|The imputed financial service charge relating to dwellings owned by persons is included. The concept of (FISIM) and the methods used to estimate it are described in the financial corporations GOS section (see Table 11.23).|
|Annual estimates for municipal rates are allocated equally across the quarters.|
|All other intermediate consumption components|
|All other intermediate use categories are calculated using a linear trend of the respective annual estimate.|
GOS of general government is equivalent to the value of consumption of fixed capital on general government assets because, by convention, the value of general government gross output is measured as the cost of producing that output, including consumption of fixed capital.
GOS is calculated as gross output less the costs incurred in producing that output (but before deducting consumption of fixed capital), leaving consumption of fixed capital as the residual.
On a quarterly basis estimates of consumption of fixed capital at current prices for general government (general government GOS) are derived by extrapolation using a linear trend model.
|Financial corporations and quasi-corporations|
The quarterly estimates for GOS of financial corporations are derived by producing output indicators series within the subcategories:
|For financial services, the output indicator is quarterly bank total FISIM. The estimates are compiled using bank balance sheets (Australian National Accounts: Finance and Wealth and the detailed breakdown for bank loans and deposits (from APRA’s monthly Statement of Financial Position); income and expenditure (from the suite of APRA forms: the quarterly bank Statement of Financial Performance); and indicator interest rates (from the RBA’s Statistical Bulletin). The methodology is the same as described for the annual benchmarks for FISIM.|
|Insurance and superannuation funds services|
The output indicator is made up of the following:
A weighted (based on the annual insurance service charge estimates) sum of the three components is derived to produce a quarterly indicator of the insurance service charge.
|Auxiliary finance and insurance services|
|The quarterly output indicator is the same as the annual output indicator (i.e. pension fund investment expenses). Total investment expenses of superannuation funds are sourced from the Quarterly Superannuation Performance Statistics published by the Australian Prudential Regulatory Authority. The quarterly financial auxiliary output indicator is calculated using the quarterly movement of the indicator source data against the previous quarter’s financial auxiliary output indicator.|
|Total financial corporations and quasi-corporations GOS|
|A weighted (based on the annual GOS estimates for the subcategories) sum of the three output indicators is derived to produce the quarterly total financial corporation GOS indicator series. The quarterly indicator is used to produce the quarterly total financial corporations GOS series by applying a benchmarking process to the annual series of total financial corporations GOS.|