Statistical revisions are carried out regularly in the Australian National Accounts to reflect the most current information and estimation methods. For most statistical releases the ABS will try to limit revisions to the most recent quarters. Periodically ABS needs to revise a longer time series of selected estimates, which is referred to as a “historical revision". Historical revisions are important for a number of reasons including improved data quality, to update classifications and to improve international comparability.
This year’s round of targeted historical revisions will be first published in:
The 2023 round of revisions will incorporate four major historical revision improvements:
Incorporating Census data into Rent estimates
The ABS will align the value of household final consumption expenditure (HFCE) on Rent with estimates from the 2021 Census for the period 2016-17 to 2020-21 (inclusive). The rent series in the National Accounts is updated every 5 years when the latest Census data is available. In the intervening years, rent estimates are indicators based on information about the number of dwellings in Australia from the Building Activity Survey (BACS) and information on rental price growth in capital cities only from the Consumer Price Index (CPI).
Victorian Capital Assets Charge (CAC) reclassification
The ABS will reclassify payments and receipts related to the Victorian Capital Asset Charge (CAC) across impacted sectors. These changes bring the National Accounts in alignment with Government Finance Statistics as described in the April 2023 Government Finance Statistics 2021-22 annual publication.
Improvements to Finance industry estimates
The ABS will make improvements to the treatment of personal and loan dwelling balances, offset accounts, buy now, pay later services and the International Investment Financial Intermediation Services Indirect Measured (FISIM) model in Finance estimates, as well as incorporating new data sources.
Activity reclassification for several software businesses
The ABS groups individual businesses together by industry based on their predominant activity according to the Australian and New Zealand Standard Industrial Classification (ANZSIC) classification. The ABS routinely reviews the assigned ANZSIC classification of business entities to ensure they are in the correct industry for the purpose of ABS estimates. A targeted review of businesses in the software design and software publishing industries will result in some shifts of Gross Value Added (GVA) and Compensation of Employees (COE) between industry estimates in the National Accounts, particularly from ANZSIC 7000 Computer System Design and Related Services (or at a higher level from Division M Professional, Scientific and Technical Services) to ANZSIC 5420 Software Publishing (or at a higher level to Division J Information Media and Telecommunications).