This release of the Supply-Use tables contains the 2020-21 reference year and revised data for the 2019-20 and 2018-19 reference years.
Statistical revisions are carried out regularly in the Australian National Accounts, to reflect the most current information and estimation methods. For the December, March and June quarter National Accounts releases, the ABS limit revisions to the most recent quarters only. Annually, the ABS will apply revisions to a longer time series of selected estimates, which is referred to as a “historical revision". These revisions are first seen in the Annual National Accounts, and then in the September quarter release.
Historical revisions are important for several reasons including improved data quality, to update classifications and to improve international comparability.
Historical revisions in the national accounts have traditionally been undertaken on an ad-hoc basis. This involved holding back individual historical revisions until a time where many changes were put through in bulk. From 2021, the ABS adopted a policy of implementing targeted annual historical revisions. This is to ensure that the national accounts use the most up to date data available which best captures changes in a dynamic economy and is more responsive to user needs. The ABS will advise users on planned historical revisions in advance of publication.
The Annual National Accounts Supply-Use introduce revisions for the three open years as part of the standard benchmarking process. As such, the impact of the historical revisions can be difficult to isolate for the ‘open’ three years.
The 2022 round of revisions incorporates two major historical revision improvements:
Changed treatment of non-government schools - The ABS has reclassified non-government schools from non-market Non-Profit Institutions Serving Households (NPISH) to market producers (market non-profit institutions) from the period 1984-85 to 2021-22. These changes were previously highlighted in the 2020-21 annual GFS publication. This change results in a reclassification of the treatment of government payments to non-government schools from household final consumption expenditure (HFCE) to government final consumption expenditure (GFCE), with minimal change to GDP. Household and general government net savings have remained relatively unchanged.
Changes to education outputs - The ABS has aligned the value of output of non-government schools to data from the Australian Curriculum, Assessment and Reporting Authority (ACARA). These estimates result in upwards revisions to the output and gross value added of Division P Education and Training, and increased HFCE in primary and secondary education services. The ABS has also incorporated improved volume estimates of output for primary, secondary, vocational, and higher education.
These historical revisions will also appear in the following upcoming economic releases:
Estimates of Industry Level KLEMS Multifactor Productivity – release date 15 November 2022
Australian National Accounts: State Accounts – release date 18 November 2022
Australian National Accounts: National Income, Expenditure and Product – release date 7 December 2022