The purpose of this information paper is to inform users of upcoming changes to some ABS economic outputs from the implementation of a new, improved data collection called the Economic and Financial Statistics collection.
The Australian Prudential Regulation Authority (APRA) collects data from the financial sector (Authorised Deposit-taking Institutions (ADIs) and Registered Financial Corporations (RFCs)) for the Australian Bureau of Statistics (ABS) and the Reserve Bank of Australia (RBA). Some of these data collection forms have not been updated since they were first introduced in 2002. Over the past few years, APRA, the ABS, the RBA and the financial sector have worked together to modernise the data collection. This has been a large and complex project. The new set of forms and related guidance is called the Economic and Financial Statistics (EFS) collection. The EFS collection will be implemented in four phases.
- The first phase involves new forms for balance sheets, including loans and deposits and other supplementary balance sheet forms.
- The second phase will update current forms on housing and business loan approvals.
- The third phase will provide information on other aspects of reporting institutions’ activity and performance, including profits, fees charged and activity in specific financial products and markets. The first phase data will be used in addition to this performance data in the compilation of Australia’s Gross Domestic Product (GDP).
- The fourth and final phase will collect quarterly data on derivatives activity.
EFS will improve data quality. For example, it will provide:
- much better guidance on what to report, so institutions can provide consistent data;
- updated definitions to align with international standards for compiling economic statistics; and
- more detailed data on home loans to investors and first home buyers.
The improved data will be used in a number of ABS outputs (see Table 1), which will in turn improve the quality of these estimates.
Table 1: ABS outputs directly using the EFS data(a)
|Output||First EFS data release|
|EFS Phase 1|
|Australian National Accounts: Finance and Wealth (cat. no. 5232.0) - quarterly(b)||September quarter 2019 issue, to be published 19 December 2019.|
|EFS Phase 2|
|Lending to households and businesses (cat. no. 5601.0) - monthly||October 2019 issue, to be published 17 December 2019. The name of this publication will change to Lending Indicators, Australia. The catalogue number will stay the same.|
|EFS Phases 1 to 3|
|Australian System of National Accounts (cat. no. 5204.0) - annual(c)||2020-21 issue, to be published October 2021 (after extensive analysis of impacts - at this stage the ABS expects impact on total GDP to be minor).|
|Australian National Accounts: Supply Use Tables (cat. no. 5217.0) - annual||2019-20 issue, to be published October 2021.|
|Australian National Accounts: State Accounts (cat. no. 5220.0) - annual||2020-21 issue, to be published November 2021 (after extensive analysis of impacts - at this stage the ABS expects minimal impact to Gross State Product).|
|Australian National Accounts: National Income, Expenditure & Product (cat. no. 5206.0) - quarterly||September quarter 2021 issue, to be published December 2021 (after extensive analysis of impacts).|
|Estimates of Industry Multifactor Productivity (cat. no. 5260.0.55.002) - annual||2020-21 issue, expecting to publish around December 2021.|
|Australian National Accounts: Input-Output Tables (cat. no. 5215.0.55.001) - annual||2019-20 issue, expecting to publish around June 2022.|
a. The impacts on the ABS’s International Accounts releases are covered later in this information paper.
b. This publication will also use data from the fourth phase of EFS (derivatives) when this data becomes available.
c. There will also be impacts on the annual Financial Account in the 2019-20 release of Australian System of National Accounts (cat. no. 5204.0) to be published in October 2020.