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Report on Measurement of Economic Performance and Social Progress

This report by Michael Davies from the Australian Bureau of Statistics delves into the measurement of economic performance and social progress from a macroeconomic accounting perspective. It covers various indicators such as RGDI, household wealth, health, education, work, culture, and more. The report offers recommendations for improving measurements in material well-being, sustainability, and environment. It emphasizes the importance of integrating household data and adopting objective indicators. The focus is on expanding the indicator set while maintaining credibility and avoiding single GDP-type measures for non-monetary aspects.

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Report on Measurement of Economic Performance and Social Progress

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  1. Australian Macroeconomic Accounting perspective Report on Measurement of Economic Performance and Social Progress Michael Davies, Australian Bureau of Statistics

  2. SNA • SNA includes a large set of analytical measures (not just GDP): • RGDI • Consumption • Household wealth

  3. Measures of Australia's Progress indicators • Health • Education and Training • Work • Culture and Leisure • Family, community and social cohesion • Crime • Democracy, governance and citizenship • Communication • Transport • National Income • Economic Hardship • National Wealth • Housing • Productivity • Competitiveness and Openness • Inflation • The natural landscape • The air and atmosphere • Oceans and Estuaries

  4. MAP • Started 7 years ago • Now annual on website • Objective rather than subjective indicators • Provides statistics/ leaves judgement to others • Currently being refreshed • Can be expanded on capital measures/ sustainability side

  5. Household data • There is rich microdata for household income, consumption and wealth • Need to continue development of comprehensive framework – much work done, but decisions need to be made • Throws light on distribution/ inequalities • Rich and dense microdata – hard to fit with aggregate measures e.g. SNA

  6. The Report • 14 recommendations over 3 key themes: • Income, consumption, wealth measurement improvements (material well-being) • Construction of objective and subjective indicators of well-being • Sustainability and environment measurement improvements

  7. NSO response • As above, already much being done • Continue to develop SNA, MAP, household data • Ways ahead • Integration of household microdata with broader measures • Capital approach to sustainability • Time use as indicator • Proceed carefully/ measure the measureable

  8. NSO response • Expand set of indicators while maintaining credibility • Avoid e.g happiness • Avoid single, GDP type measures for non-monetary measures • Provide statistics – leave judgements to others

  9. NSO Response • E.g develop coherent treatment of retirement benefits and the way different structures for delivering these impact measures of income, consumption and wealth.

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