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Australian National Accounts

Australian National Accounts. State Accounts. States of Australia. State Level Data Produced. Limited set of state data published in the Quarterly National Accounts State Final Demand Household and Government Consumption Private and Government Capital Formation

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Australian National Accounts

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  1. Australian National Accounts State Accounts

  2. States of Australia

  3. State Level Data Produced • Limited set of state data published in the Quarterly National Accounts • State Final Demand • Household and Government Consumption • Private and Government Capital Formation • International Trade in Merchandise • Compensation of Employees

  4. State Level Data Produced • Full set of State Accounts produced annually • All three measures: Income, Expenditure & Production • Plus: • Income and Outlay Accounts • Capital Accounts • Agricultural Income

  5. General Approach • National: • At the national level supply-use benchmarks are in place for t-1 • These benchmarks are moved forward using movements from sub-annual indicator series • State: • Headline measure: GSP(A) = average of GSP(E/I) and GSP(P) • National Benchmarks – all state aggregates are set to equal national benchmarks • Note GSP = Gross State Product

  6. GSP(E) • Calculated for each state by adding: • Final expenditures (government and household) • Private and public gross fixed capital formation • Exports less imports of goods and services • A balancing item • Balancing item includes changes in inventories and net interstate trade.

  7. GSP(I) • Calculated for each state by adding: • Compensation of employees • Gross operating surplus • Gross mixed income • Taxes less subsidies on production and imports • Deflated to chain volume estimates using the implicit price deflator from GDP(E)

  8. GSP(P) Methodology • Australia GVA by industry in current prices • Allocate to state using factor income shares in reference year • State GVA by industry in current prices • Apply quantity revaluation or price deflation to create the output indicator • Use output indicator with price information to create chain volume measure

  9. GSP(P) methodology • State GVA by industry chain volume measures • Ownership of dwellings and Taxes less subsidies on products • GSP(P)

  10. GSP(P) methodology • Almost all industries use an output indicator approach • i.e. extrapolate reference year estimates of current price GVA using movements in volume indicator of output • Agriculture uses a double deflation methodology • Most volume indicators derived by price deflation • i.e. dividing a price index into a current price value of sales or turnover • Quantity revaluation used when there are individual commodities that are reasonably homogeneous and not subject to quality change or where price change difficult to measure

  11. GSP(P) methodology • Once each state’s current price and volume GVA estimates have been derived for each industry and Ownership of dwellings they are then benchmarked to the Australian total for each industry • This ensures that the sum of the states for each industry equals the Australian total • Each state’s benchmarked industry GVA estimates (current price and chain volume) are then summed to produce GVA at basic prices for each state • To derive GSP(P) Taxes less subsidies on products needs to be added to each state’s GVA at basic prices

  12. Key Data Sources – GSP(P) • Quarterly Business Indicator Survey • All private non-financial corporations (excl agriculture) by state • Data Items: Sales, Wages, Profits, Inventories • Government Finance Statistics • All general government and public corporations by state/national • Administrative data from other government departments • Mining, Agriculture, Finance & Insurance, Health, Education • Price Indexes • Consumer Price Index (by State) • Producer Price Indexes (national except for construction) • Labour Price Index (by state)

  13. Key Issues – GSP(P) • A number of price indexes are representative of national, rather than state, price movements • Single deflation methodology used – output used as an indicator for value added, data on intermediate consumption not available on timely basis • We do not produce state supply-use or input-output tables - product mixes within industries may vary on a state basis, this is not picked up • Allocation of activity spread across regions i.e. Mining operation vs Mining company headquarters

  14. Further information • National Accounts: Concepts Sources and Methods • Catalogue number 5216.0 • Information Paper: Gross State Product using the Production Approach GSP(P) • Cat. No. 5220.0.55.002 • Australian National Accounts: State Accounts • Cat. No. 5220.0

  15. Questions?

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