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Development of OECD Guidelines for Micro Statistics on Household Wealth

Development of OECD Guidelines for Micro Statistics on Household Wealth. Bindi Kindermann A/g Director Living Conditions. Outline of presentation. Wealth and wellbeing Micro data availability About the OECD initiative Key outcomes Timelines and future directions. Wealth and wellbeing.

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Development of OECD Guidelines for Micro Statistics on Household Wealth

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  1. Development of OECD Guidelines for Micro Statistics on Household Wealth Bindi Kindermann A/g Director Living Conditions

  2. Outline of presentation • Wealth and wellbeing • Micro data availability • About the OECD initiative • Key outcomes • Timelines and future directions

  3. Wealth and wellbeing • Essential component of people’s consumption possibilities and material conditions. • Currently, some important analytical needs for macro and micro level information are not satisfied

  4. Household net financial wealth per capita 2009, US dollars at 2000 PPPs AUS: 30% of total wealth

  5. Micro data availability • Available for 26 countries (at least) • Luxembourg Wealth Study • 12 countries: Australia, Canada, Cyprus, Finland, Germany, Italy, Japan, Luxembourg, Norway, Sweden, UK, US • Euro area Household Finance and Consumption Survey • 17 countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovenia, Slovakia, Spain

  6. Current limitations • Increasing number of countries entering this measurement space … • there are a range of definitional and design differences that impact comparability across datasets (e.g. over time, between countries, between micro & macro data) • there are no agreed standards to underpin these developments

  7. About the OECD initiative • Develop guidelines for micro level household wealth statistics • Establish an international framework for measurement and analysis of household income, consumption and wealth statistics at the micro level

  8. Stiglitz-Sen-Fitoussi Report • Recommendation 3: Consider income and consumption jointly with wealth • Recommendation 4: Give more prominence to the distributionof income, consumption and wealth

  9. Income and Wealth, Australia - 2009-10

  10. Key outcomes • Agreed concepts, definitions and classifications • contribute to more accurate, more complete and more internationally comparable data • Alignment, where possible to the SNA08 • to facilitate integrated analysis • Practical guidance on measurement, quality assurance, analysis and dissemination

  11. Timelines & future directions • Final drafts circulated for consultation with OECD Committee on Statistics member countries late 2012- early 2013, and then published in first half 2013 • The OECD Expert Group will recommend: • the reports be ‘road tested’, and that, in due course, they be refreshed and adopted as international statistical standards • better use of existing information to inform policy

  12. Further information • Marco Mira d’Ercole (marco.mira@oecd.org ) • Bindi Kindermann (bindi.kindermann@abs.gov.au) • Nicolas Ruiz (nicolas.ruiz@abs.gov.au)

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