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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 International Trade in Merchandise Compensation of Employees 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 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 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. 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) GSP(P) Methodology 1. Australia GVA by industry in current prices 2. Allocate to state using factor income shares in reference year 3. State GVA by industry in current prices 4. Apply quantity revaluation or price deflation to create the output indicator 5. Use output indicator with price information to create chain volume measure GSP(P) methodology 6. State GVA by industry chain volume measures 7. Ownership of dwellings and Taxes less subsidies on products 8. GSP(P) 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 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 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) Industry Methodology Price Indexes A - Agriculture, Combination price deflation and Producer Price Indexes Forestry and quantity revaluation. Fishing Double deflation (for Agriculture) and quantity revaluation (for Forestry and Fishing). State production value data and quantity data. B - Mining Combination price deflation and Producer Price Indexes quantity revaluation. State production value data and quantity data C - Manufacturing Price deflation method. Producer Price Indexes Current price turnover & GVA by state by sub-division Industry Methodology Price Indexes D - Electricity, Gas, Combination price deflation and Producer Price Indexes Water and Waste quantity revaluation. Services Electricity Gas and the Water groups are compiled by quantity revaluation at the subdivision level Waste services compiled by price deflation E - Construction Price deflation method. Construction price Current price turnover by state by sub- indexes by state division F - Wholesale Price deflation method. Producer Price Indexes Trade Current price turnover by state by sub- division Industry Methodology Price Indexes G - Retail Trade Price deflation method. Consumer Price index Retail turnover data for all of Retail H- Price deflation method. Consumer Price index Accommodation Turnover data by subdivision and Food Services I - Transport, Postal Combination price deflation and Producer Price index and Warehousing quantity revaluation. Turnover data for transport and warehousing, quantity data for postal Industry Methodology Price Indexes J - Information Price deflation method Consumer Prices Index Media and Turnover data by subdivision Telecommunication K - Financial and Quantity revaluation method. Domestic Final Insurance Services National data are collected from the Demand IPD Australian Prudential Regulatory Authority (APRA) State splits using hours worked by state, by industry group from the Labour Force survey L - Rental, Hiring Price deflation method. Producer Price Index and Real Estate Current price turnover by state by sub- Services division Industry Methodology Price Indexes M - Professional, Price deflation method. Producer Price Indexes Scientific and Current price turnover by state by sub- Technical Services division N - Administrative Price deflation method. Producer Price Indexes and Support Current price turnover by state by sub- Services division O - Public Combination price deflation and - Administration and quantity revaluation methods. Safety Indicators are average hours worked by Government Administration employees Industry Methodology Price Indexes P - Education and Quantity revaluation method. - Training Student numbers for Preschool, Primary and Secondary, University, Vocational Education & Training Public sector expenditure on education by state is sourced from the Government Finance data Q - Health Care Combination price deflation and Consumer Price Index and Social quantity revaluation methods. Assistance Private health turnover Public health number of treatments R - Arts and Price deflation method. Consumer Price Index Recreation Services Current price turnover by state by sub- division Industry Methodology Price Indexes S - Other Services Price deflation method. Consumer Price Current price turnover by state by sub- Indexes division Ownership of Quantity revaluation method Consumer Price Index dwellings National current price split into states using the state shares of TFI Current price state estimates are quantity re-valued using the CVM for HFCE - Gross Dwelling Rents (actual plus imputed rent from owners of dwellings) Taxes less subsidies Quantity revaluation method - on products Government Finance data are used to determine state shares 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 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 Questions?
"United Nations Statistics Division"