Australia - Personal Income

In Australia, the National Accounts statistics are compiled by the Australian Bureau of Statistics.

This publication contains estimates of gross domestic product (GDP) and its components, components of state final demand, the national income account, the national capital account and supporting series. Quarterly estimates are provided for the latest nine quarters. For the most part, these estimates are provided in trend and seasonally adjusted terms. Where trend and seasonally adjusted estimates are not available, original data are provided. Annual estimates, on an original basis, are provided for the key statistics for the past nine years.

Active:

• Framework: Australian adaptation of UN SNA 2008
• Measurements:
  • Millions of Australian dollars at chained fiscal year-2021 prices (Mil. Ch. FY 2021 AUD)
  • At current prices (Mil. AUD)
  • Contribution to growth in percentage points (% pts.)
  • Ratio (Ratio)
• Adjustments:
  • Trend (Trend)
  • Seasonally adjusted (SA)
  • Not seasonally adjusted (NSA)
• Native frequencies:
  • Quarterly
  • Annual (June)
• Start dates:
  • Varied, from 1959Q3 to 1994Q4
  • 1960 or 1975

Predecessors:

• At FY 2020 prices - 1959Q3 to 2022Q2 ("_20")
• At FY 2019 prices - 1959Q3 to 2021Q2 ("_19")
• At FY 2018 prices - 1959Q3 to 2020Q2 ("_18")
• At FY 2017 prices - 1959Q3 to 2019Q2 ("_17")
• At FY 2016 prices - 1959Q3 to 2018Q2 ("_16")
• At FY 2015 prices - 1959Q3 to 2017Q2 ("_15")

Australia's national accounts statistics are compiled in accordance with international standards contained in the System of National Accounts. These standards have recently been updated and are presented in the System of National Accounts, 2008 (SNA08). Australia's application of these SNA standards is described in Australian System of National Accounts: Concepts, Sources and Methods (cat. no. 5216.0). This publication outlines major concepts and definitions, describes sources of data and methods used to derive annual and quarterly estimates for major aggregates at current prices and in chain volume terms, and discusses the accuracy and reliability of the national accounts. In addition, it includes documentation on input-output tables, financial accounts, capital stock, productivity measures, balance sheets, and state accounts. The current version of this product reflects the System of National Accounts, 2008 (SNA08) concepts and a number of references to data sources and methods are out of date. A revised Concepts, Sources and Methods product was released on 2 July 2012.

Timeliness

These data are updated at a quarterly frequency.

Definitions

Measuring GDP - Three approaches

INCOME APPROACH (I)

GDP using the income approach is derived as the sum of compensation of employees, gross operating surplus, gross mixed income and taxes less subsidies on production and imports. Volume estimates are derived at the total GDP level by deflating current price estimates by the implicit price deflator from the expenditure approach.

EXPENDITURE APPROACH (E)

GDP using the expenditure approach is derived as the sum of all final expenditures, changes in inventories and exports of goods and services less imports of goods and services. Volume estimates are derived for each of the components as well as for their sum.

PRODUCTION APPROACH (P)

GDP using the production approach is derived as the sum of gross value added for each industry, at basic prices, plus taxes less subsidies on products. Basic values represent the amounts received by producers, including the value of any subsidies on products, but before any taxes on products. The difference between the sum over all industries of gross value added at basic prices, and GDP at market (or purchasers') prices, is the value of taxes less subsidies on products.

Most figures are subject to revision as more complete and accurate information becomes available. The revisions are of two types: those made to recent quarters and those made as a consequence of a redistribution across all quarters within a year following revisions to annual totals.

Change of base year for chained volume measures

Index year and benchmarking to the previous year occurs every year with the 3rd quarter / September release.

As of 2 December 2020, it is July 2018 to June 2019 (viz., FY 2018-19 or FY 2019).

In Australia, many currency-valued statistics use a fiscal year as the reference period. An Australian fiscal year ("financial year" or "FY") runs from 1 July to the next 30 June, and is designated by the calendar year of the second half of the period. It is styled by ABS as "July 2017 to June 2018" or "financial year 2017-18".

Further reading

At the source:

• Australian System of National Accounts: Concepts, Sources and Methods
• http://www.abs.gov.au/AUSSTATS/[email protected]/Lookup/5206.0Explanatory%20Notes1Sep%202008?OpenDocument

At IMF (SDDS):

• National accounts