5206.0 - Australian National Accounts: National Income, Expenditure and Product, Jun 2009 Quality Declaration
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 02/09/2009
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JUNE KEY POINTS
EXPENDITURE ON GDP
INDUSTRY GROSS VALUE ADDED
REVISIONS IN THIS ISSUE
There are quarterly revisions due to the incorporation of more up-to-date source data and changes to seasonal adjustment factors. The overall effect of these revisions has been to leave unchanged the seasonally adjusted volume measure of GDP in March quarter 2009, decrease by 0.1 percentage points the December quarter 2008 growth and to increase September quarter 2008 growth by 0.1 percentage points.
Imports of travel services between September quarter 2007 and December quarter 2008 have been revised due to a combination of more up-to-date source data from the National visitors survey and improved methodology. This revision impacts on Household final consumption.
INTERPRETING TREND ESTIMATES
The trend series in this publication should be interpreted with caution as the underlying behaviour of a number of series may have been impacted by global economic conditions and the Federal Government's Economic Security Package announced in December 2008 and further fiscal stimulus measures implemented during the quarter.
SEASONAL ADJUSTMENT CHANGES
For some selected series for this issue forward factor seasonal adjustment has replaced the usual concurrent seasonal adjustment. The forward seasonal factors have been projected from March quarter 2008. This has been done because of the uncertain influence of the global financial crisis on the seasonal pattern of the original estimates. This change in seasonal adjustment approach will be reviewed next quarter.
50 YEARS OF QUARTERLY NATIONAL ACCOUNTS
The release of June quarter 2009 national accounts estimates marks 50 years of time series for the quarterly national accounts. With the time series beginning in the September quarter of 1959, users now have available to them 200 quarters of observations on the economic performance of Australia.
The upcoming September quarter 2009 release will mark the next step in the evolution of the Australian national accounts with a move to an updated industry classification (ANZSIC06), and new international standard (SNA2008). For more information on these changes see Information paper: Product changes to National Income, Expenditure and Product following revisions to international standards (5206.0.55.002).
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Laurie Nitschke on Canberra (02) 6252 6711, email <national.accounts@ abs.gov.au>.
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