5206.0 - Australian National Accounts: National Income, Expenditure and Product, Mar 2016 Quality Declaration
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/06/2016
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MARCH KEY POINTS
REVISIONS IN THIS ISSUE
There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.
There are additional revisions due to a correction made in the calculation of Average compensation of employees. These revisions will impact the average compensation per employee and average non-farm compensation per employee estimates from March 1985 to the current quarter.
Changes to spreadsheet series IDs will occur in the June Quarter publication which will be released on 7 September 2016. Details of these changes will be included in 5206.0.55.005 Information paper: Upcoming changes to spreadsheet series IDs in National Income, Expenditure and Product which will be released on 8 July 2016.
In December 2015, the Commonwealth Government released the 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) which included a reclassification of visa application charges (VAC). In MYEFO these charges are now treated as taxation revenue rather than sales of goods and services. This reclassification has been applied to the Government Finance Statistics (GFS), with no impact on total GFS revenue or the GFS net operating balance. The National Accounts statistics will maintain coherence with previously published data and classify this transaction as sales of goods and services. These treatments will remain in place until a review of the treatment of VAC and similar government charges in macroeconomic statistics has been completed. This review is expected to be finalised by the end of 2016.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts by email <email@example.com>.
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