1350.0.55.001 - Australian Economic Indicators Glossary, 2006

ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 31/07/2007 Reissue

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S&P/ASX 200	The S&P/ASX 200 is comprised of the 200 largest listed companies on the Australian stock exchange. For more detail see the ASX web site. Reference: Australian Stock Exchange (ASX).
S&P/ASX 200: Sector and Industry Classifications	Standard & Poor’s uses ten economic sectors, as defined by the Global Industry Classification Standard (GICS). An economic sector is defined as a group of industries that have similar fundamental characteristics. These sectors are common across all Standard & Poor’s indices, including the S&P 500. Standard & Poor’s generally classifies an index constituent according to the source of its largest revenue share. For example, companies with multiple lines of business, such as conglomerates or multi-industry companies, are assigned to the sector that accounts for the largest percentage of its revenue. For more detail see the ASX web site. Reference: Australian Stock Exchange (ASX).
S&P/ASX 200 Accumulation Index	The accumulation index, also known as a total return index, takes into account both price movements and income payments relating to the companies in the index. Calculation of the accumulation index assumes that the value of a company’s dividend is re-invested across the whole index portfolio. Accumulation indices serve as the basis for which fund managers benchmark their performance. For more detail see the ASX web site. Reference: Australian Stock Exchange (ASX).
Sales	See Imports to domestic sales ratio.
Sample list of non-private dwellings	For the purposes of the Labour Force Survey (LFS), a sample list of non-private dwellings (NPDs) refers to the sample of NPDs selected from a list of all NPDs in Australia. It includes: hostels for the homeless, night shelters and refuges; hotels and motels; hospitals and homes; religious and educational institutions; prisons; boarding houses and others; Aboriginal settlements; and short-term caravan parks and camping grounds. It is from the sample list of NPDs that persons resident in NPDs are selected for the LFS. Each NPD is given a chance of selection proportional to the number of people accommodated within it. Reference: Labour Force, Australia. cat. no. 6202.0.
Sampling weight	The sampling weight reflects the overall probability of selection for a job as well as the extent and type of non-response. Reference: Labour Price Index: Concepts, Sources and Methods. cat. no. 6351.0.55.001.
Scope	The group of statistical units that defines the intended boundary of a statistical system. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Screened free	Imports subject to examination by Customs that do not require an import entry as their value does not exceed the $50 duty and tax free limit for imported goods, and the value of the goods is below the commercial entry threshold. A related term is Informal Clearance Documents (ICDs). Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Seasonally adjusted	Seasonally adjusted estimates are derived by estimating and removing systematic calendar related effects from the original series. In the short-term visitor arrival and short-term resident departure series, these calendar related effects are known as seasonal (e.g. increased travel in December due to the Christmas holiday period) and trading day influences (arising from the varying length of each month and the varying number of Sundays, Mondays, Tuesdays, etc. in each month). Each influence is estimated by separate seasonal and trading day factors which, when combined, are referred to as the combined adjustment factors. From November 2004 ABS has introduced an improved method for removing trading day effects from seasonally adjusted estimates. Corrections for trading day effects are now applied as prior corrections to the original estimates, rather than being applied within the seasonal adjustment process. This is now consistent with the treatment of any corrections for large extremes, changes in level, changes in seasonal pattern, Easter, and other effects. This change in methodology will result in revisions to seasonally adjusted and trend estimates. From July 2003 concurrent seasonal adjustment methodology has been used to derive the combined adjustment factors. This means that data from the current month are used in estimating seasonal and trading day factors for the current and previous months. Concurrent adjustment can result in revisions each month to the seasonally adjusted estimates for earlier periods. However, in most instances, the only noticeable revisions will be to the combined adjustment factors for the current month, the previous month and the same month a year ago. Although there is no specific Information Paper on concurrent adjustment, more detail on the method in general can be found in the Information Paper: Introduction of Concurrent Seasonal Adjustment into the Retail Trade Series. cat. no. 8514.0. Seasonal adjustment procedures do not aim to remove the irregular or non-seasonal influences which may be present in any particular month, such as the effect of major sporting and cultural events, changes in airfares and the fluctuation of the Australian dollar relative to other currencies. Irregular influences that are highly volatile can make it difficult to interpret the movement of the series even after adjustment for seasonal variation. Trend estimates take these irregular influences into account. The general methods used in the ABS for making seasonal adjustments are described in Information Paper: A Guide to Interpreting Time Series - Monitoring Trends. cat. no. 1349.0. Reference: Information Paper: A Guide to Interpreting Time Series - Monitoring Trends. cat. no. 1349.0.
Seasonally adjusted series	A time series of estimates with the estimated effects of normal seasonal variation removed. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Secondary income	Secondary income consists of receipts and payments of current transfers. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Sector	Public sector includes all local government authorities and government departments, agencies and authorities created by, or reporting to the Commonwealth Parliament and state/territory parliaments. All remaining employees are classified as private sector. Reference: Job Vacancies, Australia. cat. no. 6354.0.
Secured housing finance	This is all secured commitments to individuals for the construction or purchase of dwellings for owner occupation, regardless of type of security. Commitments for dwellings that will be occupied by persons other than the owner(s) are excluded. Reference: Housing Finance, Australia. cat. no. 5609.0.
Securities other than shares	Securities other than shares are financial assets that are normally traded in the financial markets and that give the holders the unconditional right to receive stated fixed sums on a specified date (such as bills) or the unconditional right to fixed money incomes or contractually determined variable money incomes (bonds and debentures). With the exception of perpetual bonds, bonds and debentures also give holders the unconditional right to fixed sums as repayments of principal on a specified date or dates. See also Financial assets. Examples include securities such as bills, bonds, debentures, financial derivatives, negotiable certificates of deposit, bankers’ acceptances, commercial paper, negotiable securities backed by loans or other assets, preferred stocks or shares that pay a fixed income but do not provide for participation in the residual earnings or value of a corporation, and bonds that are convertible into shares. ‘Securities other than shares’ may be subdivided between short-term and long-term. See also Financial assets; Long-term debt securities; and Short-term debt securities. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Securitisation vehicle	Special purpose vehicles (generally trusts) that issue mortgage backed securities, which are debt securities secured by specific pools of mortgages and repaid from the cash flows (principal and interest payments) of the specific mortgage pool. Reference: Housing Finance, Australia. cat. no. 5609.0.
Seigniorage	The profit earned by a government on the issue of coins and notes (i.e. the difference between the face value of coins and notes and the costs of their production). Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Self-contained	The dwelling includes bathing and cooking facilities. Reference: Housing Finance, Australia. cat. no. 5609.0.
Self-identified casuals	Employees (excluding Owner managers of incorporated enterprises) who identified themselves as casual. Reference: Forms of Employment, Australia. cat. no. 6359.0.
Serviced apartments	Establishments with five or more units which mostly comprise self-contained units at the same location, and which are available on a unit/apartment basis to the general public for a minimum of one night. The units should have full cooking facilities (i.e. hot plates and oven/microwave), refrigerator and bath/shower and toilet facilities; all bed linen and towels should be provided, and daily servicing (i.e. cleaning and bed making) must be available through the on-site management, although this service may not necessarily be used. Reference: Tourist Accommodation, Australia. cat. no. 8635.0.
Services	This covers services rendered by Australian residents to non-residents (credits) and by non-residents to residents (debits). Some major services are, travel, transportation, royalties and licence fees, other business services, communications and insurance services. Despite the conceptual difference between goods and services, the boundary is sometimes blurred: items classified as goods may include some service element, and vice versa. For example, personal goods acquired by travellers are included in travel services, while merchandise includes the value of transportation services to the border of the exporting country. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Sex ratio	The sex ratio relates to the number of males per 100 females. The sex ratio is defined for total population, at birth, at death and among age groups by appropriately selecting the numerator and denominator of the ratio. Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.
Shares and other equity	Shares and other equity are financial assets that are instruments and records acknowledging, after the claims of all creditors have been met, claims to the residual value of incorporated enterprises. Equity securities do not provide the right to a predetermined income or to a fixed sum on dissolution of the incorporated enterprise. Ownership of equity is usually evidenced by shares, stocks, participation, or similar documents. Preferred stocks or shares which also provide for participation in the distribution of the residual value on dissolution of an incorporated enterprise are included. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Ship and aircraft stores	Bunkers (fuel), food and other goods loaded onto foreign vessels and aircraft to be consumed during international journeys. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Short selling	Short selling refers to the practice of selling securities one does not have. To settle the trade, securities need to be purchased or borrowed. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Short-term arrivals	Short-term arrivals comprise: overseas visitors who intend to stay in Australia for less than 12 months; and Australian residents returning after a stay of less than 12 months overseas. Reference: Overseas Arrivals and Departures. cat. no. 3401.0.
Short-term debt securities	Short-term debt securities are debt securities with an original maturity of one year or less. They include bills of exchange, promissory notes (also called ‘one name paper’), Treasury notes and bank certificates of deposit. See also Financial assets. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Short-term departures	Short-term departures comprise: Australian residents who intend to stay abroad for less than 12 months; and overseas visitors departing after a stay of less than 12 months in Australia. Reference: Overseas Arrivals and Departures. cat. no. 3401.0.
SNA93: A System of National Accounts	SNA93: A System of National Accounts' (Revision 4, published in 1993) is the current international standard followed by Australia for the compilation of national accounts statistics. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Social assistance benefits	Social assistance benefits are current transfers payable to households by government units to meet the same needs as social insurance benefits, but which are not made under a social insurance scheme incorporating social contributions and social insurance benefits. They may be payable in cash or in kind. Principal components include: scholarships; maternity, sickness and unemployment benefits; child endowment and family allowances; and widows', age, invalid and repatriation pensions. See also Employees’ social contributions; Employers’ contributions to superannuation; Employers’ imputed social contributions; Employers’ social contributions; Social benefits; Social contributions; and Social insurance benefits. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Social benefits	In SNA93 and the IMF GFS system, current transfers (in cash or kind) received by households and are intended to provide for needs arising from certain events or circumstances, e.g. sickness, unemployment, retirement, housing, education or family circumstances. There are two kinds of social benefits: social insurance benefits; and social assistance benefits. See also Employees’ social contributions; Employers’ contributions to superannuation; Employers’ imputed social contributions; Employers’ social contributions; Social assistance benefits; Social contributions; and Social insurance benefits. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Social contributions	Social contributions are actual or imputed payments to social insurance schemes to make provision for social insurance benefits to be paid. They may be made by employers on behalf of their employees; or by employees, self-employed or non-employed persons on their own behalf. See also Employees’ social contributions; Employers’ contributions to superannuation; Employers’ imputed social contributions; Employers’ social contributions; Social assistance benefits; Social benefits; and Social insurance benefits. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Social insurance benefits	Social insurance benefits are transfers provided under organised social insurance schemes. Organised social insurance schemes provide benefits through general social security schemes, privately funded social insurance schemes, or unfunded schemes managed by employers for the benefit of their existing or former employees without involving third parties in the form of insurance enterprises or pension funds. See also Employees’ social contributions; Employers’ contributions to superannuation; Employers’ imputed social contributions; Employers’ social contributions; Social assistance benefits; Social benefits; and Social contributions. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Social marital status	Social marital status is the relationship status of an individual with reference to another person who is usually resident in the household. A marriage exists when two people live together as husband and wife, or partners, regardless of whether the marriage is formalised through registration. Individuals are, therefore, regarded as married if they are in a de facto marriage, or if they are living with the person to whom they are registered as married. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Special Drawing Rights (SDRs)	Special drawing rights are international reserve assets created by the IMF to supplement the reserves of IMF member countries. they are not regarded as liabilities of the IMF. the creation or extinction (should the latter occur) of Special Drawing Rights is referred to as allocation/cancellation of Special Drawing Rights and is included in the other adjustment item of the international investment position. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Splicing	A technique used to introduce new items or respondents into the index calculations so that the level of the index is not affected. Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.
Sports utility vehicles (SUVs)	Includes vehicles designed as off road vehicles with four wheel drive capability, high ground clearance and a wagon body type, seating up to nine people (including the driver). Also includes four by two wagon variants of such vehicles sold in Australia which, if they were four wheel drive, would be eligible for import as off road vehicles. Excludes pick-up and cab chassis style vehicles. Reference: Sales of New Motor Vehicles, (Electronic Publication). cat. no. 9314.0.
Standardised death rates (SDR)	Standardised death rates (SDR) enable the comparison of death rates between populations with different age structures by relating them to a standard population. The ABS standard populations relate to the years ending in 1 (e.g. 1991). The current standard population is all persons in the 2001 Australian population. SDRs are expressed per 1,000 or 100,000 persons. There are two methods of calculating SDRs: The direct method - this is used when the populations under study are large and the age-specific death rates are reliable. It is the overall death rate that would have prevailed in the standard population if it had experienced at each age the death rates of the population under study. The indirect method - this is used when the populations under study are small and the age-specific death rates are unreliable or not known. It is an adjustment to the crude death rate of the standard population to account for the variation between the actual number of deaths in the population under study and the number of deaths which would have occurred if the population under study had experienced the age-specific death rates of the standard population. Wherever used, the definition adopted is indicated. Reference: Australian Demographic Statistics. cat. no. 3101.0.
State capital cities	The areas determining the six state capital cities are the Statistical Divisions for those capital cities defined in the Statistical Geography: Volume 1 - Australian Standard Geographical Classification (ASGC). cat. no. 1216.0. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
State final demand	The aggregate obtained by summing government final consumption expenditure, household final consumption expenditure, private gross fixed capital formation and the gross fixed capital formation of public corporations and general government. It is conceptually equivalent to the Australia level aggregate domestic final demand. Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.
State government employees	Employees of all State government departments and authorities created by, or reporting to, State Parliaments, including organisations for which the Commonwealth has assumed financial responsibility. Following self-government, the Northern Territory and the Australian Capital Territory administrations have been classified to State Governments. Employees of State Governments employed interstate are included in the estimates of the State in which they are based. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
State of final destination	State of final destination is the Australian State in which the imported goods are released from Customs control. It does not necessarily equate to the State in which the goods were discharged or the State in which they were consumed. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
State of origin	For exports, State of origin is the Australian State in which the final stage of production or manufacture occurs. It does not necessarily equate to the State in which the goods were loaded onto the international carrier. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
State or territory and Statistical Local Area (SLA) of usual residence	State or territory and Statistical Local Area (SLA) of usual residence refers to the state or territory and SLA of usual residence of: the population (estimated resident population); the mother (birth collection); or the deceased (death collection). In the case of overseas movements, state or territory of usual residence refers to the state or territory regarded by the traveller as the one in which he/she lives or has lived. State or territory of intended residence is derived from the intended address given by settlers, and by Australian residents returning after a journey abroad. Particularly in the case of the former, this information does not necessarily relate to the state or territory in which the traveller will eventually establish a permanent residence. Reference: Australian Demographic Statistics. cat. no. 3101.0.
State or Territory level of government	The level of government of public sector units that have a state or territory role or function, i.e. the political authority underlying their functions is limited to a state or territory or the functions involve policies that are primarily of concern at a state or territory level. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
State or territory of clearance	State or territory of clearance refers to the state or territory in which a passenger is cleared by Customs and Immigration authorities. Embarkation or disembarkation and clearance are usually, but not necessarily, in the same state or territory. Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.
State or territory of intended residence	State or territory of intended residence is derived from the intended address given by permanent arrivals (settlers), and by Australian residents returning after a journey abroad. Particularly in the case of the former, this information does not necessarily relate to the state or territory in which a traveller will eventually establish a permanent residence. Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.
State or territory of intended stay	Overseas visitors are asked on arrival for the name of the state or territory in which they intend to spend the most time. Reference: Overseas Arrivals and Departures, Australia. cat. no. 3401.0.
Statement of stocks and flows	The GFS financial statement that records: (i) the opening balance sheet values of assets and liabilities; (ii) the changes to the assets and liabilities arising from transactions, revaluations and other volume changes; and (iii) the resultant closing balance sheet values of assets and liabilities. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Statistical discrepancy (I), (E) and (P)	Calculated as the differences between aggregate incomes, expenditures, or industry products respectively and the single measure of GDP. For years in which a balanced supply and use table is available to benchmark the national accounts, the same measure of GDP is obtained. Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.
Statistical Local Areas (SLAs)	Statistical Local Areas (SLA) are, in most cases, identical with, or have been formed from a division of, whole Local Government Areas (LGA). In other cases, they represent unincorporated areas. In aggregate, SLAs cover the whole of a state or territory without gaps or overlaps. In some cases legal LGAs overlap statistical subdivision boundaries and therefore comprise two or three SLAs (Part A, Part B and, if necessary, Part C). Further information concerning SLAs is contained in Australian Standard Geographical Classification (ASGC) . cat. no. 1216.0. Reference: Australian Demographic Statistics. cat. no. 3101.0.
Statistical units	Units about which statistics are tabulated, compiled or published. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Status in employment	Employed persons classified by whether they were employees, employers, own account workers or contributing family workers. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Statutory authority	An entity established by the Australian Constitution or by an Act of Parliament of the Commonwealth or one of the states or territories. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Stocks	An institutional unit’s assets, liabilities, shareholders’ funds and other contributed capital at a point in time. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Stock lending	The terms securities lending or stock lending are used in securities markets to describe arrangements whereby issuers or asset-holders or both (called stock lenders) provide securities to other market participants (called stock borrowers) in return for a fee. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Subgroup	A collection of related expenditure classes. There are 34 subgroups in the 14th series CPI. Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.
Subordinated debt	Debt that is not repayable until other specified liabilities have been settled. For example, the subordinated debt of banks (also called second-tier capital) is not repayable until the demands of depositors for repayment have been satisfied. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Subsidies on products	A subsidy on a product is a subsidy payable per unit of a good or service. The subsidy may be a specific amount of money per unit of quantity of a good or service, or it may be calculated ad valorem as a specified percentage of the price per unit. A subsidy may also be calculated as the difference between a specified target price and the market price actually paid by a purchaser. A subsidy on a product usually becomes payable when the product is produced, sold or imported, but it may also become payable in other circumstances, such as when a product is exported, leased, transferred, delivered or used for own consumption or own capital formation. See also Other subsidies on production. Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.
Subsidies	Current transfers that government units make to enterprises either on the basis of the levels of their production activities or on the basis of the quantities or values of the goods or services that they produce, sell, or import. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Superlative index	A superlative index is one of a small group of indexes that makes equal use of prices and quantities and treats them in a symmetric manner in each pair of periods under observation. Examples are the Fisher Index and the Tornqvist Index. Superlative indexes require both price and expenditure values for all periods. Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.
Supply and use tables	Supply and use tables are in the form of matrices that record how supplies of different kinds of goods and services originate from domestic industries and imports and how those supplies are allocated between various intermediate or final uses, including exports. See also Coefficient table; Input-output table. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Surplus/deficit	Supplementary balance in the GFS cash flow statement that is derived as net cash flows from operating activities plus net cash from investments in non-financial assets less distributions paid less value of assets acquired under finance leases. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Swap	A derivatives contract that involves a series of exchange payments, usually relating to interest rates or currencies, between two entities who agree to exchange cash flows over time on a notional amount of principal. Interest rate swaps involve the exchange of cash flows related to interest rates that are different in nature, e.g. fixed and floating rates, two different floating rates. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Synthetic instrument	A tailored financial product which combines a primary financial instrument such as a parcel of bills of exchange) with a derivative instrument (such as a forward rate agreement). Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.