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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Economic flow	See Flow.
Economic stocks	See Stocks.
Economic territory	The geographic territory administered by a government within which persons, goods and capital circulate freely. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Economic type framework (ETF)	The Australian GFS classification used to classify economic flows and stocks according to their economic nature. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Economically significant prices	Economically significant prices are prices which have a significant influence on both the amounts producers are willing to supply and the amounts purchasers wish to buy. See also Basic price; Purchasers’ prices. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Electricity	Includes production of hydro electricity, thermal electricity (generated by turbines) and other electricity (e.g. generated by diesel power stations). Reference: Manufacturing Production, Australia. cat. no. 8301.0.55.001.
Electricity, Gas and Water	Electricity, Gas and Water comprises: ELECTRICITY: Quarterly quantities of electricity produced, as published in Manufacturing Production, Australia (cat. no. 8301.0.55.001), are benchmarked to annual gross product estimates based on the quantity of electricity sold (published by the Electricity Supply Association of Australia in Electricity Gas Australia). GAS: Quarterly quantities of gas available through mains, as published in Manufacturing Production, Australia (cat. no. 8301.0.55.001), are benchmarked to gross product estimates derived from ABS economic census data relating to the performance of the gas production and distribution industry. WATER AND SEWERAGE: Quarterly constant price output estimates are derived by quantity revaluation, i.e. quantities of water sold (to final consumers and for irrigation) and sewerage. connections, are multiplied by chain volume measures for each type of service. The quantity data are supplied by a selection of State and Local government authorities. Quarterly output estimates are then benchmarked to annual constant price gross product estimates. These series then feed into the Indexes of Industrial Production. Reference: Australian Economic Indicators. cat. no. 1350.0.
Elementary aggregate	The lowest level of commodity classification in the CPI and the only level for which index numbers are constructed by direct reference to price data. Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.
Elementary Aggregate (EA)	The finest aggregations of jobs, in terms of state/territory, sector, industry group and occupation group for which expenditure weights are available. Reference: Wage Cost Index, Australia, cat. no. 6345.0
Employed	Employed persons include all persons aged 15 years and over who, during the reference week: worked for one hour or more for pay, profit, commission or payment in kind in a job or business, or on a farm (comprising employees, employers and own account workers); or worked for one hour or more without pay in a family business or on a farm (i.e. contributing family workers); or were employees who had a job but were not at work and were: away from work for less than four weeks up to the end of the reference week; or away from work for more than four weeks up to the end of the reference week and received pay for some or all of the four week period to the end of the reference week; or away from work as a standard work or shift arrangement; or on strike or locked out; or on workers' compensation and expected to return to their job; or were employers or own account workers, who had a job, business or farm, but were not at work. Reference: Labour Force, Australia. cat. no. 6202.0, and Australian Labour Market Statistics. cat. no. 6105.0.
Employee (Labour Force Survey and other household surveys)	A person who works for a public or private employer and receives remuneration in wages, salary, a retainer fee from their employer while working on a commission basis, tips, piece rates, or payment in kind, or a person who operates their own incorporated enterprise with or without hiring employees. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Employee (Employer surveys)	Employees are wage and salary earners who received pay for any part of the reference period. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Employee job (Wage Price Index)	A job for which the occupant receives remuneration in wages, salary, payment in kind, or piece rates. All employee jobs in all employing organisations (except those excluded from all ABS labour employer surveys) are in scope of the WPI, except the following: 'non-maintainable' jobs (i.e. jobs that are expected to be occupied for less than six months of a year) jobs for which wages and salaries are not determined by the Australian labour market (e.g. working proprietors of small incorporated enterprises, most employees of Community Development Employment Programs, jobs where the remuneration is set in a foreign country). Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Employees’ social contributions	Employees’ social contributions are social contributions payable by employees to private funded social insurance schemes. See also Employers’ contributions to superannuation; Employers’ imputed social contributions; Social assistance benefits; Social benefits; Social contributions; and Social insurance benefits. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Employees (excluding owner managers of incorporated enterprises) with paid leave entitlements	Employees excluding Owner managers of incorporated enterprises, who were entitled to either paid sick leave or paid holiday leave (or both). Reference: Forms of Employment, Australia. cat. no. 6359.0.
Employees (excluding owner managers of incorporated enterprises) without paid leave entitlements	Employees excluding Owner managers of incorporated enterprises, who were not entitled to, or did not know whether they were entitled to, paid sick and paid holiday leave. Reference: Forms of Employment, Australia. cat. no. 6359.0.
Employer (Labour Force Survey and other household surveys)	A person who operates their own unincorporated economic enterprise or engages independently in a profession or trade, and hires one or more employees. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Employer (Employer surveys)	A business with one or more employees. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Employers’ contributions to superannuation	Employers’ contributions to superannuation consist of social contributions payable by employers, for the benefit of their employees, to superannuation funds or other institutional units responsible for the administration and management of social insurance schemes. Although they are paid by the employer directly to the superannuation fund, the payments are made for the benefit of the employees. Accordingly, employees are treated as being remunerated by an amount equal to the value of the social contributions payable. See also Employees’ social contributions; Employers’ imputed social contributions; Employers’ social contributions; Social assistance benefits; Social benefits; Social contributions; and Social insurance benefits. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Employers’ imputed social contributions	Some employers provide social benefits directly to their employees, former employees or their dependants from their own resources without involving an insurance enterprise or autonomous pension fund, and without creating a special fund or segregated reserve for the purpose. In the Australian context, employers’ imputed social contributions primarily relate to unfunded superannuation schemes operated by the Commonwealth Government and State Governments. The remuneration imputed for such employees is equal in value to the amount of social contributions that would be needed to secure the de-facto entitlements to the social benefits they accumulate. See also Employees’ social contributions; Employers’ contributions to superannuation; Employers’ social contributions; Social assistance benefits; Social benefits; Social contributions; and Social insurance benefits. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Employers’ social contributions	Employers’ social contributions are payments by employers which are intended to secure for their employees the entitlement to social benefits should certain events occur, or certain circumstances exist, that may adversely affect their employees’ income or welfare - namely work-related accidents and retirement. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Employment to population ratio	For any group, the number of employed persons expressed as a percentage of the civilian population in the same group. Reference: Labour Force, Australia. cat. no. 6202.0.
Employment type	Classification of employed persons according to the following employment type categories on the basis of their main job (that is, the job in which they usually work the most hours): Employee (excluding owner manager of an incorporated enterprise) employee with paid leave entitlements employee without paid leave entitlements Owner manager of incorporated enterprises (OMIEs). Owner manager of unincorporated enterprises (OMUEs) Contributing family worker. Reference: Australian Labour Market Statistics, October 2004 issue. cat. no. 6105.0.
Enterprise group unit	A statistical unit comprising a group of legal entities under common ownership and control. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Enterprise unit	A statistical unit comprising all legal entities within an enterprise group that are classified to the same institutional sub-sector. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Entertainment, literary or artistic originals	Entertainment, literary or artistic originals are original films, sound recordings, manuscripts, tapes, models, etc., on which drama performances, radio and television programming, musical performances, sporting events, literary and artistic output, etc. are recorded or embodied. Included are works produced on own-account. In some cases there may be multiple originals (e.g. films). See also Intangible fixed assets. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Entrepreneurial income	Entrepreneurial income for a corporation, quasi-corporation, or an institutional unit owning an unincorporated enterprise engaged in market production, is defined as its operating surplus (or mixed income), plus property income receivable on the assets owned by the enterprise, less interest payable on the liabilities of the enterprise and rents payable on land or other tangible non-produced assets rented by the enterprise. See also Gross operating surplus; Gross mixed income of unincorporated enterprises. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Equity	Equity is that part of the issued capital of an enterprise which acknowledges a claim on the residual value of the enterprise after the claims of all other creditors have been met. It includes ordinary and participating preference shares, any reinvested earnings, and equity in unincorporated enterprises. It can be calculated as: Equity = Direct investment equity capital and reinvested earnings +Portfolio investment equity securities (+ any equity securities held as reserve assets, should this ever occur). Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Equity assets	Financial claims on other entities entitling the holder to a share of the income of the entities and a right to a share of the residual assets of the entities should they be wound up. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Equity capital	Equity capital is that part of the issued capital of an incorporated enterprise, or the equivalent in an unincorporated enterprise, which acknowledges a claim to the income and residual value of the enterprise after the claims of all other creditors have been met. Equity capital comprises: Equity in branches, All shares in subsidiaries and associates (except non-participating, preferred shares, which are treated as debt securities and included under direct investment, other capital), and Other capital contributions. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Equity securities	Ordinary and participating preference shares in an incorporated enterprise, equity in an unincorporated enterprise such as a branch, units in incorporated trusts, and non-withdrawable share capital of building societies and credit unions are included in equity securities. Non-participating preference shares are included in debt securities. See also Debt security. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Established dwelling	An established dwelling is one which has been completed for 12 months or more prior to the lodgement of a loan application, or which has been previously occupied. Reference: Housing Finance, Australia. cat. no. 5609.0.
Estimated resident population (ERP)	The official measure of the population of Australia is based on the concept of usual residence. It refers to all people, regardless of nationality or citizenship, who usually live in Australia, with the exception of foreign diplomatic personnel and their families. It includes usual residents who are overseas for less than 12 months. It excludes overseas visitors who are in Australia for less than 12 months. Reference: Australian Demographic Statistics. cat. no. 3101.0.
Exchanges	Transactions in which one unit provides goods, services, assets or labour to another unit and receives something in return of the same value. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Exnuptial birth	An exnuptial birth is the birth of a child whose parents are not legally married to each other at the time of the child's birth. Reference: Births, Australia. cat. no. 3301.0.
Expenditure aggregate	The current cost in dollars per year of purchasing the same quantity of goods or services as was purchased in the weighting base period by the CPI population group. Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.
Expenditure class	A group of similar goods or services. The level at which weights are fixed for the life of an index series and the lowest level for which indexes are regularly published. There are 89 expenditure classes in the 14h series CPI. Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.
Expenditure weights	A measure of the relative importance of each elementary aggregate, based on employers' expenditures on labour. Reference: Labour Price Index: Concepts, Sources and Methods. cat. no. 6351.0.55.001.
Expenses	Transactions that reduce net worth. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Exploration	Activity involves searching for concentrations of naturally occurring solid, liquid or gaseous materials and includes new field wildcat and stratigraphical and extension/appraisal wells and mineral appraisals intended to delineate or greatly extend the limits of known deposits by geological, geophysical, geochemical, drilling or other methods. This includes drilling of boreholes, construction of shafts and adits primarily for exploration purposes but excludes activity of a developmental or production nature. Exploration for water is excluded. Reference: Mineral and Petroleum Exploration, Australia. cat. no. 8412.0.
Exploration expenditure	Covers all expenditure (capitalised and non-capitalised) during the exploratory or evaluation stages in Australia, Australian waters, and the JPDA. Costs include cost of exploration, determination of recoverable reserves, engineering and economic feasibility studies, procurement of finance, gaining access to reserves, construction of pilot plants and all technical and administrative overheads directly associated with these functions. Examples are costs of satellite imagery, airborne and seismic surveys, use of geophysical and other instruments, geochemical surveys and map preparation; licence fees, land access and legal costs; geologist inspections, chemical analysis and payments to employees and contractors. Cash bids for offshore petroleum exploration permits are also included. Reference: Mineral and Petroleum Exploration, Australia. cat. no. 8412.0.
Export Clearance Number (ECN)	A number issued by Customs to identify an export entry for each individual consignment of goods intended for export. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Exports	Goods which subtract from the stock of material resources in Australia, as a result of their movement out of the country. These goods have been produced or manufactured in Australia. See also: Re-exports. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Exports of goods and services	The value of goods exported and amounts receivable from non-residents for the provision of services by residents. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Extended labour force underutilisation rate	The unemployed, plus the underemployed, plus two groups of marginally attached to the labour force: (i) persons actively looking for work, not available to start work in the reference week, but available to start work within four weeks and (ii) discouraged jobseekers as a percentage of the labour force augmented by (i) and (ii). Reference: Australian Labour Market Statistics. cat. no. 6105.0.