How the ABS is working to measure the economic value of our environment
To support the recognition of environmental resources in economic planning, the Australian Bureau of Statistics hosted the first series of a new Technical Working Group that focuses on measuring the economic value of our land.
This working group offers a platform for land accounting experts from the United States, Australian and Canadian governments to collectively recognise and measure the contribution of nature and natural resources to economic prosperity.
Experts can now effectively share information, solve common challenges and leverage expertise on land accounting to take similar approaches when measuring the economics of our environments. Similar approaches mean these countries can use the same definitions, methodologies and statistical models, and support higher quality data sharing around the world.
Experts and attendees discussed topics like land use, land cover and valuation. They also explored shared approaches to creating land accounts, including the potential for using market transactions data for valuations and using earth observations for modelling.
Common challenges to these approaches were also discussed, including:
- Earth observations and modelling techniques (e.g. satellite spectral variability, cloud cover and mixed pixel issues)
- Classification and mapping of agricultural land
- Separating land and structure values
- Valuing land resources like forestry
The next Technical Working Group Series will begin in May 2024, with discussions focussed on water accounting.
Media notes
- When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
- For media requests and interviews, contact the ABS Media Team via media@abs.gov.au (8.30am-5pm Mon-Fri).
- Subscribe to our media release notification service to get notified of ABS media releases or publications upon their release.