Report on Measurement of Economic Performance and Social Progress Australian Macroeconomic Accounting perspective Michael Davies, Australian Bureau of.

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Presentation transcript:

Report on Measurement of Economic Performance and Social Progress Australian Macroeconomic Accounting perspective Michael Davies, Australian Bureau of Statistics

SNA includes a large set of analytical measures (not just GDP):  RGDI  Consumption  Household wealth SNA

Measures of Australia's Progress indicators Health Education and Training Work Culture and Leisure Family, community and social cohesion Crime Democracy, governance and citizenship Communication Transport National Income Economic Hardship National Wealth Housing Productivity Competitiveness and Openness Inflation The natural landscape The air and atmosphere Oceans and Estuaries

MAP Started 7 years ago Now annual on website Objective rather than subjective indicators Provides statistics/ leaves judgement to others Currently being refreshed Can be expanded on capital measures/ sustainability side

Household data There is rich microdata for household income, consumption and wealth Need to continue development of comprehensive framework – much work done, but decisions need to be made Throws light on distribution/ inequalities Rich and dense microdata – hard to fit with aggregate measures e.g. SNA

The Report 14 recommendations over 3 key themes:  Income, consumption, wealth measurement improvements (material well-being)  Construction of objective and subjective indicators of well-being  Sustainability and environment measurement improvements

NSO response As above, already much being done Continue to develop SNA, MAP, household data Ways ahead Integration of household microdata with broader measures Capital approach to sustainability Time use as indicator Proceed carefully/ measure the measureable

NSO response Expand set of indicators while maintaining credibility Avoid e.g happiness Avoid single, GDP type measures for non- monetary measures Provide statistics – leave judgements to others

NSO Response E.g develop coherent treatment of retirement benefits and the way different structures for delivering these impact measures of income, consumption and wealth.