DEVELOPMENTS IN MACROECONOMIC STATISTICS Dennis Trewin Australian Statistician

OUTLINE OF TALK SNA Update Productivity Measures Satellite Accounts Prices Indexes International Comparison Program

UPDATES TO SYSTEM OF NATIONAL ACCOUNTS Why? What are the most important changes? When will they be introduced in Australia? Implementation Strategy Key issues of contention Introduction of a new industry classification

SOFTWARE PRICES

KEY ISSUES OF CONTENTION Unfunded pensions Expenditure on military equipment Expenditure on R&D Cost of capital services for government and other non-market producers

PRODUCTIVITY MEASURES Industry MFP measures Improved Hours Worked Statistics OECD and other efforts to improve comparability of productivity statistics Business Longitudinal Survey

INDUSTRY MULTI-FACTOR PRODUCTIVITY MEASURES

Figure 1: Average annual hours worked, , for selected countries from OECD employment outlook with (a) current and (b) revised (weekday standardised) Australian estimates

1.1 NET(a) ENERGY SUPPLY AND USE, Australia –

1.17 GREENHOUSE GAS EMISSIONS, Allocated to Final Uses –

1.2 WATER SUPPLY AND USE IN THE AUSTRALIAN ECONOMY –

2.1 WATER CONSUMPTION, Australia

GROSS-VALUE FOR SELECTED INDUSTRIES % Property and Business Services12.6 Manufacturing12.4 Finance and Insurance7.5 Construction6.8 Mining5.3 IC + T (1)4.9 Tourism3.7 Non-Profit Institutions (2)3.4 Agriculture3.3 Culture and Recreational Services1.5 (1)Share for (2)Share for Would increase to 4.9% if volunteer services are included.

CPI – FINANCIAL SERVICES

REVISIONS TO HOUSE PRICE INDEX (PERCENTAGE POINTS) Average Actual Average Absolute Size Sydney Melbourne 0.5 Brisbane Adelaide Perth Hobart Darwin Canberra Australia Note: Based on 3 observations only

SPATIAL PRICE INDEXES Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin Canberra Note: 8 capital cities = 100 PURCHASING POWER PARITIES All Items Excluding Housing

PRICE AND PER CAPITA GDP COMPARISONS OECD Norway USA Ireland Switzerland Canada Australia United Kingdom Japan EU New Zealand Slovak Republic Turkey COMPARATIVE PRICE LEVELS (2002)(2005) PER CAPITA GDP (2005)