Implementing SNA 93 Rev1 in the Australian National Accounts

Timing of implementation ABS plans to implement SNA 93 Rev 1 in the 2008-09 issue of Australian System of National Accounts This publication is due for release in November 2009 Implementation coincides with the implementation of our new industry classification ANZSIC06 Full time series will be revised BPM6 will be implemented simultaneously Changes to GFS will implemented from the 2008-09 release in April 2010

Consultation and communication Discussions have been held with key users and user groups since 2003 Treasury, Reserve Bank, Productivity Commission, Economic Statistics User Group, Australian Statistical Advisory Council ….. Now that the shape of SNA 93 Rev1 is pretty much finalised we will: Conduct another round of bilateral consultations with key users Publish, in mid-late 2007, an Information Paper outlining the proposed changes Publish, in mid 2009, an Information Paper providing details of the changes, including an indication of their magnitude Publish the 2008-09 issue of ASNA on an SNA 93 basis Shortly afterwards, reissue the publication on an SNA 93 Rev 1 basis

Implementation High level work program has been established Detailed work program currently being prepared Work program integrates NA, BOP and GFS changes Source data implications have been established For the most part, relatively minor More significant for financial sector collections, which are undertaken on behalf of the ABS by APRA (financial sector regulator) Systems changes to be implemented by end 2007 Parallel running of new and old systems from 2008 Cutover to new systems in early 2009 Work estimated to be about 25% of work required to implement SNA93 itself No SNA93 changes are ‘undone’ by SNA93 Rev1

Management and governance Project management approach adopted Each issue has been assigned a ‘manager’ Overall project coordinator appointed Project overseen by Macro-Economic Standards Committee (MESC), with senior management representation from national accounts, BOP, GFS, prices, standards and source data areas MESC chaired by Deputy Australian Statistician, Economic Statistics Group Periodic reports to ABS Executive

Cost of implementation The cost of implementation over the four year period 2005-06 to 2008-09 is estimated to be AUD 2.4 million (USD 1.92 million) The Australian Government provided the ABS with the funds for the work By comparison, the cost of implementing ANZSIC06 is about AUD 13 million

Will we depart from the standards? Any departures will Be few in number Only when a significant benefit or avoidance of an unwarranted cost (eg harmonisation with Australian financial reporting standards) is demonstrated Be carried through all accounts/statistics (no "local" departures) Implemented to enable a straightforward reconciliation with the standards Only be implemented after extensive consultation and publicity.