1. Implementing SNA 93 Rev1 in the Australian National Accounts

2. Timing of implementation
ABS plans to implement SNA 93 Rev 1 in the 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 release in April 2010

3. 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 issue of ASNA on an SNA 93 basis
Shortly afterwards, reissue the publication on an SNA 93 Rev 1 basis

4. 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

5. 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

6. Cost of implementation
The cost of implementation over the four year period to 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

7. 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.