1. Transactions data: from theory to practice Sarah Kiely, Australian Bureau of Statistics (ABS) Prices and economics statistics, IAOS 2014 8-10 October 2014, Da Nang Vietnam

2. Opportunities of big data: transactions data Transactions data Obtained from the electronic capture of product information at the point of sale Benefits of using of transaction data for the CPI: Improve the accuracy of the CPI Reduce data collection costs Position the ABS to expand the range of consumer price measures

3. Transactions data for the CPI: practical and technical challenges Securing the data: Ongoing and timely supply Commercial value of data Communicating statistical need Managing and classifying the data: Management Classification and coding Editing and validation

4. Transactions data for the CPI: practical and technical challenges System/Capital investment Methodological issues No internationally agreed methodology User community Broad range of users – important role of communication in preparing for change NSOs cautious culture CPI – key economic indicator Extensive review and testing of new methods

5. ABS approach to using transactions data for Australia’s CPI Transactions data included in the CPI from 1 January 2014 Phased implementation of transactions data: 1.Replace field collected prices with transactions data 2.Assessment (and potential use) of internationally developed transactions data methodology ABS is currently examining the RWGEKS method

6. Other opportunities for Australia’s CPI and official statistics Frequency and timeliness of the CPI Ongoing requests for increased frequency and improved timeliness Production of regional CPI Ability to compare price movements between rural and urban areas Wider application of transactions data in official statistics Potential use for economic statistics of revenue, quantity and price information

7. Conclusion Potential of big data for official statistics Changing the way official statistics are produced Practical use of big data in official statistics Realising potential benefits does not come without challenges International methodological approach Role for ABS in engaging internationally