1. Implementation of the 2008 SNA in the Financial Accounts The Australian Experience Amanda Seneviratne Australian Bureau of Statistics

2. Overview ➢ Background ➢ Changes to Financial Corporations sector ➢ Reinvested earnings of Investment Funds ➢ Planning process ➢ Changes to data collections ➢ Systems specifications ➢ Conclusion/Questions

3. Background ➢ History of Australian Financial Accounts ➢ Timing of changes ➢ Concurrent implementation – BPM6 – SESCA08 – ANZSIC06 ➢ Two main changes – Financial Corporations Sector – Reinvested Earnings of Investment Funds

4. Financial corporations sector ➢ Seperate identification of investment funds – Money market funds – Other investment funds ➢ Development of ABS definition ➢ Centers around 4 criteria: – Pooling of investors' monies – Seperate legal entity – Open to the public – Ability to dispose of shares/units

5. Financial corporations sector continued ➢ Treatment of wholesale trusts (WST's) ➢ Non-financial investment funds ➢ Securitisers

6. Financial corporations sector continued

7. Reinvested Earnings of Investment Funds ● Scope of reinvested earnings ● Reinvested earnings = Earnings (net of capital gains/losses) – Distributions ● Practical Issues ● Negative reinvested earnings ● Impacts

8. Reinvested Earnings of Investment Funds continued

10. Planning Process ➢ Review Boards – MESC – MAMB ➢ Consultation/Communication with users – Feedback from users – Impact of changes to key aggregates – Impact of changes to statistical products

11. Changes to data collections ➢ Main data sources – Survey of Financial Information – Survey of International Investment – Australian Prudential Regulatory Authority ➢ Minimal changes in general – Existing collection for investment funds – Identification of investment funds in counterparty reporting

12. Systems specification ➢ Overview of Financial Accounts system – Metadata driven system – Forecasting and Modelling Environment (FAME) ➢ Implementation of changes ➢ Timing

13. Conclusion ● Concluding Remarks ● Questions/Comments?