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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.