Public Consultation - Modernising the System of National Accounts and Balance of Payments Manual

Overview

The economic manuals that underpin many key economic statistics, including the 2025 System of National Accounts (2025 SNA) and Balance of Payments and International Investment Position Manual 7^th Edition (BPM7), will be ratified by the United Nations Statistical Commission (UNSC) and the International Monetary Fund (IMF) in March 2025. The last major updates to the standards were undertaken in 2008. Contemporary standards are required to reflect our modern economy.

2025 SNA and BPM7 are part of a suite of statistical standards, which also includes the International Standard Industrial Classification of All Economic Activities (ISIC). The ABS held a public consultation on Australia’s implementation of ISIC in 2022 (https://consult.abs.gov.au/standards-and-classifications/help-shape-the-future-classification-on-industries/).

The aim of this consultation is to gather stakeholders’ priorities for both supplementary tables and thematic accounts which will provide enhanced insights of the Australian economy. Not all the proposed changes in the updated standards will be able to be implemented within the next 5 years.

Updates impacting key economic measures such as GDP will be assessed by the ABS and implemented where feasible and material to the Australian economy. These core changes will ensure Australia will remain compliant with international statistical standards.

Why your views matter

Statistical measures from the National Accounts and Balance of Payments are important for policy development and decision making. We know that different aspects of the statistics are important for different users.  

This consultation process provides all Australians an opportunity to let us know which components should be prioritised, and why. Your views will be helpful in prioritising implementation of the non-core changes.

To make a submission:

1. Please read the information papers:

• SNA25 BPM7 One Page Summary
• SNA25 BPM7 Stakeholder Engagement
   

All papers are linked under the heading Related at the bottom of the ABS Consultation Hub Overview page.

2. A link is provided on the ABS Consultation Hub for the Modernising Macroeconomic Statistics Survey where you will be guided to provide feedback through a series of questions.
   
   You are not required to respond to every question, although your submission will be strengthened by your ability to answer as thoroughly as possible and by providing supporting evidence where possible.

3. The ABS will hold an external webinar on the 21^st of January 2025 at 2:00pm – 3:00pm AEDT to discuss the proposed changes.
   
   Details on how to join the webinar will be released closer to this date.

The closing date for submissions is the 31^st of January 2025.