15 Sep Supply Chains and Productivity

New insights from ABS National Accounts Update

The Australian Bureau of Statistics (ABS) National Accounts are designed to provide a systematic summary of national economic activity and have been developed to assist in the practical application of economic theory.

The Australian National Accounts Input Output (I-O) tables are updated annually, providing detailed insights regarding supply chain linkages between Australian Industries, and industries’ expenditure on imported goods and services.  The I-O tables also help us to monitor worker productivity over time.

The most recent ABS 2019-20 I-O tables are incorporated into the latest REMPLAN Economy ‘2021 Release 2’ datasets, providing new industry sector estimates for:

• Output
• Wages and salaries
• Worker productivity
• Local sales / expenditure
• Regional exports / imports
• Value-added / Gross Regional Product.

REMPLAN Economy – Release 2

REMPLAN Economy – Worker Productivity

Region-specific

Within REMPLAN economic models, the I-O tables define the region-specific buying and selling interactions between industry sectors.  This reconciliation between the demand-side (buying) and supply-side (selling) of a local economy is the basis upon which REMPLAN’s region-specific economic multipliers are calculated.  These are unique to each region and based on the industry structure of the area, estimated using ABS Place of Work employment data.

The I-O tables, and the Impacts tab interface in REMPLAN Economy, allow the modelling of flow-on economic impacts from an actual or proposed direct change in the economy.  Impact scenarios can be entered as positive or negative changes to direct jobs, or to direct output for each industry sector.

REMPLAN Economy automatically calculates the flow-on supply-chain effects and consumption effects for your direct changes.  The flow-on impacts for the region’s economy from a direct change are then summarised as unique region-specific economic multipliers.

Next major update for REMPLAN Economy

Further to our blog on 4^th July, 2021 Census Rollout, the schedule of ABS data releases was summarised. REMPLAN has been working hard to update REMPLAN Community datasets with the latest Release 1 – Place of Usual Residence demographic data.

Under the ABS’ Release 2 of the 2021 Census, which is scheduled for 12^th October 2022, we will havenew Place of Work insights regarding the numbers of people working across industry sectors, by location of employment, for local government areas and regions across Australia.

ABS Place of Work employment data is a key input into REMPLAN Economy datasets delivering a detailed understanding of structure of each regions’ economy and how it is changing over time.

REMPLAN’s team of economists, analysts and data scientists have been preparing for the ABS 2021 Census Release 2 and are poised to leap into action as soon as the new data becomes available.

Stay tuned over coming weeks!

In the meantime, please don’t hesitate to contact the REMPLAN team for support with your projects, or to schedule a training session.

Call us now on 1300 737 443!