16 Feb REMPLAN Economic Data Update – National Accounts and Tourism

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 I-O tables are updated annually, with the 2017-2018 tables being released in 2020.   The latest REMPLAN update ‘2019 Release 2’, incorporates these new tables.

Input–Output (I–O) tables are part of the Australian national accounts, providing detailed information about the supply and use of products in the Australian economy and about the structure of, and inter–relationships between, 114 industry sectors.  The following reports in REMPLAN Economy have been updated:

• Output
• Wages and Salaries
• Local Sales / Expenditure
• Regional Exports / Imports
• Value-added

REMPLAN datasets are updated following releases from the ABS and users are able to continue to access their superseded ‘Historical Datasets’ for benchmarking and trend analysis.

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.

The I-O tables, and the Impacts tab interface in REMPLAN Economy, allow the modelling of flow-on economic impacts from an actual or hypothetical direct change. 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 summarised as region-specific economic multipliers.           

The new 2019 Release 2 datasets also include the latest Visitor Profile data.

This provides information for domestic and international visitors, assisting decision making; and identifying and supporting investment opportunities. COVID-19 has had a significant impact on international travel to Australia and this is reflected in the data.

Data for local government areas and States/Territories is sourced from Tourism Research Australia (TRA) and data for regions is sourced from various State Government agencies. Local Government Area Profiles are updated annually, with the latest TRA data being 2019, which was released late in 2020. Regional Tourism Profiles, TRA’s International Visitor Survey (IVS) and National Visitor Survey (NVS) are updated on a more frequent basis and estimates for 2019 and 2020 are included in this release.

As new National Accounts and tourism data is released during the year, REMPLAN will continue to update all datasets, to ensure that you are working with the latest data.

Do not hesitate to contact the REMPLAN Team if you have any questions about this update:

1300 737 443