02 May REMPLAN Update: Pandemic impacts tourism

REMPLAN Economy data update – 2021 Release 1

REMPLAN Economy has been designed to deliver a geographic breakdown of the ABS National Accounts.  The ABS publishes estimates of Australia’s economic performance in terms of Gross Domestic Product (GDP), as well as Gross State Product (GSP) for the respective Australian states and territories.  These ABS datasets align with the United Nations’ System of National Accounts (SNA), which describes a coherent, consistent, and integrated set of macroeconomic accounts, in the context of internationally agreed concepts, definitions, classifications and accounting rules.

The application of the SNA allows for better like-with-like comparisons of the economic performance of nations.  This assists in the negotiation of trade agreements and helps guide investment across the world. 

This same framework is applied by REMPLAN to generate estimates of Gross Regional Product (GRP) across Australia’s regions, local government areas (LGAs), cities, and towns.  REMPLAN’s estimates of GRP across LGAs reconcile with ABS estimates of GSP and GDP, and similarly are designed to assist in guiding strategy, policy, and investment.

REMPLAN Economy datasets have recently been updated to ‘2021 Release 1’.  This release reflects the following updates from the ABS.

• 2021 Gross State Product
• 2020/2021 Tourism Satellite Account

The updated datasets are accessible via the Regions tab in REMPLAN Economy software.  Clients’ previous datasets continue to be available via the Historical Datasets buttons.

Gross State Product

According to the Australian Bureau of Statistics (ABS), the Australian economy grew 1.5% in 2020-21 following flat growth in 2019-20 (chain volume measure). This result reflects the bounce back in the economy after the initial impact of the COVID-19 pandemic and the bushfires in 2019-20. Six out of eight states and territories experienced growth in 2020-21, the exceptions being Victoria the Northern Territory.

Tourism Satellite Account

This latest release of the Tourism Satellite Account (TSA) reveals a marked decrease in the degree to which visitor expenditure supports aggregate demand in the economy.  

REMPLAN Training   

With the release of new data and functionality, it may be timely to schedule a refresher training session.

Training is inclusive in REMPLAN subscriptions and clients may book as many sessions as required.  Below are a selection of the questions that we address during REMPLAN training sessions.

• How do I model the economic impacts of multi-stage, multi-year projects?   

• How can I define a 20-minute neighbourhood around a school, train station or healthcare facility?   

• What role does tourism play in our local economy?  How many FTE jobs?   

• How can I identify pockets of social disadvantage in our region?     

• How many new businesses have been established in our region this year compared with previous years?  Where are these businesses located?  Can I contact these businesses?    

Sessions can be tailored for people new to REMPLAN, through to advanced content for experienced users.     

If you would like to schedule a training session, please contact your client manager, call 1300 737 443, or click ‘Book Training’ in your REMPLAN software to select a convenient time for you and your colleagues.  

REMPLAN also publishes a range of free economic and demographic data which can be viewed by visiting our Data Explorers webpage. 

Questions?  Please do not hesitate to contact the REMPLAN team for further information or call us on 1300 737 443.