05 Jun Economic Update – Productivity and Supply Chains

New insights from the 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 2020-21 I-O tables are incorporated into the latest REMPLAN Economy ‘2022 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.

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REMPLAN Economy – 2022 Release 2

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REMPLAN Economy – Worker Productivity

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Region-specific Economic Multipliers

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.

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Economy Dashboards

Do you need to monitor how your local economy is performing?

Are you required to report regularly on your local economy?

Each time we roll out a REMPLAN update the repository of historical data builds.  This is an increasingly valuable resource for understanding how our economies are changing.

With a time series focus, the REMPLAN Economy Dashboard utilises this database.

At the press of a button, the Dashboard generates the latest Economic Insights report.

Example – REMPLAN Economy Dashboard. View here!

REMPLAN’s Economy Dashboards deliver an intuitive and accessible interface for data analysis for a wide range of users. By leveraging the REMPLAN Economy Dashboard, localised data that matters most to you and your community becomes easier to monitor, share and report on.

Economy Dashboards can be added to an existing REMPLAN subscription for a one-off fee of $2,000 +GST.

Not a REMPLAN subscriber?  Please contact us to discuss your requirements.  

Please call us on 1300 737 443 or contact us online.