11  Quality adjustment is also common practice in other countries. BIS central bankers’ speeches  7  In 2009 Australia implemented a number of new standards and classifications into its production of macroeconomic statistics, including the 2008 version of SNA. In this, Australia made changes earlier than any other country did.
These changes resulted in significant revisions to national accounts and balance of payments statistics. The table below quantifies the revisions made to nominal GDP estimates. In the year ended June 2008 GDP estimated using the new version of SNA (and making adjustments to employment income) was 4.4 percent, or $ AUD higher, than the older version.