The Australian Bureau of Statistics (ABS) is undertaking consultation to help shape the future of its industry classification.
Helen Baird, head of Statistical Infrastructure Branch at the ABS, said the “Australian and New Zealand Standard Industrial Classification (ANZSIC) is an important tool allowing the comparison of statistics across industries.”
“The ANZSIC last had a major review in 2006 and needs to be updated to properly reflect Australia’s economy.
“The consultation will inform development of a roadmap for the industry classification review in Australia.”
Ms Baird said one of the longer-term options being considered for ANZSIC was substantial review while another was replacing it with a more contemporary industry classification.
“For example, currently, the International Standard Industrial Classification of All Economic Activities (ISIC) has been identified as one possible solution for replacing ANZSIC,” said Ms Baird.
“This is due to ISIC and ANZSIC’s similarities in structure at the higher level of the classifications and, concepts underpinning the classifications. ISIC provides the internationally accepted standard for categorizing business units within an economy, which allows for data comparison at the national and international levels.”
The ABS consultation seeks feedback on how industry classifications are currently used in Australia, key concerns with ANZSIC and implementation issues of a new industry classification.
It also aims to raise user awareness to key changes to revised ISIC as proposed by the United Nations Statistical Division, seeking feedback on whether the updated ISIC will meet Australian user’s requirements.
More detailed information outlining the scope of this program of work and time frames is available on the ABS Consultation Hub.
Consultation will open on the 26 of September 2022.