ANZSIC: First released in 1993, the Australian and New Zealand Standard Industrial Classification (ANZSIC) was developed by the Australian Bureau of Statistics and Statistics New Zealand to facilitate comparisons of industries between the two countries as well as the rest of the world. It is a hierarchical system used to assign businesses and workers to an industry based on the predominant activity. At the highest level it is comprised of 19 industry divisions, each of which is broken down into subdivisions, groups and, at the lowest level, classes. The most recent version is the 2006 ANZSIC, although some minor revisions have been made since then.
Full Time Equivalent (FTE): Full Time Equivalent (FTE) is used to measure the workload of an employee. It is a useful way to more accurately quantify economic activity in a region by accounting for the time each worker spends on a project or job. An FTE of 1.0 is equivalent to one full time worker (i.e. 38.5 hours per week), while an FTE of 0.5 means that employee works half-time.
Gross Local Product (GLP): Gross Local Product, also referred to as Gross Regional Product (GRP), is conceptually the same as Gross Domestic Product (GDP). This measures the market value of all final goods produced in a specified region and over a given time period (typically one year). It comprises the sum of compensation of employees, gross operating surpluses of business (profits) plus taxes less subsidies on products and production. There are several ways to estimate GLP and for the City of Melbourne Economic Profile, the expenditure method is used. All values are expressed in current prices (base year 2011).
Productivity: The ratio of outputs to inputs in production is known as productivity. It is calculated as the ratio of value added to total hours worked by all workers (measured in FTEs) in each industry.
SA1: The Statistical Area Level 1 is part of the Australian Statistical Geography Standard (ASGS) used by the Australian Bureau of Statistics. It is the smallest geographic area or unit used to gather Census data. Designed for the 2011 Census, SA1s serve as the basic building block in the ASGS. Approximately 54,000 SA1s cover the whole of Australia with no gaps or overlaps.
SA2: The Statistical Area Level 2 is a larger area defined ASGS. SA2s consist of one or more SA1s, taking into account suburbs and localities in urban areas and defining functional social and economic zones in rural areas.
SCRIO: SCRIO is a regional economic modelling system developed by Saturn Corporate Resources. It provides indicative models of State and Local economies in a flexible, robust and cost effective manner. The core SCRIO product is a 20-sector industry model for a local economy typically a local government area. Unlike other models in the market it recognises the limitations of the availability of regional economic data, thus minimising the use of data with potentially high statistical errors.
Total Output: The sum of GLP plus the value of intermediate goods purchased in the production process plus imports from outside the local area, in any one time period. It is the equivalent of total sales made by industries within any one area. All values are expressed in current prices (base year 2011).
Unemployment Rate: A measure of unemployment, calculated as a percentage by dividing the number of unemployed people by all those currently in the labour force.
Value Added: Value added is the sum of profit, depreciation and labour costs at each stage of production. For this profile, it measures the difference between the value of output of establishments in the City of Melbourne and the cost of purchases from other establishments outside of the municipality. As a proportion of revenue, it is generally higher in labour intensive industries, such as finance, education and health services. All values are expressed in current prices (base year 2011).