To make the calculation of real GDP more accurate, the Australian Bureau of Statistics (ABS)switched to using:

Question

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Chained prices are used to calculate real GDP in order to adjust for inflation in a more accurate way compared to using base year prices or current prices. Chained prices allow for changes in prices and quantities of goods and services over time to be accounted for, which is especially important when there are significant changes in the economy. Market prices are commonly used in calculating nominal GDP, but do not account for changes in prices over time.

To Make the Calculation of Real GDP More Accurate, the Australian