Appendix 3 Glossary

Term

Definition

Audit region

Audit regions are geographic areas defined by the Australian Statistical Geography Standard (ASGS) and used by the Australian Bureau of Statistics to collect and report population, demographic and related information for Australia. Further information on how audit regions are defined is contained in the National Economic Analysis report prepared by ACIL Allen Consulting (see bibliography).

 

Compound Annual Growth Rate

The average year-on-year growth rate over a specified period of time.

 

Consumer Price Index

A consumer price index (CPI) measures changes over time in the price level of consumer goods and services in the economy.

 

Cost-benefit analysis

An analytical tool that can be used to assess the costs and benefits of a proposal.

 

Governance

Processes implemented to provide management oversight, guidance and compliance with policy and procedures.

 

Gross Domestic Product (GDP)

The market value of all final goods and services produced within a country in a given period.

 

Gross State Product (GSP)

The market value of all final goods and services produced within a state or territory in a given period.

 

Gross Regional Product (GRP)

The market value of all final goods and services produced within a region in a given period.

 

Initiative

This includes potential infrastructure investments, governance arrangements or policy measures intended to increase productivity or economic activity, or otherwise support national aspirations.

 

Metropolitan area

An urban area extending across local government and sometimes state/ territory boundaries, which forms a geographically contiguous area of relatively high population and economic activity.

 

Peak oil

The point in time when the maximum rate of oil extraction is reached, after which the world's oil supplies go into irreversible decline.

 

Program

Suite of appraised projects which may be delivered within a specified timeframe and sequence.

 

Value capture

Refers to a type of public financing where increases in private land values generated by public investments are all or in part "captured" or recouped by the public sector.