Industrial classifications need to be reviewed periodically to ensure they remain current. ANZSIC 2006 reflects the changes that have occurred in the structure and composition of industry since ANZSIC was developed. These changes include those that have occurred in production practices, the development of new products and services, and advances in technology. For example, the information and communication technology (ICT) industry has developed rapidly since the early 1990s and now constitutes a significantly larger proportion of total industry. For better understanding, ANZSIC 2006 brings together all ICT activities within a single ANZSIC division.
ANZSIC 1996 used a mixture of supply and demand-side concepts in defining industries, leading to criticism that there was an inconsistent and arbitrary treatment of certain industry activities. ANZSIC 2006 has moved to using supply-side based industries and groupings, where business units engaged in similar productive activities are grouped together and therefore exhibit similar production functions (a term used to describe the transformation of intermediate inputs, through the application of labour and capital, to produce outputs).
ANZSIC 2006 also aligns as far as practicable with the International Standard Industrial Classification of All Economic Activities (ISIC) (Revision 4) and the North American Industry Classification System (NAICS) at the subdivision level.
The complete NZSIOC classification is available here.