It is past time to

Hi!  I happened to learn this strucure: it is past time to.  

 

(1) It is past time to update your resume.

 

I was wondering about this structure.  Is the meaning (more or less) the same as the structure "It is (high) time to/that"?  Is it possible to paraphrase (1) to (2) below, using that-clause just like "It is (high) time that"?

 

(2)  It is past time that you updated your resume.

 

Which part of speech is the "past" in this structure?

 

I would appreciate it if you could kindly give me information about "it is past time to."  Thank you so much!

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