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1350.0.55.001 - Australian Economic Indicators Glossary, 2006  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 31/07/2007  Reissue
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GasGas (including natural and manufactured gas) available for issue through mains, including gas production for distribution via natural gas pipelines which service a single user.
Reference: Manufacturing Production, Australia. cat. no. 8301.0.55.001.

General governmentGeneral government consists of all government units and non-market NPIs that are controlled and mainly financed by government. It mainly comprises Commonwealth, State and local government departments, offices and other bodies that are primarily engaged in production of goods and services outside the normal market mechanism. Statistics for this broad sector are broken down into two levels of government (LOG): National government; and State and local government.

All units that have a national role or function are classified to the National government sector. The fact that a unit is controlled by the Commonwealth Government is prima facie (but not necessarily conclusive) evidence that the unit has a national role or function. The only multi-jurisdictional units currently classified to the National LOG are the public universities which are mainly financed and partly controlled by the Commonwealth Government but are subject to a degree of control by the establishing State or Territory Government. All units that have a State or Territory, or a local, role or function are classified to the State and local government sector.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Geometric mean (GM)Refer to Chapter 3 of Australian Consumer Price Index: Concepts, Sources and Methods, 2005. cat. no. 6461.0) for more details.
Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.

Goods and Services Tax (GST)An ad valorem tax applied to supplies (goods and services produced or delivered) by registered suppliers engaged in taxable activity. The GST is effectively only paid by final consumers. The legislated rate of GST is 10%.
Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.

Goods and Services Tax (imports only)GST is a broad-based tax levied on most supplies of goods and services consumed in Australia. Customs is responsible for collecting GST from importers on goods when imported. Importers receive an input tax credit for goods imported for the purpose of their enterprise.
Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.

GoodsGoods include, with a few exceptions, all movable goods which change ownership between Australian residents and non-residents, whether or not they actually cross the customs frontier. A change of ownership is imputed for movable goods subject to a finance lease, goods shipped between a branch and its foreign head office, and certain goods for processing.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Government final consumption expenditureSNA93 concept that refers to government use of goods and services for the satisfaction of individual or collective human needs or wants.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Government pensions and allowancesIncome support payments from government to persons under social security and related government programs. Included are pensions and allowances received by aged, disabled, unemployed and sick persons, families and children, veterans or their survivors, and study allowances for students. Sometimes referred to as government benefits transfers. All overseas pensions and benefits are included here, although some may not be paid by overseas governments. The one-off payment to seniors paid in 2000-01 and the one-off payments to families and carers paid in 2003-04 are included. Family tax benefit is also regarded as income, although for practical reasons family tax benefit paid through the tax system or as a lump sum by Centrelink is only included under disposable income, and not gross income.
Reference: Household Expenditure Survey, Australia. cat. no. 6530.0.

Government purpose classification (GPC)The GFS classification used to classify transactions according to their government purpose (e.g. health, education, defence).
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Government unitsUnique kinds of legal entities established by political processes which have legislative, judicial or executive authority over other institutional units within a given area and which:
  • provide goods and services to the community and/or individuals free of charge or at prices that are not economically significant; and
  • redistribute income and wealth by means of taxes and other compulsory transfers.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

GrantsAll transfers other than subsidies.
Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.

Gross disposable income - householdsGross disposable income - households is gross household income less income tax payable, other current taxes on income, wealth etc., consumer debt interest, interest payable by unincorporated enterprises and dwellings owned by persons, net non-life insurance premiums and other current transfers payable by households.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Gross domestic productGross domestic product is the total market value of goods and services produced in Australia within a given period after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital. Thus gross domestic product, as here defined, is 'at market prices'. It is equivalent to gross national expenditure plus exports of goods and services less imports of goods and services. 'Gross farm product' is that part of gross domestic product which derives from production in agriculture and services to agriculture. 'Gross non-farm product' arises from production in all other industries.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Gross domestic product per capitaThe ratio of the chain volume estimate of GDP to an estimate of the resident Australian population. Population estimates use data published in the quarterly publication Australian Demographic Statistics. cat. no. 3101.0) and ABS projections.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Gross domestic product per hour workedThe ratio of the chain volume estimate of GDP to an estimate of hours worked. Hours worked estimates are derived as the product of employment and average hours worked. Movements in chain volume estimates of GDP per hour worked are commonly interpreted as changes in labour productivity. However, it should be noted that these measures reflect not only the contribution of labour to changes in production per hour worked, but also the contribution of capital and other factors (such as managerial efficiency, economies of scale, etc.).
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Gross fixed capital formation - general governmentExpenditure on new fixed assets plus net expenditure on second-hand fixed assets, whether for additions or replacements (other than weapons of destruction and weapon delivery systems). Expenditure on new roadworks (or on upgrading existing roads) is included, but expenditure on road repair and maintenance is classified as government final consumption expenditure.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross fixed capital formation - privateExpenditure on fixed assets broken down into dwellings, other buildings and structures, machinery and equipment, livestock, intangible fixed assets and ownership transfer costs. The machinery and equipment category includes plant, machinery, equipment, vehicles, etc. Expenditure on repair and maintenance of fixed assets is excluded, being chargeable to the production account. Additions to fixed assets are regarded as capital formation. Also included is compensation of employees paid by private enterprise in connection with own-account capital formation. Expenditure on dwellings, other buildings and structures, and machinery and equipment is measured as expenditure on new and second-hand assets, less sales of existing assets. Ownership transfer costs comprise stamp duty, real estate agents' fees and sales commissions, conveyancing fees and miscellaneous government charges.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross fixed capital formation - public corporationsExpenditure on new fixed assets plus net expenditure on second-hand fixed assets and including both additions and replacements. Also included is compensation of employees paid by public corporations in connection with capital works undertaken on own account.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross fixed capital formationThe value of acquisitions of new and existing produced assets, other than inventories, less the value of disposals of new or existing produced assets, other than inventories.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross income - householdsGross income - households is the total income, whether in cash or kind, receivable by persons normally resident in Australia. It includes both income in return for productive activity (such as compensation of employees, the gross mixed income of unincorporated enterprises, gross operating surplus on dwellings owned by persons, and property income receivable) and transfers receivable (such as social assistance benefits and non-life insurance claims).
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross mixed income of unincorporated enterprisesThe surplus or deficit accruing from production by unincorporated enterprises. It includes elements of both compensation of employees (returns on labour inputs) and operating surplus (returns on capital inputs).
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Gross national disposable incomeGross national disposable income is equivalent to gross national income plus all secondary income in cash or in kind receivable by resident institutional units from the rest of the world, less all secondary income in cash or in kind payable by resident institutional units to the rest of the world.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Gross national expenditureGross national expenditure is the total expenditure within a given period by Australian residents on final goods and services (i.e. before allowances for goods and services used up during the period in the process of production). It is equivalent to gross domestic product plus imports of goods and services less exports of goods and services.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross national income (GNI)Gross national income (GNI) is the aggregate value of gross primary incomes for all institutional sectors, including net primary income receivable from non-residents. GNI was formerly called gross national product (GNP).
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross operating balanceIn the IMF GFS system, total revenue less all expenses except consumption of fixed capital.
Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.

Gross operating surplusThe operating surplus accruing to all enterprises, except unincorporated enterprises, from their operations in Australia. It is the excess of gross output over the sum of intermediate consumption, compensation of employees, and taxes less subsidies on production and imports. It is calculated before deduction of consumption of fixed capital, dividends, interest, royalties and land rent, and direct taxes payable, but after deducting the inventory valuation adjustment. Gross operating surplus is also calculated for general government and it equals general government's consumption of fixed capital.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

Gross premiumsTotal premiums payable by policy holders in respect of non-life insurance.
Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.

Gross value addedGross value added is defined as the value of output at basic prices minus the value of intermediate consumption at purchasers' prices. The term is used to describe gross product by industry and by sector. Basic prices valuation of output removes the distortion caused by variations in the incidence of commodity taxes and subsidies across the output of individual industries. See also Intermediate consumption.
Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.

GroupThe first level of disaggregation of the CPI. There are 11 groups in the 14th series CPI.
Reference: Australian Consumer Price Index: Concepts, Sources and Methods. cat. no. 6461.0.

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