Australian Bureau of Statistics
1360.0 - Measuring Australia's Economy, 2003
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 03/02/2003
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Except for the year ending June 1992, positive growth rates in Australia's net worth have been recorded in each year over the last decade. As at June 2002, net worth totalled $2,934b. The average growth rate during the last 10 years was 6.1%. The graph below illustrates the rise of Australia's net worth from 1992 to 2002.
Net worth is defined as the difference between total assets and total liabilities. It measures the economic wealth of a nation or of an institutional sector. The national balance sheet measures net worth as at 30 June each year and contains estimates of Australia's financial and non-financial assets as well as its liabilities to the rest of the world.
Net worth is calculated by subtracting liabilities from total assets. Changes in net worth are mainly due to saving or changes in the prices of assets. Non-financial assets include natural (non-produced) assets that are under the control of an economic agent, such as land, sub-soil assets and certain natural forests. Closely linked to the balance sheet are the accumulation and revaluation accounts which record the change in the value of assets and liabilities during an accounting period. They explain the changes in the balance sheet from one accounting period to the next.
Australian National Accounts: Concepts, Sources and Methods (5216.0)
Contains a detailed explanation of the system of Australian national accounts outlining major concepts and definitions.
Australian System of National Accounts (5204.0)
Contains the national balance sheet as well as balance sheets for each sector.
This page last updated 20 January 2006
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