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1360.0 - Measuring Australia's Economy, 2003  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 03/02/2003   
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Contents >> Section 2. Summary Measures of Economic Activity >> National Accounts Balance Sheet

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.

Australia's real net worth (i.e. after removing changes in prices) increased by 1.7% over the year ended 30 June 2002. The average annual growth of real net worth over the period 30 June 1992 to 30 June 2002 was 1.8%. In the latest year the real value of non-financial assets grew by 2.1% and the real value of liabilities fell by 0.3%, offset by a fall in the real value of financial assets (down 4.7%).




NATIONAL BALANCE SHEET, Current Prices: as at 30 June

2000
2001
2002
$b
$b
$b

Total assets
3,276.6
3,579.8
3,797.0
Non-financial assets
2,850.5
3,096.3
3,324.7
Produced assets
1,775.7
1,896.2
1,961.9
Fixed assets
1,669.0
1,787.2
1,853.1
Tangible fixed assets
1,648.9
1,764.0
1,828.5
Dwellings
590.7
677.7
713.3
Other buildings and structures
728.2
749.4
765.3
Machinery and equipment
315.9
321.9
335.0
Livestock - fixed assets
14.1
14.9
14.8
Intangible fixed assets
20.2
23.1
24.7
Computer software
19.6
22.5
24.0
Entertainment, literary or artistic originals
0.6
0.6
0.6
Inventories
106.7
109.0
108.8
Non-produced assets
1,074.8
1,200.1
1,362.8
Tangible non-produced assets
1,073.4
1,197.5
1,360.3
Land
906.5
991.4
1,107.8
Subsoil assets
162.7
199.7
245.7
Native standing timber
2.5
2.9
3.1
Spectrum
1.7
3.5
3.7
Intangible non-produced assets
1.4
2.7
2.5
Spectrum licences
1.4
2.7
2.5
Financial assets with the rest of the world
426.0
483.6
472.3
Liabilities to the rest of the world
752.5
844.6
862.8
Net worth
2,524.0
2,735.3
2,934.2

Source: Australian System of National Accounts (5204.0)


NATIONAL BALANCE SHEET, Volume/Real (a): as at 30 June

2000
2001
2002
$b
$b
$b

Total assets
3,358
3,498
3,540
Non-financial assets
2,924
3,019
3,083
Produced assets
1,800
1,886
1,930
Fixed assets
1,693
1,775
1,820
Tangible fixed assets
1,673
1,752
1,793
Dwellings
655
672
694
Other buildings and structures
737
745
755
Machinery and equipment
310
320
331
Livestock - fixed assets
17
15
13
Intangible fixed assets
20
24
27
Computer software
19
23
26
Entertainment, literary or artistic originals
1
1
1
Inventories
108
111
110
Non-produced assets
1,123
1,133
1,153
Tangible non-produced assets
1,123
1,130
1,151
Land
944
941
954
Subsoil assets (b)
176
183
190
Native standing timber (b)
3
3
3
Spectrum
2
3
4
Intangible non-produced assets
1
3
3
Spectrum licences
1
3
3
Financial assets with the rest of the world
435
479
456
Liabilities to the rest of the world
768
836
834
Net worth
2,591
2,661
2,706

(a) The values for non-financial assets are derived as chain volume estimates, while the values for the remaining assets and liabilities are derived as real estimates. The reference year for all values is 2000-01.
(d) Experimental.

Source: Australian System of National Accounts (5204.0)


EXPLANATORY NOTES

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.


FURTHER READING

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.

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