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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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As Australia has net foreign liabilities, it typically has a deficit on income, due to the net interest and dividends payable to non-residents. The September quarter 1993 income deficit was the lowest of the past 12 years at $2,887m. The income deficit quickly fell in 1994 to around $5b, and has remained around that level since.


NET INCOME
Period
Income credits

$m
Income debits

$m
Net income

$m

ANNUAL
1996–97
8,563
-27,714
-19,151
1997–98
10,384
-28,475
-18,091
1998–99
10,288
-28,718
-18,430
1999–2000
13,773
-31,923
-18,150
2000-2001
16,179
-35,256
-19,077
2001-2002
14,913
-35,133
-20,220

QUARTERLY
2000-2001
March
4,169
-9,052
-4,883
June
3,859
-8,880
-5,021
2001-2002
September
3,613
-8,995
-5,382
December
3,785
-8,294
-4,509
March
3,906
-9,083
-5,177
June
3,609
-8,761
-5,152

Source: Balance of Payments and International Investment Position, Australia (5302.0).


Explanatory Notes

The income item of the balance of payments covers income earned by Australian residents from non-residents (credits) and income earned by non-residents from Australian residents (debits). The sum of the income debits and the income credits gives net income. In broad terms, income relates to the return to the owner of a factor resource (i.e. labour or capital) from the use of that resource by either the owner or another economic entity.

In the balance of payments, income is divided into two categories: investment income (for the use of capital) and compensation of employees (for the use of labour). Investment income refers to the earnings by owners of financial assets and commonly includes such items as dividends and interest. Compensation of employees refers to wages and salaries earned by employees resident in one country from employers resident in another. In Australia's case, the investment income flows are far greater than those for compensation of employees.

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