Australian Bureau of Statistics
1360.0 - Measuring Australia's Economy, 2003
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 03/02/2003
|Page tools: Print Page RSS Search this Product|
The industry making the most significant contribution to production in 2001-02 was property and business services (11%), closely followed by manufacturing (11%) . The next most significant industry was "ownership of dwellings" (9%), which is the industry that provides dwelling services. Most dwellings are owned by those occupying them, and the value of the production of the dwelling services they produce for themselves has to be imputed.
Australia's gross disposable income in 2001-02 was $695b. (The difference between this amount and GDP mainly reflects net income and current transfers payable to non-residents.) Of this, $560b was spent on final consumption expenditure. After allowing for consumption of fixed capital (depreciation) of $112b, this left net saving of $24b (or 3.5% of gross disposable income). During the last 10 years the proportion of gross disposable income saved ranged from a low of -0.2% in 1991-92 to a high of 3.8% in 1997-98, and 1999-2000.
Of the final consumption expenditures in 2001-02, 24% was incurred by governments, with the remaining 76% incurred by households. The most significant components of the latter were rent (18%), which includes the imputed rent paid by owner-occupiers to themselves, recreation and culture (12%), and food (11%)
During 2001-02 the value of new investment in fixed assets was $156b, or 22% of GDP. As this amount exceeded the combined total of net saving and depreciation, this meant that Australia was a net borrower from the rest of the world. The net amount borrowed during 2001-02 was $21b. Throughout the last 10 years, the proportion of GDP represented by new investment in fixed assets was generally in the range 22-24%.
Australia's balance of payments records transactions between Australia and the rest of the world. The current account deficit during 2001-02 was $22b, or 3.1% of GDP. This deficit is mostly due to an excess of $2b in imports of goods and services over exports and net income payable to non-residents of $20b. During the last 10 years the current account deficit as a percentage of GDP fluctuated, with a high of 6.0% in 1994-95 and a low of 2.7% in 2000-01. Both exports and imports became increasingly more important to the Australian economy during this period. When expressed as a percentage of GDP, exports rose from 17% in 1991-92 to 21% in 2001-02, while over the same period imports rose from 17% to 22%. Australia's terms of trade - which reflects changes in the prices of exports relative to those for imports - improved by 2.6% in 2001-02 which is the third consecutive year of improvement.
There was a small surplus ($1b) on Australia's balance of payments capital account for 2001-02. Overall, for 2001-02 the balance on current and capital accounts was a deficit of $21b, which is equivalent to Australia's net borrowing requirement mentioned previously.
At 30 June 2002, Australia's net worth (assets less liabilities) was $2,934b, an increase of $199b on the position one year earlier. Of the increase, $24b was attributable to net saving, with the remainder due mainly to the revaluation of assets and liabilities to take account of price changes. As the value of Australia's net worth at 30 June 2002 was less than the value of its non-financial assets ($3,325b), this meant that Australia had net liabilities to non-residents ($391b). Australia's net foreign debt, which is a component of its net liabilities to non-residents, was $318b at 30 June 2002, an increase of $20b during the year.
The Consumer Price Index
The consumer price index (CPI), a measure of inflation, increased by 2.9% in 2001-02 compared with 2000-01. Over the same period, the GDP chain price index - which provides a broader measure of inflation than the CPI - increased by 2.5%. In 2000-01, the CPI was directly affected by the introduction of a goods and services tax, which replaced wholesale sales tax and some state and territory taxes. Hence the annual growth rate of 6.0% in 2000-01. From 1991-92 to 2001-02 the average annual rate of change in the CPI was 2.4%.
In annual average terms, growth in employment during 2001-2002 was 1.9%, compared with 1.0% in the previous year and 2.9% in 1999-2000. Recent employment growth is well below that in 1994-95, when employment rose by 4.8%. The average unemployment rate for 2001-2002 was 6.6%, 0.2 percentage points higher than the rate for the previous year. During the 1990s, the unemployment rate peaked at 10.7% in 1992-93, and after this it generally declined. Average weekly ordinary time earnings for full-time adults during 2001-2002 was $853.60, an increase of 5.5% on the comparable figure for the previous year. Movements in average weekly earnings can be affected by both changes in the level of earnings per employee and changes in the composition of the labour force. On the other hand, the wage cost index measures changes in the "price" of a fixed basket of jobs, priced to constant quality. The price of labour, as measured by the wage cost index, increased by 3.1% during 2001-02.
The average 'all ordinaries' stock market index for June 2002 was 3,241.5, a decrease of 3.3% on the average for the same month a year earlier. At 30 June 2002 the Australian dollar was worth 0.5648 United States dollars, an increase of 11% on a year earlier. The trade weighted index increased from 49.8 to 53.4 during 2001-02.
This page last updated 20 January 2006
Unless otherwise noted, content on this website is licensed under a Creative Commons Attribution 2.5 Australia Licence together with any terms, conditions and exclusions as set out in the website Copyright notice. For permission to do anything beyond the scope of this licence and copyright terms contact us.