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The trend ratio of compensation of employees to total factor income (the wages share) was at its lowest point in the last 10 years in the June quarter 1993, when it stood at 53.0%. By December quarter 1996 the ratio had risen to reach 55.3%, its highest level for the 1990s. The ratio in June quarter 2002 was 53.3%. Movements in the trend ratio of gross operating surplus for financial and non-financial corporations to total factor income (the profits share) tend to be inverse to the movements in the wages share as wages and corporate profits are the two major components of total factor income. The profits share recorded its highest value during the last 10 years of 24% in the September and December quarters 1993, and in the June quarter 2002.
The gross domestic product account is a consolidated summary account of all the production activity which takes place in Australia. It records the incomes generated in the production process and the value of final goods and services produced.
On the expenditure side the gross domestic product account records sales of goods and services (including goods produced for own use) to final domestic consumers, gross fixed capital formation, changes in inventories and exports minus imports.
The income side of the gross domestic product account shows compensation of employees (wages and salaries paid to employees for producing goods and services), gross operating surplus (the income of corporations, general government and dwellings owned by persons from production), gross mixed income (the income of unincorporated enterprises from production) and taxes less subsidies on production and imports paid to general government.
The gross domestic product account is analogous to accounts used in business accounting and is, in effect, a consolidation of the trading accounts of individual enterprises from all sectors.
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Contains a detailed explanation of the system of Australian national accounts outlining major concepts and definitions.
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Contains a comprehensive range of annual national accounts data.