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5204.0 - Australian System of National Accounts, 2005-06  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/11/2006   
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Following the fall in GDP in volume terms in 1990-1991, there have been 15 years of consecutive growth. In 2005-06 GDP increased by 2.8%. For some analytical purposes it is important to understand the impact of population growth on movements in GDP. In 2005-06, GDP per capita increased by 1.5%.

GDP and GDP per Capita
Graph: GDP and GDP per Capita
View underlying data tables as an Lotus 123 File: 5204.0 Table 1. KEY NATIONAL ACCOUNTS AGGREGATES, 23Kb
Lotus 123)

Another measure of national economic well-being is Real net national disposable income (RNNDI). This measure adjusts the volume measure of GDP for the Terms of trade effect, Real net incomes from overseas and Consumption of fixed capital (depreciation). In 2005-06, RNNDI (up 4.4%) grew more strongly than GDP reflecting extremely strong growth in the Terms of trade up 10.8% (see international trade), offset to some extent by growth in Real net incomes payable to the rest of the world.

Graph: GDP and RNNDI
View underlying data tables as an Lotus 123 File: 5204.0 Table 1. KEY NATIONAL ACCOUNTS AGGREGATES, 23Kb
Lotus 123)

The Household saving ratio is another key aggregate in the national accounts. Household saving cannot be directly measured and it is calculated in the national accounts as a residual item by deducting Household final consumption expenditure from Household net disposable income.

The Household saving ratio began trending downwards in the mid 1970s, and has been negative since 2002-03, implying that households have spent more than they have earned. In 2005-06, the Household saving ratio was -0.7% up from -1.9% in the previous year.

Caution should be exercised in interpreting the Household saving ratio in recent years, because major components of household income and expenditure may be subject to significant revisions. Commentary on Income from GDP provides some additional information on Net saving by sector.

Household saving ratio, Current prices
Graph: Household saving ratio, Current prices
View underlying data tables as an Lotus 123 File: 5204.0 Table 1. KEY NATIONAL ACCOUNTS AGGREGATES, 23Kb
Lotus 123)

To help provide some context to this negative household saving ratio, the Net worth of Households has increased on average at 9.9% over the past ten years, driven by solid growth in dwellings and shares. For more information please refer to Balance Sheets.

The index of Market sector Multifactor productivity (MFP) was flat in 2005-06, reflecting a 2.6% increase in Gross value added for the Market sector against an increase of 2.6% in total labour and capital inputs. Hours worked in the market sector increased by 0.3% in 2005-06, resulting in labour productivity growth of 2.2% in 2005-06. At the same time Capital services continued to grow in 2005-06, recording a strong growth rate of 5.6%. The increase in Capital services was more than the increase in Gross value added resulting in a fall of 2.9% in capital productivity in 2005-06. For more information refer to Productivity.


  1. The market sector of the economy consists of the following industries: Agriculture, forestry & fishing, Mining, Manufacturing, Electricity, gas & water, Construction, Wholesale trade, Retail trade, Accommodation, cafes & restaurants, Transport & storage, Communication, Finance & insurance, and Cultural & recreational services. Back

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