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5220.0.55.002 - Information paper: Gross State Product using the Production approach GSP(P), 2007  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 14/09/2007  First Issue
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FINANCE AND INSURANCE

Definition and scope

The Finance and insurance industry includes all units mainly engaged in the provision of finance, in investing money in predominantly financial assets, in providing services to lenders, borrowers and investors, in providing insurance cover of all types, and in providing services to insurance underwriters and to people or organisations seeking insurance.


ANZSIC Division K, Finance and insurance, consists of three sub-divisions:

  • Finance (sub-division 73)
  • Insurance (sub-division 74)
  • Services to finance and insurance (sub-division 75).


Summary of GSP(P) sources and methods

The methodology for Finance and insurance uses an output indicator approach to compile national GVA estimates. The output volumes then form the basis upon which volume measures of value added are derived at the division level.


Component national current price and volume data are collected at the industry sub-division level. These are sourced from the Australian Prudential Regulatory Authority (APRA) for Finance and Insurance and from the Economic Activity Survey for Services to finance and insurance.


These national data are allocated to state using hours worked, by state, by industry group from the ABS Labour Force, Australia. Both current price and volume measure output values are split by state and by industry sub-division.


Industry sub-division volume output data are then summed to derive a total for the industry which is then chained to compile the state volume output.


These state output indicators are used to derive volume measures of GVA for Finance and insurance. The state volume GVAs are benchmarked to the annual national industry volume GVA.



Results for Finance and insurance

Finance and insurance gross value added(a), Chain volume measures(b)

2000-01
2001-02
2002-03
2003-04
2004-05
2005-06

Values ($m)

New South Wales
24 411
24 728
26 035
27 895
28 401
30 030
Victoria
15 974
16 482
16 816
17 532
17 714
18 289
Queensland
5 748
6 397
6 457
6 886
7 474
8 264
South Australia
3 472
3 645
3 365
3 224
3 179
3 468
Western Australia
3 945
4 055
3 845
3 762
3 734
3 892
Tasmania
919
978
967
934
888
911
Northern Territory
310
326
306
287
270
262
Australian Capital Territory
804
780
649
594
638
767
Australia
55 339
57 144
58 349
61 101
62 299
65 883

Percentage changes from previous year (%)

New South Wales
-3.0
1.3
5.3
7.1
1.8
5.7
Victoria
0.2
3.2
2.0
4.3
1.0
3.2
Queensland
11.3
11.3
0.9
6.6
8.5
10.6
South Australia
12.7
5.0
-7.7
-4.2
-1.4
9.1
Western Australia
8.0
2.8
-5.2
-2.2
-0.7
4.2
Tasmania
4.4
6.3
-1.1
-3.4
-4.9
2.5
Northern Territory
10.4
5.2
-6.2
-6.1
-6.1
-2.7
Australian Capital Territory
10.5
-3.0
-16.7
-8.5
7.5
20.2
Australia
1.3
3.3
2.1
4.7
2.0
5.8

(a) At basic prices.
(b) Reference year for chain volume measures is 2004-05.

Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
Graph: Finance and insurance gross value added(a), Chain volume measures(b)–Percentage changes


Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
Graph: Finance and insurance gross value added(a), Chain volume measures(b)–Percentage changes


Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
Graph: Finance and insurance gross value added(a), Chain volume measures(b)–Percentage changes


Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
Graph: Finance and insurance gross value added(a), Chain volume measures(b)–Percentage changes



In 2005-06, all states had positive growth except for the Northern Territory. Queensland and the Australian Capital Territory had extremely strong growth at 10.6% and 20.2% respectively due to high increases in hours worked in the banking and general insurance industries relative to the rest of Australia.

Finance and Insurance gross value added, State shares - Current prices

1989-90
1994-95
1999-00
2003-04
2004-05
2005-06
%
%
%
%
%
%

New South Wales
45.5
44.1
47.3
46.1
45.6
46.3
Victoria
27.5
26.5
27.1
27.9
28.4
26.7
Queensland
10.7
12.9
10.7
11.5
12.0
12.7
South Australia
6.3
6.6
5.7
5.5
5.1
5.3
Western Australia
6.4
6.9
6.0
6.3
6.0
6.2
Tasmania
1.5
1.4
1.3
1.3
1.4
1.4
Northern Territory
0.4
0.4
0.5
0.4
0.4
0.4
Australian Capital Territory
1.6
1.3
1.4
0.9
1.0
1.0
Australia
100.0
100.0
100.0
100.0
100.0
100.0


New South Wales accounted for almost half of Australian Finance and insurance GVA throughout the time series. Victoria accounted for 26.7% in 2005-06.

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