1301.0 - Year Book Australia, 2002

ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 25/01/2002

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Contents >> Introduction >> National income account

The national income account shows the sources of national income and how much of this income is spent on final consumption. That part of income which is not spent in this way is saving. Tables 29.10 and 29.11 show the income account for a number of years between 1965-66 and 1999-2000; table 29.10 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.11 shows annual time series from 1991-92 to 1999-2000.

29.10 NATIONAL INCOME ACCOUNT, Current Prices - Five-Yearly

	1965-66 $m	1970-71 $m	1975-76 $m	1980-81 $m	1985-86 $m	1990-91 $m

Income
Compensation of employees	11,329	19,320	43,919	75,044	123,434	191,491
Gross operating surplus	5,131	9,253	17,359	36,267	68,950	118,891
Gross mixed income	3,919	5,421	9,867	18,745	27,578	40,847
Taxes less subsidies on production and imports	2,087	3,163	7,872	14,733	27,801	43,357
Net primary income from non-residents	-308	-600	-1,202	-2,397	-6,853	-17,222
Gross national income	22,158	36,557	77,815	142,392	240,910	377,364
Net secondary income from non-residents	-63	-25	-133	-164	313	222
Gross disposable income	22,068	36,447	77,528	141,951	240,526	377,586
Use of gross disposable income
Final consumption expenditure -
- General government	3,089	5,498	15,177	27,374	50,249	74,776
- Households	13,401	21,011	44,681	82,877	143,070	232,411
- Total final consumption expenditure	16,490	26,509	59,858	110,251	193,319	307,187
Net saving(a)	2,461	4,674	6,645	10,746	8,884	8,121
Consumption of fixed capital	3,117	5,264	11,025	20,954	38,323	62,278
Total use of gross disposable income	22,068	36,447	77,528	141,951	240,526	377,586

(a) Net saving is derived as a balancing item.
Source: Australian System of National Accounts (5204.0).

29.11 NATIONAL INCOME ACCOUNT, Current Prices - Annual

	1991-92 $m	1992-93 $m	1993-94 $m	1994-95 $m	1995-96 $m	1996-97 $m	1997-98 $m	1998-99 $m	1999-2000 $m

Income
Compensation of employees	194,718	201,085	210,744	225,462	240,835	257,193	268,646	286,761	303,134
Gross operating surplus	124,536	133,602	141,949	148,066	158,161	164,150	178,091	182,585	197,430
Gross mixed income	40,482	43,437	44,094	45,104	49,228	49,384	53,016	55,715	59,485
Taxes less subsidies on production and imports	42,751	44,181	49,424	54,749	58,751	61,443	64,900	70,356	72,093
Net primary income from non-residents	-14,054	-12,682	-13,534	-18,118	-19,533	-19,307	-18,005	-18,328	-18,591
Gross national income	388,433	409,623	432,677	455,263	487,442	512,863	546,648	577,089	613,550
Net secondary income from non-residents	-134	-350	-339	-528	-171	-177	-75	-778	94
Gross disposable income	388,299	409,273	432,338	454,735	487,271	512,686	546,573	576,311	613,644
Use of gross disposable income
Final consumption expenditure -
- General government	79,729	82,877	85,010	88,021	93,362	96,226	101,291	108,733	117,773
- Households	244,211	255,330	266,278	282,800	301,776	315,235	335,049	353,757	373,313
- Total final consumption expenditure	323,940	338,207	351,288	370,821	395,138	411,461	436,340	462,490	491,086
Net saving(a)	-297	2,752	8,717	9,034	13,638	20,957	24,367	22,312	25,027
Consumption of fixed capital	64,656	68,314	72,333	74,880	78,495	80,268	85,866	91,509	97,531
Total use of gross disposable income	388,299	409,273	432,338	454,735	487,271	512,686	546,573	576,311	613,644

(a) Net saving is derived as a balancing item.
Source: Australian System of National Accounts (5204.0).

Graph 29.12 shows net saving by institutional sector as a proportion of GDP for the years 1965-66 to 1999-2000. Household net saving as a percentage of GDP generally rose between 1965-66 and 1974-75, but has fallen subsequently from its high of 12.1% in 1974-75 to just 1.5% in 1999-2000 ($9.7b). General government net saving was negative from 1974-75 to 1996-97 (except for 1988-89 and 1989-90). In 1999-2000 it was 1.1% of GDP ($7.1b). In 1999-2000 net saving of non-financial corporations was 0.8% of GDP ($5.0b). Net saving of financial corporations was negative from 1982-83 to 1986-87, the only period for which this sector has recorded negative net saving. In 1999-2000 net saving of financial corporations was 0.5% of GDP ($3.2b).