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1301.0 - Year Book Australia, 2002  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 25/01/2002   
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Contents >> Introduction >> National capital account

The national capital account shows how the saving from the national income account and consumption of fixed capital (depreciation) are used to finance gross fixed capital formation. If, as is currently the case for Australia, the nation's saving and consumption of fixed capital are not sufficient to pay for all the fixed capital needed for Australian production, the shortfall must be borrowed from overseas. The amount borrowed from overseas is shown in the national capital account as a negative entry for net lending to non-residents.

Tables 29.13 and 29.14 show the national capital account for a number of years between 1965-66 and 1999-2000; table 29.13 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.14 shows annual time series from 1991-92 to 1999-2000.


29.13 NATIONAL CAPITAL ACCOUNT, Current Prices - Five-Yearly

1965-66

$m
1970-71

$m
1975-76

$m
1980-81

$m
1985-86

$m
1990-91

$m

Net saving
- Non-financial corporations
394
549
-1,400
355
2,203
-10,138
- Financial corporations
132
279
732
304
-1,880
5,046
- General government
345
626
-1,052
-2,835
-8,447
-4,789
- Households
1,590
3,220
8,365
12,922
17,008
18,002
- Total net saving
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
Net capital transfers receivable from non-residents
46
56
-27
167
830
2,071
Gross saving and capital transfers
5,624
9,994
17,643
31,867
48,037
72,470
Gross fixed capital formation -
- Private
4,284
7,353
12,450
27,996
44,699
65,950
- Public corporations
966
1,401
2,883
5,640
11,033
12,731
- General government
1,039
1,437
3,595
4,149
8,006
10,310
- Total gross fixed capital formation
6,289
10,191
18,928
37,785
63,738
88,991
Changes in inventories -
- Private non-farm
143
358
74
144
838
-1,136
- Farm and public authorities
-59
228
106
262
-5
-394
- Total changes in inventories
84
586
180
406
833
-1,530
Acquisitions less disposals of non-produced non-financial assets
-
-
-
-
-
-7
Statistical discrepancy
150
-1
-11
-727
-1,876
626
Net lending to non-residents
-899
-782
-1,454
-5,597
-14,658
-15,611
Total capital accumulation and net lending
5,624
9,994
17,643
31,867
48,037
72,470

Source: Australian System of National Accounts (5204.0).


29.14 NATIONAL CAPITAL 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

Net saving
- Non-financial corporations
-3,376
1,721
8,547
7,372
8,604
4,390
5,904
1,121
5,005
- Financial corporations
4,212
8,638
6,190
3,071
2,738
2,682
4,728
1,672
3,161
- General government
-16,714
-20,553
-17,875
-15,648
-10,342
-1,156
6,689
11,230
7,149
- Households
15,581
12,946
11,855
14,239
12,638
15,041
7,046
8,289
9,712
- Total net saving
-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
Net capital transfers receivable from non-residents
2,079
604
300
540
1,049
1,323
1,097
1,186
1,183
Gross saving and capital transfers
66,438
71,670
81,350
84,454
93,182
102,548
111,330
115,007
123,741
Gross fixed capital formation
- Private
62,100
69,850
77,476
86,794
90,254
97,544
111,592
117,535
127,493
- Public corporations
12,382
11,086
10,346
12,202
11,638
9,792
8,342
11,450
8,514
- General government
10,365
11,107
11,119
11,656
11,765
12,783
12,427
13,245
15,097
- Total gross fixed capital formation
84,847
92,044
98,941
110,652
113,657
120,119
132,361
142,230
151,103
Changes in inventories
- Private non-farm
-2,219
1,003
1,414
1,529
874
1,670
-59
5,343
2,300
- Farm and public authorities
-195
-691
385
379
-711
-2,650
749
-36
-238
- Total changes in inventories
-2,414
312
1,799
1,908
163
-980
690
5,307
2,062
Acquisitions less disposals of non-produced non-financial assets
-
33
-17
-32
-25
6
-30
19
64
Statistical discrepancy
-4,696
-6,079
-3,436
-
-
-
-
-
3,070
Net lending to non-residents
-11,298
-14,639
-15,937
-28,074
-20,613
-16,597
-21,691
-32,549
-32,558
Total capital accumulation and net lending
66,438
71,670
81,350
84,454
93,182
102,548
111,330
115,007
123,741

Source: Australian System of National Accounts (5204.0).


Graph 29.15 shows gross fixed capital formation (investment) by institutional sector as a proportion of GDP. For non-financial corporations this proportion generally fell during the 1970s, then rose to a peak of 13.2% in 1981-82. It has subsequently been above 10% except for the years 1991-92 and 1992-93, and was 10.9% in 1999-2000. Household investment as a proportion of GDP was 9.6% in 1999-2000. General government investment as a proportion of GDP peaked at 4.6% in 1965-66. It has generally fallen since then and was 2.4% of GDP in 1999-2000. Financial corporations investment peaked in 1988-89 and 1989-90 at 1.9% of GDP. It has generally fallen since then and was 1.1% of GDP in 1999-2000.



Graph 29.16 shows net lending by institutional sector as a proportion of GDP. A positive percentage for a sector indicates that it is a net lender to other sectors; a negative percentage indicates that it is a net borrower. The household sector has been a net lender for most years. As a proportion of GDP, net lending by households peaked in 1974-75 at 9.1%. Since then it has trended downwards, and in five of the last seven years the household sector has been a net borrower. Non-financial corporations have been net borrowers over the whole period from 1965-66 to 1999-2000, and the amounts borrowed have fluctuated significantly from year to year. As a proportion of GDP, their net borrowing was 3.0% in 1999-2000. After being a net borrower thoughout the 1980s, the financial corporations sector returned to being a net lender in 1990-91 and has remained so since then. In 1999-2000 financial corporations net lending represented 0.2% of GDP. After recording a record level of borrowing in 1992-93 as a proportion of GDP (5.8%), general government borrowing has steadily declined, and from 1997-98 this sector became a net lender. In 1999-2000 general government net lending represented 0.7% of GDP.




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