Australian Bureau of Statistics
Celebrating the International Year of Statistics 2013

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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.