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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 >> Gross domestic product account

The gross domestic product account indicates changes in Australian production over time. Tables 29.5 and 29.6 show the gross domestic product account in current prices for a number of years between 1965-66 and 1999-2000; table 29.5 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.6 shows annual time series from 1991-92 to 1999-2000. Table 29.7 shows expenditure on GDP in real or chain volume terms.

In real terms (i.e. after the effects of price change are removed from the dollar value of Australia's production), there was a fall in production during the 1990-91 financial year. However, the nine years since the recession in 1990-91 have all shown growth in GDP. Although growth in 1991-92 was relatively low (0.4%), by 1994-95 it had accelerated to 4.5%, a growth rate which has generally been maintained since, except for a slowing in 1996-97.

29.5 DOMESTIC PRODUCTION ACCOUNT, Current Prices - Five-Yearly

1965-66

$m
1970-71

$m
1975-76

$m
1980-81

$m
1985-86

$m
1990-91

$m

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
Gross fixed capital formation
- Private
4,284
7,353
12,450
27,996
44,699
65,950
- Public
2,005
2,838
6,478
9,789
19,039
23,041
- Total gross fixed capital formation
6,289
10,191
18,928
37,785
63,738
88,991
Changes in inventories
84
586
180
406
833
-1,530
Gross national expenditure
22,863
37,286
78,966
148,442
257,890
394,649
Exports of goods and services
3,136
5,086
11,225
22,604
38,948
66,259
less Imports of goods and services
3,683
5,214
11,163
25,530
47,199
66,948
Statistical discrepancy (expenditure-based)
107
12
-185
-504
-1,805
2,724
Gross domestic product
22,423
37,170
78,843
145,012
247,834
396,684
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
Total factor income
20,379
33,994
71,145
130,056
219,962
351,229
Taxes less subsidies on production and imports
2,087
3,163
7,872
14,733
27,801
43,357
Statistical discrepancy (income-based)
-43
13
-174
223
71
2,098
Gross domestic product
22,423
37,170
78,843
145,012
247,834
396,684

Source: Australian System of National Accounts (5204.0).

29.6 GROSS DOMESTIC PRODUCT 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

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
Gross fixed capital formation
- Private
62,100
69,850
77,476
86,794
90,254
97,544
111,592
117,535
127,493
- Public
22,747
22,193
21,465
23,858
23,403
22,575
20,769
24,695
23,611
- 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
-2,414
312
1,799
1,908
163
-980
690
5,307
2,062
Gross national expenditure
406,372
430,562
452,028
483,381
508,958
530,600
569,391
610,027
644,251
Exports of goods and services
70,080
76,899
83,015
87,654
99,095
105,160
113,744
111,843
125,774
less Imports of goods and services
69,269
79,077
85,396
97,654
101,078
103,590
118,482
126,453
140,954
Statistical discrepancy (expenditure-based)
-1,222
-1,638
-231
-
-
-
-
-
2,739
Gross domestic product
405,961
426,746
449,416
473,381
506,975
532,170
564,653
595,417
631,810
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
Total factor income
359,736
378,124
396,787
418,632
448,224
470,727
499,753
525,061
560,048
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
Statistical discrepancy (income-based)
3,474
4,441
3,205
-
-
-
-
-
-331
Gross domestic product
405,961
426,746
449,416
473,381
506,975
532,170
564,653
595,417
631,810

Source: Australian System of National Accounts (5204.0).


29.7 EXPENDITURE ON GDP, Chain Volume Measures(a) - 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

Final consumption expenditure
- General government
90,026
91,144
92,554
95,243
99,061
100,285
103,644
108,733
115,556
- Households
273,059
278,871
285,547
300,310
312,909
321,383
336,880
353,757
369,517
- Total final consumption expenditure
363,012
369,946
378,035
395,507
411,922
421,643
440,523
462,490
485,073
Gross fixed capital formation
- Private
64,512
70,770
77,213
86,388
88,984
98,977
112,814
117,535
127,282
- Public
22,257
21,677
21,001
23,502
22,963
22,553
20,695
24,696
23,830
- Total gross fixed capital formation
88,183
93,817
99,583
111,416
113,486
122,909
134,420
142,230
151,112
Domestic final demand
448,913
461,674
475,688
505,274
523,579
543,187
574,049
604,720
636,185
Changes in inventories
-2,657
755
1,467
3,024
331
-908
697
5,307
2,379
Gross national expenditure
445,180
461,315
476,446
507,126
523,830
542,294
574,922
610,027
638,564
Exports of goods and services
70,784
75,514
82,845
86,879
95,837
105,850
109,749
111,843
122,365
less Imports of goods and services
72,822
77,402
82,583
96,250
100,091
109,916
120,528
126,453
142,630
Statistical discrepancy (expenditure-based)
-1,336
-1,766
-251
-
-
-
-
-
2,663
Gross domestic product
442,021
457,984
476,986
498,550
520,261
539,088
565,126
595,417
620,963

(a) Reference year for chain volume measures is 1998-99.

Source: Australian System of National Accounts (5204.0).

The gross domestic product account can also be used to show changes in the share of income accruing to labour (i.e. compensation of employees) compared with the share accruing to capital (i.e. profits, defined as the gross operating surplus of non-financial and financial corporations). Graphs 29.8 and 29.9 show how the shares of total factor income accruing to wages and to profits have changed since 1965-66. (Total factor income is equal to the sum of compensation of employees, gross operating surplus and gross mixed income.)

The highest recorded value of the wages share of total factor income was 62.4% in 1974-75. The wages share has recovered somewhat from its low value of 52.8% in 1988-89, but remains below the level recorded for most of the 1970s and early 1980s. In 1999-2000, the profits share of total factor income of 24.1% was slightly lower than its highest share of 24.3%, recorded in 1993-94, but remains at a relatively high level compared with earlier periods.











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