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1301.0 - Year Book Australia, 2004  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 27/02/2004   
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Contents >> National accounts >> National income, expenditure and product accounts

The Australian national income, expenditure and product accounts are compiled and published in some detail every quarter, in Australian National Accounts: National Income, Expenditure and Product (5206.0), and in greater detail once a year, in Australian System of National Accounts (5204.0).

GDP account

The GDP account indicates changes in Australian production over time. Tables 29.6 and 29.7 show the GDP account in current prices for a number of years between 1965-66 and 2001-02; table 29.6 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.7 shows annual time series from 1994-95 to 2001-02. Table 29.8 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 1990-91. However, the nine years since the recession in 1990-91 have all shown growth in GDP. Although growth in 1991-92 was relatively low (0.3%), by 1994-95 it had accelerated to 4.2%, a growth rate which has generally been maintained since, except for a slight slowing in 1996-97. GDP growth of 3.9% for 2001-02 signified a return to the general level of growth exhibited throughout the majority of the 1990s after the moderate growth in 2000-01 of 1.8%.

29.6 GDP ACCOUNT, Current prices - Five-yearly intervals

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

Final consumption expenditure
 General government
3,146
5,547
14,715
27,123
49,760
74,663
 Households
13,746
21,515
45,459
84,097
144,502
233,726
 Total
16,892
27,062
60,175
111,220
194,263
308,390
Gross fixed capital formation
 Private
5,082
8,388
13,328
29,256
45,959
67,027
 Public
2,040
2,896
6,582
9,926
19,182
23,238
 Total
7,122
11,284
19,910
39,182
65,141
90,267
Changes in inventories
 84
586
180
446
870
-1,366
Gross national expenditure
24,098
38,933
80,265
150,849
260,274
397,291
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)
-427
-528
-941
-2,280
-3,892
1,279
Gross domestic product
23,124
38,277
79,386
145,643
248,131
397,881
Compensation of employees
11,329
19,320
43,919
75,044
123,434
192,723
Gross operating surplus
5,096
9,175
17,299
36,169
68,337
118,690
Gross mixed income
4,638
6,343
10,704
19,904
28,738
42,545
Total factor income
21,063
34,838
71,922
131,117
220,509
353,958
Taxes less subsidies on production and imports
2,079
3,151
7,895
14,753
27,805
43,407
Statistical discrepancy (income-based)
-18
 288
-431
-226
-183
516
Gross domestic product
23,124
38,277
79,386
145,643
248,131
397,881

Source: Australian System of National Accounts (5204.0), 2001-02.

29.7 GDP ACCOUNT, Current prices - Annual intervals

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m
$m
$m

Final consumption expenditure
General government
87,736
92,956
96,173
101,332
108,266
114,510
120,989
127,768
Households
282,870
301,069
314,565
335 102
354,420
374,922
403,875
428,260
Total
370,606
394,025
410,738
436,434
462,686
489,432
524,864
556,029
Gross fixed capital formation
Private
84,993
88,029
95,040
108,722
113,721
125,858
118,449
131,782
Public
24,358
23,571
22,550
20,748
25,278
25,136
25,140
26,631
Total
109,350
111,600
117,588
129,473
138,999
150,994
143,589
158,413
Changes in inventories
1,393
-813
-10
62
4,662
2,483
-22
621
Gross national expenditure
481,350
504,812
528,316
565,969
606,347
642,909
668,431
715,062
Exports of goods and services
87,654
99,095
105,160
113,744
112,025
126,034
153,511
152,361
less Imports of goods and services
97,654
101,078
103,590
118,482
126,453
140,323
152,636
153,959
Statistical discrepancy (expenditure-based)
-
-
-
-
-
-
-
-484
Gross domestic product
471,348
502,828
529,886
561,229
591,917
628,621
669,307
712,980
Compensation of employees
224,450
241,100
257,968
268,912
286,610
302,385
321,731
338,514
Gross operating surplus
146,011
153,623
162,189
177,700
183,069
197,414
205,782
217,747
Gross mixed income
46,138
49,064
47,969
50,062
52,396
55,510
59,479
67,817
Total factor income
416,599
443,787
468,126
496,674
522,075
555,309
586,992
624,078
Taxes less subsidies on production and imports
54,749
59,041
61,760
64,555
69,842
73,312
82,315
88,305
Statistical discrepancy (income-based)
-
-
-
-
-
-
-
597
Gross domestic product
471,348
502,828
529,886
561,229
591,917
628,621
669,307
712,980

Source: Australian System of National Accounts, 2001-02 (5204.0).

29.8 EXPENDITURE ON GDP, Chain volume measures(a)

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m
$m
$m

Final consumption expenditure
General government
99,356
103,381
104,870
108,830
113,236
118,414
120,989
125,012
Households
321,119
333,321
342,987
359,429
376,757
392,262
403,875
419,271
Total
420,471
436,698
447,858
468,260
489,994
510,684
524,864
544,283
Gross fixed capital formation
Private
88,313
91,446
101,010
114,706
118,744
130,833
118,449
130,650
Public
24,370
23,449
22,868
20,988
25,181
25,202
25,141
26,682
Total
111,003
113,409
122,227
133,847
143,042
155,542
143,590
157,331
Domestic final demand
533,091
551,288
571,668
603,846
633,956
666,785
668,454
701,614
Changes in inventories
3,118
-272
-808
-37
5,336
2,650
-22
150
Gross national expenditure
533,535
549,979
570,355
602,505
637,839
668,344
668,432
701,764
Exports of goods and services
101,578
111,971
123,707
128,276
130,896
143,132
153,511
150,609
less Imports of goods and services
104,496
108,711
119,505
131,124
137,451
154,606
152,636
156,206
Statistical discrepancy (expenditure-based)
-
-
-
-
-
-
-
-504
Gross domestic product
531,578
554,001
574,989
600,590
632,488
657,771
669,307
695,663

(a) Reference year is 2000-01.
Source: Australian System of National Accounts, 2001-02 (5204.0).

The GDP 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 29.9 and 29.10 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 61.5% in 1974-75. The wages share has recovered somewhat from its low value of 52.8% in 1988-89, but at 54.2% for 2001-02 it remains below the level recorded for most of the 1970s and early-1980s. In 2001-02 the profits share of total factor income of 23.5% for private and public corporations was slightly below its highest share of 23.9%, which was recorded in both 1993-94 and 1997-98.

Graph - 29.9 Wages share of total factor income


Graph - 29.10 Profits share of total factor income


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 29.11 and 29.12 show the income account for a number of years between 1965-66 and 2001-02; table 29.11 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.12 shows annual time series from 1994-95 to 2001-02.

29.11 NATIONAL INCOME ACCOUNT, Current prices - Five-yearly intervals

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

INCOME

Compensation of employees
11,329
19,320
43,919
75,044
123,434
192,723
Gross operating surplus
5,096
9,175
17,299
36,169
68,337
118,690
Gross mixed income
4,638
6,343
10,704
19,904
28,738
42,545
Taxes less subsidies on production and imports
2,079
3,151
7,895
14,753
27,805
43,407
Net primary income from non-residents
-308
-600
-1,202
-2,397
-6,853
-17,224
Gross national income
22,834
37,389
78,615
143,473
241,461
380,141
Net secondary income from non-residents
-90
-110
-287
-441
-384
453
Gross disposable income
22,744
37,279
78,328
143,032
241,077
380,594

USE OF DISPOSABLE INCOME

Final consumption expenditure
General government
3,146
5,547
14,715
27,123
49,760
74,663
Households
13,746
21,515
45,459
84,097
144,502
233,726
Total
16,892
27,062
60,175
111,220
194,263
308,390
Net saving(a)
1,917
3,752
5,980
9,678
7,379
7,826
Consumption of fixed capital
3,933
6,466
12,169
22,134
39,435
64,378
Total use of gross disposable income
22,744
37,279
78,328
143,032
241,077
380,594

(a) Net saving is derived as a balancing item.
Source: Australian System of National Accounts, 2001-02 (5204.0).

29.12 NATIONAL INCOME ACCOUNT, Current prices - Annual intervals

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m
$m
$m

INCOME

Compensation of employees
224,450
241,100
257,968
268,912
286,610
302,385
321,731
338,514
Gross operating surplus
146,011
153,623
162,189
177,700
183,069
197,414
205,782
217,747
Gross mixed income
46,138
49,064
47,969
50,062
52,396
55,510
59,479
67,817
Taxes less subsidies on production and imports
54,749
59,041
61,760
64,555
69,842
73,312
82,315
88,305
Net primary income from non-residents
-18,117
-19,533
-19,151
-18,091
-18,430
-18,150
-19,077
-20,220
Gross national income
453,231
483,295
510,735
543,138
573,487
610,471
650,230
692,163
Net secondary income from non-residents
-323
64
-21
22
-749
218
32
-18
Gross disposable income
452,908
483,359
510,714
543,160
572,738
610,689
650,262
692,146

USE OF DISPOSABLE INCOME

Final consumption expenditure
General government
87,736
92,956
96,173
101,332
108,266
114,510
120,989
127,768
Households
282,870
301,069
314,565
335,102
354,420
374,922
403,875
428,260
Total
370,606
394,025
410,738
436,434
462,686
489,432
524,864
556,029
Net saving(a)
6,063
10,750
19,646
20,654
18,836
23,068
20,471
23,610
Consumption of fixed capital
76,239
78,584
80,330
86,072
91,216
97,821
104,927
112,507
Total use of gross disposable income
452,908
483,359
510,714
543,160
572,738
610,689
650,262
692,146

(a) Net saving is derived as a balancing item.
Source: Australian System of National Accounts, 2001-02 (5204.0).

Graph 29.13 shows net saving by institutional sector as a proportion of GDP for the years 1965-66 to 2001-02. Household net saving as a percentage of GDP generally rose between 1965-66 and 1974-75, but has fallen subsequently from its high of 11.1% in 1974-75 to just 0.8% ($5.5b) in 2001-02. General government net saving was negative from 1974-75 to 1996-97 (except for 1988-89 and 1989-90). In 2001-02 it was positive at 1.4% ($9.9b). In 2001-02 net saving of non-financial corporations was 0.5% of GDP ($3.7b). Net saving of financial corporations was negative from 1981-82 to 1986-87, the only period for which this sector has recorded negative net saving. In 2001-02 net saving of financial corporations was 0.6% of GDP ($4.5b).

Graph - 29.13 Net saving, By sector - Share of GDP

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 29.14 and 29.15 show the national capital account for a number of years between 1965-66 and 2001-02; table 29.14 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.15 shows annual time series from 1994-95 to 2001-02.

29.14 NATIONAL CAPITAL ACCOUNT, Current prices - Five-yearly intervals

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

Net saving
Non-financial corporations
259
320
-1,629
102
1,427
-9,324
Financial corporations
131
278
733
308
-1,868
4,592
General government
267
551
-751
-3,174
-9,153
-6,387
Households
1,260
2,603
7,628
12,456
16,974
18,946
Total
1,917
3,752
5,980
9,692
7,379
7,826
Consumption of fixed capital
3,933
6,466
12,169
22,134
39,435
64,378
Net capital transfers receivable from non-residents
46
56
-27
167
830
2,071
Gross saving and capital transfers
6,249
10,909
18,862
32,345
47,300
74,276
Gross fixed capital formation
Private
5,082
8,388
13,328
29,256
45,959
67,027
Public corporations
951
1,371
2,790
5,584
10,664
12,271
General government
1,089
1,525
3,792
4,342
8,518
10,967
Total
7,122
11,284
19,910
39,182
65,141
90,267
Changes in inventories
Private non-farm
147
366
91
115
882
-1,125
Farm and public authorities
-63
220
89
331
-12
-241
Total
84
586
180
446
870
-1,366
Acquisitions less disposals of non-produced non-financial assets
-
-
-
-
-
-7
Statistical discrepancy(a)
-409
-815
-510
-2,053
-3,710
763
Net lending to non-residents
-899
-782
-1,454
-5,597
-14,658
-15,382
Total capital accumulation and net lending
6,249
10,909
18,862
32,345
47,300
74,276

(a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based).
Source: Australian System of National Accounts, 2001-02 (5204.0).

29.15 NATIONAL CAPITAL ACCOUNT, Current prices - Annual intervals

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m
$m
$m

Net saving
Non-financial corporations
5,082
4,125
1,994
4,253
-721
-3,864
-7,029
3,690
Financial corporations
3,810
3,073
2,076
4,234
679
3,709
8,547
4,530
General government
-17,313
-11,738
-2,996
4,082
10,333
15,251
2,976
9,934
Households
14,484
15,290
18,572
8,085
8,545
7,972
15,977
5,457
Total
6,063
10,750
19,646
20,654
18,836
23,068
20,471
23,610
Consumption of fixed capital
76,239
78,584
80,330
86,072
91,216
97,821
104,927
112,507
Net capital transfers receivable from non-residents
540
1,045
1,323
1,097
1,186
1,136
1,182
1,120
Gross saving and capital transfers
82,842
90,379
101,299
107,823
111,238
122,393
126,580
137,238
Gross fixed capital formation
Private
84,993
88,029
95,040
108,722
113,721
125,858
118,449
131,782
Public corporations
11,864
11,322
9,525
8,013
11,620
9,158
8,967
11,317
General government
12,494
12,249
13,025
12,735
13,658
15,978
16,173
15,314
Total
109,350
111,600
117,588
129,473
138,999
150,994
143,589
158,413
Changes in inventories
Private non-farm
659
-487
2,402
-418
4,675
2,556
550
704
Farm and public authorities
734
-326
-2,412
480
-13
-73
-572
-83
Total
1,393
-813
-10
62
4,662
2,483
-22
621
Acquisitions less disposals of non-produced non-financial assets
-32
-25
6
-30
19
83
73
82
Statistical discrepancy(a)
-
-
-
-
-
-
-
-1,081
Net lending to non-residents
-27,868
-20,382
-16,285
-21,680
-32,440
-31,168
-17,061
-20,797
Total capital accumulation and net lending
82,842
90,379
101,299
107,823
111,238
122,393
126,580
137,238

(a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based).
Source: Australian System of National Accounts, 2001-02 (5204.0).

Graph 29.16 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 13.1% in 1981-82. It has subsequently been above 10% except for the years 1991-92 to 1993-94, and in the last two years. In 2001-02 investment by non-financial corporations was 9.9% of GDP. Household investment has generally remained at around 9% of GDP and was 9.3% in 2001-02. General government investment as a proportion of GDP peaked at 4.8% in 1975-76. It has generally fallen since then and was 2.1% of GDP in 2001-02. Financial corporations investment peaked in 1988-89 at 1.9% of GDP. It has generally fallen since then and was 0.8% of GDP in 2001-02.

Graph - 29.16 Gross fixed capital information, By sector - Share of GDP


Graph 29.17 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 8.4%. Since then it has trended downwards, household lending being 2.4% in 2001-02. Non-financial corporations have been net borrowers over the whole period from 1965-66 to 2001-02, and the amounts borrowed have fluctuated significantly from year to year. As a proportion of GDP, their net borrowing was 1.9% in 2001-02. After being a net borrower throughout the 1980s, the financial corporations sector returned to being a net lender in 1990-91 and has remained so since then. In 2001-02 financial corporations net lending represented 0.5% of GDP. After recording a record level of borrowing in 1992-93 as a proportion of GDP (6.2%), general government borrowing steadily declined. In 1997-98 the sector became a net lender until 2000-01 when it became a net borrower again. In 2001-02 general government net borrowing represented 0.8% of GDP.

Graph - 29.17 Net lending, By sector - Share of GDP


External account

The external account is derived from the detailed balance of payments current and capital accounts (see International accounts and trade). It shows Australia's exports and imports, incomes and transfers received by Australian residents from non-residents, and incomes and transfers payable to non-residents by Australian residents. The balance on the external account is net lending to non-residents. This is the same as the balance in the national capital account.

Tables 29.18 and 29.19 show the external account for a number of years between 1965-66 and 2001-02; table 29.18 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.19 shows annual time series from 1994-95 to 2001-02.

29.18 EXTERNAL ACCOUNT, Current prices - Five-yearly intervals

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

Imports of goods and services
3,683
5,214
11,163
25,530
47,199
66,948
Primary income receivable
Compensation of employees
11
17
44
110
164
429
Property income
400
760
1,587
3,147
8,879
20,552
Total
411
777
1,631
3,257
9,043
20,981
Secondary income
169
358
773
1,264
1,797
2,422
Capital transfers to non-residents
40
78
203
320
486
653
Acquisitions less disposals of non-produced non-financial assets
-
-
-
-
-
-7
Net lending
-899
-782
-1,454
-5,597
-14,658
-15,382
Resources provided by non-residents
3,404
5,645
12,316
24,774
43,867
75,615
Exports of goods and services
3,136
5,086
11,225
22,604
38,948
66,259
Primary income payable
Compensation of employees
10
13
59
119
165
432
Property income
93
164
370
741
2,025
3,325
Total
103
177
429
860
2,190
3,757
Secondary income payable
79
248
486
823
1,413
2,875
Capital transfers from non-residents
86
134
176
487
1,316
2,724
Resources provided to non-residents
3,404
5,645
12,316
24,774
43,867
75,615

Source: Australian System of National Accounts, 2001-02 (5204.0).

29.19 EXTERNAL ACCOUNT, Current prices - Annual intervals

1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m
$m
$m

Imports of goods and services
97,654
101,078
103,590
118,482
126,453
140,323
152,636
153,959
Primary income receivable
Compensation of employees
389
458
539
792
854
963
1,065
1,035
Property income
24,669
26,215
27,175
27,683
27,864
30,960
34,191
34,098
Total
25,058
26,673
27,714
28,475
28,718
31,923
35,256
35,133
Secondary income
3,347
3,228
3,561
3,971
5,247
4,407
4,421
4,297
Capital transfers to non-residents
843
907
877
971
1,011
1,199
1,260
1,393
Acquisitions less disposals of non-produced non-financial assets
-32
-25
6
-30
19
83
73
82
Net lending
-27,868
-20,382
-16,285
-21,680
-32,440
-31,168
-17,061
-20,797
Resources provided by non-residents
99,002
111,479
119,463
130,189
129,008
146,705
176,585
174,067
Exports of goods and services
87,654
99,095
105,160
113,744
112,025
126,034
153,511
152,361
Primary income payable
Compensation of employees
551
610
678
747
797
826
896
909
Property income
6,390
6,530
7,885
9,637
9,491
12,947
15,283
14,004
Total
6,941
7,140
8,563
10,384
10,288
13,773
16,179
14,913
Secondary income payable
3,024
3,292
3,540
3,993
4,498
4,625
4,453
4,280
Capital transfers from non-residents
1,383
1,952
2,200
2,068
2,197
2,335
2,442
2,513
Resources provided to non-residents
99,002
111,479
119,463
130,189
129,008
146,705
176,585
174,067

Source: Australian System of National Accounts, 2001-02 (5204.0).

Australia has generally been a net borrower of funds from overseas. In the national accounts, this situation is reflected by a negative value for net lending to non-residents. The only exception to this pattern was in 1972-73 when Australia was a net lender to non-residents. Net borrowing from non-residents (i.e. negative net lending to non-residents), expressed as a proportion of GDP, increased significantly during the early-1980s and has remained at relatively high levels since then. Graph 29.20 shows net lending to non-residents as a proportion of GDP since 1965-66.

Graph -  29.20 Net lending to non-residents, Share of GDP

The importance of foreign trade to the Australian economy is illustrated by graph 29.21, which shows the ratios of exports and imports of goods and services to GDP for the financial years 1965-66 to 2001-02. In 2001-02 the import ratio was 21.6% and the export ratio was 21.4%.

Graph - 29.21 Exports and imports, Share of GDP


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