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1301.0 - Year Book Australia, 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/01/2003   
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Contents >> National Accounts >> GDP account

The GDP account indicates changes in Australian production over time. Tables 29.4 and 29.5 show the GDP account in current prices for a number of years between 1965-66 and 2000-01; table 29.4 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.5 shows annual time series from 1993-94 to 2000-01. Table 29.6 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 (0.3%), 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 and moderate growth in 2000-01 of 1.9%.


29.4 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
60,174
111,220
194,262
308,389
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
38,932
80,264
150,848
260,273
397,290
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)
-571
-940
-1,065
-2,264
-4,081
786
Gross domestic product
22,980
37,864
79,262
145,659
247,942
397,387
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)
-162
-125
-555
-211
-372
22
Gross domestic product
22,980
37,864
79,262
145,659
247,942
397,387

Source: Australian System of National Accounts (5204.0).


29.5 GDP ACCOUNT, Current prices - Annual intervals

1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
$m
$m
$m
$m
$m
$m
$m
$m

Final consumption expenditure
General government
84,441
87,736
92,955
96,176
101,332
108,215
118,038
125,189
Households
265,897
282,870
301,069
314,565
335,101
354,951
374,712
402,685
Total
350,338
370,606
394,024
410,741
436,433
463,166
492,750
527,874
Gross fixed capital formation
Private
76,755
84,993
88,029
95,040
108,722
112,831
123,896
115,431
Public
21,706
24,357
23,570
22,551
20,748
24,875
25,155
25,819
Total
98,461
109,349
111,599
117,589
129,472
137,703
149,055
141,247
Changes in inventories
1,294
1,393
-813
-10
62
5,152
1,761
366
Gross national expenditure
450,093
481,348
504,810
528,320
565,967
606,021
643,566
669,487
Exports of goods and services
83,015
87,654
99,095
105,160
113,744
112,025
125,972
153,131
less Imports of goods and services
85,396
97,654
101,078
103,590
118,482
126,453
140,323
152,424
Statistical discrepancy (expenditure-based)
-1,231
-
-
-
-
-
-
-165
Gross domestic product
446,480
471,348
502,828
529,886
561,229
591,592
629,212
670,029
Compensation of employees
211,802
224,450
241,100
257,968
268,912
287,086
302,312
322,638
Gross operating surplus
141,384
146,011
153,623
161,658
176,833
181,186
196,137
206,349
Gross mixed income
44,465
46,138
49,064
48,500
50,929
53,590
57,666
58,292
Total factor income
397,651
416,599
443,787
468,126
496,674
521,862
556,115
587,279
Taxes less subsidies on production and imports
49,363
54,749
59,041
61,760
64,555
69,730
73,097
82,788
Statistical discrepancy (income-based)
-534
-
-
-
-
-
-
-38
Gross domestic product
446,480
471,348
502,828
529,886
561,229
591,592
629,212
670,029

Source: Australian System of National Accounts (5204.0).


29.6 EXPENDITURE ON GDP, Chain volume measures(a)

1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
$m
$m
$m
$m
$m
$m
$m
$m

Final consumption expenditure
General government
95,000
98,092
102,065
103,536
107,445
112,233
118,037
121,470
Households
291,581
305,881
317,505
326,712
342,374
359,900
374,712
384,933
Total
386,492
403,911
419,499
430,220
449,819
472,152
492,749
506,403
Gross fixed capital formation
Private
76,647
85,061
87,820
97,006
110,159
113,628
123,899
111,421
Public
21,306
24,054
23,146
22,573
20,717
24,574
25,154
25,675
Total
97,296
108,379
110,486
119,141
130,524
138,225
149,053
137,096
Domestic final demand
483,446
512,546
530,053
549,654
580,599
610,301
641,802
643,499
Changes in inventories
1,105
3,312
-291
-765
-62
4,462
1,760
1,528
Gross national expenditure
483,640
514,654
530,526
550,187
581,206
615,417
643,563
645,027
Exports of goods and services
85,288
89,441
98,591
108,925
112,949
115,255
125,972
134,863
less Imports of goods and services
81,391
94,842
98,667
108,465
119,010
124,752
140,323
138,358
Statistical discrepancy (expenditure-based)
-1,355
-
-
-
-
-
-
-162
Gross domestic product
487,608
507,945
529,355
548,815
573,244
603,447
629,212
641,370

(a) Reference year for chain volume measures is 1999-2000.

Source: Australian System of National Accounts (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 29.7 and 29.8 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 remains below the level recorded for most of the 1970s and early 1980s. In 2000-01, the profits share of total factor income of 23.3% was slightly lower than its highest share of 23.9%, recorded in 1993-94, but remains at a relatively high level compared with earlier periods.

Graph - 29.7 wages share of total factor income



Graph- 29.8 profits share of total factor income


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