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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 >> 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 29.12 and 29.13 show the national capital account for a number of years between 1965-66 and 2000-01; table 29.12 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.13 shows annual time series from 1993-94 to 2000-01.


29.12 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
-9,382
Financial corporations
131
278
733
308
-1,868
4,587
General government
277
567
-701
-3,006
-8,826
-5,584
Households
1,249
2,587
7,576
12,287
16,646
18,206
Total
1,916
3,752
5,979
9,691
7,379
7,827
Consumption of fixed capital
3,936
6,465
12,174
22,120
39,435
64,378
Net capital transfers receivable from non-residents
46
56
-27
167
830
2,071
Gross saving and capital transfers
5,898
10,273
18,126
31,978
47,644
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
10,966
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
-3,709
764
Net lending to non-residents
-899
-782
-1,454
-5,597
-14,658
-15,382
Total capital accumulation and net lending
5,898
10,273
18,126
31,978
47,644
74,276

(a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based).

Source: Australian System of National Accounts (5204.0).


29.13 NATIONAL CAPITAL 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

Net saving
Non-financial corporations
8,036
5,015
4,030
1,521
3,537
-3,734
-8,297
-7,447
Financial corporations
5,615
3,801
3,065
2,098
4,065
2,276
3,862
8,827
General government
-18,228
-16,331
-10,689
-1,847
5,082
9,582
15,351
207
Households
13,815
13,553
14,311
17,828
7,883
10,049
8,756
16,921
Total
9,238
6,038
10,717
19,600
20,567
18,173
19,672
18,508
Consumption of fixed capital
73,773
76,264
78,617
80,376
86,160
91,316
97,663
104,292
Net capital transfers receivable from non-residents
300
540
1,045
1,323
1,097
1,186
1,136
1,182
Gross saving and capital transfers
83,311
82,842
90,379
101,299
107,824
110,675
118,471
123,982
Gross fixed capital formation
Private
76,755
84,993
88,029
95,040
108,722
112,831
123,896
115,431
Public corporations
9,957
11,864
11,322
9,525
8,013
11,468
9,277
9,418
General government
11,748
12,492
12,247
13,025
12,735
13,407
15,878
16,401
Total
98,461
109,349
111,599
117,589
129,472
137,703
149,055
141,247
Changes in inventories
Private non-farm
1,316
659
-487
2,402
-418
5,165
1,837
918
Farm and public authorities
-22
734
-326
-2,412
480
-13
-76
-552
Total
1,294
1,393
-813
-10
62
5,152
1,761
366
Acquisitions less disposals of non-produced non-financial assets
-17
-32
-25
6
-30
19
83
107
Statistical discrepancy(a)
-697
-
-
-
-
-
-
-127
Net lending to non-residents
-15,730
-27,868
-20,382
-16,286
-21,680
-32,199
-32,427
-17,611
Total capital accumulation and net lending
83,311
82,842
90,379
101,299
107,824
110,675
118,471
123,982

(a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based).

Source: Australian System of National Accounts (5204.0).


Graph 29.14 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 to 1993-94, and 2000-01 (9.4%). Household investment as a proportion of GDP was 8.2% in 2000-01. General government investment as a proportion of GDP peaked at 4.8% in 1975-76. It has generally fallen since then and was 2.4% of GDP in 2000-01. Financial corporations investment peaked in 1988-89 and 1989-90 at 1.9% of GDP. It has generally fallen since then and was 1.0% of GDP in 2000-01.

Graph - 29.14 gross fixed capital formation, by sector - share of gdp



Graph 29.15 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, and in four 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 3.2% in 2000-01. 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 2000-01 financial corporations net lending represented 1.0% 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 2000-01 general government net borrowing represented 0.8% of GDP.

Graph - 29.15 net lending, by sector - share of gdp



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