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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 >> Industry Overview >> Profits, wages and output

Table 13.2 presents broadly the profits of businesses (referred to as gross operating surplus (GOS) and gross mixed income (GMI)) and the wages income of employees (referred to as compensation of employees) for 2000-01, the change over 1999-2000, and the average annual rate of growth over the years from 1992-93. GOS refers to the income from production of corporate enterprises, while GMI denotes the income from production of unincorporated enterprises.

The table shows that profits rose in 2000-01 in all industries except Construction (down 9.0%), Wholesale trade (down 5.7%), Retail trade (down 3.9%) and Transport and storage (down 2.4%). The average for profits across all industries increased 4.3% in 2000-01 over 1999-2000. From 1992-93 to 2000-01 profits grew by an average of 5.1% per year.

The strongest increases in profits in 2000-01 were recorded for Finance and insurance (17.4%), Accommodation, cafes and restaurants (14.4%), and Mining (14.2%). In the period from 1992-93 to 2000-01, there was an average annual increase in profits for every industry. Over this period, Accommodation, cafes and restaurants showed an average annual increase of 11.3%, while profits for Personal and other services increased on average by 9.9%.

The table also shows the growth in wages. Movements in wages correlate with employment in the industry and average wages per person employed. The Property and business services industry showed the largest increase (14.1%) in 2000-01. Accommodation, cafes and restaurants (up 12.6%) and the Communication services industries (up 12.5%) also showed significant wages growth in 2000-01.

The largest average annual rate of growth over the period from 1992-93 to 2000-01 was recorded in the Property and business services industry (up 11.0%), with the Accommodation, cafes and restaurants (up 8.9%) and the Agriculture, forestry and fishing industries (up 8.5%) also showing significant annual growth.

Wages in the Electricity, gas and water supply industry rose by 7.7% in 2000-01, but recorded an average annual decrease of 3.0% over the years from 1992-93 to 2000-01. Some industries showed a decrease in wages over 2000-01. These included Wholesale trade (down 4.9%), Construction (down 4.4%) and Government administration and defence (down 1.6%). However over the eight years to 2000-01 these three industries showed an average annual increase in wages.


13.2 PROFITS AND WAGES(a)

Profits (GOS and GMI(b))
Wages (compensation of
employees(c))


2000-01
Change from
1999-2000
Average annual
rate of growth
1992-93 to 2000-01
2000-01
Change
from 1999-2000
Average annual rate
of growth 1992-93
to 2000-01
Industry
$m
%
%
$m
%
%

Agriculture, forestry and fishing
15,364
5.7
4.0
5,634
10.4
8.5
Mining
24,909
14.2
6.6
6,115
5.6
3.3
Manufacturing
30,798
1.5
4.9
44,382
8.7
4.7
Electricity, gas and water supply
12,441
4.5
4.1
3,478
7.7
-3.0
Construction
16,589
-9.0
4.7
16,125
-4.4
5.3
Wholesale trade
8,389
-5.7
2.4
20,323
-4.9
3.9
Retail trade
6,801
-3.9
0.1
25,277
5.5
6.6
Accommodation, cafes and restaurants
5,158
14.4
11.3
10,744
12.6
8.9
Transport and storage
11,980
-2.4
2.5
18,923
8.3
5.3
Communication services
10,552
2.2
7.8
8,380
12.5
4.7
Finance and insurance
18,490
17.4
5.1
21,555
10.9
7.6
Property and business services
23,140
3.8
4.8
49,549
14.1
11.0
Government administration and defence
3,839
8.5
4.4
20,097
-1.6
3.9
Education
3,354
9.2
6.0
25,551
7.9
4.7
Health and community services
6,451
9.8
5.0
30,487
9.2
5.5
Cultural and recreational services
5,462
8.2
6.6
5,576
3.4
7.7
Personal and other services
3,596
0.7
9.9
10,442
0.3
4.9
Ownership of dwellings
57,328
4.7
6.0
. .
. .
. .
All industries
264,641
4.3
5.1
322,638
6.7
5.9

(a) At current prices.
(b) GOS (gross operating surplus). GMI (gross mixed income).
(c) This was formerly known as wages, salaries and supplements.

Source: Australian System of National Accounts, 2000-01 (5204.0).


Table 13.3 shows the growth in each industry’s gross value added in terms of chain volume measures, in 2000-01 and over the longer term as an annual average over the years from 1992-93 to 2000-01. While estimates in current price terms, shown in tables 13.1 and 13.2, reflect both price and volume changes, chain volume estimates reflect only volume changes, as the direct effect of price changes has been eliminated from the estimates. For more information on chain volume measures see the section Chain volume or ‘real’ GDP in National accounts.

The three industries showing the largest growth in gross value added in 2000-01 were Culture and recreation (11.2%), Communication services (10.3%) and Property and business services (9.3%). The Construction industry showed the largest decrease in gross value added over 2000-01 (down 17.6%).

The largest annual average increase in gross value added over the years from 1992-93 to 2000-01 was recorded in the Communication services industry (10.4% per year).


13.3 INDUSTRY GROSS VALUE ADDED, Chain volume measures(a)

2000-01
Change from 1999-2000
Average annual rate of
growth 1992-93 to 2000-01
Industry
$m
%
%

Agriculture, forestry and fishing
19,376
-4.1
2.6
Mining
29,738
5.8
4.7
Manufacturing
74,240
0.5
2.7
Electricity, gas and water supply
15,988
3.1
2.3
Construction
29,534
-17.6
2.3
Wholesale trade
32,332
-0.9
5.7
Retail trade
32,901
0.8
3.9
Accommodation, cafes and restaurants
14,679
1.7
4.8
Transport and storage
31,432
0.9
4.0
Communication services
20,362
10.3
10.4
Finance and insurance
40,417
4.6
4.6
Property and business services
73,829
9.3
6.2
Government administration and defence
24,829
3.2
2.4
Education
27,540
1.6
1.7
Health and community services
35,191
2.7
3.5
Cultural and recreational services
12,105
11.2
4.0
Personal and other services
15,415
7.2
5.1
Ownership of dwellings
60,478
4.1
4.0
Taxes less subsidies on products
50,765
-1.2
4.3
Statistical discrepancy (production-based)
220
. .
. .
All industries (GDP)
641,370
1.9
4.0

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

Source: Australian System of National Accounts, 2000-01 (5204.0).


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