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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
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| | 1965-66 | 1970-71 | 1975-76 | 1980-81 | 1985-86 | 1990-91 |
| | $m | $m | $m | $m | $m | $m |
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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 |
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Source: Australian System of National Accounts (5204.0). |
29.5 GDP ACCOUNT, Current prices - Annual intervals
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| | 1993-94 | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 |
| | $m | $m | $m | $m | $m | $m | $m | $m |
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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 |
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Source: Australian System of National Accounts (5204.0). |
29.6 EXPENDITURE ON GDP, Chain volume measures(a)
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| | 1993-94 | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 |
| | $m | $m | $m | $m | $m | $m | $m | $m |
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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 |
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(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.
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