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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 29.9 and 29.10 show the income account for a number of years between 1965-66 and 2000-01; table 29.9 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.10 shows annual time series from 1993-94 to 2000-01.
29.9 NATIONAL INCOME 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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INCOME |
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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 |
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USE OF DISPOSABLE INCOME |
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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 |
Net saving(a) | 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 |
Total use of gross disposable income | 22,744 | 37,279 | 78,328 | 143,032 | 241,077 | 380,594 |
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(a) Net saving is derived as a balancing item. |
Source: Australian System of National Accounts (5204.0). |
29.10 NATIONAL INCOME 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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INCOME |
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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 |
Taxes less subsidies on production and imports | 49,363 | 54,749 | 59,041 | 61,760 | 64,555 | 69,730 | 73,097 | 82,788 |
Net primary income from non-residents | -13,534 | -18,117 | -19,533 | -19,151 | -18,091 | -18,189 | -19,346 | -19,571 |
Gross national income | 433,480 | 453,231 | 483,295 | 510,735 | 543,138 | 573,403 | 609,866 | 650,496 |
Net secondary income from non-residents | -132 | -323 | 64 | -21 | 22 | -749 | 218 | 178 |
Gross disposable income | 433,348 | 452,908 | 483,359 | 510,714 | 543,160 | 572,654 | 610,084 | 650,674 |
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USE OF DISPOSABLE INCOME |
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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 |
Net saving(a) | 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 |
Total use of gross disposable income | 433,348 | 452,908 | 483,359 | 510,714 | 543,160 | 572,654 | 610,084 | 650,674 |
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(a) Net saving is derived as a balancing item. |
Source: Australian System of National Accounts (5204.0). |
Graph 29.11 shows net saving by institutional sector as a proportion of GDP for the years 1965-66 to 2000-01. 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 2.5% in 2000-01 ($16.9b). General government net saving was negative from 1974-75 to 1996-97 (except for 1988-89 and 1989-90). In 2000-01 it was just positive at $0.2b. In 2000-01 net saving of non-financial corporations was -1.1% of GDP (-$7.4b). Net saving of financial corporations was negative from 1982-83 to 1986-87, the only period for which this sector has recorded negative net saving. In 2000-01 net saving of financial corporations was 1.3% of GDP ($8.8b).
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