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The external account is derived from the detailed balance of payments current and capital accounts (see International accounts and trade). It shows Australia's exports and imports, incomes and transfers received by Australian residents from non-residents, and incomes and transfers payable to non-residents by Australian residents. The balance on the external account is net lending to non-residents. This is the same as the balance in the national capital account.
Tables 29.16 and 29.17 show the external account for a number of years between 1965-66 and 2000-01; table 29.16 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.17 shows annual time series from 1993-94 to 2000-01.
29.16 EXTERNAL 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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Imports of goods and services | 3,683 | 5,214 | 11,163 | 25,530 | 47,199 | 66,948 |
Primary income receivable | | | | | |
| Compensation of employees | 11 | 17 | 44 | 110 | 164 | 429 |
| Property income | 400 | 760 | 1,587 | 3,147 | 8,879 | 20,552 |
| Total | 411 | 777 | 1,631 | 3,257 | 9,043 | 20,981 |
Secondary income | 169 | 358 | 773 | 1,264 | 1,797 | 2,422 |
Capital transfers to non-residents | 40 | 78 | 203 | 320 | 486 | 653 |
Acquisitions less disposals of non-produced non-financial assets | - | - | - | - | - | -7 |
Net lending | -899 | -782 | -1,454 | -5,597 | -14,658 | -15,382 |
Resources provided by non-residents | 3,404 | 5,645 | 12,316 | 24,774 | 43,867 | 75,615 |
Exports of goods and services | 3,136 | 5,086 | 11,225 | 22,604 | 38,948 | 66,259 |
Primary income payable | | | | | | |
| Compensation of employees | 10 | 13 | 59 | 119 | 165 | 432 |
| Property income | 93 | 164 | 370 | 741 | 2,025 | 3,325 |
| Total | 103 | 177 | 429 | 860 | 2,190 | 3,757 |
Secondary income payable | 79 | 248 | 486 | 823 | 1,413 | 2,875 |
Capital transfers from non-residents | 86 | 134 | 176 | 487 | 1,316 | 2,724 |
Resources provided to non-residents | 3,404 | 5,645 | 12,316 | 24,774 | 43,867 | 75,615 |
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Source: Australian System of National Accounts (5204.0). |
29.17 EXTERNAL 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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Imports of goods and services | 85,396 | 97,654 | 101,078 | 103,590 | 118,482 | 126,453 | 140,323 | 152,424 |
Primary income receivable | | | | | | | | |
| Compensation of employees | 283 | 389 | 458 | 539 | 792 | 854 | 963 | 1,065 |
| Property income | 19,031 | 24,669 | 26,215 | 27,175 | 27,683 | 27,598 | 31,185 | 33,975 |
| Total | 19,314 | 25,058 | 26,673 | 27,714 | 28,475 | 28,452 | 32,148 | 35,040 |
Secondary income | 3,241 | 3,347 | 3,228 | 3,561 | 3,971 | 5,247 | 4,407 | 4,387 |
Capital transfers to non-residents | 758 | 843 | 907 | 877 | 971 | 1,011 | 1,199 | 1,260 |
Acquisitions less disposals of non-produced non-financial assets | -17 | -32 | -25 | 6 | -30 | 19 | 83 | 107 |
Net lending | -15,730 | -27,868 | -20,382 | -16,286 | -21,680 | -32,199 | -32,427 | -17,611 |
Resources provided by non-residents | 92,962 | 99,002 | 111,479 | 119,463 | 130,189 | 128,983 | 145,734 | 175,607 |
Exports of goods and services | 83,015 | 87,654 | 99,095 | 105,160 | 113,744 | 112,025 | 125,972 | 153,131 |
Primary income payable | | | | | | | | |
| Compensation of employees | 511 | 551 | 610 | 678 | 747 | 797 | 826 | 901 |
| Property income | 5,269 | 6,390 | 6,530 | 7,885 | 9,637 | 9,466 | 11,976 | 14,568 |
| Total | 5,780 | 6,941 | 7,140 | 8,563 | 10,384 | 10,263 | 12,802 | 15,469 |
Secondary income payable | 3,109 | 3,024 | 3,292 | 3,540 | 3,993 | 4,498 | 4,625 | 4,565 |
Capital transfers from non-residents | 1,058 | 1,383 | 1,952 | 2,200 | 2,068 | 2,197 | 2,335 | 2,442 |
Resources provided to non-residents | 92,962 | 99,002 | 111,479 | 119,463 | 130,189 | 128,983 | 145,734 | 175,607 |
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Source: Australian System of National Accounts (5204.0). |
Australia has generally been a net borrower of funds from overseas. In the national accounts, this situation is reflected by a negative value for net lending to non-residents. The only exception to this pattern was in 1972-73 when Australia was a net lender to non-residents. Net borrowing from non-residents (i.e. negative net lending to non-residents), expressed as a proportion of GDP, increased significantly during the early 1980s and has remained at relatively high levels since then. Graph 29.18 shows net lending to non-residents as a proportion of GDP since 1965-66.
The importance of foreign trade to the Australian economy is illustrated by graph 29.19, which shows the ratios of exports and imports of goods and services to GDP for the financial years 1965-66 to 2000-01. In 2000-01 the import ratio was 22.75% and the export ratio was 22.85%.
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