Australian Bureau of Statistics
Celebrating the International Year of Statistics 2013

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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.