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1301.0 - Year Book Australia, 2002  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 25/01/2002   
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Contents >> Introduction >> National Balance Sheet

The national balance sheet provides estimates of the value of Australia's produced, non-produced and financial assets, its liabilities to the rest of the world, and the net worth (defined as the difference between total assets and liabilities, including the value of equity in Australian enterprises owned by non-residents) of the total economy. The major national and sectoral balance sheet tables are published in Australian System of National Accounts (5204.0). Balance sheets are provided for each of the four domestic sectors: non-financial corporations, financial corporations, general government and households (including unincorporated enterprises and non-profit institutions serving households).

The non-produced assets included in the balance sheet cover experimental estimates of the value of some of Australia's natural resources: subsoil assets, timber available for log production and land. The monetary estimates of natural resources contained in the balance sheet are underpinned by physical estimates of particular natural resources. The monetary estimates of these natural resources should be considered in conjunction with the physical estimates. Valuation of natural resources is a difficult and contentious undertaking. The ABS continues to work with agencies, in Australia and abroad, to explore the best approaches to the measurement of the physical resources as well as the valuation of these resources, but it will be some time before there is an agreed approach. For this reason the estimates of natural resources presented in the balance sheet are considered to be experimental.

The natural resource estimates are used to monitor the availability and exploitation of these resources and to assist in the formulation of environmental policies. More generally, data on the level, composition and change in assets and liabilities shown in the balance sheet indicate the extent of economic resources available to and claims on a nation and each of its institutional sectors.

Sectoral balance sheets provide information necessary for analysing a number of topics; for example, the estimation of household liquidity; and the computation of widely used ratios, such as assets to liabilities, net worth to total liabilities, non-financial to financial assets, and debt to income. In a period of concern about the level of saving in Australia, national and sector balance sheets provide additional information on the relationships between consumption, saving and wealth accumulation.

The ABS will continue to develop estimates of the value of Australia's assets for inclusion in national balance sheets as additional data become available. Estimation techniques will be refined as research in Australia and abroad explores issues relating to the valuation of natural resources. Development work is being undertaken on estimating non-produced intangible assets, such as patents and goodwill; they may be included in the national balance sheet in future years.


Balance sheet estimates

Australia's net worth at 30 June 2000 is estimated at $2,431.4b, an increase of $159.8b (7.0%) since June 1999. Of the increase, $22.5b was due to transactions (both capital and financial), and $137.3b was due to revaluations and other flows (including discoveries of subsoil assets). The average annual rise over the period 30 June 1992 to 30 June 2000 was 5.2%. Net worth relative to annual GDP has fallen from 4.0:1 at the end of June 1992 to 3.8:1 at the end of June 1996, and has maintained this ratio since. Graph 29.24 shows that the net worth series exhibited the strongest growth during the years 1996-97 to 1999-2000 when annual rates of over 5% were achieved.





Total produced assets at 30 June 2000 are estimated at $1,764.4b, an increase of 5.4% from the level at end of June 1999 (table 29.25). The estimated value of produced assets rose at an average annual rate of 4.5% between 30 June 1992 and 30 June 2000, and consistently accounted for over 70% of net worth. Dwellings, other buildings and structures, and machinery and equipment represent about 90% of total produced assets. While computer software has consistently accounted for only 1% of total produced assets over the period, the series has exhibited by far the strongest growth of produced assets, with an average annual growth over the last eight years of 12.3%.

29.25 CONSOLIDATED BALANCE SHEET, Australia - As at 30 June

1992

$b
1993

$b
1994

$b
1995

$b
1996

$b
1997

$b
1998

$b
1999

$b
2000

$b

Total assets
1,949.5
2,053.4
2,161.0
2,299.3
2,369.0
2,529.5
2,711.7
2,899.2
3,138.7
Non-financial assets
1,826.8
1,914.2
2,011.8
2,121.0
2,182.9
2,310.1
2,452.4
2,628.7
2,835.2
Produced assets -
1,244.2
1,288.4
1,341.9
1,406.0
1,452.6
1,501.0
1,577.8
1,673.9
1,764.4
- Fixed assets
1,161.2
1,202.3
1,251.4
1,311.2
1,357.8
1,405.4
1,480.3
1,572.1
1,656.1
- Dwellings
384.2
400.8
424.3
450.0
468.4
484.5
508.5
546.6
589.5
- Other buildings and structures
516.4
524.1
540.8
564.9
588.2
613.2
641.8
678.1
706.4
- Machinery and equipment
239.7
253.2
259.3
268.8
273.4
279.5
299.3
312.9
321.8
- Livestock - fixed assets
12.7
14.7
16.4
16.2
16.1
15.4
16.5
17.7
17.8
- Computer software
7.9
9.2
10.2
10.9
11.3
12.3
13.7
16.2
20.0
- Entertainment, literary or artistic originals
0.3
0.3
0.4
0.4
0.4
0.5
0.5
0.6
0.6
- Inventories
83.0
86.1
90.5
94.8
94.8
95.6
97.5
101.8
108.3
- Private non-farm(a)
63.7
66.2
68.8
73.0
73.2
74.2
74.7
78.8
85.2
- Farm
6.0
5.6
6.1
6.6
6.6
6.4
6.7
6.3
6.4
- Public authorities(b)
3.6
3.4
3.4
3.6
3.6
3.2
3.4
3.7
3.6
- Livestock - inventories
5.2
5.6
6.0
5.7
5.3
5.0
5.1
5.2
5.1
- Plantation standing timber
4.5
5.3
6.2
5.9
6.1
6.8
7.6
7.8
8.0
- Non-produced assets
582.6
625.8
669.9
715.0
730.2
809.1
874.6
954.8
1,070.8
- Land
525.3
557.5
597.5
625.3
643.3
710.2
768.9
835.2
916.7
- Subsoil assets(c)
55.8
66.6
70.5
87.5
84.7
96.7
103.4
117.3
151.7
- Native standing
timber (c)
1.5
1.7
1.9
2.2
2.2
2.2
2.3
2.3
2.4
- Financial assets with the rest of the world (d)
122.7
139.2
149.2
178.3
186.1
219.4
259.3
270.5
303.5
- Monetary gold and SDRs
4.0
4.6
4.3
4.4
3.9
1.8
1.3
1.1
1.4
- Currency and deposits
3.2
3.4
3.7
4.1
4.0
10.0
20.0
17.6
18.3
- Securities other than shares
25.4
28.6
25.3
36.2
37.2
39.9
38.3
45.7
49.5
- Loans and placements
17.7
20.9
22.9
24.8
26.9
30.2
38.7
40.5
41.9
- Shares and other equity
65.2
73.4
85.1
100.1
104.7
125.4
146.9
152.6
177.6
- Other accounts receivable
7.2
8.3
7.9
8.8
9.4
12.2
14.1
12.9
14.9
Liabilities to the rest of the world (d) -
323.5
356.0
387.6
432.3
466.4
521.2
582.8
627.6
707.3
- Currency and deposits
7.9
8.4
10.2
17.9
17.9
21.9
34.3
40.1
42.9
- Securities other than shares
138.3
152.7
148.8
179.5
199.8
224.9
246.7
242.5
268.9
- Loans and placements
64.0
69.6
67.4
60.2
52.9
52.9
54.0
58.3
73.0
- Shares and other equity
110.8
122.5
156.1
168.8
190.5
215.3
240.0
277.7
313.2
- Other accounts payable
2.5
2.8
5.1
6.0
5.2
6.2
7.8
9.1
9.3
Net worth
1,626.0
1,697.4
1,773.4
1,867.0
1,902.6
2,008.3
2,128.9
2,271.6
2,431.4

MEMORANDUM ITEMS
Consumer durables -
97.1
101.5
105.1
109.8
113.1
111.8
115.3
117.6
120
Direct investment -
- Foreign investment in Australia
104.9
114.3
119.3
123.4
137.2
148.7
155
171.6
193.2
- Australian investment abroad
46.3
52.7
54.7
62.4
66.3
77.4
91.2
90.3
96.6
- Non-rateable land
n.a.
26.9
28.3
30.2
30.2
37.9
38.2
38.2
39.9

(a) Includes for all periods the marketing authorities privatised in July 1999.
(b) Includes for all periods the remaining public marketing authorities.
(c) These estimates are regarded as experimental.
(d) Series break at 30 June 1995. See Information Paper: Upgraded Australian National Accounts: Financial Accounts (5254.0).

Source: Australian System of National Accounts (5204.0).


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