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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 29.10 and 29.11 show the income account for a number of years between 1965-66 and 1999-2000; table 29.10 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.11 shows annual time series from 1991-92 to 1999-2000.
29.10 NATIONAL INCOME ACCOUNT, Current Prices - Five-Yearly |
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| 1965-66
$m | 1970-71
$m | 1975-76
$m | 1980-81
$m | 1985-86
$m | 1990-91
$m |
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Income | | | | | | |
Compensation of employees | 11,329 | 19,320 | 43,919 | 75,044 | 123,434 | 191,491 |
Gross operating surplus | 5,131 | 9,253 | 17,359 | 36,267 | 68,950 | 118,891 |
Gross mixed income | 3,919 | 5,421 | 9,867 | 18,745 | 27,578 | 40,847 |
Taxes less subsidies on production and imports | 2,087 | 3,163 | 7,872 | 14,733 | 27,801 | 43,357 |
Net primary income from non-residents | -308 | -600 | -1,202 | -2,397 | -6,853 | -17,222 |
Gross national income | 22,158 | 36,557 | 77,815 | 142,392 | 240,910 | 377,364 |
Net secondary income from non-residents | -63 | -25 | -133 | -164 | 313 | 222 |
Gross disposable income | 22,068 | 36,447 | 77,528 | 141,951 | 240,526 | 377,586 |
Use of gross disposable income | | | | | | |
Final consumption expenditure - | | | | | | |
- General government | 3,089 | 5,498 | 15,177 | 27,374 | 50,249 | 74,776 |
- Households | 13,401 | 21,011 | 44,681 | 82,877 | 143,070 | 232,411 |
- Total final consumption expenditure | 16,490 | 26,509 | 59,858 | 110,251 | 193,319 | 307,187 |
Net saving(a) | 2,461 | 4,674 | 6,645 | 10,746 | 8,884 | 8,121 |
Consumption of fixed capital | 3,117 | 5,264 | 11,025 | 20,954 | 38,323 | 62,278 |
Total use of gross disposable income | 22,068 | 36,447 | 77,528 | 141,951 | 240,526 | 377,586 |
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(a) Net saving is derived as a balancing item. |
Source: Australian System of National Accounts (5204.0). |
29.11 NATIONAL INCOME ACCOUNT, Current Prices - Annual |
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| 1991-92
$m | 1992-93
$m | 1993-94
$m | 1994-95
$m | 1995-96
$m | 1996-97
$m | 1997-98
$m | 1998-99
$m | 1999-2000
$m |
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Income | | | | | | | | | |
Compensation of employees | 194,718 | 201,085 | 210,744 | 225,462 | 240,835 | 257,193 | 268,646 | 286,761 | 303,134 |
Gross operating surplus | 124,536 | 133,602 | 141,949 | 148,066 | 158,161 | 164,150 | 178,091 | 182,585 | 197,430 |
Gross mixed income | 40,482 | 43,437 | 44,094 | 45,104 | 49,228 | 49,384 | 53,016 | 55,715 | 59,485 |
Taxes less subsidies on production and imports | 42,751 | 44,181 | 49,424 | 54,749 | 58,751 | 61,443 | 64,900 | 70,356 | 72,093 |
Net primary income from non-residents | -14,054 | -12,682 | -13,534 | -18,118 | -19,533 | -19,307 | -18,005 | -18,328 | -18,591 |
Gross national income | 388,433 | 409,623 | 432,677 | 455,263 | 487,442 | 512,863 | 546,648 | 577,089 | 613,550 |
Net secondary income from non-residents | -134 | -350 | -339 | -528 | -171 | -177 | -75 | -778 | 94 |
Gross disposable income | 388,299 | 409,273 | 432,338 | 454,735 | 487,271 | 512,686 | 546,573 | 576,311 | 613,644 |
Use of gross disposable income | | | | | | | | | |
Final consumption expenditure - | | | | | | | | | |
- General government | 79,729 | 82,877 | 85,010 | 88,021 | 93,362 | 96,226 | 101,291 | 108,733 | 117,773 |
- Households | 244,211 | 255,330 | 266,278 | 282,800 | 301,776 | 315,235 | 335,049 | 353,757 | 373,313 |
- Total final consumption expenditure | 323,940 | 338,207 | 351,288 | 370,821 | 395,138 | 411,461 | 436,340 | 462,490 | 491,086 |
Net saving(a) | -297 | 2,752 | 8,717 | 9,034 | 13,638 | 20,957 | 24,367 | 22,312 | 25,027 |
Consumption of fixed capital | 64,656 | 68,314 | 72,333 | 74,880 | 78,495 | 80,268 | 85,866 | 91,509 | 97,531 |
Total use of gross disposable income | 388,299 | 409,273 | 432,338 | 454,735 | 487,271 | 512,686 | 546,573 | 576,311 | 613,644 |
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(a) Net saving is derived as a balancing item. |
Source: Australian System of National Accounts (5204.0). |
Graph 29.12 shows net saving by institutional sector as a proportion of GDP for the years 1965-66 to 1999-2000. Household net saving as a percentage of GDP generally rose between 1965-66 and 1974-75, but has fallen subsequently from its high of 12.1% in 1974-75 to just 1.5% in 1999-2000 ($9.7b). General government net saving was negative from 1974-75 to 1996-97 (except for 1988-89 and 1989-90). In 1999-2000 it was 1.1% of GDP ($7.1b). In 1999-2000 net saving of non-financial corporations was 0.8% of GDP ($5.0b). 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 1999-2000 net saving of financial corporations was 0.5% of GDP ($3.2b).
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