The value of a commodity at basic prices is equal to its value when it leaves the producer, before the application of indirect taxes (less subsidies) and trade margins, and transport margins invoiced separately by the producer.
Free on board (f.o.b.)
Imports are priced on a free on board country of origin basis. This means that freight and insurance charges involved in shipping the goods from foreign to Australian ports are excluded from the prices, as are Australian import duties.
Gross domestic product (GDP)
The total market value of goods and services produced in Australia after deducting the cost of goods and services used up in the process of production (intermediate consumption), but before deducting consumption of fixed capital.
Gross national expenditure
The total expenditure within a given period on final goods and services (i.e. excluding goods and services used up during the period in the process of production) bought by Australian residents.
Gross operating surplus
A measure of the surplus accruing to owners of incorporated enterprises from processes of production before deducting any explicit or implicit interest charges, rents or property incomes payable on the financial assets, land or other tangible non-produced assets required to carry on the production and before deducting consumption of fixed capital. The income earned by unincorporated enterprises from production is called mixed income, because it includes the labour income of the owners.
The market value of all the goods and services produced in Australia (before deducting intermediate consumption to derive Gross domestic product).
Index number series
A series of numbers measuring movement over time from a reference period value. The reference value is normally represented by an index number of 100.0.
Taxes assessed on producers, on the production, sale, purchase, or use of goods and services.
The sum of Gross domestic product and the value of imports of goods and services.
An indicator used to measure the proportionate changes in the prices of a specified set of goods and services.
The value of a commodity at purchasers’ prices is equal to its basic price plus indirect taxes (less subsidies) and margins (e.g. wholesale, retail, freight).