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Input-output tables describe the supply and disposition of the products of an entire economic system for a particular period. Tables may be compiled for industries or commodities. The ABS publishes industry by industry tables. A row in the table shows the disposition of the output of an industry and a column shows the origin of the inputs into an industry. Since the output of an industry must be equal to the sum of its inputs (including gross operating surplus and gross mixed income), the row total for an industry must be equal to the corresponding column total. They are two sides of an accounting statement. This is illustrated in the table and the diagram below, which show the flows of goods and services in respect of 1996-97.
29.22 THE AUSTRALIAN ECONOMY, Flow of goods and services - 1996-97 Explanatory Notes Input-output tables show the structure of a country's entire production system for a particular period, usually one year. They show which goods and services are produced by each industry and how they are used (e.g. some goods, such as cars, are sold to final consumers while others, such as steel, are used as inputs by other industries in producing more goods and services). The tables are based on the principle that the value of the output of each industry can be expressed as the sum of the values of all the inputs to that industry plus any profits made from production plus any taxes on production paid less any subsidies received. All the goods and services produced in a period are identified as being used as inputs by industries in their production process, being sold to final users of the goods and services (either in Australia, or overseas as exports), or contributing to the changes in inventories (an increase in inventories if more goods are produced than purchased or a run-down in inventories if purchases exceed production). For the production system as a whole, the sum of all outputs must equal the sum of all inputs and, for the economy as a whole, total supply must equal total use (inventories provide the mechanism which balances supply and use). Input-output tables are directly related to the gross domestic product account. The income side of the gross domestic product account shows the amount of income generated in the economy accruing to labour (in the form of compensation of employees) and to capital (as profits, or in national accounting terms, gross operating surplus and gross mixed income - the latter including some return to owners of businesses for their labour). The expenditure side shows the value of goods and services entering into the various categories of final uses. The I-O tables provide a much more detailed disaggregation of the gross domestic product account than is available in the national income, expenditure and product accounts. The latter only shows details of the end results of economic activity, whereas the input-output tables show the flows of goods and services through the production process. The extra detail provided by the input-output tables is essential for many analyses. A form of input-output tables called supply and use tables are used to benchmark the gross domestic product account in the national accounts. They have been produced by the ABS since 1994-95, but are not published separately. Input-output tables are used by analysts who require a detailed understanding of the economy and/or an understanding of the relationships between the various parts of the economy. They are used extensively in economic modelling. Further Reading Australian National Accounts: Concepts, Sources and Methods (5216.0) Contains a detailed explanation of the system of Australian national accounts outlining major concepts and definitions. Australian National Accounts: Input-Output Tables (5209.0) Contains detailed input-output statistics, including industry by industry flow matrices, requirement coefficient matrices, and multipliers. Australian National Accounts: Input-Output Tables (Product Details) (5215.0) Shows the value of Australian production, imports and exports for over 1,000 commodities classified to the industry from which each originates, such as agriculture, manufacturing, business services and personal services. Information Paper: Australian National Accounts: Introduction to Input-Output Multipliers (5246.0) Contains information about the compilation and interpretation of input-output multipliers.
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