5204.0.55.009 - Information Paper: Australian National Accounts, Distribution of Household Income, Consumption and Wealth, 2009-10  
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 16/08/2013  First Issue
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Accounts with financial institutions

Current balances of the accounts held with banks or any other financial institutions, e.g. credit unions, building societies, insurance companies, finance companies. Examples of types of accounts include: passbook, statement, cheque or term deposit accounts.

Actual consumption

To allow for the fact that the consumption of goods and services by households may be paid for, in cash or in kind, by the general government sector an alternative measure of consumption called actual consumption has been defined. It is measured by first separating government final consumption expenditure (GFCE) into individual and collective consumption. Individual consumption refers to services that are provided by general government to households which are consumed individually, for example health and education. Collective consumption, on the other hand, relates to the provision of public services such as policing and defence. Household actual consumption is measured as household final consumption expenditure plus individual consumption within GFCE. General government actual consumption is measured as GFCE less individual consumption. Actual consumption is a particularly useful measure for international comparison since countries often have different systems for providing individual services.

Adjusted disposable income

Consistent with the estimation of an alternative measure of consumption (see Actual consumption) an alternative measure of disposable income can also be measured. Adjusted household disposable income is measured by adding the value of individual consumption (recorded as transfers in kind on the income side of the account) to gross disposable income.


Assets are a store of value over which ownership rights are enforced by institutional units, individually or collectively, and from which economic benefits may be derived by their owners by holding them, or using them, over a period of time (the economic benefits consist of primary incomes derived from the use of the asset and the value, including possible holding gains/losses, that could be realised by disposing of the asset or terminating it).

Child Care Benefit (CCB)

Assistance in the form of a payment made by the Australian Government to help with the costs of child care for families who use either approved or registered child care. The scheme is means-tested and families can either receive Child Care Benefit (CCB) as a lump sum payment, or as reduced child care fees.

Classification of Individual Consumption According to Purpose (COICOP)

The international standard classification framework for classifying consumption expenditures on goods and services.

Compensation of employees

The total remuneration, in cash or in kind, payable by an enterprise to an employee in return for work done by the employee during the accounting period. It is further classified into two sub-components: wages and salaries; and employers’ social contributions. Compensation of employees is not payable in respect of unpaid work undertaken voluntarily, including the work done by members of a household within an unincorporated enterprise owned by the same household. Compensation of employees excludes any taxes payable by the employer on the wage and salary bill (e.g. payroll tax). See also Employers’ social contributions; Wages and salaries.

Consumption of fixed capital

The reduction in the value of fixed assets used in production during the accounting period resulting from physical deterioration, normal obsolescence or normal accidental damage. Unforeseen obsolescence, major catastrophes and the depletion of natural resources are not taken into account.

Cultivated Biological Assets

Includes such assets as orchard growth and livestock. The definition of orchard growth is any plant that can produce a marketable quantity of fruit for more than one year in which the grower intends to obtain a future benefit from the sale of the fruits borne. It can include trees, vines, bushes and shrubs. The costs to be capitalised as part of the value of fruit and nut bearing plants are the establishment costs involved in planting the new nursery plant and then maintenance costs associated with making the plant grow. Livestock assets are classified as either fixed assets or inventories. Those livestock which are used in production of other products (e.g. breeding stock, animals for entertainment, sheep for wool and dairy cattle) are fixed assets. Inventories cover all other livestock types and includes those animals raised for meat or other one-off products (e.g. leather).


Currency consists of notes and coins that are of fixed nominal values and are issued or authorised by the central bank or government. For Australia the currency asset refers solely to domestic currency. There is little foreign currency in general circulation, and significant holdings are classified as foreign deposits.

Current prices

Estimates are valued at the prices of the period to which the observation relates. For example, estimates for 2002-03 are valued using 2002-03 prices. This contrasts to chain volume measures where the prices used in valuation refer to the prices of the previous year.

Current transfers

Transfers, other than those classified as capital transfers, in which one institutional unit provides a good, service or cash to another unit without receiving from the latter anything of economic value in return.
Current transfers to non-profit institutions

Transfers for non-capital purposes to private non-profit institutions serving households such as hospitals, independent schools, and religious and charitable organisations.

Dependent children

All persons aged under 15 years; and persons aged 15-24 years who are full-time students, have a parent in the household and do not have a partner or child of their own in the household.


Include transferable and other deposits. Transferable deposits comprise all deposits that are exchangeable for banknotes and coins on demand at par and without penalty or restriction, and directly usable for making payments by cheque, draft, direct debit/credit or other direct payment facility. Other deposits comprise all claims, other than transferable deposits, that are represented by evidence of deposit. Typical forms of deposits that should be included are savings deposits (which are always non-transferable), fixed-term deposits and non-negotiable certificates of deposit.


Dividends are a form of investment income to which shareholders become entitled as a result of placing funds at the disposal of corporations.


Dwellings are buildings that are used entirely or primarily as residences, including any associated structures, such as garages, and all permanent fixtures customarily installed in residences. Houseboats, barges, mobile homes and caravans used as principal residences of households are also included, as are historic monuments identified primarily as dwellings. The costs of site clearance and preparation are also included in the value of dwellings.

Employers' social contributions

Payments by employers which are intended to secure for their employees the entitlement to social benefits should certain events occur, or certain circumstances exist, that may adversely affect their employees' income or welfare - namely work-related accidents and retirement.


Can be applied to disposable income, net worth and expenditure to create equivalised disposable household income, equivalised household net worth, and equivalised household expenditure. Adjustments are made using an equivalence scale. Equivalence measures are used in some analyses to enable comparison of the relative economic well-being of households of different size and composition. For a lone person household, the equivalised value is equal to the original value. For a household comprising more than one person, it is an indicator of the level that would be needed by a lone person household to enjoy the same level of economic well-being as the household in question. For further information on the process of equivalisation, see Appendix 3 in Household Income and Income Distribution, Australia, 2009-10 (cat. no. 6523.0).

Final consumption expenditure - households

Net expenditure on goods and services by persons and expenditure of a current nature by private non-profit institutions serving households. This item excludes expenditures by unincorporated businesses and expenditures on assets by non-profit institutions (included in gross fixed capital formation). Also excluded is expenditure on maintenance of dwellings (treated as intermediate expenses of private enterprises), but personal expenditure on motor vehicles and other durable goods and the imputed rent of owner-occupied dwellings are included. The value of 'backyard' production (including food produced and consumed on farms) is included in household final consumption expenditure and the payment of wages and salaries in kind (e.g. food and lodging supplied free to employees) is counted in both household income and household final consumption expenditure.Financial assets

Financial assets are mostly financial claims. Financial claims entitle the owner to receive a payment, or a series of payments, from an institutional unit to which the owner has provided funds. Shares are treated as financial assets even though the financial claim their holders have on the corporation is not a fixed or predetermined monetary amount.

Financial intermediation services indirectly measured (FISIM)

Banks and some other financial intermediaries are able to provide services for which they do not charge explicitly, by paying or charging different rates of interest to borrowers and lenders (and to different categories of borrowers and lenders). For example, they may pay lower rates of interest than would otherwise be the case to those who lend them money and charge higher rates of interest to those who borrow from them. The resulting net receipts of interest are used to defray their expenses and provide an operating surplus. This scheme of interest rates avoids the need to charge their customers individually for services provided and leads to the pattern of interest rates observed in practice. However, in this situation, the national accounts must use an indirect measure, namely FISIM, of the value of the services for which the intermediaries do not charge explicitly.

Whenever the production of output is recorded in the national accounts, the use of that output must be explicitly accounted for elsewhere in the accounts. Hence, FISIM must be recorded as being disposed of in one or more of the following ways: as intermediate consumption by enterprises; as final consumption by households or general government; or as exports to non-residents.

Fixed Assets

Are defined as produced assets that are used repeatedly, or continuously, in processes of production for more than one year. Fixed assets not only include structures, machinery and equipment and intellectual property products but also cultivated assets such as trees and animals that are used repeatedly or continuously to produce other products such as fruit and dairy products.
Government pensions and allowances

Income support payments from government to persons under social security and related government programs. Included are pensions and allowances received by aged, disabled, unemployed and sick persons, families and children, veterans or their survivors, and study allowances for students. All overseas pensions and benefits are included here, although some may not be paid by overseas governments. Family Tax Benefit, Baby Bonus and Child Disability Assistance Payment paid to recipients of Carer Allowance are also included in government pensions and allowances.

Gross disposable income - households

Gross household income less income tax payable, other current taxes on income, wealth etc., consumer debt interest, interest payable by unincorporated enterprises, net non-life insurance premiums and other current transfers payable by households.

Gross domestic product (GDP)

Is the total market value of goods and services produced in Australia within a given period after deducting the cost of goods and services used up in the process of production but before deducting allowances for the consumption of fixed capital. Thus gross domestic product, as here defined, is 'at market prices'. It is equivalent to gross national expenditure plus exports of goods and services less imports of goods and services. Farm product is that part of gross domestic product which arises from production in agriculture and services to agriculture. It is equivalent to the value added of ANZSIC 06 subdivision 01 'Agriculture' plus taxes less subsidies on products primary to this subdivision. Non-farm product arises from production in all other industries.

GDP per capita

The ratio of the chain volume estimate of GDP to an estimate of the resident Australian population. Population estimates use data published in the quarterly publication Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.

Gross imputed rent

The estimated market rent that a dwelling would attract if it were to be commercially rented.

Gross income - households

The total income, whether in cash or kind, receivable by persons normally resident in Australia. It includes both income in return for productive activity (such as compensation of employees, the gross mixed income of unincorporated enterprises, gross operating surplus on dwellings owned by persons, and property income receivable, etc.) as well as transfers receivable (such as social assistance benefits and non-life insurance claims).Gross mixed income of unincorporated enterprises

The surplus or deficit accruing from production by unincorporated enterprises. It includes elements of both compensation of employees (returns on labour inputs) and operating surplus (returns on capital inputs).

Gross operating surplus

The operating surplus accruing to all enterprises, except unincorporated enterprises, from their operations in Australia. It is the excess of gross output over the sum of intermediate consumption, compensation of employees, and taxes less subsidies on production and imports. It is calculated before deduction of consumption of fixed capital, dividends, interest, royalties and land rent, and direct taxes payable, but after deducting the inventory valuation adjustment. Gross operating surplus is also calculated for general government and it equals general government's consumption of fixed capital.

Gross operating surplus - dwellings owned by persons

Is calculated as the surplus resulting from deduction of intermediate inputs from output. Output is the sum of actual and imputed rentals on dwellings owned by households. Intermediate inputs are the goods and services consumed in the process of production (for example maintenance costs and body corporate fees) . These inputs exclude property income payments such as interest.

Gross saving

Is equal to gross household disposable income less household final consumption expenditure. This is equivalent to net saving plus consumption of fixed capital as published in the national accounts


A person living alone or a group of related or unrelated people who usually live in the same private dwelling.

Household claims on technical reserves of life insurance corporations and pension funds

This represents households’ net equity in, or claims on, the reserves of life insurance corporations and pension funds. In the case of life insurance corporations, it equates in large measure with the net policy liabilities of life offices to households. In the case of pension funds, it represents the funds’ obligations to members including any surpluses and reserves. A claim by householders on insurance technical reserve of non-resident pension funds is also included.

Household Expenditure Classification (HEC)

The expenditure classification used in the Household Expenditure Survey. In the 2009-10 survey it consists of over 600 items at the most detailed level. At the broadest level it consists of 17 broad expenditure groups. All broad groups except other capital housing costs are presented in this publication. A copy of the classification will be included in the 2009-10 User Guide.

Imputed interest

See 'Property income flows attributable to insurance policy holders'
Income (from the Survey of income and Housing)

Income consists of all current receipts, whether monetary or in kind, that are received by the household or by individual members of the household, and which are available for, or intended to support, current consumption.

Income includes receipts from:
  • wages and salaries and other receipts from employment (whether from an employer or own incorporated enterprise), including income provided as part of salary sacrificed and/or salary package arrangements
  • profit/loss from own unincorporated business (including partnerships)
  • net investment income (interest, rent, dividends, royalties)
  • government pensions and allowances
  • private transfers (e.g. superannuation, workers' compensation, income from annuities, child support, and financial support received from family members not living in the same household).

Gross income is the sum of the income from all these sources before income tax, the Medicare levy and the Medicare levy surcharge are deducted. Other measures of income are Disposable income and Equivalised disposable household income.

Note that child support and other transfers from other households are not deducted from the incomes of the households making the transfers.Income tax

Income tax consists of taxes on the income of households and taxes on wealth which are levied regularly (wealth taxes which are levied irregularly are classified as capital taxes and are recorded in the sectoral capital accounts).

Incorporated business

An incorporated business is a company that has a registered business name with the Australian Securities and Investment Commission (ASIC) and a legal status which is separate to that of the individual owners of the business.

Individual consumption

An individual consumption good or service is one that is acquired by a household and used to satisfy the needs and wants of members of that household. Individual goods and services can always be bought and sold on the market, although they may also be provided free, or at prices that are not economically significant, or as transfers in kind. Individual goods and services are essentially ‘private’, as distinct from ‘public’. See also Collective consumption.

Intellectual property products

Intellectual property products are as a result of research and development, investigation or innovations leading to knowledge that the developers can market or use for their own benefit. These are produced fixed assets and include computer software, research and development, entertainment, literary or artistic originals, and mineral exploration intended to be used for more than a year.


Interest is receivable by the owners of financial assets such as deposits, loans, and securities other than shares for putting the financial asset at the disposal of another institutional unit.

Intermediate consumption

Consists of the value of the goods and services used as inputs by a process of production, excluding compensation of employees and the consumption of fixed capital.


Consist of stocks of outputs that are held at the end of a period by the units that produced them prior to their being further processed, sold, delivered to other units or used in other ways and stocks of products acquired from other units that are intended to be used for intermediate consumption or for resale without further processing.

Investment loan

A loan taken out for the purpose of financing investment, excluding loans for business purposes and rental property.


Land consists of the ground, including the soil covering and any associated surface waters, over which ownership rights are enforced and from which economic benefits can be derived by their owners by holding or using them.


A liability is an obligation which requires one unit (the debtor) to make a payment or a series of payments to the other unit (the creditor) in certain circumstances specified in a contract between them.


Livestock assets are classified as either fixed assets or inventories. Those livestock which are used in production of other products (e.g. breeding stock, animals for entertainment, sheep for wool and dairy cattle) are fixed assets. Inventories cover all other livestock types and includes those animals raised for meat or other one-off products (e.g. leather).


Loans are borrowings which are not evidenced by the issue of debt securities, and are not usually traded and their value does not decline even in a period of rising interest rates.Machinery and equipment

Consists of transport equipment, computing equipment and other machinery and equipment other than that acquired by households for final consumption.

Main source of income

The income source from which the most positive income is received. If total income is nil or negative the main source is undefined. As there are several possible sources, the main source may account for less than 50% of gross income.

See Table 4.1 for components of main source of income.

Native standing timber

Standing timber assets includes forests (excluding conservational) potentially available for timber production, either now or at some time in the future. Other non-timber values (such as biodiversity) are not within the scope of the national balance sheets.
Natural resources

Natural resources are non-produced non-financial assets consisting of land, subsoil assets, native standing timber and radio spectra.

Net imputed rent

Gross imputed rent less housing costs. Net imputed rent is an estimate of the value of housing services that households receive from home ownership or by households paying subsidised rent or occupying their dwelling rent free. Housing costs for the purpose of calculating net imputed rent for owner-occupiers comprise:
  • rates payments (general and water)
  • body corporate fees
  • the interest component of repayments of loans that were obtained for the purposes of purchasing or building
  • rent payments
  • house insurance costs
  • repair and maintenance costs.

Net non-life insurance premiums

Net non-life insurance premiums are defined as non-life insurance premiums plus premium supplements less the non-life insurance service charge.

Net saving - households

Is equal to gross household disposable income less household final consumption expenditure and consumption of fixed capital. Household saving is estimated as the balancing item in the households income account. It includes saving through life insurance and superannuation funds (including net earnings on these funds), increased equity in unfunded superannuation schemes and the increase in farm assets with marketing boards.

Net worth

In the national and sectoral balance sheets, net worth represents the difference between the stock of assets (both financial and non-financial) and the stock of liabilities (including shares and other equity). Because it is derived residually, it can be negative.

Non-dwelling construction

Non-dwelling construction consist of non-residential buildings and other structures.

‘Non-residential buildings’ are buildings other than dwellings, including fixtures, facilities and equipment that are integral parts of the structures and costs of site clearance and preparation.

‘Other structures’ are structures other than buildings, including streets, sewers and site clearance and preparation other than for residential or non-residential buildings. Also included are shafts, tunnels and other structures associated with mining subsoil assets. Major improvements to land, such as dams, are also included.Non-financial assets

Non-financial assets are assets for which no corresponding liabilities are recorded.

Non-life insurance claims

Non-life insurance claims are the claims payable in settlement of damages that result from an event covered by a non-life insurance policy in the current accounting period.

Non-market output

Goods and services produced by any institutional unit that are supplied free or at prices that are not economically significant.

Non-profit institutions serving households

Non-profit institutions serving households (NPISHs) are legal entities that provide goods or services to households or the community at large without charge or a prices that are not economically significant and whose main resources are voluntary contributions.

Non-produced assets

Are defined as non-financial assets that come into existence other then through processes of production. These assets are needed for production but have not themselves been produced. In the ASNA, there is a distinction between Natural resources (Land; Subsoil assets; Native timber standing and Spectrum) and Permissions to use natural resources (Spectrum licences).

Other accounts receivable/payable

This term is used in two ways. Firstly it is the financial asset consisting of two subordinate classifications: ‘trade credit and advances’, and ‘other accounts receivable/payable’. Alternatively, the item can refer to the actual classification ‘other accounts receivable/payable’.
Other current taxes on income, wealth etc.

Other current taxes on income, wealth etc. consists mainly of payments by households to obtain licences to own or use vehicles, boats or aircraft, and for licences to hunt, shoot or fish.

Other current transfers

Other current transfers consist of all current transfers between resident institutional units or between resident and non-resident units other than current taxes on income, wealth, etc. and social benefits in kind.


This consists of those goods and services that are produced within an establishment that become available for use outside that establishment, plus any goods and services produced for own final use.

Own unincorporated business income

The profit/loss that accrues to persons as owners of, or partners in, unincorporated businesses. Profit/loss consists of the value of gross output of the business after the deduction of operating expenses (including depreciation). Losses occur when operating expenses are greater than gross receipts and are treated as negative income.

Ownership transfer costs

The costs of ownership transfer consist of the following kinds of items: all professional charges, taxes payable or commissions incurred by the units acquiring and disposing of the asset (e.g. fees paid to lawyers, architects, surveyors, engineers, valuers, etc., and commissions paid to estate agents, auctioneers, etc.). The assets on which ownership transfer costs may apply include dwellings, non-dwelling buildings and land.


Placements are customers’ account balances with entities not regarded as deposit-taking institutions. Examples are account balances of State and local public non-financial corporations with their central borrowing authorities, of public sector pension funds with their State Treasuries, and 11am money placed with corporate treasuries.Primary incomes

Consist of incomes that accrue to institutional units as a consequence of their involvement in processes of production or their ownership of assets that may be needed for the purposes of production.

Private Health Insurance Rebate

Includes social transfers in kind relating to a rebate on private health insurance costs for members of a registered health fund. Private Health Insurance Rebate is a component of health benefits. In 2003-04, the Private Health Insurance Rebate was a component of Community health services.

Produced Assets

Are defined as non-financial assets that have come into existence as outputs from processes that fall within the production boundary. There are three main types of produced assets: fixed assets, inventories and valuables.

Property income

Is the income receivable by the owner of a financial asset or a tangible non-produced asset in return for providing funds, or putting a tangible non-produced asset at the disposal of another institutional unit.

Property income flows attributable to insurance policy holders

Property income flows attributable to insurance policy holders include imputed flows relating to life insurance, superannuation and non-life insurance operations. These include imputed interest from life insurance and pension funds to households; premium supplements which are an imputed property income flow from non-life insurance corporations to policy-holders; and imputed interest from the general government sector to households, which is recorded on the account of the unfunded superannuation schemes operated by the general government sector.


Groupings that result from ranking all households or persons in the population in ascending order according to some characteristic such as their household income and then dividing the population into five equal groups, each comprising 20% of the estimated population.

Reference person

The reference person for each household is chosen by applying, to all household members aged 15 years and over, the selection criteria below, in the order listed, until a single appropriate reference person is identified:

  • the person with the highest tenure when ranked as follows: owner without a mortgage, owner with a mortgage, renter, other tenure
  • one of the partners in a registered or de facto marriage, with dependent children
  • one of the partners in a registered or de facto marriage, without dependent children
  • a lone parent with dependent children
  • the person with the highest income
  • the eldest person.

Reinvested earnings

Reinvested earnings are imputed transactions related to that component of income that is not distributed to equity and or unit holders in direct foreign investment enterprises, and resident and non-resident investment funds in the form of dividends.

Rent on natural assets

See 'Rent on natural resources'

Rent on natural resources

Rent on natural resources is the income receivable by the owner of a natural resource (the lessor or landlord) for putting the natural resource at the disposal of another institutional unit (a lessee or tenant) for use of the natural resource in production.Secondary income

Consists of receipt and payment of current transfers.

Securities other than shares

Mainly consist of debt securities such as bills of exchange, one-name paper and bonds. A debt security is a financial instrument that evidences the issuer’s promise to repay the principal at face value on maturity. It may be issued to investors at a discount, and/or the issuer may promise to pay interest (usually at six monthly intervals) to the holders. Unlike shares, debt securities do not confer on the holders ownership rights in the issuing entity.

Selected dwelling

The private dwelling selected in the sample for the survey.

Services from consumer durables

Represents the value of services provided by consumer durables to the household in the accounting period. It arises because consumer durables, unlike other final consumption goods, are not used up in the accounting period in which they are purchased. It is measured in the same way as consumption of fixed capital, i.e. as the reduction in value of the stock of consumer durables during the accounting period resulting from physical deterioration, normal obsolescence or normal accidental damage. Unforeseen obsolescence is not taken into account.

Ideally, the service flow would be calculated in a manner analogous to the estimation of flows of capital services within the general capital stock model. Flows of capital services and flows of consumption of fixed capital are related but different concepts. Capital services relate to the changing efficiency of an asset whereas depreciation relates to the changing price of an asset.

Shares and other equity

Equity has the distinguishing feature that the holders own a residual claim on the assets of the institutional unit that issued the equity. Equity represents the owner’s funds in the institutional unit. Equities are sub-divided into listed shares and unlisted shares; both types of shares are negotiable and so are classified as equity securities.

Social assistance benefits

Social assistance benefits are current transfers payable to households by government units to meet the same needs as social insurance benefits, but which are not made under a social insurance scheme incorporating social contributions and social insurance benefits. In Australia, they include the age pension and unemployment benefits.

Social contributions

Social contributions are actual or imputed payments to social insurance schemes to make provision for social insurance benefits to be paid. They may be made by employers on behalf of their employees; or by employees, self-employed or non-employed persons on their own behalf.

Social transfers in kind

Social transfers in kind are individual goods and services provided to individual households by general government units and non-profit institutions either free or at prices that are not economically significant.

Study loans

Study loans are debts incurred under Higher Education Loans Programmes (HELP), the government education payment scheme, and other government higher education schemes. They also include loans incurred prior to 2005 under the Higher Education Contribution Scheme (HECS) and the Student Financial Supplement Scheme (SFSS). A feature of these loans is that the obligation to repay them only exists when the student's income exceeds a threshold. The debt is also extinguished upon death.

Superannuation Benefits received

See 'Household claims on technical reserves of life insurance corporations and pension funds'Superannuation and insurance reserves (Insurance technical reserves)

Insurance technical reserves comprise financial assets that are reserves against reserves outstanding risks, reserves for with-profit insurance, prepayments of premiums and reserves against outstanding claims. Insurance technical reserves may be liabilities not only of life or non-life insurance enterprises (whether mutual or incorporated) but also of autonomous pension funds, which are included in the insurance enterprise subsector, and certain non-autonomous pension funds that are included in the institutional sector that manages the funds. Insurance technical reserves are subdivided between net equity of households on life insurance reserves and on pension funds, and prepayments of premiums and reserves against outstanding claims.


Any type of managed fund which involves the pooling of investors' money in order for a trustee or professional manager to administer that fund.

Unincorporated business

A business in which the owner(s) and the business are the same legal entity, so that, for example, the owner(s) are personally liable for any business debts that are incurred.

Value of dwelling

The estimated value of the dwelling and its land, as estimated and reported by the respondent. The data are only collected for owners.

Vehicle loans

Principal outstanding on loans used to purchase motor vehicles. Where only a proportion of a loan is used to purchase a vehicle, only that proportion of the principal outstanding is included.

Wages and salaries

Consist of amounts payable in cash including the value of any social contributions, income taxes, fringe benefits tax, etc., payable by the employee even if they are actually withheld by the employer for administrative convenience or other reasons and paid directly to social insurance schemes, tax authorities, etc., on behalf of the employee. Wages and salaries may be paid as remuneration in kind instead of, or in addition to, remuneration in cash. Separation, termination and redundancy payments are also included in wages and salaries. Wages and salaries are also measured as far as possible on an accrual rather than a strict cash basis. See also Employers’ social contributions; Compensation of employees.


See 'Net worth'