Public Financial Enterprises Capital Expenditure - Quarterly
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NAME OF ORGANISATION
Coverage: All government-owned and controlled financial corporations (including banks and superannuation authorities) with significant levels of capital spending. The coverage of this survey is quite small (about 40 enterprises) and only collects data from public corporations that are not collected elsewhere.
The acquisition of non-reproducible tangible assets such as land, subsoil assets and natural timber tracts is not included in gross fixed capital formation. However, capital costs associated with the extension or development of these assets are included, as are outlays on land reclamation and improvement. Expenditure associated with the improvement and alteration of durable assets which significantly extend their productive life is also included, but ordinary repairs and maintenance expenses are not.
Gross fixed capital formation is one of two components of gross capital formation included in Australia's national accounts. Investment resulting in an increase in inventories or stocks of goods not yet sold (consisting of finished items and work in progress) and materials also contributes to gross capital formation. Gross fixed capital formation and the increase in stocks do not enter into the intermediate consumption of the period. The fundamental point of distinction between intermediate consumption and gross capital formation is whether commodities are used up over a particular period or whether they yield benefits beyond that period.
The related concepts of gross and net capital stock and the consumption of fixed capital, as well as the data sources and methodology used in their estimation, are described in Australian National Accounts: Concepts, Sources and Methods (5216.0).
Information is collected on new capital formation, purchases of second hand assets and sales of second hand assets for Dwellings, Other buildings and structures and Machinery and equipment. Expenditure on Land as either a purchase or sale of a second hand asset is also collected. For each item, data excluding expenditure as a lessor in a finance lease is collected separately from data on expenditure as a lessor in a finance lease.
Data on Computer software expensed and Computer software capitalised are also collected and are used to estimate expenditure on intangible fixed assets in gross fixed capital formation.
Other concepts (summary)
The 'Statement of Accounting Standards 17: Accounting for Leases' (AAS17) requires that leases be classified as either operating leases of finance leases and specifies accounting treatments for each type. In the Australian National Accounts, finance leases are important in determining the industry classification of gross fixed capital formation.
A finance lease refers to the leasing of assets under an arrangement which transfers from the lessor to the lessee substantially all the risks and benefits incident to ownership of the asset without transferring legal ownership. Assets acquired under finance lease arrangements are included in the capital expenditure of the lessee. Therefore, estimates of gross fixed capital formation reflect the industry of the lessee.
1. National & State/Territory\1.01 Australia
Comments and/or Other Regions
Changes were made to the survey with the introduction of SNA93 in September quarter 1999. Computer Software Expensed and Computer Software Capitalised were included in the survey. These data items are used to estimate expenditure on intangible fixed assets in gross fixed capital formation. The terminology on the survey form also changed slightly as "Non-dwelling Construction" changed to "Other Buildings and Structures", and "Equipment" became "Machinery and Equipment". (see ).
Changes were also made with the introduction of the GST in Septemebr 2000 quarter. For periods until June 30, 2000 the value of Capital Expenditure reported represented the cost to business under the pre-GST tax arrangements (i.e. including WST, where applicable). For periods after July 1 2000 the value of the deductable GST component is excluded from the total value of capital expenditure. Conversely, the value of GST paid for which there is no input credit is included in the total value of capital expenditure. (see )
Data availability comments
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