| January 12, 1998 | Embargoed: 11:30 AM (AEST) | 02/1998 |
Australia's net worth reaches $1.9 trillion at June 1996
Australia's net worth reached $1.9 trillion dollars by 30 June 1996, according to the Australian National Accounts: National Balance Sheet estimates released today by the Australian Bureau of Statistics (ABS).
Included in these estimates (provided for years ended 30 June 1989 to 1996) are the value of produced assets such as buildings, machinery and equipment, other engineering structures, financial assets and liabilities as well as sub-soil assets, forest timber value and land.
Highlights from the data estimates include:
- Australia's net worth rose 2.1 per cent on the previous year, and 21 per cent over the seven years from June 1989. During this time period the Australian consumer price index rose 29 per cent.
- Households and unincorporated enterprises accounted for roughly three-quarters of Australia's net worth, and was estimated at $1.4 trillion at 30 June 1996. Land, dwellings, superannuation and deposits at financial institutions were their major assets. Loans (mostly mortgages) accounted for almost all of their liabilities.
- General government accounted for roughly one-fifth of Australia's net worth, and was estimated at $376 billion at 30 June 1996. Most of this sector's assets were in the form of non-dwelling construction, subsoil assets and shares (mainly in public corporations) while securities other than shares were their principal liability. The ratio of total government debt to GDP(I) was 0.43, substantially lower than most OECD countries. The debt was almost evenly split between the Commonwealth and the State and Local governments.
- Produced assets were estimated at $1.4 trillion at 30 June 1996, a rise of 3.4 per cent on the previous year, and a rise of 29 per cent since June 1989.
- Natural resources (primarily land) were estimated at $822 billion at 30 June 1996, a rise of 2.3 per cent on the previous year, and a rise of 23 per cent since June 1989. The value of those sub-soil assets that are included on the balance sheet was estimated to be $179 billion at 30 June 1996, an increase of 3 per cent over the previous twelve months.
The data were released in Australian National Accounts: National Balance Sheet 1996 (cat. no. 5241.0).
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