Agricultural income account
21.185 The agricultural income account details the primary income flows for the agriculture industry, corresponding to ANZSIC Subdivision 01 Agriculture. It combines estimates for agricultural GVA, GOS/GMI and COE with other expenses to produce agricultural income.
21.186 The key aggregates of agricultural income are:
- agriculture GVA at basic prices;
- agriculture GVA at producer prices; and
- agricultural income.
21.187 Agricultural income is calculated as follows:
| = agricultural GOS/GMI | |
| – property income payable | |
| – consumption of fixed capital |
where agricultural GOS/GMI is calculated as:
| = agricultural gross value added | |
| – agricultural compensation of employees | |
| – agricultural other taxes on production | |
| + agricultural other subsidies on production |
21.188 The following calculation shows how gross value added for both basic prices and producer prices is derived from agricultural income:
| Gross value of agricultural production | |
| less | Intermediate input costs |
| equals | Gross agricultural value added at basic prices |
| plus | Taxes less subsidies on products |
| equals | Gross agricultural value added at producers' prices |
21.189 The following table outlines the components of the agricultural income account and data sources used to allocate the national total across the states:
| Item | Comment |
|---|---|
| Agricultural output | |
| Agricultural output data is collected from the Australian Bureau of Agricultural and Resource Economics (ABARE) and Value of Agricultural Commodities Produced, Australia. See Table 21.26 for more details. | |
| Agricultural input costs | |
| Agricultural input costs are calculated as the sum of marketing costs, fodder costs, seed costs and other costs. See Table 21.26 for more details. | |
| Agricultural gross value added at basic prices | |
| Agricultural gross value added at basic prices = Agricultural output – Agricultural input costs. |
| Agricultural compensation of employees (COE) | |
| The national ratio of the ANZSIC Subdivision 01 Agriculture COE to the ANZSIC Division A Agriculture, forestry and fishing COE is applied to all states. The assumption is made that the same proportions apply across all states. |
| Consumption of fixed capital (COFC) | |
| National benchmarks are allocated to states using fixed weights based on the ABS Agricultural Finance Survey (AFS), which ceased in 2001. | |
| Net property income payable | |
| National benchmarks are allocated to states using fixed weights based on the ABS Agricultural Finance Survey (AFS) which ceased in 2001. | |
| Agricultural expenses | |
| Agricultural expenses = Agricultural COE + COFC + Net property income payable |
| Other taxes less subsidies on production | |
| The national ratio of the ANZSIC Subdivision 01 Agriculture Other taxes less subsidies on production to ANZSIC Division A Agriculture, forestry and fishing Other taxes less subsidies on production is applied to all states. This assumes the same proportion exists for all states. |
| Agricultural income | |
| Agricultural income = Agricultural gross value added – Other taxes less subsidies on production – Agricultural expenses |
| Taxes less subsidies on products | |
| The national benchmark is allocated to states using the proportions of state agricultural output. | |
| Agricultural gross value added (GVA) at producers' prices | |
| Agricultural GVA at producers' prices = GVA at basic prices + Taxes less subsidies on products |