Agricultural income account
21.172 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.
21.173 The key aggregates of agricultural income are:
- agriculture GVA at basic prices
- agriculture GVA at producer prices
- agricultural income.
21.174 Agricultural income is calculated as follows:
| Agricultural income | = | Agricultural GOS/GMI |
| – | Property income payable | |
| – | Consumption of fixed capital |
where agricultural GOS/GMI is calculated as:
| Agricultural gross value added | = | Agricultural gross value added |
| – | Agricultural compensation of employees | |
| – | Agricultural other taxes on production | |
| + | Agricultural other subsidies on production |
21.175 The following calculation shows how gross value added for both basic prices and producer prices is derived from agricultural income:
| Agricultural GOS/GMI | = | Gross value of agricultural production |
| - | Intermediate input costs | |
| = | Gross agricultural value added at basic prices | |
| + | Taxes less subsidies on products | |
| = | Gross agricultural value added at producers' prices |
21.176 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 ABS and ABARES agricultural statistics. See Table 21.26 in this chapter 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 in this chapter 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 | |
| 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. | |
| 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 | |