GLOSSARY
Assets
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).
Compensation of employees
Compensation of employees is 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).
Economically significant prices
Economically significant prices are prices which have a significant influence on both the amounts producers are willing to supply and the amounts purchasers wish to buy.
Employers’ social contributions
Employers’ social contributions are 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.
Gross domestic product
Gross domestic product 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.
Gross value added
Gross value added is defined as the value of output at basic prices minus the value of intermediate consumption at purchasers' prices. The term is used to describe gross product by industry and by sector. Basic prices valuation of output removes the distortion caused by variations in the incidence of commodity taxes and subsidies across the output of individual industries.
Industry
An industry consists of a group of establishments engaged in the same, or similar kinds, of activity.
Input-output tables
Input and output tables are a means of presenting a detailed analysis of the process of production and the use of goods and services (products) and the income generated in the production process; they can be either in the form of (a) supply and use tables or (b) symmetric input and output tables.
Liability
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.
Market output
Output that is sold at prices that are economically significant or otherwise disposed of on the market, or intended for sale or disposal on the market.
Non-market output
Goods and services produced by any institutional unit that are supplied free or at prices that are not economically significant.
Non market output of market producers
Is an imputation to measure the output of NPIs engaged in market production that is not measured when output is valued through sales. It is calculated as the difference between output for market units when calculated by the prescribed valuation method for non-market units of cost summation, and output as calculated by the prescribed method for market units of valuation by sales. Where output on a cost valuation basis exceeds output on a sales valuation basis, the difference is taken to be the non-market output of market producers. Where output on a sales basis exceeds output on a cost basis, non-market output of market producers is assumed to equal zero.
Non-profit institutions
Non-profit institutions are legal or social entities created for the purpose of producing goods or services whose status does not permit them to be a source of income, profit or other financial gain for the units that establish, control or finance them.
Output
Output 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.
Production
An activity carried out under the responsibility, control and management of an institutional unit that uses inputs of labour, capital and goods and services to produce output of goods and services.
Production boundary
The national accounts production boundary includes:
- the production of all individual or collective goods and services that are supplied to units other than the producers, or intended to be supplied, including the production of goods and services used up in the process of producing such goods and services;
- the own-account production of all goods that are retained by their producers for their own final consumption or gross capital formation; and
- the own-account production of housing services by owner-occupiers.
Research and development
Research and development (R&D) is creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and to enable this stock of knowledge to be used to devise new applications. It is included in intellectual property products as a produced fixed asset.
Volunteers
Volunteers are people who willingly give unpaid help, in the form of time, service or skills, to an organisation or group. Included in this category are the volunteer component of boards of management, fundraising committee members and auxiliary members.
Wages and salaries
Wages and salaries payable in cash include the value of any social contributions, income taxes, 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.
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