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The Australian national income, expenditure and product accounts are compiled and published in some detail every quarter, in Australian National Accounts: National Income, Expenditure and Product (5206.0), and in greater detail once a year, in Australian System of National Accounts (5204.0).
GDP account
The GDP account indicates changes in Australian production over time. Tables 29.6 and 29.7 show the GDP account in current prices for a number of years between 1965-66 and 2001-02; table 29.6 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.7 shows annual time series from 1994-95 to 2001-02. Table 29.8 shows expenditure on GDP in real or chain volume terms.
In real terms (i.e. after the effects of price change are removed from the dollar value of Australia's production), there was a fall in production during 1990-91. However, the nine years since the recession in 1990-91 have all shown growth in GDP. Although growth in 1991-92 was relatively low (0.3%), by 1994-95 it had accelerated to 4.2%, a growth rate which has generally been maintained since, except for a slight slowing in 1996-97. GDP growth of 3.9% for 2001-02 signified a return to the general level of growth exhibited throughout the majority of the 1990s after the moderate growth in 2000-01 of 1.8%.
29.6 GDP ACCOUNT, Current prices - Five-yearly intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1965-66 | 1970-71 | 1975-76 | 1980-81 | 1985-86 | 1990-91 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m |
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Final consumption expenditure | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | General government | 3,146 | 5,547 | 14,715 | 27,123 | 49,760 | 74,663 |
![](/icons/ecblank.gif) | Households | 13,746 | 21,515 | 45,459 | 84,097 | 144,502 | 233,726 |
![](/icons/ecblank.gif) | Total | 16,892 | 27,062 | 60,175 | 111,220 | 194,263 | 308,390 |
Gross fixed capital formation | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Private | 5,082 | 8,388 | 13,328 | 29,256 | 45,959 | 67,027 |
![](/icons/ecblank.gif) | Public | 2,040 | 2,896 | 6,582 | 9,926 | 19,182 | 23,238 |
![](/icons/ecblank.gif) | Total | 7,122 | 11,284 | 19,910 | 39,182 | 65,141 | 90,267 |
Changes in inventories | 84 | 586 | 180 | 446 | 870 | -1,366 |
Gross national expenditure | 24,098 | 38,933 | 80,265 | 150,849 | 260,274 | 397,291 |
Exports of goods and services | 3,136 | 5,086 | 11,225 | 22,604 | 38,948 | 66,259 |
less Imports of goods and services | 3,683 | 5,214 | 11,163 | 25,530 | 47,199 | 66,948 |
Statistical discrepancy (expenditure-based) | -427 | -528 | -941 | -2,280 | -3,892 | 1,279 |
Gross domestic product | 23,124 | 38,277 | 79,386 | 145,643 | 248,131 | 397,881 |
Compensation of employees | 11,329 | 19,320 | 43,919 | 75,044 | 123,434 | 192,723 |
Gross operating surplus | 5,096 | 9,175 | 17,299 | 36,169 | 68,337 | 118,690 |
Gross mixed income | 4,638 | 6,343 | 10,704 | 19,904 | 28,738 | 42,545 |
Total factor income | 21,063 | 34,838 | 71,922 | 131,117 | 220,509 | 353,958 |
Taxes less subsidies on production and imports | 2,079 | 3,151 | 7,895 | 14,753 | 27,805 | 43,407 |
Statistical discrepancy (income-based) | -18 | 288 | -431 | -226 | -183 | 516 |
Gross domestic product | 23,124 | 38,277 | 79,386 | 145,643 | 248,131 | 397,881 |
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Source: Australian System of National Accounts (5204.0), 2001-02. |
29.7 GDP ACCOUNT, Current prices - Annual intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m | $m | $m |
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Final consumption expenditure | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | General government | 87,736 | 92,956 | 96,173 | 101,332 | 108,266 | 114,510 | 120,989 | 127,768 |
![](/icons/ecblank.gif) | Households | 282,870 | 301,069 | 314,565 | 335 102 | 354,420 | 374,922 | 403,875 | 428,260 |
![](/icons/ecblank.gif) | Total | 370,606 | 394,025 | 410,738 | 436,434 | 462,686 | 489,432 | 524,864 | 556,029 |
Gross fixed capital formation | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Private | 84,993 | 88,029 | 95,040 | 108,722 | 113,721 | 125,858 | 118,449 | 131,782 |
![](/icons/ecblank.gif) | Public | 24,358 | 23,571 | 22,550 | 20,748 | 25,278 | 25,136 | 25,140 | 26,631 |
![](/icons/ecblank.gif) | Total | 109,350 | 111,600 | 117,588 | 129,473 | 138,999 | 150,994 | 143,589 | 158,413 |
Changes in inventories | 1,393 | -813 | -10 | 62 | 4,662 | 2,483 | -22 | 621 |
Gross national expenditure | 481,350 | 504,812 | 528,316 | 565,969 | 606,347 | 642,909 | 668,431 | 715,062 |
Exports of goods and services | 87,654 | 99,095 | 105,160 | 113,744 | 112,025 | 126,034 | 153,511 | 152,361 |
less Imports of goods and services | 97,654 | 101,078 | 103,590 | 118,482 | 126,453 | 140,323 | 152,636 | 153,959 |
Statistical discrepancy (expenditure-based) | - | - | - | - | - | - | - | -484 |
Gross domestic product | 471,348 | 502,828 | 529,886 | 561,229 | 591,917 | 628,621 | 669,307 | 712,980 |
Compensation of employees | 224,450 | 241,100 | 257,968 | 268,912 | 286,610 | 302,385 | 321,731 | 338,514 |
Gross operating surplus | 146,011 | 153,623 | 162,189 | 177,700 | 183,069 | 197,414 | 205,782 | 217,747 |
Gross mixed income | 46,138 | 49,064 | 47,969 | 50,062 | 52,396 | 55,510 | 59,479 | 67,817 |
Total factor income | 416,599 | 443,787 | 468,126 | 496,674 | 522,075 | 555,309 | 586,992 | 624,078 |
Taxes less subsidies on production and imports | 54,749 | 59,041 | 61,760 | 64,555 | 69,842 | 73,312 | 82,315 | 88,305 |
Statistical discrepancy (income-based) | - | - | - | - | - | - | - | 597 |
Gross domestic product | 471,348 | 502,828 | 529,886 | 561,229 | 591,917 | 628,621 | 669,307 | 712,980 |
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Source: Australian System of National Accounts, 2001-02 (5204.0). |
29.8 EXPENDITURE ON GDP, Chain volume measures(a)
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m | $m | $m |
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Final consumption expenditure | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | General government | 99,356 | 103,381 | 104,870 | 108,830 | 113,236 | 118,414 | 120,989 | 125,012 |
![](/icons/ecblank.gif) | Households | 321,119 | 333,321 | 342,987 | 359,429 | 376,757 | 392,262 | 403,875 | 419,271 |
![](/icons/ecblank.gif) | Total | 420,471 | 436,698 | 447,858 | 468,260 | 489,994 | 510,684 | 524,864 | 544,283 |
Gross fixed capital formation | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Private | 88,313 | 91,446 | 101,010 | 114,706 | 118,744 | 130,833 | 118,449 | 130,650 |
![](/icons/ecblank.gif) | Public | 24,370 | 23,449 | 22,868 | 20,988 | 25,181 | 25,202 | 25,141 | 26,682 |
![](/icons/ecblank.gif) | Total | 111,003 | 113,409 | 122,227 | 133,847 | 143,042 | 155,542 | 143,590 | 157,331 |
Domestic final demand | 533,091 | 551,288 | 571,668 | 603,846 | 633,956 | 666,785 | 668,454 | 701,614 |
Changes in inventories | 3,118 | -272 | -808 | -37 | 5,336 | 2,650 | -22 | 150 |
Gross national expenditure | 533,535 | 549,979 | 570,355 | 602,505 | 637,839 | 668,344 | 668,432 | 701,764 |
Exports of goods and services | 101,578 | 111,971 | 123,707 | 128,276 | 130,896 | 143,132 | 153,511 | 150,609 |
less Imports of goods and services | 104,496 | 108,711 | 119,505 | 131,124 | 137,451 | 154,606 | 152,636 | 156,206 |
Statistical discrepancy (expenditure-based) | - | - | - | - | - | - | - | -504 |
Gross domestic product | 531,578 | 554,001 | 574,989 | 600,590 | 632,488 | 657,771 | 669,307 | 695,663 |
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(a) Reference year is 2000-01. |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
Source: Australian System of National Accounts, 2001-02 (5204.0). |
The GDP account can also be used to show changes in the share of income accruing to labour (i.e. compensation of employees) compared with the share accruing to capital (i.e. profits, defined as the gross operating surplus of non-financial and financial corporations). Graphs 29.9 and 29.10 show how the shares of total factor income accruing to wages and to profits have changed since 1965-66. (Total factor income is equal to the sum of compensation of employees, gross operating surplus and gross mixed income.)
The highest recorded value of the wages share of total factor income was 61.5% in 1974-75. The wages share has recovered somewhat from its low value of 52.8% in 1988-89, but at 54.2% for 2001-02 it remains below the level recorded for most of the 1970s and early-1980s. In 2001-02 the profits share of total factor income of 23.5% for private and public corporations was slightly below its highest share of 23.9%, which was recorded in both 1993-94 and 1997-98.
National income account
The national income account shows the sources of national income and how much of this income is spent on final consumption. That part of income which is not spent in this way is saving. Tables 29.11 and 29.12 show the income account for a number of years between 1965-66 and 2001-02; table 29.11 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.12 shows annual time series from 1994-95 to 2001-02.
29.11 NATIONAL INCOME ACCOUNT, Current prices - Five-yearly intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1965-66 | 1970-71 | 1975-76 | 1980-81 | 1985-86 | 1990-91 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m |
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INCOME |
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Compensation of employees | 11,329 | 19,320 | 43,919 | 75,044 | 123,434 | 192,723 |
Gross operating surplus | 5,096 | 9,175 | 17,299 | 36,169 | 68,337 | 118,690 |
Gross mixed income | 4,638 | 6,343 | 10,704 | 19,904 | 28,738 | 42,545 |
Taxes less subsidies on production and imports | 2,079 | 3,151 | 7,895 | 14,753 | 27,805 | 43,407 |
Net primary income from non-residents | -308 | -600 | -1,202 | -2,397 | -6,853 | -17,224 |
Gross national income | 22,834 | 37,389 | 78,615 | 143,473 | 241,461 | 380,141 |
Net secondary income from non-residents | -90 | -110 | -287 | -441 | -384 | 453 |
Gross disposable income | 22,744 | 37,279 | 78,328 | 143,032 | 241,077 | 380,594 |
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USE OF DISPOSABLE INCOME |
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Final consumption expenditure | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | General government | 3,146 | 5,547 | 14,715 | 27,123 | 49,760 | 74,663 |
![](/icons/ecblank.gif) | Households | 13,746 | 21,515 | 45,459 | 84,097 | 144,502 | 233,726 |
![](/icons/ecblank.gif) | Total | 16,892 | 27,062 | 60,175 | 111,220 | 194,263 | 308,390 |
Net saving(a) | 1,917 | 3,752 | 5,980 | 9,678 | 7,379 | 7,826 |
Consumption of fixed capital | 3,933 | 6,466 | 12,169 | 22,134 | 39,435 | 64,378 |
Total use of gross disposable income | 22,744 | 37,279 | 78,328 | 143,032 | 241,077 | 380,594 |
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(a) Net saving is derived as a balancing item. |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
Source: Australian System of National Accounts, 2001-02 (5204.0). |
29.12 NATIONAL INCOME ACCOUNT, Current prices - Annual intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m | $m | $m |
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INCOME |
|
Compensation of employees | 224,450 | 241,100 | 257,968 | 268,912 | 286,610 | 302,385 | 321,731 | 338,514 |
Gross operating surplus | 146,011 | 153,623 | 162,189 | 177,700 | 183,069 | 197,414 | 205,782 | 217,747 |
Gross mixed income | 46,138 | 49,064 | 47,969 | 50,062 | 52,396 | 55,510 | 59,479 | 67,817 |
Taxes less subsidies on production and imports | 54,749 | 59,041 | 61,760 | 64,555 | 69,842 | 73,312 | 82,315 | 88,305 |
Net primary income from non-residents | -18,117 | -19,533 | -19,151 | -18,091 | -18,430 | -18,150 | -19,077 | -20,220 |
Gross national income | 453,231 | 483,295 | 510,735 | 543,138 | 573,487 | 610,471 | 650,230 | 692,163 |
Net secondary income from non-residents | -323 | 64 | -21 | 22 | -749 | 218 | 32 | -18 |
Gross disposable income | 452,908 | 483,359 | 510,714 | 543,160 | 572,738 | 610,689 | 650,262 | 692,146 |
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USE OF DISPOSABLE INCOME |
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Final consumption expenditure | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | General government | 87,736 | 92,956 | 96,173 | 101,332 | 108,266 | 114,510 | 120,989 | 127,768 |
![](/icons/ecblank.gif) | Households | 282,870 | 301,069 | 314,565 | 335,102 | 354,420 | 374,922 | 403,875 | 428,260 |
![](/icons/ecblank.gif) | Total | 370,606 | 394,025 | 410,738 | 436,434 | 462,686 | 489,432 | 524,864 | 556,029 |
Net saving(a) | 6,063 | 10,750 | 19,646 | 20,654 | 18,836 | 23,068 | 20,471 | 23,610 |
Consumption of fixed capital | 76,239 | 78,584 | 80,330 | 86,072 | 91,216 | 97,821 | 104,927 | 112,507 |
Total use of gross disposable income | 452,908 | 483,359 | 510,714 | 543,160 | 572,738 | 610,689 | 650,262 | 692,146 |
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(a) Net saving is derived as a balancing item. |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
Source: Australian System of National Accounts, 2001-02 (5204.0). |
Graph 29.13 shows net saving by institutional sector as a proportion of GDP for the years 1965-66 to 2001-02. Household net saving as a percentage of GDP generally rose between 1965-66 and 1974-75, but has fallen subsequently from its high of 11.1% in 1974-75 to just 0.8% ($5.5b) in 2001-02. General government net saving was negative from 1974-75 to 1996-97 (except for 1988-89 and 1989-90). In 2001-02 it was positive at 1.4% ($9.9b). In 2001-02 net saving of non-financial corporations was 0.5% of GDP ($3.7b). Net saving of financial corporations was negative from 1981-82 to 1986-87, the only period for which this sector has recorded negative net saving. In 2001-02 net saving of financial corporations was 0.6% of GDP ($4.5b).
National capital account
The national capital account shows how the saving from the national income account and consumption of fixed capital (depreciation) are used to finance gross fixed capital formation. If, as is currently the case for Australia, the nation's saving and consumption of fixed capital are not sufficient to pay for all the fixed capital needed for Australian production, the shortfall must be borrowed from overseas. The amount borrowed from overseas is shown in the national capital account as a negative entry for net lending to non-residents.
Tables 29.14 and 29.15 show the national capital account for a number of years between 1965-66 and 2001-02; table 29.14 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.15 shows annual time series from 1994-95 to 2001-02.
29.14 NATIONAL CAPITAL ACCOUNT, Current prices - Five-yearly intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1965-66 | 1970-71 | 1975-76 | 1980-81 | 1985-86 | 1990-91 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m |
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Net saving | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Non-financial corporations | 259 | 320 | -1,629 | 102 | 1,427 | -9,324 |
![](/icons/ecblank.gif) | Financial corporations | 131 | 278 | 733 | 308 | -1,868 | 4,592 |
![](/icons/ecblank.gif) | General government | 267 | 551 | -751 | -3,174 | -9,153 | -6,387 |
![](/icons/ecblank.gif) | Households | 1,260 | 2,603 | 7,628 | 12,456 | 16,974 | 18,946 |
![](/icons/ecblank.gif) | Total | 1,917 | 3,752 | 5,980 | 9,692 | 7,379 | 7,826 |
Consumption of fixed capital | 3,933 | 6,466 | 12,169 | 22,134 | 39,435 | 64,378 |
Net capital transfers receivable from non-residents | 46 | 56 | -27 | 167 | 830 | 2,071 |
Gross saving and capital transfers | 6,249 | 10,909 | 18,862 | 32,345 | 47,300 | 74,276 |
Gross fixed capital formation | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Private | 5,082 | 8,388 | 13,328 | 29,256 | 45,959 | 67,027 |
![](/icons/ecblank.gif) | Public corporations | 951 | 1,371 | 2,790 | 5,584 | 10,664 | 12,271 |
![](/icons/ecblank.gif) | General government | 1,089 | 1,525 | 3,792 | 4,342 | 8,518 | 10,967 |
![](/icons/ecblank.gif) | Total | 7,122 | 11,284 | 19,910 | 39,182 | 65,141 | 90,267 |
Changes in inventories | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Private non-farm | 147 | 366 | 91 | 115 | 882 | -1,125 |
![](/icons/ecblank.gif) | Farm and public authorities | -63 | 220 | 89 | 331 | -12 | -241 |
![](/icons/ecblank.gif) | Total | 84 | 586 | 180 | 446 | 870 | -1,366 |
Acquisitions less disposals of non-produced non-financial assets | - | - | - | - | - | -7 |
Statistical discrepancy(a) | -409 | -815 | -510 | -2,053 | -3,710 | 763 |
Net lending to non-residents | -899 | -782 | -1,454 | -5,597 | -14,658 | -15,382 |
Total capital accumulation and net lending | 6,249 | 10,909 | 18,862 | 32,345 | 47,300 | 74,276 |
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(a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based). |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
Source: Australian System of National Accounts, 2001-02 (5204.0). |
29.15 NATIONAL CAPITAL ACCOUNT, Current prices - Annual intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m | $m | $m |
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Net saving | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Non-financial corporations | 5,082 | 4,125 | 1,994 | 4,253 | -721 | -3,864 | -7,029 | 3,690 |
![](/icons/ecblank.gif) | Financial corporations | 3,810 | 3,073 | 2,076 | 4,234 | 679 | 3,709 | 8,547 | 4,530 |
![](/icons/ecblank.gif) | General government | -17,313 | -11,738 | -2,996 | 4,082 | 10,333 | 15,251 | 2,976 | 9,934 |
![](/icons/ecblank.gif) | Households | 14,484 | 15,290 | 18,572 | 8,085 | 8,545 | 7,972 | 15,977 | 5,457 |
![](/icons/ecblank.gif) | Total | 6,063 | 10,750 | 19,646 | 20,654 | 18,836 | 23,068 | 20,471 | 23,610 |
Consumption of fixed capital | 76,239 | 78,584 | 80,330 | 86,072 | 91,216 | 97,821 | 104,927 | 112,507 |
Net capital transfers receivable from non-residents | 540 | 1,045 | 1,323 | 1,097 | 1,186 | 1,136 | 1,182 | 1,120 |
Gross saving and capital transfers | 82,842 | 90,379 | 101,299 | 107,823 | 111,238 | 122,393 | 126,580 | 137,238 |
Gross fixed capital formation | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Private | 84,993 | 88,029 | 95,040 | 108,722 | 113,721 | 125,858 | 118,449 | 131,782 |
![](/icons/ecblank.gif) | Public corporations | 11,864 | 11,322 | 9,525 | 8,013 | 11,620 | 9,158 | 8,967 | 11,317 |
![](/icons/ecblank.gif) | General government | 12,494 | 12,249 | 13,025 | 12,735 | 13,658 | 15,978 | 16,173 | 15,314 |
![](/icons/ecblank.gif) | Total | 109,350 | 111,600 | 117,588 | 129,473 | 138,999 | 150,994 | 143,589 | 158,413 |
Changes in inventories | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Private non-farm | 659 | -487 | 2,402 | -418 | 4,675 | 2,556 | 550 | 704 |
![](/icons/ecblank.gif) | Farm and public authorities | 734 | -326 | -2,412 | 480 | -13 | -73 | -572 | -83 |
![](/icons/ecblank.gif) | Total | 1,393 | -813 | -10 | 62 | 4,662 | 2,483 | -22 | 621 |
Acquisitions less disposals of non-produced non-financial assets | -32 | -25 | 6 | -30 | 19 | 83 | 73 | 82 |
Statistical discrepancy(a) | - | - | - | - | - | - | - | -1,081 |
Net lending to non-residents | -27,868 | -20,382 | -16,285 | -21,680 | -32,440 | -31,168 | -17,061 | -20,797 |
Total capital accumulation and net lending | 82,842 | 90,379 | 101,299 | 107,823 | 111,238 | 122,393 | 126,580 | 137,238 |
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(a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based). |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
Source: Australian System of National Accounts, 2001-02 (5204.0). |
Graph 29.16 shows gross fixed capital formation (investment) by institutional sector as a proportion of GDP. For non-financial corporations this proportion generally fell during the 1970s, then rose to a peak of 13.1% in 1981-82. It has subsequently been above 10% except for the years 1991-92 to 1993-94, and in the last two years. In 2001-02 investment by non-financial corporations was 9.9% of GDP. Household investment has generally remained at around 9% of GDP and was 9.3% in 2001-02. General government investment as a proportion of GDP peaked at 4.8% in 1975-76. It has generally fallen since then and was 2.1% of GDP in 2001-02. Financial corporations investment peaked in 1988-89 at 1.9% of GDP. It has generally fallen since then and was 0.8% of GDP in 2001-02.
![Graph - 29.16 Gross fixed capital information, By sector - Share of GDP](/Ausstats/abs@.nsf/7d12b0f6763c78caca257061001cc588/0172a859ec33506eca256dea000539a2/Body/5.29BE!OpenElement&FieldElemFormat=gif)
Graph 29.17 shows net lending by institutional sector as a proportion of GDP. A positive percentage for a sector indicates that it is a net lender to other sectors; a negative percentage indicates that it is a net borrower. The household sector has been a net lender for most years. As a proportion of GDP, net lending by households peaked in 1974-75 at 8.4%. Since then it has trended downwards, household lending being 2.4% in 2001-02. Non-financial corporations have been net borrowers over the whole period from 1965-66 to 2001-02, and the amounts borrowed have fluctuated significantly from year to year. As a proportion of GDP, their net borrowing was 1.9% in 2001-02. After being a net borrower throughout the 1980s, the financial corporations sector returned to being a net lender in 1990-91 and has remained so since then. In 2001-02 financial corporations net lending represented 0.5% of GDP. After recording a record level of borrowing in 1992-93 as a proportion of GDP (6.2%), general government borrowing steadily declined. In 1997-98 the sector became a net lender until 2000-01 when it became a net borrower again. In 2001-02 general government net borrowing represented 0.8% of GDP.
![Graph - 29.17 Net lending, By sector - Share of GDP](/Ausstats/abs@.nsf/7d12b0f6763c78caca257061001cc588/0172a859ec33506eca256dea000539a2/Body/6.1F5A!OpenElement&FieldElemFormat=gif)
External account
The external account is derived from the detailed balance of payments current and capital accounts (see International accounts and trade). It shows Australia's exports and imports, incomes and transfers received by Australian residents from non-residents, and incomes and transfers payable to non-residents by Australian residents. The balance on the external account is net lending to non-residents. This is the same as the balance in the national capital account.
Tables 29.18 and 29.19 show the external account for a number of years between 1965-66 and 2001-02; table 29.18 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.19 shows annual time series from 1994-95 to 2001-02.
29.18 EXTERNAL ACCOUNT, Current prices - Five-yearly intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1965-66 | 1970-71 | 1975-76 | 1980-81 | 1985-86 | 1990-91 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m |
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Imports of goods and services | 3,683 | 5,214 | 11,163 | 25,530 | 47,199 | 66,948 |
Primary income receivable | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Compensation of employees | 11 | 17 | 44 | 110 | 164 | 429 |
![](/icons/ecblank.gif) | Property income | 400 | 760 | 1,587 | 3,147 | 8,879 | 20,552 |
![](/icons/ecblank.gif) | Total | 411 | 777 | 1,631 | 3,257 | 9,043 | 20,981 |
Secondary income | 169 | 358 | 773 | 1,264 | 1,797 | 2,422 |
Capital transfers to non-residents | 40 | 78 | 203 | 320 | 486 | 653 |
Acquisitions less disposals of non-produced non-financial assets | - | - | - | - | - | -7 |
Net lending | -899 | -782 | -1,454 | -5,597 | -14,658 | -15,382 |
Resources provided by non-residents | 3,404 | 5,645 | 12,316 | 24,774 | 43,867 | 75,615 |
Exports of goods and services | 3,136 | 5,086 | 11,225 | 22,604 | 38,948 | 66,259 |
Primary income payable | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Compensation of employees | 10 | 13 | 59 | 119 | 165 | 432 |
![](/icons/ecblank.gif) | Property income | 93 | 164 | 370 | 741 | 2,025 | 3,325 |
![](/icons/ecblank.gif) | Total | 103 | 177 | 429 | 860 | 2,190 | 3,757 |
Secondary income payable | 79 | 248 | 486 | 823 | 1,413 | 2,875 |
Capital transfers from non-residents | 86 | 134 | 176 | 487 | 1,316 | 2,724 |
Resources provided to non-residents | 3,404 | 5,645 | 12,316 | 24,774 | 43,867 | 75,615 |
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Source: Australian System of National Accounts, 2001-02 (5204.0). |
29.19 EXTERNAL ACCOUNT, Current prices - Annual intervals
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![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 | 2001-02 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | $m | $m | $m | $m | $m | $m |
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Imports of goods and services | 97,654 | 101,078 | 103,590 | 118,482 | 126,453 | 140,323 | 152,636 | 153,959 |
Primary income receivable | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Compensation of employees | 389 | 458 | 539 | 792 | 854 | 963 | 1,065 | 1,035 |
![](/icons/ecblank.gif) | Property income | 24,669 | 26,215 | 27,175 | 27,683 | 27,864 | 30,960 | 34,191 | 34,098 |
![](/icons/ecblank.gif) | Total | 25,058 | 26,673 | 27,714 | 28,475 | 28,718 | 31,923 | 35,256 | 35,133 |
Secondary income | 3,347 | 3,228 | 3,561 | 3,971 | 5,247 | 4,407 | 4,421 | 4,297 |
Capital transfers to non-residents | 843 | 907 | 877 | 971 | 1,011 | 1,199 | 1,260 | 1,393 |
Acquisitions less disposals of non-produced non-financial assets | -32 | -25 | 6 | -30 | 19 | 83 | 73 | 82 |
Net lending | -27,868 | -20,382 | -16,285 | -21,680 | -32,440 | -31,168 | -17,061 | -20,797 |
Resources provided by non-residents | 99,002 | 111,479 | 119,463 | 130,189 | 129,008 | 146,705 | 176,585 | 174,067 |
Exports of goods and services | 87,654 | 99,095 | 105,160 | 113,744 | 112,025 | 126,034 | 153,511 | 152,361 |
Primary income payable | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) |
![](/icons/ecblank.gif) | Compensation of employees | 551 | 610 | 678 | 747 | 797 | 826 | 896 | 909 |
![](/icons/ecblank.gif) | Property income | 6,390 | 6,530 | 7,885 | 9,637 | 9,491 | 12,947 | 15,283 | 14,004 |
![](/icons/ecblank.gif) | Total | 6,941 | 7,140 | 8,563 | 10,384 | 10,288 | 13,773 | 16,179 | 14,913 |
Secondary income payable | 3,024 | 3,292 | 3,540 | 3,993 | 4,498 | 4,625 | 4,453 | 4,280 |
Capital transfers from non-residents | 1,383 | 1,952 | 2,200 | 2,068 | 2,197 | 2,335 | 2,442 | 2,513 |
Resources provided to non-residents | 99,002 | 111,479 | 119,463 | 130,189 | 129,008 | 146,705 | 176,585 | 174,067 |
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Source: Australian System of National Accounts, 2001-02 (5204.0). |
Australia has generally been a net borrower of funds from overseas. In the national accounts, this situation is reflected by a negative value for net lending to non-residents. The only exception to this pattern was in 1972-73 when Australia was a net lender to non-residents. Net borrowing from non-residents (i.e. negative net lending to non-residents), expressed as a proportion of GDP, increased significantly during the early-1980s and has remained at relatively high levels since then. Graph 29.20 shows net lending to non-residents as a proportion of GDP since 1965-66.
The importance of foreign trade to the Australian economy is illustrated by graph 29.21, which shows the ratios of exports and imports of goods and services to GDP for the financial years 1965-66 to 2001-02. In 2001-02 the import ratio was 21.6% and the export ratio was 21.4%.
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