1350.0.55.001 - Australian Economic Indicators Glossary, 2006

ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 31/07/2007 Reissue

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National accounts	Systematic quantitative summary of the Australian economy as a whole. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
National level of government	The level of government of public sector units that have a national role or function, i.e. the political authority underlying their functions extends over the entire territory of Australia or the functions involve policies that are primarily of concern at a national level (i.e. the consolidated total of the Commonwealth level of government and all multi-jurisdictional units). Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
National saving	Calculated as the sum of the net saving of each of the resident sectors - households and unincorporated enterprises, non-financial corporations, financial corporations and general government. Also referred to as net saving. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
National saving ratio	The ratio of national net saving to national net disposable income. National net saving is calculated as national net disposable income less final consumption expenditure. National net disposable income is calculated as national gross disposable income less consumption of fixed capital. Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.
Natural increase	Excess of births over deaths. Reference: Australian Demographic Statistics. cat. no. 3101.0.
Nature of entry	Customs record import transactions according to whether the goods cross the Customs frontier and are entered directly into the market for home consumption (Nature 10), are diverted into a bonded warehouse (Nature 20), or are released from a bonded warehouse into the marketplace (Nature 30). Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Neonatal death	For neonatal deaths a birthweight and period of gestation criterion apply: A neonatal death is the death within 28 days of birth of a child weighing at least 500 grams at delivery (or of at least 22 weeks gestation, if birthweight was unavailable) who after delivery, breathes or shows any evidence of life such as a heartbeat. Applies to data collected prior to 1997. A neonatal death is the death within 28 days of birth of a child weighing at least 400 grams at delivery (or of at least 20 weeks gestation, if birthweight was unavailable) who after delivery, breathes or shows any evidence of life such as a heartbeat. Applies to data collected from 1997 onwards. Reference: Deaths, Australia. cat. no. 3302.0.
Neonatal death rate	For neonatal death rates a birthweight and period of gestation criterion apply: The neonatal death rate is the number of neonatal deaths per 1,000 live births (who weighed at least 500 grams at birth or of at least 22 weeks gestation, if birthweight was unavailable). Applies to data collected prior to 1997. The neonatal death rate is the number of neonatal deaths per 1,000 live births (who weighed at least 400 grams at birth or of at least 20 weeks gestation, if birthweight was unavailable). Applies to data collected from 1997 onwards. Reference: Deaths, Australia. cat. no. 3302.0.
Net acquisition of non-financial assets	Gross fixed capital formation less depreciation plus change in inventories plus other transactions in non-financial assets. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Net assets	Total assets less total liabilities, shareholders’ funds and other contributed capital. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Net asset value	Net asset value is equal to total assets, including intangibles, less non-equity liabilities and less the paid up value of non-voting shares. Assets and liabilities should be recorded at estimated market value, rather than historical values. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Net debt	Net debt, previously published in the now discontinued publication Public Sector Financial Assets and Liabilities, Australia (cat. no. 5513.0), is included in the balance sheet presentation for information. It is equal to (deposits held plus proceeds from advances plus borrowing) minus (cash and deposits plus investments plus advances outstanding). Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Net domestic product	Calculated as GDP less consumption of fixed capital. Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.
Net equity of households on life insurance reserves and on pension funds	Net equity of households on life insurance reserves and on pension funds refers to reserves held against life insurance and annuity policies by insurance enterprises, whether mutual or incorporated, and by pension funds. These reserves are considered to be assets of the policyholders and not of the institutional units that manage them. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Net errors and omissions	An examination of the size and direction of the net errors and omissions item may shed some light on the accuracy of estimates. The adoption of the double entry accounting system of recording means that, in principle, the net sum of all credit and debit entries should equal zero. In practice such equality rarely exists, and any differences are recorded in the net errors and omissions item. The item reflects the net effect of differences in coverage, timing and valuation, as well as errors and omissions which occur in compiling all the individual component series. Therefore both users and statisticians can focus on the item as an immediate and systematic indicator of the quality of the balance of payments statistics. Persistently large figures in one direction (negative or positive) may be taken as an indication of serious and systematic errors. However, a small figure does not necessarily mean that only small errors and omissions have occurred, since large positive and negative errors may be offsetting. Offsetting errors may be either related or unrelated, resulting from a measurement problem affecting either both sides or only one side of a transaction. If positive and negative net errors and omissions tend to offset each other in successive periods, errors may be due to timing differences in data reported by the different sources used to estimate the credit and debit sides of a transaction. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Net financial worth	Net financial worth is equal to financial assets minus liabilities. It is a broader measure than net debt in that it incorporates provisions made (such as superannuation, but excluding depreciation and bad debts) as well as holdings of equity. Net financial worth includes all classes of financial assets and liabilities, only some of which are included in net debt. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Net interstate migration	The difference between the number of persons who have changed their place of usual residence by moving into a given State or Territory and the number who have changed their place of usual residence by moving out of that State or Territory during a specified time period. This difference may be either positive or negative. Reference: Australian Demographic Statistics. cat. no. 3101.0.
Net lending to non-residents	Net lending to non-residents is the excess of net acquisition of financial assets in the rest of the world by resident institutional units over their net incurrence of liabilities in the rest of the world. Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.
Net lending/borrowing	The financing requirement of government, calculated as the GFS net operating balance less the net acquisition of non-financial assets. A positive result reflects a net lending position and a negative result reflects a net borrowing position. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Net operating balance	This is calculated as GFS revenue minus GFS expenses. It is equivalent to the change in net worth arising from transactions. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Net overseas migration	Net overseas migration is net permanent and long-term overseas migration, adjusted for change in traveller duration intention and multiple movement error. Reference: Australian Demographic Statistics. cat. no. 3101.0.
Net permanent and long-term overseas movement	The difference between the number of permanent (settler) and long-term arrivals and the number of permanent and long-term departures. Short-term movements are excluded. Reference: Australian Demographic Statistics. cat. no. 3101.0.
Net population growth	For Australia, net population growth is the sum of natural increase and net overseas migration. For the states and territories, net population growth also includes net interstate migration. After the Census of population and Housing, intercensal population growth also includes an allowance for intercensal discrepancy. Reference: Australian Demographic Statistics. cat. no. 3101.0.
Net reproduction rate	The net reproduction rate represents the average number of daughters that would be born to a group of females if they are subject to the fertility and mortality rates of a given year during their future life. It indicates the extent to which the population would reproduce itself. The net reproduction rate is obtained by multiplying the age-specific birth rates (for female births only) by the proportion of survivors at corresponding ages in a life table and adding the products. Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.
Net saving - corporations	Net saving - corporations is equal to the gross income receivable by corporations less income payable and consumption of fixed capital. Income receivable by corporations includes gross operating surplus, property income and current transfers receivable. Income payable includes property income and current transfers (including income taxes) payable. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Net saving - general government	Net saving - general government is the surplus of general government gross income over current use of income. Current use of income includes final consumption expenditure and current transfers (interest and other property income payable, social assistance benefits payments to residents, transfers to non-profit institutions, subsidies, etc.). Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Net saving - households	Net saving - households is equal to gross household disposable income less household final consumption expenditure and consumption of fixed capital. Household saving is estimated as the balancing item in the households income account. It includes saving through life insurance and superannuation funds (including net earnings on these funds), increased equity in unfunded superannuation schemes and the increase in farm assets with marketing boards. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Net secondary income from non-residents	Net secondary income from non-residents comprises all transfers to or from non-residents to resident government or private institutional units which are not payments for goods and services, compensation of employees or property income. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Net Transactions During Period	Net Transactions During Period, is the flow equivalent of Amounts outstanding at End of Period and so has the same exclusions. It shows quarterly net raisings of debt and equity on conventional credit markets world wide by each of the non-financial domestic sectors. The aggregate at the head of the table is a measure of the primary credit flow in Australia; that is, credit which is to be used primarily to finance non-financial outlays such as investment in plant and equipment. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Net worth	Assets less liabilities and shares/contributed capital. For the general government sector, net worth is assets (both financial and non-financial) less liabilities since shares and contributed capital is zero. It is an economic measure of wealth and reflects the contribution of governments to the wealth of Australia. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Netting	The process of deducting one set of stocks or flows from another and recording only the difference. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
New building activity	New building activity is activity will result in the creation of a building which previously did not exist. Reference: Building Approvals, Australia. cat. no. 8731.0.
New dwelling	A new dwelling is one that has been completed within 12 months of the lodgement of a loan application, and the borrower will be the first occupant. Reference: Housing Finance, Australia. cat. no. 5609.0.
Non-dependant child	A child of a couple or lone parent usually resident in the household, aged over 15 years and who is not a dependent student aged 15-24 years, and who has no partner or child of their own usually resident in the household. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Non-family member	A person who is not related to any other member of the household in which they are living. Reference: Australian Labour Market Statistics. cat. no. 6105.0.
Non-farm GDP	Gross domestic product less farm GDP. Reference: Australian National Accounts: National Income, Expenditure and Product. cat. no. 5206.0.
Non-financial asset	Any asset that is not in the form of a financial claim on another economic unit, monetary gold or a statutory reserve deposit at the IMF. See also Assets; Financial assets; Non-produced assets; and Produced assets. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Non-financial corporations	Non-financial corporations comprises all resident corporations and quasi-corporations mainly engaged in the production of market goods and/or non-financial services, and holding companies with mainly non-financial corporations as subsidiaries. Also included are non-profit institutions (NPIs) that mainly engage in market production of goods and non-financial services. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Non-financial public sector	The Non-financial Public Sector is a sub-sector. formed by the consolidation of the General Government and Public Non-financial Corporations sectors. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Non-market output	Goods and services that are supplied free or at prices that are not economically significant to other institutional units or the community as a whole. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Non-merchandise trade	Goods which cross the Customs' frontier, but do not alter Australia's stock of material resources. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Non-monetary gold	Gold that is traded like any other commodity. Non-monetary gold is regarded as a commodity, rather than as a financial item, as its worth is principally derived from either its gold content or its value as a collector's piece. Reference: International Merchandise Trade, Australia, Concepts, Sources and Methods. cat. no. 5489.0.
Non-participating preference shares	Non-participating preference shares are a type of preference share where the holder has no entitlement to a share in the residual value on the dissolution of the issuing entity. Non-participating preference shares should be included as 'Long-term debt securities'. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Non-private dwellings (NPDs)	Non-private dwellings (NPDs) are residential dwellings with accommodation which are not included in the Census of Population and Housing list of private dwelling categories. NPDs are classified according to their function. They include hotels, motels, guest houses, jails, religious and charitable institutions, military establishments, hospitals and other communal dwellings. Where this type of accommodation includes self-contained units (as provided by hotels, motels, homes for the elderly and guest houses), the units are enumerated as part of the NPD. Complexes such as retirement villages, which have a combination of self-contained units, hostel and/or nursing home accommodation, are enumerated as NPDs. Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.
Non-produced assets	Non-produced assets are non-financial assets that come into existence other than through processes of production. Non-produced assets consist of tangible assets and intangible assets. See also Intangible non-produced assets; Tangible non-produced assets. Reference: Australian National Accounts: Concepts, Sources and Methods. cat. no. 5216.0.
Non-profit institution	A legal or social entity that is created for the purpose of producing or distributing goods and services but is not permitted to be a source of income, profit or financial gain for the units that establish, control or finance it. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Non-resident	Any economic entity (individual, enterprise or other organisation) ordinarily domiciled in a country other than Australia. Reference: Australian System of Government Finance Statistics: Concepts, Sources and Methods. cat. no. 5514.0.55.001.
Non-residential building	A non-residential building is primarily intended for purposes other than long term residential purposes. Note that, on occasions, one or more dwelling units may be created through non-residential building activity. Reference: Building Approvals, Australia. cat. no. 8731.0.
Non-wage price index	Measures change in the price of non-wage costs. The four non-wage indexes relate to superannuation, annual and public holiday leave, payroll tax, and workers' compensation. Reference: Labour Price Index: Concepts, Sources and Methods. cat. no. 6351.0.55.001.
Not in the labour force	Persons not in the Labour Force are those persons who, during the reference week, were not in the categories Employed or Unemployed. They include persons who were keeping house (unpaid), retired, voluntarily inactive, permanently unable to work, in goal, trainee teachers, members of contemplative religious orders, and persons whose only activity during the reference week was jury service or unpaid voluntary work for a charitable organisation. Reference: Labour Force, Australia. cat. no. 6202.0.
Novation	The transfer of an entity’s rights and obligations under a contract to a new counterparty. Reference: Australian National Accounts: Financial Accounts. cat. no. 5232.0.
Number of dwelling unit commencements	For other residential building, these statistics present the number of dwelling units in such buildings (and not the number of buildings). For example, if a new building with 25 apartments is commenced, then 25 is included in the number of dwelling unit commencements under 'new other residential building'. Residential building activity involving a number of residential buildings of the same type of building and which are being built on the same site are sometimes grouped. Thus, when a project involving the construction of, say, a group of 10 houses is commenced in the sense that work has started on the first one or two houses, then all 10 houses may be counted as commencements in the statistics. Reference: Building Activity, Australia. cat. no. 8750.0.
Nuptial birth	A nuptial birth is the birth of a child born of parents who are legally married at the time of the child's birth. Reference: Births, Australia. cat. no. 3301.0.
Nuptial first confinement	A nuptial first confinement is the first confinement in the current marriage and therefore does not necessarily represent the woman's first ever confinement resulting in a live birth. Reference: Demographic Estimates and Projections: Concepts, Sources and Methods. cat. no. 3228.0.
Nuptiality	Nuptiality relates to the registered marital status of persons and the events such as marriages, divorces and widowhood. Confinements and births are identified as being nuptial where the father registered was married to the mother at the time of birth, or where the husband died during pregnancy. Confinements and children of Indigenous mothers considered to be tribally married are classified as nuptial. Other confinements, and the children resulting from them, are classified as ex-nuptial whether or not both parents were living together at the time of birth. Reference: Births, Australia. cat. no. 3301.0.