1301.0 - Year Book Australia, 2012
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 24/05/2012
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Statistics contained in the Year Book are the most recent available at the time of preparation. In many cases, the ABS website and the websites of other organisations provide access to more recent data. Each Year Book table or graph and the bibliography at the end of each chapter provides hyperlinks to the most up to date data release where available.
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NATIONAL INCOME, EXPENDITURE AND PRODUCT ACCOUNTS
The Australian national income, expenditure and product accounts are compiled and published each 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).
PRODUCTION ACCOUNT
The production account indicates changes in Australian economic activity over time. Table 30.2 shows annual time series from 2006–07 to 2010–11. Table 30.3 shows expenditure on GDP in volume terms.
In 2010–11, in volume terms (i.e. after the effects of price change are removed from the dollar value of Australia's production), GDP recorded a growth rate of 2.1%.
(b) Income-based.
(b) Expenditure-based.
The production 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 30.4 and 30.5 show how the shares of total factor income accruing to compensation of employees 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 compensation of employees (COE) share of total factor income was 62% in 1974–75. The COE share in 2010–11 was 53%, steady with the previous year (53%), and one of the lowest levels recorded in the time series presented. The profits share of total factor income has been growing steadily since 1998–99. In 2010–11, the profits share was 28%, the second highest share recorded; the highest was in 2008–09 (29%).
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 that is not spent in this way is 'saving'. Table 30.6 shows annual time series in current prices from 2006–07 to 2010–11.
Graph 30.7 shows net saving by institutional sector as a proportion of GDP for the years 1965–66 to 2010–11. Household net saving as a percentage of GDP generally fluctuated between 8.6% and 11% between 1965–66 and 1971–72. It then rose to a peak of 13% in 1974–75. The series then generally decreased, eventually reaching its lowest point at 0.3% of GDP in 2002–03. Household net saving as a proportion of GDP remained below 1% until 2005–06, before rising again. By 2010–11, it was 5.4% of GDP and household income exceeded consumption by $76.9 billion (table 30.8).
General government net saving as a proportion of GDP was positive from 1965–66 to 1973–74 before turning negative from 1974–75 to 1996–97 (except for 1988–89). It remained positive from 1997–98 to 2007–08. In 2010–11, general government net saving was negative at –$27.8 billion, while net saving of non-financial corporations was 2.6% of GDP ($36.3b). Net saving of financial corporations has been positive at between 1% and 3% of GDP for virtually all of its history except for 1988–89 and 1989–90, where it rose above 3%. In 2010–11, net saving of financial corporations was 2.5% of GDP ($35.1b).
Source: Australian System of National Accounts, 2010–11 (5204.0).
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. Between 2006–07 and 2010–11, Australia's saving and consumption of fixed capital were not sufficient to pay for all the fixed capital needed for Australian production; therefore, 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. Table 30.8 shows the annual time series from 2006–07 to 2010–11 in current prices.
Graph 30.9 shows gross fixed capital formation (investment) by institutional sector as a proportion of GDP. Investment by non-financial corporations generally fell during the mid 1970s but stabilised in the 1980s and 1990s (it has generally been above 10% of GDP). In 2010–11, investment by non-financial corporations was 13% of GDP. Household investment as a proportion of GDP remained steady at around 10% of GDP throughout the time series and in 2010–11, the ratio to GDP was 8.9%. General government investment as a proportion of GDP peaked at 5.4% in 1967–68 and 1968–69, and has generally fallen since then. It was 4.2% of GDP in 2010–11. The highest ever level of financial corporations investment, expressed as a proportion of GDP, was recorded in 1989–90 and 1990–91 (1.8%). It has generally fallen since and was 0.7% of GDP in 2010–11.
Graph 30.10 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.
Source: Australian System of National Accounts, 2010–11 (5204.0).
The household sector has been a net lender for most years since 1965–66. As a proportion of GDP, net lending by households peaked in 1974–75 at 9.6%. Since then it has trended downwards and the household sector changed from a net lender to a net borrower in 1988–89 and 1989–90. Between 1993–94 and 2007–08, it was a net borrower and in 2010–11 household net lending was 2.6%. Non-financial corporations have been net borrowers over the period 1965–66 to 2010–11 (except for between 1991–92 and 1993–94), and the amounts borrowed have fluctuated significantly from year to year. As a proportion of GDP, their net borrowing was 2.8% in 2010–11.
In 2010–11, net lending of financial corporations represented 2.4% of GDP, with the highest recorded level 2.9% in 1988–89. After a record level of borrowing as a proportion of GDP in 1992–93 (6.4%), general government borrowing steadily declined up until 2000–01. From 2002–03 to 2007–08, the sector was a net lender. Since 2008–09, general government has been a net borrower and in 2010–11, its net borrowing represented 5.1% of GDP.
EXTERNAL ACCOUNT
The external account is derived from the detailed balance of payments current and capital accounts (see chapter 31 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. Table 30.11 shows the annual time series in current prices from 2006–07 to 2010–11.
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 (graph 30.12). The only exception to this pattern was in 1972–73. Net borrowing from non-residents, expressed as a proportion of GDP, increased significantly in the early 1980s and has remained at relatively high levels since then. The ratio of net borrowing from overseas to GDP in 2010–11 was 2.4%, down from 4.2% in 2009–10. Graph 30.12 shows net lending to non-residents as a proportion of GDP since 1965–66.
The growing importance of international trade to the Australian economy is illustrated by graph 30.13, which shows the ratios of exports and imports of goods and services to GDP in current prices since 1965–66. In 2010–11, the imports ratio was 20% and the exports ratio was 21%. Since 2000–01, the volume of imports has grown more strongly, up 120%, compared with 24% growth in the volume of exports.