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This page contains the following further information for prosperity:
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GLOSSARY
Capital services
Calculated by weighting chain volume measures of the productive capital stock of different asset types together using their rental prices as weights. Rental prices can be regarded as the 'wages' of capital.
Capital productivity
Capital productivity estimates are indexes of real GDP per unit of capital services used in production. They have been derived by dividing the index of the chain volume measure of GDP by an index of capital services. The capital productivity indexes reflect not only the contribution of capital to changes in production, but also the contribution by labour and other factors affecting production.
Employed
People aged 15 years and over who, during the reference week:
- worked for one hour or more for pay, profit, commission or payment in kind in a job or business, or on a farm (comprising employees, employers and own account workers); or
- worked for one hour or more without pay in a family business or on a farm (i.e. contributing family workers); or
- were employees who had a job but were not at work and were:
- away from work for less than four weeks up to the end of the reference week; or
- away from work for more than four weeks up to the end of the reference week and received pay for some or all of the four week period to the end of the reference week; or
- away from work as a standard work or shift arrangement; or
- on strike or locked out; or
- on workers' compensation and expected to return to their job; or
- were employers or own account workers who had a job, business or farm, but were not at work.
Estimated resident population (ERP)
The estimated resident population (ERP) is the official measure of the population of Australia. It is based on the concept of usual residence. For the purpose of ERP, a person is regarded as a usual resident if they have been (or are expected to be) residing in Australia for a period of 12 months or more. As such, it refers to all people, regardless of nationality, citizenship or legal status who usually live in Australia, with the exception of foreign diplomatic personnel and their families.
Gross domestic product (GDP)
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. Farm product is that part of gross domestic product which arises from production in agriculture and services to agriculture. It is equivalent to the value added of ANZSIC 06 subdivision 01 'Agriculture' plus taxes less subsidies on products primary to this subdivision. Non-farm product arises from production in all other industries.
Hours worked
The hours worked by all labour engaged in the production of goods and services, including hours worked by civilian wage and salary earners, employers, self-employed persons, persons working one hour or more without pay in a family business or on a farm, and members of the Australian defence forces.
Labour force
For any group, persons who were employed or unemployed, as defined.
Labour force underutilisation rate
The sum of the number of persons unemployed and the number of persons in underemployment, expressed as a proportion of the labour force.
Labour productivity
Labour productivity estimates are indexes of real GDP per person employed or per hour worked. They have been derived by dividing the chain volume measure of GDP by employment (or hours worked). Estimates are also made using labour inputs adjusted for the quality and composition of labour input. Labour productivity indexes reflect not only the contribution of labour to changes in product per labour unit, but are also influenced by the contribution of capital and other factors affecting production.
Multifactor productivity
Multifactor productivity estimates are indexes of real GDP per combined unit of labour and capital. They have been derived by dividing chain volume estimates of market sector GDP by a combined measure of hours worked and capital services.
Multifactor productivity estimates are indexes of real GVA per combined unit of labour and capital. Multifactor productivity is the part of output growth that cannot be attributed to the growth of labour or capital inputs. Multifactor productivity reflects such things as business process innovations, advances in technology, or almost any other type of improvement in the efficiency of a firm's operations. When Multifactor productivity rises, the economy can produce more output with the same quantity of labour and capital. Multifactor productivity can be equated with technological change if certain conditions are met (e.g. firms seek to maximise profits, markets are competitive, and the coverage of inputs is complete). Because these conditions are typically not met, measured Multifactor productivity will, in addition to technological change, include the effects of model misspecification and errors in the measurement of the variables.
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.
Net saving – corporations
This 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.
Net saving – general government
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.).
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.
Net worth
In the national and sectoral balance sheets, net worth represents the difference between the stock of assets (both financial and non-financial) and the stock of liabilities (including shares and other equity). Because it is derived residually, it can be negative.
Persons in the labour force
People who were classified as being in the labour force, that is, either employed or unemployed.
Quality adjusted hours worked
This measure of labour input takes account of changes in the aggregate quality of labour due to changes in educational attainment and the length of experience in the workforce. Labour productivity and multifactor productivity estimates based on quality adjusted hours worked are also calculated. For a description of this work see the feature article, 'Further developments in the analysis of productivity growth in Australia' in the September quarter 2001 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0).
Real
Real incomes payable and receivable are calculated by dividing the nominal (current) income flows by the implicit price deflator for gross national expenditure.
Real net worth per capita
The ratio of real net worth to the estimated resident population (ERP) of Australia. See 'Net worth' for further information.
Real unit labour costs
A measure of the pace of real wage rises compared with the pace of productivity improvement. In nominal terms, unit labour costs are calculated by dividing average labour costs by average labour productivity. However, nominal unit labour costs ignore real wage rises as they do not account for general increases in prices across the economy. This influence is eliminated by dividing average labour costs by the Gross Domestic Product (GDP) deflator to reflect the real cost of labour and its influence on productivity growth.
Underemployed workers
Employed persons aged 15 years and over who want, and are available for, more hours of work than they currently have. They comprise:
- persons employed part time who want to work more hours and are available to start work with more hours, either in the reference week or in the four weeks subsequent to the survey; or
- persons employed full time who worked part time hours in the reference week for economic reasons (such as being stood down or insufficient work being available). It is assumed that these people wanted to work full time in the reference week and would have been available to do so.
Unemployed
Persons aged 15 years and over who were not employed during the reference week, and:
- had actively looked for full time or part time work at any time in the four weeks up to the end of the reference week and were available for work in the reference week; or
- were waiting to start a new job within four weeks from the end of the reference week and could have started in the reference week if the job had been available then.
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