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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 29.12 and 29.13 show the national capital account for a number of years between 1965-66 and 2000-01; table 29.12 shows a series of snapshots at five-yearly intervals to 1990-91, while table 29.13 shows annual time series from 1993-94 to 2000-01.
29.12 NATIONAL CAPITAL ACCOUNT, Current prices - Five-yearly intervals
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 | | 1965-66 | 1970-71 | 1975-76 | 1980-81 | 1985-86 | 1990-91 |
| | $m | $m | $m | $m | $m | $m |
|
| Net saving | | | | | | |
| Non-financial corporations | 259 | 320 | -1,629 | 102 | 1,427 | -9,382 |
| Financial corporations | 131 | 278 | 733 | 308 | -1,868 | 4,587 |
| General government | 277 | 567 | -701 | -3,006 | -8,826 | -5,584 |
| Households | 1,249 | 2,587 | 7,576 | 12,287 | 16,646 | 18,206 |
| Total | 1,916 | 3,752 | 5,979 | 9,691 | 7,379 | 7,827 |
| Consumption of fixed capital | 3,936 | 6,465 | 12,174 | 22,120 | 39,435 | 64,378 |
| Net capital transfers receivable from non-residents | 46 | 56 | -27 | 167 | 830 | 2,071 |
| Gross saving and capital transfers | 5,898 | 10,273 | 18,126 | 31,978 | 47,644 | 74,276 |
| Gross fixed capital formation | | | | | | |
| Private | 5,082 | 8,388 | 13,328 | 29,256 | 45,959 | 67,027 |
| Public corporations | 951 | 1,371 | 2,790 | 5,584 | 10,664 | 12,271 |
| General government | 1,089 | 1,525 | 3,792 | 4,342 | 8,518 | 10,966 |
| Total | 7,122 | 11,284 | 19,910 | 39,182 | 65,141 | 90,267 |
| Changes in inventories | | | | | | |
| Private non-farm | 147 | 366 | 91 | 115 | 882 | -1,125 |
| Farm and public authorities | -63 | 220 | 89 | 331 | -12 | -241 |
| 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 | -3,709 | 764 |
| Net lending to non-residents | -899 | -782 | -1,454 | -5,597 | -14,658 | -15,382 |
| Total capital accumulation and net lending | 5,898 | 10,273 | 18,126 | 31,978 | 47,644 | 74,276 |
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| (a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based). |
Source: Australian System of National Accounts (5204.0). |
29.13 NATIONAL CAPITAL ACCOUNT, Current prices - Annual intervals
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| | 1993-94 | 1994-95 | 1995-96 | 1996-97 | 1997-98 | 1998-99 | 1999-2000 | 2000-01 |
| | $m | $m | $m | $m | $m | $m | $m | $m |
|
| Net saving | | | | | | | | |
| Non-financial corporations | 8,036 | 5,015 | 4,030 | 1,521 | 3,537 | -3,734 | -8,297 | -7,447 |
| Financial corporations | 5,615 | 3,801 | 3,065 | 2,098 | 4,065 | 2,276 | 3,862 | 8,827 |
| General government | -18,228 | -16,331 | -10,689 | -1,847 | 5,082 | 9,582 | 15,351 | 207 |
| Households | 13,815 | 13,553 | 14,311 | 17,828 | 7,883 | 10,049 | 8,756 | 16,921 |
| Total | 9,238 | 6,038 | 10,717 | 19,600 | 20,567 | 18,173 | 19,672 | 18,508 |
| Consumption of fixed capital | 73,773 | 76,264 | 78,617 | 80,376 | 86,160 | 91,316 | 97,663 | 104,292 |
| Net capital transfers receivable from non-residents | 300 | 540 | 1,045 | 1,323 | 1,097 | 1,186 | 1,136 | 1,182 |
| Gross saving and capital transfers | 83,311 | 82,842 | 90,379 | 101,299 | 107,824 | 110,675 | 118,471 | 123,982 |
| Gross fixed capital formation | | | | | | | | |
| Private | 76,755 | 84,993 | 88,029 | 95,040 | 108,722 | 112,831 | 123,896 | 115,431 |
| Public corporations | 9,957 | 11,864 | 11,322 | 9,525 | 8,013 | 11,468 | 9,277 | 9,418 |
| General government | 11,748 | 12,492 | 12,247 | 13,025 | 12,735 | 13,407 | 15,878 | 16,401 |
| Total | 98,461 | 109,349 | 111,599 | 117,589 | 129,472 | 137,703 | 149,055 | 141,247 |
| Changes in inventories | | | | | | | | |
| Private non-farm | 1,316 | 659 | -487 | 2,402 | -418 | 5,165 | 1,837 | 918 |
| Farm and public authorities | -22 | 734 | -326 | -2,412 | 480 | -13 | -76 | -552 |
| Total | 1,294 | 1,393 | -813 | -10 | 62 | 5,152 | 1,761 | 366 |
| Acquisitions less disposals of non-produced non-financial assets | -17 | -32 | -25 | 6 | -30 | 19 | 83 | 107 |
| Statistical discrepancy(a) | -697 | - | - | - | - | - | - | -127 |
| Net lending to non-residents | -15,730 | -27,868 | -20,382 | -16,286 | -21,680 | -32,199 | -32,427 | -17,611 |
| Total capital accumulation and net lending | 83,311 | 82,842 | 90,379 | 101,299 | 107,824 | 110,675 | 118,471 | 123,982 |
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| (a) Statistical discrepancy (expenditure-based) less statistical discrepancy (income-based). |
Source: Australian System of National Accounts (5204.0). |
Graph 29.14 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 13.2% in 1981-82. It has subsequently been above 10% except for the years 1991-92 to 1993-94, and 2000-01 (9.4%). Household investment as a proportion of GDP was 8.2% in 2000-01. General government investment as a proportion of GDP peaked at 4.8% in 1975-76. It has generally fallen since then and was 2.4% of GDP in 2000-01. Financial corporations investment peaked in 1988-89 and 1989-90 at 1.9% of GDP. It has generally fallen since then and was 1.0% of GDP in 2000-01.
Graph 29.15 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, and in four of the last seven years the household sector has been a net borrower. Non-financial corporations have been net borrowers over the whole period from 1965-66 to 1999-2000, and the amounts borrowed have fluctuated significantly from year to year. As a proportion of GDP, their net borrowing was 3.2% in 2000-01. 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 2000-01 financial corporations net lending represented 1.0% 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 2000-01 general government net borrowing represented 0.8% of GDP.
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