Australia Yearbook - 2001

Chapter 29—National accounts 979
29.7 EXPENDITURE ON GDP, Chain Volume Measures(a)—Annual
1990–91 1991–92 1992–93 1993–94 1994–95 1995–96 1996–97 1997–98 1998–99
$m $m $m $m $m $m $m $m $m
Final consumption
expenditure
General government 87 179 88 906 90 530 91 710 94 400 98 177 98 931 103 045 105 596
Households 264 209 269 695 275 556 282 225 296 905 309 804 317 842 333 407 348 475
Total final
consumption
expenditure 351 390 358 604 366 088 373 930 391 298 407 973 416 772 436 452 454 071
Gross fixed capital
formation
Private 67 248 64 148 70 362 76 751 85 871 88 824 99 461 112 391 114 961
Public 22 608 22 354 21 765 21 088 23 595 22 729 22 588 20 824 24 790
Total gross fixed
capital formation 90 445 87 085 92 638 98 314 109 994 111 921 122 083 133 215 139 751
Domestic final demand 440 949 444 308 457 549 471 265 500 640 519 279 538 839 569 667 593 823
Changes in inventories –1 290 –2 678 735 1 489 3 015 285 –162 960 4 816
Gross national
expenditure 438 423 440 753 457 310 472 154 502 611 519 581 538 797 570 627 598 639
Exports of goods and
services 67 299 73 363 78 265 85 859 90 039 99 318 109 700 113 829 115 766
less Imports of goods
and services 69 085 71 598 76 102 81 196 94 633 98 409 108 070 118 575 124 518
Statistical discrepancy
(expenditure-based) 2 662 –1 903 –2 601 –1 122 — — — — 1 659
Gross domestic
product 439 783 441 458 457 735 476 556 498 113 520 669 540 379 565 881 591 546
(a) Reference year for chain volume measures is 1997–98.
Source: Australian System of National Accounts (5204.0).
The gross domestic product 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 29.8 and 29.9 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 62.5% in 1974–75. The
wages share has recovered somewhat from its
low value of 52.8% in 1988–89, but remains below
the level recorded for most of the 1970s and early
1980s. The wages share has remained relatively
stable during the 1990s, maintaining levels similar
to those during the 1960s.
In 1998–99, the profits share of total factor
income (23.3%) was marginally below its highest
share of 23.9%, recorded in 1993–94.