Australia Yearbook - 2001

1022 Year Book Australia 2001
Endnotes
1. Coghlan T.A. 1902, A Statistical Account of
the Seven Colonies of Australia, 1901–1902, The
Government of New South Wales and the
Commonwealth of Australia, William Applegate
Gullick, Government Printer, Sydney.
2. Cited in Vamplew, W. (ed.) 1987, Australians:
Historical Statistics, Fairfax, Syme and Weldon
Associates, Broadway, New South Wales.
3. Commonwealth Bureau of Census and
Statistics 1950, The Australian Balance of
Payments 1928–29 to 1948–49, Canberra.
Ratios
Table 30.18 and graph 30.19 show that the ratio
of the current account deficit to GDP was 5.3% in
1999–2000, down marginally on the previous year
but above the average for the last ten years.
Graph 30.20 shows that the ratio of Australia’s net
foreign liabilities (Australia’s net international
investment position) to GDP has been rising
since 30 June 1988 and reached its highest level
of nearly 64% at 30 June 2000. The ratio of net
foreign debt to GDP was 42.4% at 30 June 2000,
up on the results for recent years. The ratio of
net foreign equity to GDP, 21.5% at 30 June 2000,
is up less than one percentage point on the ratio
as at 30 June 1999, but is double the ratio ten
years earlier.
Table 30.18 shows that the net investment
income payable on net foreign debt as a
percentage of goods and services credits was
9.8% in 1999–2000, up marginally on the previous
year. The ratio of net investment income payable
on equity to goods and services credits was 4.9%
in 1999–2000, down significantly on the ratio for
the previous five years.
30.18 RATIOS
1994–95 1995–96 1996–97 1997–98 1998–99 1999–00
$ MILLION
GDP(a) 473 381 506 975 532 170 564 653 595 417 632 290
RATIOS TO GDP (%)
Current account –6.1 –4.3 –3.4 –4.0 –5.7 –5.3
Goods and services –2.1 –0.4 0.3 –0.8 –2.5 –2.4
Credits 18.5 19.5 19.8 20.2 18.8 19.9
Debits –20.6 –19.9 –19.5 –21.0 –21.3 –22.3
Income –3.8 –3.9 –3.6 –3.2 –3.1 –2.9
Net international investment position(b) 53.9 55.4 56.9 57.5 60.0 63.9
Net foreign equity 14.5 16.9 16.9 16.5 21.0 21.5
Net foreign debt 39.4 38.5 40.0 41.0 39.0 42.4
RATIOS TO GOODS AND SERVICES CREDITS (%)
Net investment income –20.9 –19.9 –18.5 –15.8 –16.3 –14.7
Net foreign equity –8.6 –8.4 –7.2 –6.1 –7.1 –4.9
Net foreign debt –12.3 –11.5 –11.3 –9.7 –9.3 –9.8
(a) GDP at current prices, Australian National Accounts: National Income, Expenditure and Product (5206.0). (b) These ratios are
derived by expressing net foreign liabilities at end of year as a percentage of GDP at current prices for that year.
Source: Balance of Payments and International Investment Position, Australia (5302.0).