Australia Yearbook - 2001

Chapter 13—Industry overview 567
Profits, wages and output
Table 13.2 presents broadly the profits of
businesses (referred to as gross operating surplus
and gross mixed income) and the wages income
of employees (referred to as compensation of
employees) for 1998–99, the change over
1997–98, and the average annual rate of growth
over the years from 1990–91.
The table shows that profits rose in 1998–99 in all
industries except Mining (down 8%),
Communication services (down 2%) and
Electricity, gas and water supply (down 1%). The
average for all industries was an increase of 4%
over 1997–98. Over the years from 1990–91 to
1998–99 profits grew by an average of 5% per year.
The strongest increases in profits in 1998–99
were recorded by Retail (19%), Finance and
insurance (13%), Transport and storage (11%)
and Wholesale trade (10%). In the period from
1990–91 to 1998–99, there was an average annual
increase in profits for all industries. Over this
period, Personal and other services showed an
average annual increase in profits of 12% and
profits for Communication services increased on
average by 10%.
The table also shows the growth in wages.
Movements in wages correlate with employment
in the industry and average wages per person
employed. The Property and business services
industry showed the largest increase (16%) in
wages in 1998–99, with an average annual
increase of 8% in the years from 1990–91 to
1998–99. The largest annual increase over the
period from 1990–91 to 1998–99 was recorded in
the Cultural and recreational services industry
(up by 10%).
Similarly, wages in Construction rose by 14% in
1998–99, with an average annual increase of 4%
over the years from 1990–91 to 1998–99. There
were also substantial increases in wages in the
Finance and insurance industry (by 13% in
1998–99 and by 6% annually on average) and in
the Wholesale trade industry (by 10% in 1998–99
and by 5% annually on average).
Wages in the Electricity, gas and water supply
industry fell by 1% in 1998–99 and recorded an
average annual fall of 4% over the years from
1990–91 to 1998–99.
13.2 PROFITS AND WAGES, By Industry
Profits (GOS(a) and GMI(b)) Wages (compensation of employees(c))
1998–99
Change from
1997–98
Average
annual rate
of growth
1990–91 to
1998–99
1998–99
Change from
1997–98
Average
annual rate
of growth
1990–91 to
1998–99
Industry
$m
%
% $m
%
%
Agriculture, forestry and fishing 13 202 2.6 5.4 4 320 2.7 4.5
Mining 16 224 –8.0 1.8 6 170 –4.0 3.0
Manufacturing 33 782 5.8 8.0 37 220 0.5 2.9
Electricity, gas and water supply 9 756 –1.2 3.1 3 242 –1.2 –4.2
Construction 18 637 5.8 8.1 16 233 14.2 4.3
Wholesale trade 7 965 10.0 –0.0 21 324 9.7 4.7
Retail trade 8 400 18.5 2.8 23 250 7.9 6.7
Accommodation, cafes and restaurants 3 982 6.1 4.5 8 442 3.8 7.7
Transport and storage 14 715 11.4 5.4 16 935 5.7 4.4
Communication services 9 670 –1.6 10.2 6 903 1.3 3.3
Finance and insurance 15 373 12.8 7.8 18 670 12.9 5.9
Property and business services 20 818 4.9 3.4 37 198 16.2 8.4
Government administration and defence 3 079 4.2 4.0 20 906 2.4 5.7
Education 2 805 5.4 6.0 23 508 3.0 5.2
Health and community services 5 511 6.2 6.0 28 195 4.9 5.5
Cultural and recreational services 4 754 6.9 7.7 5 779 7.8 9.9
Personal and other services 3 285 7.2 11.9 9 815 7.8 6.0
Ownership of dwellings 48 881 2.1 4.8 . . . . . .
All industries 240 839 4.4 5.3 288 110 6.6 5.2
(a) Gross operating surplus (GOS) in current prices. (b) Gross mixed income (GMI) in current prices. (c) This was formerly known as
Wages, Salaries and Supplements.
Source: Australian System of National Accounts, 1998–99 (5204.0).