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Australian Government Coat of Arms

Budget | 2014-15

Budget 2014-15
Australian Government Coat of Arms, Budget 2014-15

Budget Paper 1 — Statement 4 - Chart Data

Chart 1: Comparison of 2012 national income per capita

The chart shows both absolute and annual average growth in GNI per capita of OECD countries between 1992 and 2012, expressed in 2005 international dollars weighted for purchasing power parity. Australia’s national income per capita, measured in this way, grew by 12,033 dollars, at an annual average rate of 2.17 per cent. These figures place Australia amongst the top nations for the period.

Note: Annual average growth refers to the growth rate in income, measured in 2005 international dollars weighted by purchasing power, from 1992 to 2012. Data for New Zealand are from 1991 to 2011.

Source: World Bank.

The chart shows both absolute and annual average growth in GNI per capita of OECD countries between 1992 and 2012, expressed in 2005 international dollars weighted for purchasing power parity. Australia’s national income per capita, measured in this way, grew by 12,033 dollars, at an annual average rate of 2.17 per cent. These figures place Australia amongst the top nations for the period.

Data - Chart 1 - Comparison of 2012 national income per capita
  2012 Income level Annual average growth, 1992 to 2012
Mexico $12,840 1.20
Turkey $13,626 2.59
Portugal $20,541 0.91
Greece $21,379 0.83
New Zealand $24,320 1.80
Spain $25,789 1.24
Italy $26,747 0.59
Ireland $29,711 2.93
Iceland $30,190 1.24
France $30,327 1.05
Finland $31,574 2.38
Japan $32,390 0.78
United Kingdom $32,425 1.94
Belgium $32,767 1.21
Denmark $33,273 1.33
Australia $34,464 2.17
Sweden $35,811 2.27
Canada $36,067 1.85
Austria $36,123 1.65
Germany $36,286 1.41
Netherlands $36,805 1.61
Switzerland $40,636 0.89
Luxembourg $42,266 -0.18
United States $46,084 1.72
Norway $48,522 1.86

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Chart 2: Sources of growth in national income

The chart shows real Gross National Income growth decomposed into its source (net foreign income, labour productivity, labour utilisation, terms of trade) spanning the 1960s, 70s, 80s, 90s, the period from 2000 to 2013 and the decade to 2023. Although other factors have had some influence in certain decades, notably the terms of trade in the period from 2000 to 2013, labour productivity has been the key driver of growth in income per capita.

Note: Contributions to income growth in the period 2013 to 2025 are consistent with the forecasts and projections detailed in Budget Statement 2. The hatched area represents the additional labour productivity growth required to achieve long run average growth in real gross national income per capita.

Source: ABS 5204.0 and Treasury.

The chart shows real Gross National Income growth decomposed into its source (net foreign income, labour productivity, labour utilisation, terms of trade) spanning the 1960s, 70s, 80s, 90s, the period from 2000 to 2013 and the decade to 2023. Although other factors have had some influence in certain decades, notably the terms of trade in the period from 2000 to 2013, labour productivity has been the key driver of growth in income per capita.

Data - Chart 2 - Sources of growth in national income
Titles for charts  Labour utilisation Per capita income Net foreign income Terms of trade Labour
productivity
Growth in GNI per person Labour productivity
growth to achieve
30 year average
GNI growth
Difference
      Future
Scenario 1
        Future Scenario 2    
  first
year
last
year
Hours
index/pop
RGNI/pop RGNI/RGDI RGDI/RGDP RGDP/
Hours index
RGNI/
pop
RGDP/
Hours
index
 
1960s Jun‑61 Jun‑70 0.56 2.98 0.00 0.06 2.36 2.98 2.36 0.00
1970s Jun‑71 Jun‑80 -0.17 1.41 -0.02 -0.14 1.73 1.41 1.73 0.00
1980s Jun‑81 Jun‑90 0.66 1.75 -0.23 0.10 1.22 1.75 1.22 0.00
1990s Jun‑91 Jun‑00 0.09 2.15 0.11 -0.11 2.07 2.15 2.07 0.00
2000‑2013 Jun‑01 Jun‑13 0.10 2.33 0.04 0.83 1.37 2.33 1.37 0.00
2013‑2025 Jun‑14 Jun‑25 0.03 0.94 -0.07 -0.46 1.44 2.32 2.82 1.38

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Chart 3: Multifactor productivity growth

This chart shows that five year average multifactor productivity growth in the 16 industry market sector has declined significantly over the course of the 2000s to date, and has been negative since 2007-08. When the impact of the mining, utilities and manufacturing industries are removed from the data, multifactor productivity growth has still slowed significantly since the early 2000s, indicating the slowdown in multifactor productivity growth in Australia has been broad-based across industries.

Note: Data are 5-year period-end moving averages.

Source: ABS 5260.0.55.002, unpublished ABS data and Treasury calculations.

This chart shows that five year average multifactor productivity growth in the 16-industry market sector has declined significantly over the course of the 2000s to date, and has been negative since 2007-08. When the impact of the mining, utilities and manufacturing industries are removed from the data, multifactor productivity growth has still slowed significantly since the early 2000s, indicating the slowdown in multifactor productivity growth in Australia has been broad-based across industries.

Data - Chart 3: Multifactor productivity growth
  Excluding Mining, Utilities and Manufacturing 16-industry Market Sector
2000-01 1.19 1.40
2001-02 1.34 1.64
2002-03 1.17 1.35
2003-04 1.02 1.11
2004-05 0.88 0.81
2005-06 1.10 0.72
2006-07 0.45 0.00
2007-08 0.39 -0.20
2008-09 0.09 -0.71
2009-10 0.13 -0.54
2010-11 0.13 -0.61
2011-12 0.63 -0.36
2012-13 0.55 -0.39

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Chart 4: Australia’s labour productivity relative to the United States

The chart shows the ratio of Australian to US labour productivity levels from 1962 to 2013. Australia’s labour productivity rose from around 84 per cent of the US level in 1990 to around 88 per cent at the turn of the century. Since then, it has fallen to around 83 per cent of the US level.

Note: Data are a 5-year period-end moving average.

Source: The Conference Board Total Economy Database and Treasury.

The chart shows the ratio of Australian to US labour productivity levels from 1962 to 2013. Australia’s labour productivity rose from around 84 per cent of the US level in 1990 to around 88 per cent at the turn of the century. Since then, it has fallen to around 83 per cent of the US level.

Data - Chart 4: Australia’s labour productivity relative to the United States
  Labour productivity ratio - Australia to US
1960 0.76
1961 0.76
1962 0.76
1963 0.76
1964 0.77
1965 0.76
1966 0.76
1967 0.76
1968 0.76
1969 0.77
1970 0.78
1971 0.79
1972 0.80
1973 0.81
1974 0.81
1975 0.81
1976 0.82
1977 0.82
1978 0.83
1979 0.84
1980 0.84
1981 0.84
1982 0.85
1983 0.86
1984 0.86
1985 0.87
1986 0.87
1987 0.87
1988 0.86
1989 0.85
1990 0.84
1991 0.84
1992 0.85
1993 0.85
1994 0.86
1995 0.87
1996 0.87
1997 0.87
1998 0.88
1999 0.88
2000 0.87
2001 0.88
2002 0.87
2003 0.87
2004 0.86
2005 0.86
2006 0.85
2007 0.85
2008 0.84
2009 0.84
2010 0.84
2011 0.83
2012 0.83
2013 0.83

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