Australia s compilation of Balance sheets

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2 Australia s compilation of Balance sheets

3 Balance Sheets Introduction Produced assets Non-produced assets Financial assets and liabilities Net worth = Total assets liabilities Memorandum items

4 Balance Sheets in Australia Australia publishes annual balance sheets for the following institutional sectors: National (All of Australia) Non-Financial Corporations Financial Corporations General Government Households + Unincorporated + NPISH External (Rest of the World) Australia publishes a quarterly Household balance sheet

5 Produced assets Produced assets are defined as non-financial assets that have come into existence as outputs from processes that fall within the production boundary Fixed assets: Dwellings Non dwelling construction Ownership transfer costs Machinery and equipment Weapons systems (defence only) Cultivated biological resources Intellectual property products Inventories Valuables (excluded in the ASNA)

6 Net Capital Stock NKS t = NKS t-1 + GFCF t D t Net capital stock is a measure of wealth and is shown in an economy's balance sheet Net (or economic) capital stock estimates are the written down values of an economy's gross capital stocks. They represent the net present values of the future capital services to be provided by the assets.

7 Net Capital Stock, asset by sector, 2013/14 $B HH GG FC NFC 500 0

8 Fixed asset - Dwellings Dwellings comprises houses and other dwellings such as flats, home units, villa units, duplexes, mobile homes, caravans, etc. used entirely as the principal residences of households. New and used Dwellings Alterations and Additions Capitalised services

9 Data Sources: Fixed asset - Dwellings Construction Industry Survey Household Expenditure Survey Building Approvals Survey (BAPS) Building Activity Survey (BACS) Estimates for new dwellings and alterations and additions: BAPS All builders must be licensed and submit plans for approval Administrative data collected monthly BACS Coverage is based on approvals data Scope is the value of work done for private and public sectors

10 PIM parameters - Dwellings Mean asset life: 88 years for brick 58 years for timber 58 years for other 58 years for public housing 39 years for Alterations and Additions Retirement distribution: Winfrey S3 (Bell shaped) Dwellings Winfrey S0 (Flat shaped) Alterations and Additions Efficiency: Efficiency function 0.75

11 GFCF Dwelling type $B Brick Other

12 Fixed Asset - Non-dwelling construction Non-dwelling construction consists of non residential buildings and other structures New building New engineering Construction Net purchases of second hand assets

13 Fixed asset Non-dwelling construction Data Sources: Construction Industry Survey Building Approvals Survey (BAPS) Building Activity Survey (BACS) Engineering Construction Survey (ECS) BACS - Buildings: Coverage is based on value of building approval (BAPS) Scope includes the value of work done for the private sector ECS - Structures: Scope includes the value of work done for the private sector Survey is project based and aims to measure the value of all engineering construction work undertaken in Australia

14 Challenges - new engineering construction Merchandise Trade Custom Frontier Economic Change of Ownership CAPEX Capital Import ECS BoP Adjustments Progress Payments

15 PIM parameters - Non dwelling construction Mean asset life: Various (Depends on industry/sector) E.g. Mining is 29 years Retirement distribution: Winfrey S3 (Bell shaped) Efficiency: Efficiency function 0.75

16 NKS non dwelling construction $B Total 6000 Non-dwelling construction 5000 Mining

17 Fixed Asset Machinery and equipment Machinery and Equipment is the value of the acquisitions of new and existing machinery and equipment, less the value of the disposals of existing machinery and equipment. New Net purchases of second hand assets Computers and peripherals Electrical and electronic equipment Industrial machinery and equipment Motor vehicles Other transport equipment Other machinery and equipment

18 Fixed asset - Machinery and equipment Data Sources: Australian Industry Survey (annual) Estimates compiled using Economic Activity Survey (economy wide private sector) + Business Activity Statements (administrative data from the Tax department) Estimates provide annual benchmarks and weights for the six way asset split Survey of New Capital Expenditure (quarterly) Survey provides estimates of new capital expenditure by private businesses for selected industries

19 Fixed Asset Ownership Transfer Costs Ownership Transfer Costs comprises the various fees which are incurred by either the buyer or seller of real estate, namely legal fees on transfer, real estate sales commissions, stamp duties on transfer and other government charges.. Land Title Transfers Stamp Duties Other Charges Median House Prices

20 Fixed Assets Ownership transfer costs Data sources: Real estate agents industry survey Legal services Australia Government statistics data Residential Property Price Indexes Administrative data: Land titles Real estate charges

21 Fixed Asset Cultivated biological resources Cultivated biological resources cover animal resources (livestock) yielding repeat products and tree, crop and plant resources (orchard growth) yielding repeat products Livestock Orchard growth Dairy cattle Beef Sheep Orchards Vineyards Tree plantations Horses Pigs

22 Fixed asset - Cultivated biological resources Data sources: Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) Value of Agricultural Commodities Produced Livestock Products

23 Fixed asset Intellectual property products Intellectual Property Products are as a result of research and development, investigation or innovations leading to knowledge that the developers can market or use for their own benefit Research and development Mineral and petroleum exploration Computer software Artistic originals

24 Fixed asset - Intellectual property products Date sources: Mineral and Petroleum Exploration State mining departments (administrative data source) Mineral and Petroleum Exploration survey (quarterly). Date sources: Research and Development Survey of Research and Experimental Development Survey of International Trade in Services

25 Produced asset Inventories Changes in inventories are measured by the value of the entries into inventories less the value of withdrawals and less the value of any recurrent losses of goods held in inventories during the accounting period Goods for sale (own production or purchased resale) Work in progress Raw materials and stores used as intermediate inputs into production Plantation standing timber

26 Produced asset Inventories Data sources: Australian Industry Survey Government Finance Statistics Quarterly Business Indicators Survey

27 Non-produced assets Non-produced assets are non-financial assets that have come into existence in ways other than through processes of production. Natural resources includes: Land Mineral and energy resources Native standing timber Spectrum. Contracts, leases and licences Permission to use natural resources Exclusions in the ASNA are: Purchased goodwill and marketing assets Air Water

28 Non produced asset - Land Land consists of the ground, including the soil covering and any associated surface waters Residential Rural Commercial Other

29 Non-produced assets Residential Land Data sources: Valuer Generals (Land and property valuations) Government Finance Statistics Methodology: Residential land = Value of total dwelling and land Net capital stock of dwellings

30 Non-produced assets Rural and Commercial Land Data source: Valuer Generals (Land and property valuations) Methodology: Value of rural and commercial land (market prices based on site value of land according to land purpose)

31 Non-produced assets Other Land Data source: Government Finance Statistics Methodology: Other land = Total value of land - Residential land of general government Challenge: Valuing land under roads

32 Allocation of total land by institutional sector As at 2012/13 Residential Commercial Rural Other (crown) Non-financial corporations Financial Corporations General Government Households 3% 71% 25% 9% 3% 100% 94% 20% 75%

33 Non-produced assets Native standing timber Native standing timber assets include plantation and native forests Data sources: Australian Forest Growers' Association (AFG). Australian Bureau of Agricultural and Resource Economics and Sciences - annual publication, National Plantation Inventory Methodology: Plantations = Total plantation area (by tree age) x Insurance values (by tree age) Native standing timber = net present value

34 Non-produced assets - Spectrum Radio spectrum is an asset that is recognised as being of economic value from the time a licence is issued to use it. Data source: Australian Communications and Media Authority Methodology: The value of spectrum is split between the asset and permission to use the asset. Net present value method

35 Financial assets and liabilities Financial assets consist of all financial claims, shares or other equity in corporations plus gold bullion held by monetary authorities as a reserve asset The ASNA includes: Monetary gold and SDRs Currency and deposits Securities other than shares Loans and placements Shares other than equity Insurance technical reserves Other accounts receivable/payable

36 Net worth Net worth = Total assets liabilities $B National Household (incl. uninc. and NPISH) Non-Financial Corporations Financial Corporations 8000 General Government

37 Consumer Durables Direct Investment Memorandum Items Memorandum items Consumer durables Direct investment Foreign investment in Australia Australian investment abroad

38 Balance sheet and accumulation accounts System of National Accounts Structure Production Income GPD Saving Sector 1 = Non-financial corporations 2 = Financial Corporations 3 = General Government 4 = Households + Unicorp. + NPISH 5 = Rest of the World Opening Balance Sheet Net Worth Capital Net Lending Financial Net Lending Other Changes in Assets Net Worth Closing Balance Sheet Opening stock + Transactions + Other changes = Closing stock Net Worth

39 Change in the value of land and dwellings $B Real holding gains Neutral holding gains Other changes in volume Net capital formation

40 Thank you