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Thursday, 12 April 1973
Page: 1460

Mr Lynch asked the Minister for Labour, upon notice:

(1)   What was the percentage change for the total economy in (a) implicit price deflator, (b) unit labour costs, (c) unit profits, (d) unit indirect tax less subsidies and (e) other unit costs during each calendar year from and including 1966.

(2)   What was the average percentage change in these categories in each year.

Mr Clyde Cameron (HINDMARSH, SOUTH AUSTRALIA) - To supplement the answer I provided to the honourable member's question (Hansard, 29th March 1973, page 950) the following information has been supplied by the Commonwealth Statistician:

(I)   The Australian national accounts show gross domestic product divided into 3 cost components (i) wages, salaries and supplements, (ii) gross operating surplus and (iii) indirect taxes less subsidies. Wages, salaries and supplements represents recorded labour costs and does not cover the labour of the proprietors of unincorporated enterprises. Gross operating surplus is the operating surplus before deduction of depreciation provisions, interest, royalties, agricultural rent and income tax payable, but after deducting stock valuation adjustment, ft includes the reward for the labour of the proprietors of unincorporated enterprises. It also includes the operating surplus from all dwellings whether these are let or occupied by the owner. The following table has been calculated by firstly dividing the major cost components and gross domestic product by gross domestic product at constant (average 1966-67) prices and then calculating the year to year percentage increases in the resulting ratios. The total column shows the percentage change in what is sometimes called the implicit price deflator of GDP. Annual national accounts estimates for Australia are published for financial years ending June, and the table has been prepared accordingly. The figures shown in the table for each financial year are the increases from the preceding financial year.


(2)   The 'implicit price deflator' is a currently weighted average of the Implicit unit costs of the cost components. See part (1).

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