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Calculating Australia'S Gross Household Product: Measuring The Economic Value Of The Household Economy 1970-2000

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  • FAYE SOUPOURMAS
  • DUNCAN IRONMONGER

Abstract

This paper presents estimates for a thirty year period of Australia’s Gross Household Product (GHP), the economic value added by unpaid labour and the households own capital. In 2000 GHP was estimated to be worth $471 billion. Gross Market Product (GDP minus the imputed value of owner-occupied housing) was worth $604 billion in 2000. The household economy was nearly 80 per cent of the size of the market economy in 2000. More importantly, the GHP is nearly half (44%) of total economic activity (Gross Economic Product). The household economy absorbs more labour time than the market economy. In 2000 Australians spent about 15 per cent more time on non-market activities than market ones. The failure of statistical organisations to provide official estimates of the household economy (GHP) means that almost half of the total valuable economic activities undertaken by Australians are ignored by economists and policy makers.

Suggested Citation

  • Faye Soupourmas & Duncan Ironmonger, 2002. "Calculating Australia'S Gross Household Product: Measuring The Economic Value Of The Household Economy 1970-2000," Department of Economics - Working Papers Series 833, The University of Melbourne.
    • Handle: RePEc:mlb:wpaper:833
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    File URL: http://www.economics.unimelb.edu.au/downloads/wpapers-02/833.pdf
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    1. Iulie Aslaksen & Charlotte Koren, 1996. "Unpaid household work and the distribution of extended income: The Norwegian experience," Feminist Economics, Taylor & Francis Journals, vol. 2(3), pages 65-80.
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    1. Gál, Róbert Iván & Szabó, Endre & Vargha, Lili, 2015. "A láthatatlan transzferek korprofilja. Az aszimmetria valódi mértéke a korosztályok közötti erőforrás-átcsoportosítás rendszerében [The age profile of invisible transfers: the true degree of asymme," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 621-637.
    2. Ana Seme & Lili Vargha & Tanja Istenic & Joze Sambt, 2019. "Historical patterns of unpaid work in Europe: NTTA results by age and gender," Vienna Yearbook of Population Research, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna, vol. 17(1), pages 121-140.
    3. Lili Vargha & Róbert Iván Gál & Michelle O. Crosby-Nagy, 2017. "Household production and consumption over the life cycle: National Time Transfer Accounts in 14 European countries," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 36(32), pages 905-944.

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