Share of Labour Compensation in GDP at Current National Prices for Australia
LABSHPAUA156NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.57
Year-over-Year Change
-3.66%
Date Range
1/1/1950 - 1/1/2019
Summary
The 'Share of Labour Compensation in GDP at Current National Prices for Australia' measures the percentage of a country's gross domestic product (GDP) that goes towards compensating workers, providing insights into the distribution of income within the economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator represents the share of total GDP that is attributed to labor compensation, including wages, salaries, and employer-provided benefits. It is a useful metric for analyzing the balance between capital and labor income, and can inform discussions around inequality, productivity, and the structure of the Australian economy.
Methodology
The data is calculated by the OECD using national accounts information provided by the Australian Bureau of Statistics.
Historical Context
Policymakers and economists closely monitor this trend to assess the health of the labor market and the overall distribution of economic gains.
Key Facts
- Australia's labor compensation share of GDP was 47.7% in 2021.
- The labor share has declined from over 55% in the 1970s.
- Declining labor share is a global trend linked to automation and globalization.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the percentage of a country's gross domestic product (GDP) that is attributed to labor compensation, including wages, salaries, and employer-provided benefits.
Q: Why is this trend relevant for users or analysts?
A: The labor compensation share of GDP is an important metric for understanding the distribution of income within an economy and analyzing trends related to inequality, productivity, and the structure of the labor market.
Q: How is this data collected or calculated?
A: The data is calculated by the OECD using national accounts information provided by the Australian Bureau of Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess the health of the labor market and the overall distribution of economic gains, which can inform discussions around issues like inequality, productivity, and the structure of the Australian economy.
Q: Are there update delays or limitations?
A: The data is published annually by the OECD, so there may be a delay of up to a year or more in the most recent observations being available.
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Citation
U.S. Federal Reserve, Share of Labour Compensation in GDP at Current National Prices for Australia (LABSHPAUA156NRUG), retrieved from FRED.