Australia | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Commonwealth of Australia
Records
63
Source
Australia | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 1.82573262
1971 1.7984961
1972 1.78991801
1973 2.59128399
1974 3.96822808
1975 4.52463043
1976 4.96025699
1977 5.29902628
1978 4.38713187
1979 6.22910529
1980 6.34676101
1981 5.01787212
1982 4.26922409
1983 4.23915837
1984 4.11842297
1985 4.83178579
1986 3.35159311
1987 3.43625622
1988 4.204906
1989 2.96326049
1990 3.49861736
1991 2.64782212
1992 2.48608426
1993 2.22706966
1994 2.06192364
1995 2.12157931
1996 2.05152657
1997 1.81825104
1998 1.91521342
1999 1.83701904
2000 2.73432633
2001 3.26407566
2002 2.91246932
2003 2.46324608
2004 3.14042167
2005 4.34493818
2006 5.29178471
2007 6.51438108
2008 8.52641938
2009 4.96777338
2010 8.06660026
2011 8.72352036
2012 5.2981388
2013 5.32011574
2014 4.76093944
2015 3.23765475
2016 4.0809879
2017 5.06804774
2018 5.22752064
2019 5.74886126
2020 6.09315866
2021 13.35787528
2022

Australia | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Commonwealth of Australia
Records
63
Source