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Adjusting the National Income Accounts for the Depletion of Natural Resources

National income is an indicator of the economic progress of the nation. Although the extraction of non-renewable resources lowers the quantity of the asset available to future generations, and results in a permanent loss of income generating capacity, this loss is not reflected in the System of National Accounts (SNA) income accounts. This deficiency has been recognised internationally by national accountants and work has been underway to develop frameworks and methods to take account of depletion of natural assets in a "satellite account". Satellite accounts provide a framework linked to the central national accounts, enabling attention to be focussed on a certain aspect of social or economic life or to vary the standard concepts to suit particular studies within the context of the national accounts. In a satellite account the depletion of natural assets can be considered as analogous to the depreciation of produced goods, whereby the current value of the stock of fixed assets declines from normal use. Depletion is not the only cause of change in the level of available resource stocks. New discoveries of sub-soil assets may increase the economically demonstrated stock of a resource so that the level of currently exploitable reserves from which the economic valuation is derived is not falling. New discoveries can also be brought into an alternative concept of income in a satellite account. This paper defines depletion and discoveries of natural assets, and discusses the conceptual framework underlying the measurement of depletion and discoveries, how adjustments for depletion and discoveries might be calculated, and how the national accounts might be adjusted for depletion of and additions to natural assets. Included in the paper are some experimental results from work being done by the ABS to compile a satellite account of depletion adjusted national income accounts for Australia. _