Australia’s Natural Capital Value Doubles In Nearly 10 Years

Australia’s Natural Capital Value Doubles In Nearly 10 Years

Australian Bureau Of Statistics

Australia’s Natural Capital Valued At $6,413 Billion

Victor P Taffa

Total value of Australia’s environmental assets, or natural capital, was $6,413 Billion at 30 June 2017.

This was nearly double the value of $3,369 Billion in 2006-07 and an increase of 10 % from 2015-16, according to a report released today by the Australian Bureau of Statistics (ABS).

ABS Director of Environment and Agricultural Statistics, Lauren Binns, said that Australia’s land, mineral, energy and timber resources added up to a high value of natural capital.

“ABS Australian Environmental-Economic Account is a comprehensive look at our country’s environment and its relationship with the economy.” Ms. Binns said.

“In 2016-17, land accounted for 90 % of the total value of Australia’s environmental assets and its value continued to grow at a faster rate than the other environmental assets (mineral, energy and timber), with a 12 % increase from 2015-16.”

“However, natural capital is only one factor when considering the interactions between the environment and economy. This account also notes some positive trends in how Australians have responded to environmental pressures while maintaining economic growth.” Ms. Binns said.

“Since 2006-07, Australia’s economy has grown by 28 % and the population by 16 %, while greenhouse gas emissions dropped 13 %, and water consumption fell 2% between 2006-07 and 2015-16. In some respect Australia is using resources more efficiently.”

“Over the same period, Australian energy consumption increased 6 %, which was a much slower rate than both economic and population growth, while waste generation went up 23 % (up to 2014-15).” Ms. Binns said.