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5671.0 - Lending Finance, Australia, Sep 2001  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/11/2001   
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  • Lending Finance, Australia
  • Lending Finance, Australia

INTRODUCTION

1 This publication presents statistics of finance commitments made by significant lenders for the purposes of secured housing finance for owner occupation, other personal finance, commercial finance and lease finance.

2 Secured housing finance for owner occupation is secured finance to individuals for the purchase or construction of dwellings for owner occupation, and for alterations and additions to existing owner occupied dwellings. Refinancing involving a change of lender is also included.

3 Personal finance, other than secured housing finance for owner occupation, is finance provided to individuals for their personal, non-business, use. Both fixed loans and revolving credit finance are included.

4 Commercial finance is finance provided to individuals and corporations for business or investment purposes, including for the construction or purchase of dwellings for rental or resale. Fixed loans, revolving credit and commercial hire purchase are included.

5 Lease finance includes finance and leverage leases. Operating lease finance statistics, although excluded from these lending finance statistics, are available from the ABS for a charge.


SCOPE

6 Finance commitments made by the following types of lenders are included:

  • Banks
  • Permanent building societies
  • Credit unions/co-operative credit societies
  • Life or general insurance companies
  • General government enterprises
  • Superannuation funds
  • Securitisers of mortgage assets (wholesale lenders) which provide funds to borrowers through a retail intermediary (e.g. mortgage originators)
  • Other corporations registered under the Financial Corporations Act 1974.


COVERAGE

7 The statistics cover all bank commitments, and all commitments for secured housing finance for owner occupation made by permanent building societies. Of the remaining commitments, the largest lenders for each of secured housing finance for owner occupation, other personal finance, commercial finance and lease finance are covered, so that when calculated separately for each of the four broad categories of purpose finance, at least 95% of Australia-wide finance commitments and at least 90% of each State's finance commitments are covered. While many lenders other than banks are not covered, at least 70% coverage is maintained for all published lender types (including the Other Lenders series and Other Lessors series).

8 An annual collection is conducted to maintain and update the survey coverage. New lenders are included as their lending for any of the four categories of finance becomes sufficiently large.

9 From June 2001, the statistics for:
  • secured housing finance for owner occupation cover all commitments by banks and permanent building societies, and commitments by all other lenders which provided more than $50 million for housing finance in 2000;
  • personal finance cover all commitments by banks, and commitments by all other lenders which provided more than $96 million for personal finance in 2000;
  • commercial finance cover all commitments by banks, and commitments by all other lenders which provided more than$472 million for commercial finance in 2000;
  • lease finance cover all commitments by banks, and commitments by all other lenders which provided funds of more than $37 million for lease finance in 2000.

Additional smaller lenders are also covered where it is necessary to maintain collection coverage (as specified in paragraph 7).


REVISIONS

10 Revisions to previously published statistics are included in the publication as they occur.

11 Changes in the classification of lenders (e.g. the conversion of a permanent building society to a bank) are reflected in the Type of Lender series from the month of such changes. Data for earlier periods for such lenders are not reclassified. Details of the establishment of new banks are published in the Reserve Bank of Australia's monthly Bulletin in the section on Technical Notes to Tables.


SEASONAL ADJUSTMENT

12 Seasonal adjustment is a means of removing the estimated effects of normal seasonal variation and ‘trading day effects'. A 'trading day effect' reflects the varying amounts of activity on different days of the week and the different numbers of days of the week in any month (i.e. the number of Sundays, Mondays, etc). This effect may be partly caused by the reporting practices of the lenders. Adjustment is also made for Easter which may affect the March and April estimates differently. Seasonal adjustment does not remove the effect of irregular or non-seasonal influences (e.g. a change in interest rates) from the series.


TREND ESTIMATES

13 Smoothing seasonally adjusted series reduces the impact of the irregular component of the seasonally adjusted series and creates trend estimates. These trend estimates are derived by applying a 13 term Henderson-weighted moving average to all but the last six months of the respective seasonally adjusted series. Trend series are created for the last six months by applying surrogates of the Henderson moving average to the seasonally adjusted series. For further information, refer to Information Paper: A Guide to Interpreting Time Series - Monitoring Trends: An Overview (Cat. no.1348.0) or contact the Assistant Director, Time Series Analysis on Canberra 02 6252 6345 or by email at timeseries@abs.gov.au.

14 While the smoothing technique described in paragraph 13 enables trend estimates to be produced for the latest few months, it does result in revisions to the trend estimates as new data become available. Generally, revisions become
smaller over time and, after three months, usually have a negligible impact on the series. Changes in the original data and re-estimation of seasonal factors may also lead to revisions to the trend.


EFFECTS OF ROUNDING

15 Where figures have been rounded, discrepancies may occur between sums of the component items and totals.


ABS DATA AVAILABLE ON REQUEST

16 Estimates for months prior to those shown in this publication and more detailed series are available. There will be a charge for the provision of such data.

17 Detailed data are also available from AusStats, a subscriber service of on-line time series in spreadsheet format. To subscribe, or for more information, contact the ABS National Information and Referral Service on 1300 135 070.


RELATED PUBLICATIONS

18 Users may also wish to refer to the following ABS releases:
  • Finance, Australia (Cat. no. 5611.0)
  • Housing Finance for Owner Occupation, Australia (Cat. no. 5609.0)
  • Assets and Liabilities of Australian Securitisers (Cat. no. 5232.0.40.001)
  • Annual Statistics for Financial Institutions (Cat. no. 5661.0.40.001)
  • Buildings Approvals, Australia (Cat. no. 8731.0)
  • Building Activity Australia, Dwelling Unit Commencements (Cat. no. 8750.0)
  • Private New Capital Expenditure and Expected Expenditure, Australia (Cat. no. 5625.0)
  • New Motor Vehicle Registrations, Australia: Preliminary (Cat. no. 9301.0)
19 In addition, the Reserve Bank of Australia produces the monthly Reserve Bank of Australia Bulletin and the Australian Prudential Regulation Authority (APRA) publishes a range of finance statistics on its web site www.apra.gov.au.


SYMBOLS AND OTHER USAGES


m
n.a.
n.e.c.
million
not available
not elsewhere classified
n.p.not available for publication, but included in totals where applicable
n.y.a
. .
not yet available
not applicable


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