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5232.0 - Australian National Accounts: Finance and Wealth, Sep 2015 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 17/12/2015   
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SEPTEMBER KEY FIGURES

FINANCING RESOURCES AND INVESTMENT, ORIGINAL, CURRENT PRICES

Non-financial corporations
Financial corporations
General government
Household
Total National
Rest of world
$b
$b
$b
$b
$b
$b

Financing resources
Net saving (a)
-11.5
12.8
-15.4
35.5
21.5
21.2
plus Consumption of fixed capital
36.3
2.5
8.8
23.1
70.8
-
Gross saving
24.8
15.3
-6.5
58.7
92.2
21.2
plus Net capital transfers
0.9
-
-1.2
0.2
-0.1
0.1
less Statistical discrepancy (b)
-
-
-
-
9.1
-
Total financing resources
25.7
15.3
-7.7
58.9
83.1
21.3
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
51.2
2.6
10.2
39.6
103.6
-
plus Change in inventories
2.0
-
-0.2
-1.0
0.8
-
plus Net acquisition of non-produced non-financial assets
-0.3
-
0.3
-0.0
-
-
Total capital formation
52.9
2.6
10.3
38.5
104.4
-
plus Financial investment
Acquisition of financial assets
20.9
78.0
16.1
51.5
19.7
38.6
less Incurrence of liabilities
55.3
75.2
32.3
22.5
38.6
19.7
Net financial investment (Net lending (+) / net borrowing (-))
-34.3
2.8
-16.2
28.9
-18.9
18.9
less Net errors and omissions
-7.1
-9.9
1.8
8.5
2.4
-2.4
Total investment
25.7
15.3
-7.7
58.9
83.1
21.3

- nil or rounded to zero (including null cells)
(a) Net saving for the Rest of world is the balance on the external income account.
(b) The statistical discrepancy is not able to be distributed amongst the sectors.

During September quarter 2015, non-financial corporations and households invested $52.9b and $38.5b respectively in capital formation. Non-financial corporations funded these investments mainly through net borrowing ($34.3b) and gross saving ($24.8b). Households funded their investment through gross savings ($58.7b) and remained a net lender ($28.9b) to other sectors. The general government sector invested $10.3b in capital formation funding it mainly through net borrowing of $16.2b.


Graph 1. Total capital formation, current prices
Graph Image for Graph 1. Total capital formation, current prices.


In original terms, national capital formation investment decreased $5.1b from the June quarter 2015 estimate to $104.4b in September quarter 2015. The decrease was driven by an $8.6b fall in gross fixed capital formation, which was slightly offset by a $3.4b increase in change of inventories.

Private non-financial corporations gross fixed capital formation has fallen since peaking in June quarter 2013 ($59.2b), this has been driven by decreased non-dwelling construction investment. Conversely, household sector gross fixed capital formation has continued to grow since March quarter 2014 ($30.0b), this has been driven by increased investment in dwellings.


Graph 2. Net financial investment (Net lending (+) / net borrowing (-))
Graph Image for Graph 2. Net financial investment, Net lending net borrowing.


During September quarter 2015, national net borrowing was $18.9b, driven by non-financial corporations borrowing of $34.3b and general government borrowing of $16.2b. By contrast, the household and financial corporations sectors lent $28.9b and $2.8b to other sectors respectively.

Net borrowing of $34.3b by non-financial corporations was a result of incurring $55.3b in liabilities and acquiring $20.9b in financial assets. Private non-financial corporations incurred $54.3b in liabilities during the quarter driving increases in total liabilities of the non-financial corporation sector. The increase in liabilities of the private non-financial corporations sector was driven by issuance of equity of $30.9b coupled with loan borrowings of $23.9b. This was partially offset by maturities of long term debt securities of $5.4b. The private non-financial corporations sector drove the increase in financial assets with net acquisition of $18.5b during the quarter accruing $9.1b in other accounts receivable and acquiring $6.7b in equities.

Net borrowing of $16.2b by general government was a result of incurring $32.3b in liabilities while acquiring $16.1b in financial assets. The general government incurred liabilities primarily through issuance of Commonwealth government bonds ($24.0b). A net transaction of $2.6b in unfunded superannuation also contributed to general government liabilities. The general government acquired financial assets through other accounts receivable ($8.0b) and loans and placements ($5.6b).

Households continued to be net lenders ($28.9b) in September quarter 2015 for the 28th consecutive quarter since September quarter 2008, when they were a net borrower. Households acquired $51.5b in financial assets through increases in bank deposits ($34.7b) and net equity in reserves ($14.2b) while incurring liabilities through borrowing long term loans ($26.0b).

Financial corporations remained net lenders ($2.8b) by acquiring $78.0b in financial assets while incurring $75.2b in liabilities. The financial corporations sector acquired financial assets through loans and placements ($65.9b) driven by lending to households ($25.1), other private non-financial corporations ($19.3b) and rest of world ($15.1b). Financial corporations also acquired bonds issued by national general government ($13.6b) and securitisers ($10.3b) as well as equities issued by other private non-financial corporations ($14.5b). Financial corporations incurred liabilities through taking deposits ($48.9b), increasing net equity in reserves ($13.8b) and borrowing through the short term loans market ($8.4b).


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)Release Date
December 201524 March 2016
March 201623 June 2016
June 201622 September 2016
September 201615 December 2016


CHANGES TO THIS ISSUE

There are no changes to this issue.

REVISIONS IN THIS ISSUE

There have been revisions to previously published aggregates due to:
  • Quality assurance reviews of compilation methodology (affecting the series after September quarter 2011) in addition to amendments to data collected in the ABS Survey of Financial Information, ABS Survey of International Investment and to data derived from APRA administrative data sets.
  • Revisions to the sectoral capital accounts where more up-to-date data have been incorporated and concurrent seasonal adjustment.

CHANGES IN FUTURE ISSUES

There are no changes to future issues.

INQUIRIES

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