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SEPTEMBER KEY FIGURES
FINANCING RESOURCES AND INVESTMENT, ORIGINAL, CURRENT PRICES
During September quarter 2016, non-financial corporations and households invested $47.5b and $40.5b respectively in capital formation. Non-financial corporations funded these investments through gross saving ($24.4b) and net borrowing ($23.1b). Households funded their investment through gross saving ($57.2b). The general government sector invested $11.8b in capital formation, funding it through net borrowing ($18.0b).
Graph 1. Total capital formation, current prices
In original terms, national capital investment decreased $5.0b from the June quarter 2016 estimate to $105.4b in September quarter 2016. The decrease was driven by a $9.8b decrease in gross fixed capital formation.
Private non-financial corporations gross fixed capital formation has decreased to $42.8b in September 2016 falling from its peak in June quarter 2013 ($61.7b). The fall since 2013 had been driven by declining non-dwelling construction investment. Conversely, household sector gross fixed capital formation has increased to $40.5b after continued growth since March quarter 2013. The growth has been driven by increased investment in dwellings.
Graph 2. Net financial investment (Net lending (+) / net borrowing (-))
Source(s): Table 4. National Financial Assets and Liabilities ($ million); Table 6. Financial Assets and Liabilities of Non-Financial Corporations ($ million); Table 14. Financial Assets and Liabilities of Financial Corporations ($ million); Table 27. Financial Assets and Liabilities of General Government ($ million); Table 33. Financial Assets and Liabilities of Households ($ million)
During September quarter 2016, national net borrowing was $15.9b with non-financial corporations borrowing of $23.1b and general government borrowing of $18.0b. By contrast, households lent $19.4b to other sectors.
Net borrowing of $23.1b by non-financial corporations was a result of incurring $35.6b in liabilities while acquiring $12.5b in financial assets. Non-financial corporations net incurrence of liabilities was driven by issuance of equity ($28.4b) and loan borrowings ($8.9b). Non-financial corporations acquired assets through bank deposits ($6.2b) and other accounts receivables from rest of world ($4.5b).
Net borrowing of $18.0b by general government was due to incurring $28.1b in liabilities while acquiring $10.0b in financial assets. National general government incurred $21.9b in liabilities through $24.4b in net issuances of bonds and reducing accounts payable by $3.3b. National general government acquired $5.9b in financial assets during the quarter.
Financial corporations were net lenders ($5.9b), acquiring $2.2b in financial assets while reducing $3.7b in liabilities. Financial assets were acquired by increasing loans to households ($21.5b) coupled with purchasing long-term Commonwealth Government Securities ($19.1b). These asset acquisitions were partially offset by derivative settlements (-$44.7b). Financial corporations incurred liabilities by accepting deposits ($50.1b) and increasing net equity in reserves ($12.3b). The increase in liabilities was partially offset by derivative settlements (-$49.8b) and maturities of short-term debt securities issued offshore (-$6.8b).
Households remained net lenders ($19.4b) in September quarter 2016. Households acquired $38.7b in financial assets through bank deposits ($25.1b) and increases net equity in reserves of pension funds ($13.8b). Households incurred liabilities through loan borrowings ($22.4b).
CHANGES TO THIS ISSUE
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REVISIONS IN THIS ISSUE
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CHANGES IN FUTURE ISSUES
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