5232.0 - Australian National Accounts: Finance and Wealth, Jun 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/09/2015   
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JUNE 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)
5.5
-2.7
-0.1
14.6
17.3
15.0
plus Consumption of fixed capital
36.8
2.5
9.1
22.6
71.0
-
Gross saving
42.3
-0.2
8.9
37.2
88.2
15.0
plus Net capital transfers
0.4
-
-1.1
0.5
-0.2
0.2
less Statistical discrepancy (b)
-
-
-
-
-5.6
-
Total financing resources
42.8
-0.2
7.9
37.6
93.7
15.2
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
56.3
2.5
16.5
36.4
111.7
-
plus Change in inventories
-2.0
-
0.2
-1.1
-2.8
-
plus Net acquisition of non-produced non-financial assets
-0.1
-
0.2
-0.1
-
-
Total capital formation
54.2
2.5
16.9
35.2
108.9
-
plus Financial investment
Acquisition of financial assets
5.9
27.7
2.5
46.0
-10.6
5.1
less Incurrence of liabilities
24.7
25.4
3.9
43.8
5.1
-10.6
Net financial investment (Net lending (+) / net borrowing (-))
-18.8
2.3
-1.4
2.2
-15.7
15.7
less Net errors and omissions
-7.3
5.0
7.7
-0.3
-0.5
0.5
Total investment
42.8
-0.2
7.9
37.6
93.7
15.2

- 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 June quarter 2015, non-financial corporations and households invested $54.2b and $35.2b respectively in capital formation. Non-financial corporations funded these investments mainly through gross saving ($42.3b) and net borrowing ($18.8b). Households funded their investment through gross savings ($37.2b) and remained a net lender ($2.2b) to other sectors. The general government sector invested $16.9b in capital formation funding it mainly through gross savings of $8.9b.


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


In original terms, national capital formation investment increased $12.3b from the March quarter 2015 estimate to reach a total of $108.9b in June quarter 2015. The increase was driven by a $14.6b rise in gross fixed capital formation, which was slightly offset by a $2.3b decrease in change of inventories.

Private non-financial corporations gross fixed capital formation has fallen since peaking in June quarter 2013 ($59.8b), this has been driven by decreased non-dwelling construction investment. Conversely, household sector gross fixed capital formation has continued to grow since March quarter 2013 ($26.7b), 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 June quarter 2015, national net borrowing was $15.7b, driven mainly by non-financial corporations borrowing of $18.8b. By contrast, the financial corporations and household sectors lent $2.3b and $2.2b to other sectors respectively.

Net borrowing of $18.8b by non-financial corporations was a result of incurring $24.7b in liabilities and acquiring $5.9b in financial assets. Private non-financial corporations incurred $23.4b 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 $21.4b coupled with bond issuances of $18.4b. This was partially offset by loan repayments of $11.4b. The private non-financial corporations sector drove the increase in financial assets with net acquisition of $6.7b during the quarter. This activity was predominate in the unlisted equities market with private non-financial corporations acquiring a net $8.4b in shares and other equity.

Net borrowing of $1.4b by general government was a result of incurring $3.9b in liabilities while acquiring $2.5b in financial assets. The general government incurred liabilities through issuance of Commonwealth government bonds ($6.8b) offset by loan repayments by the state and local general government (-$4.0b). A net transaction of $2.5b in unfunded superannuation also contributed to general government liabilities. The general government acquired financial assets through placements made by the state and local general government ($6.7b) which was partially offset by deposit withdrawals by the state and local general government (-$4.6b).

Net lending of $2.3b by the financial corporations sector was a result of acquiring $27.7b in financial assets while incurring $25.4b in liabilities. The financial corporations sector acquired financial assets through loans ($65.7b) which was partially offset by derivative settlements of -$41.6b. Financial liabilities were incurred through an increase in net equity in reserves ($30.5b), acceptances of deposits ($11.7b) and accounts payable ($9.4b), this was offset by derivative settlements of -$37.8b.

Net lending of $2.2b by households was a result of acquiring $46.0b in financial assets while incurring $43.8b in liabilities. Financial assets were acquired through increases in net equity in reserves ($32.4b) and deposits with banks ($7.9b). Households incurred financial liabilities through borrowing of long term loans ($38.1b).


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)Release Date
September 201517 December 2015
December 201524 March 2016
March 201623 June 2016
June 201622 September 2016


CHANGES TO THIS ISSUE

There are no changes to this issue.


REVISIONS IN THIS ISSUE

There have been revisions to previously published aggregates:
  • From September quarter 2011 onwards, revisions are due to quality assurance reviews of compilation methodology in addition to amendments to data provided to ABS Survey of Financial Information, ABS Survey of International Investment and APRA administrative data sets.
  • Revisions to the sectoral capital accounts are due to the incorporation of more up-to-date data and concurrent seasonal adjustment.
  • Revisions of -2% to 2% to the quarterly series of consumer durables in the household balance sheet (memorandum item) have been applied back to June quarter 1988. These revisions are due to a correction to the quarterly compilation methodology. Annual estimates have not been impacted by this correction.

CHANGES IN FUTURE ISSUES

There are no changes to future issues.

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