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5232.0 - Australian National Accounts: Financial Accounts, Jun 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 26/09/2008   
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JUNE KEY FIGURES

Credit market outstandings at end
Demand for credit during
Other changes during
Credit market outstandings at end
Mar Qtr 2008
Jun Qtr 2008
Jun Qtr 2008
Jun Qtr 2008



Non-financial domestic sectors
$b
$b
$b
$b

Non-financial corporations
Private
1 982.2
17.3
16.3
2 015.9
National public
1.4
-0.4
-0.1
1.0
State and local public
58.6
3.6
0.0
62.2
General government
National
59.0
1.8
-0.8
60.0
State and local
37.1
3.1
0.0
40.2
Households
1 221.1
31.0
12.8
1 264.9
Total
3 359.4
56.5
28.4
3 444.2


Total demand for credit
Graph: Total demand for credit

Credit market outstandings
Graph: Credit market oustandings




JUNE KEY POINTS


SUMMARY
  • Total credit markets outstandings of the non-financial domestic sectors at 30 June 2008 was $3,444.2b, an increase of $84.8b from the previous quarter. Demand for credit during the quarter was $56.5b.
  • Demand for credit was down $2.6b from the previous quarter, driven by decreased demand by private non-financial corporations, down $17.0b and offset by an increase in demand by households, up $10.0b.


NON-FINANCIAL CORPORATIONS
  • Private non-financial corporations raised a net $17.3b, with share and equity issuance net $13.8b (up $4.1b), bond issuance net $6.0b (up $3.8b) and loans net -$4.5b (down $23.5b) being the major contributors.


GENERAL GOVERNMENT
  • National general government raised a net $1.8b through issuance of bonds during the quarter. State and local general government raised a net $3.1b, mainly through loans.


HOUSEHOLDS
  • Households raised a net $31.0b during the June quarter 2008, up from the March quarter 2008 estimate of $21.0b. Households borrowed $38.8b from banks (of which $23.2b was for owner-occupied housing and $10.5b for investment housing) and repaid $10.0b to financial intermediaries n.e.c., up $1.6b from the March quarter 2008.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
September 2008 18 December 2008
December 2008 27 March 2009



CHANGES TO THIS ISSUE

There are no significant changes in this issue.


SIGNIFICANT EVENTS

The global financial crisis has caused changes in the structure and behaviour of financial markets. Sudden shifts in structural relationships which have existed for some time mean that data supplied by businesses to the ABS and ABS editing and compilation practices may not reflect the impact of these changes fully and in a timely manner. The ABS is working with providers and reviewing and updating, where needed, a range of methods relating to the collection and compilation of financial sector output, income, transactions, positions and prices. This process is likely to lead to revisions in future releases.

The allocation of pension fund transactions across the capital and financial accounts has caused measurement difficulties. These are particularly acute in the June quarter 2007 following increased contributions made to superannuation funds prior to legislation changes which came into effect from 1 July 2007. The estimates, particularly those for June quarter 2007, should be treated with caution. Further review and refinement is underway and the estimates may be revised.

There were no significant privatisations impacting the aggregates this quarter.


REVISIONS IN THIS ISSUE

There have been revisions back to September quarter 2004 to previously published aggregates due to:
  • quality assurance work undertaken with data providers to ABS Survey of Financial Information, ABS Survey of International Investment and APRA administrative data sets.
  • revisions to data sources, conceptual treatments of some reporting units and the methods used in the compilation of the assets of a number of sectors have resulted in some significant revisions to the estimated values in most markets. These predominantly relate to pension funds, life insurance corporations, state and local general government and financial intermediaries n.e.c.


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Malcolm Adamson on Canberra (02) 6252 6711.


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