5232.0 - Australian National Accounts: Finance and Wealth, Dec 2017 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 29/03/2018   
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DECEMBER 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)
9.1
2.1
3.0
3.4
17.6
14.6
plus Consumption of fixed capital
38.6
2.9
9.5
29.1
80.0
-
Gross saving
47.6
5.0
12.5
32.4
97.5
14.6
plus Net capital transfers
0.8
-
-1.5
0.4
-0.4
0.4
less Statistical discrepancy (b)
-
-
-
-
-5.1
-
Total financing resources
48.4
5.0
11.0
32.8
102.2
15.0
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
51.6
3.1
16.8
42.5
113.9
-
plus Change in inventories
1.4
-
0.0
1.9
3.3
-
plus Net acquisition of non-produced non-financial assets
0.7
-
-0.7
0.0
0.0
-
Total capital formation
53.7
3.1
16.0
44.5
117.3
-
plus Financial investment
Acquisition of financial assets
10.7
51.2
8.9
40.4
20.2
34.2
less Incurrence of liabilities
29.2
56.0
13.0
27.0
34.2
20.2
Net financial investment (Net lending (+) / net borrowing (-))
-18.5
-4.9
-4.1
13.4
-14.0
14.0
less Net errors and omissions
-13.2
-6.8
1.0
25.1
1.0
-1.0
Total investment
48.4
5.0
11.0
32.8
102.2
15.0

- 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.


In the December quarter 2017, non-financial corporations invested $53.7b which was funded by both gross saving and net borrowing. Households invested $44.5b and primarily funded this through gross saving. The general government sector invested $16.0b and funded investment through gross saving and net borrowing.


Graph 1. Total capital formation, current prices

Graph 1 shows  Total capital formation, current prices



National investment increased $7.7b in the December quarter 2017 to its highest level of $117.3b. While national investment fell steadily from a peak of $116.0b in December quarter 2012 following a decline in mining investment, growth in recent quarters was driven by both the private and public sector.

Private non-financial corporations investment was $47.6b in December quarter 2017. It has recovered from a low of $36.6b in March quarter 2017 following a steady decline since its peak of $63.5b in June quarter 2013. Household investment was $44.5b in December quarter 2017 and has grown steadily since the $25.4b recorded in March quarter 2013.

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

Graph 2 shows Net financial investment (Net lending (+) / net borrowing (-))



During December quarter 2017, national net borrowing was $14.0b with non-financial corporations borrowing $18.5b, financial corporations borrowing $4.9b and the general government borrowing $4.1b. In contrast, households lent $13.4b to other sectors.

Net borrowing of $18.5b by non-financial corporations was a result of acquiring $10.7b of financial assets and incurring $29.2b in liabilities. Financial assets acquired were equities, deposits and loans and placements. Non-financial corporations incurred liabilities through the issuance of equity.

Net borrowing of $4.9b by financial corporations was a result of acquiring $51.2b of financial assets and incurring $56.0b in liabilities. The acquisition of financial assets by financial corporations was driven by issuance of loans and the acquisition of equities, these were partly offset by derivative settlements. Financial corporations net incurrence of liabilities was driven by the acceptance of deposits, positive net transaction in equity in reserves and bond issuance. These were partly offset by settlement in derivative liabilities.

Net borrowing of $4.1b by general government was a result of acquiring $8.9b of financial assets and incurring $13.0b in liabilities. The financial assets primarily acquired by national general government were deposit assets, equities and loans and placements. These were partly offset by divestment in one name paper.

Households were net lenders in December quarter 2017. Households acquired $32.2b in net equity in reserves, of which unfunded super contributed $3.1b. Households acquired $10.4b in deposits assets and incurred liabilities through $30.8b in loan borrowings.


NOTES

FORTHCOMING ISSUES


ISSUE (QUARTER)Release Date
March 201828 June 2018
June 201827 September 2018
September 201813 December 2018
December 201828 March 2019

CHANGES TO THIS ISSUE

Following ongoing quality assurance work a number of data quality issues have been identified with Table 52. Nominal Value of Short Term Loans and Placements Market ($ million) and Table 53. Nominal Value of Long Term Loans and Placements Market ($ million). These tables will be unavailable until further notice. However, Table 45. The Short Term Loans and Placements Market ($ million) and Table 46. The Long Term Loans and Placements Market ($ million), which are on a market value basis, are available.


REVISIONS IN THIS ISSUE

There have been revisions to previously published aggregates due to:
  • Quality assurance reviews of compilation methodology affecting the published aggregates after December quarter 2015, in addition to amendments to data collected in the ABS Survey of Financial Information, ABS Survey of International Investment and to data derived from Australian Prudential Regulation Authority (APRA) administrative data sets.
  • The adjustments that were introduced in September quarter 2017 to implement an update of the Australian Accounting Standards Board (AASB 1056 Superannuation Entities) relating to superannuation funds recognising for the first time employer sponsor receivables for Public Sector defined benefit schemes, has been reversed based on research required to correctly implement to a 2008 System of National Accounts perspective, the international statistical framework used in this publication. The reversal did not have any impact on the overall economic narrative of the estimates.
  • Revisions to the sectoral capital accounts are due to more up-to-date data being incorporated and concurrent seasonal adjustment.


CHANGES IN FUTURE ISSUES

There are no changes to future issues.


INQUIRIES

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