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Foreign debt is a subset of the financial obligations that comprise a country's international investment position. It includes all the non-equity components of the net international investment position, that is, all recorded assets and liabilities other than equity securities and direct investment equity capital, including reinvested earnings.
The level of borrowing and other non-equity liabilities by Australian residents at a particular date can be equated with Australia's foreign debt liabilities. The level of Australian lending abroad and other non-equity assets at the same date are deducted from the level of borrowing to arrive at Australia's net foreign debt.
The level of net foreign debt at 30 June 2001 was $311.0b, up 14% on 30 June 2000. The increase during 2000-01 resulted from net financial transactions of $16.6b, price changes of $1.3b, exchange rate changes of $21.5b and other adjustments of -$0.5b (table 30.12).
At 30 June 2001, the net foreign debt of the public sector (general government plus public financial and non-financial corporations) was $8.5b, which accounted for 3% of total net foreign debt. Net foreign debt levels of private financial corporations and private non-financial corporations were $235.7b (76% of total net foreign debt) and $66.7b (21%) respectively (table 30.13).
30.13 LEVELS OF FOREIGN DEBT - At 30 June |
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| | 1996
$m | 1997
$m | 1998
$m | 1999
$m | 2000
$m | 2001
$m |
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| Foreign debt assets(a) | -81,661 | -94,218 | -119,189 | -127,038 | -137,842 | -169,642 |
| Public sector | -31,100 | -31,048 | -41,329 | -41,390 | -46,424 | -60,736 |
| General government | -2,284 | -2,836 | -8,095 | -9,378 | -9,219 | -10,338 |
| Financial corporations | -28,144 | -26,853 | -32,196 | -31,178 | -36,811 | -47,809 |
| - Reserve Bank | -18,445 | -22,164 | -23,998 | -22,883 | -27,184 | -36,958 |
| - Central Borrowing Authorities | -11 | -8 | -179 | -385 | -1,090 | -1,638 |
| - Other financial corporations | -9,688 | -4,681 | -8,019 | -7,910 | -8,538 | -9,213 |
| Non-financial corporations | -672 | -1,359 | -1,037 | -835 | -393 | -2,589 |
| Private sector | -50,561 | -63,170 | -77,860 | -85,647 | -91,418 | -108,906 |
| - Financial corporations | -36,149 | -45,619 | -58,762 | -63,445 | -67,841 | -80,216 |
| - Non-financial corporations | -14,412 | -17,552 | -19,098 | -22,203 | -23,577 | -28,690 |
| Foreign debt liabilities(a) | 275,533 | 302,846 | 346,971 | 352,615 | 409,913 | 480,594 |
| Public sector | 101,269 | 96,278 | 86,721 | 75,279 | 63,445 | 69,226 |
| General government | 39,697 | 42,549 | 38,463 | 32,373 | 22,872 | 24,100 |
| Financial corporations | 56,472 | 48,213 | 41,392 | 37,284 | 34,001 | 32,605 |
| - Reserve Bank | 51 | 72 | 48 | 40 | 34 | 49 |
| - Central Borrowing Authorities | 41,388 | 40,203 | 36,571 | 32,772 | 29,060 | 27,886 |
| - Other financial corporations | 15,032 | 7,938 | 4,774 | 4,473 | 4,907 | 4,670 |
| Non-financial corporations | 5,100 | 5,516 | 6,866 | 5,622 | 6,572 | 12,521 |
| Private sector | 174,264 | 206,568 | 260,250 | 277,335 | 346,468 | 411,368 |
| - Financial corporations | 115,780 | 145,415 | 187,507 | 204,012 | 262,543 | 315,944 |
| - Non-financial corporations | 58,484 | 61,153 | 72,742 | 73,324 | 83,925 | 95,425 |
| Net foreign debt | 193,872 | 208,628 | 227,782 | 225,577 | 272,071 | 310,952 |
| Public sector | 70,169 | 65,231 | 45,392 | 33,889 | 17,022 | 8,490 |
| General government | 37,413 | 39,713 | 30,368 | 22,995 | 13,652 | 13,762 |
| Financial corporations | 28,328 | 21,360 | 9,196 | 6,107 | -2,810 | -15,205 |
| - Reserve Bank | -18,394 | -22,092 | -23,950 | -22,843 | -27,150 | -36,909 |
| - Central Borrowing Authorities | 41,378 | 40,195 | 36,391 | 32,387 | 27,970 | 26,248 |
| - Other financial corporations | 5,344 | 3,257 | -3,245 | -3,437 | -3,630 | -4,543 |
| Non-financial corporations | 4,428 | 4,157 | 5,828 | 4,787 | 6,179 | 9,932 |
| Private sector | 123,703 | 143,398 | 182,390 | 191,688 | 255,049 | 302,462 |
| - Financial corporations | 79,630 | 99,796 | 128,746 | 140,567 | 194,702 | 235,728 |
| - Non-financial corporations | 44,072 | 43,602 | 53,644 | 51,121 | 60,347 | 66,735 |
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| (a) Foreign debt levels between direct investors and direct investment enterprises are recorded on a gross basis for assets and liabilities. |
Source: Balance of Payments and International Investment Position, Australia (5302.0). |
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