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5232.0 - Australian National Accounts: Finance and Wealth, Mar 2015 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 25/06/2015   
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MARCH 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)
-7.3
13.4
-4.0
16.4
18.5
10.9
plus Consumption of fixed capital
36.1
2.5
8.9
22.3
69.8
-
Gross saving
28.7
15.9
4.9
38.7
88.3
10.9
plus Net capital transfers
0.4
-
-1.0
0.4
-0.1
0.1
plus Statistical discrepancy (b)
-
-
-
-
3.1
-
Total financing resources
29.2
15.9
3.9
39.2
85.1
11.0
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
50.3
2.4
11.4
32.7
96.8
-
plus Change in inventories
-0.6
-
0.1
-0.1
-0.7
-
plus Net acquisition of non-produced non-financial assets
-0.1
-
0.2
-0.1
-
-
Total capital formation
49.6
2.4
11.7
32.5
96.1
-
plus Financial investment
Acquisition of financial assets
23.3
68.0
9.5
30.8
26.5
37.5
less Incurrence of liabilities
44.9
56.7
17.5
23.5
37.5
26.5
Net financial investment (Net lending (+) / net borrowing (-))
-21.6
11.3
-8.0
7.4
-10.9
10.9
less Net errors and omissions
-1.3
-2.3
-0.2
0.7
0.1
-0.1
Total investment
29.2
15.9
3.9
39.2
85.1
11.0

- 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.

During March quarter 2015, non-financial corporations and households invested $49.6b and $32.5b respectively in capital formation. Non-financial corporations funded these investments mainly through gross saving ($28.7b) and net borrowing ($21.6b). Households funded their investment through gross savings ($38.7b) and remained a net lender ($7.4b) to other sectors. The general government sector invested $11.7b in capital formation funding it mainly through net borrowings of $8.0b.


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


In original terms, national capital formation investment decreased -$17.3b from the December quarter 2014 estimate to reach a total of $96.1b in March quarter 2015. The fall was driven by a decrease in gross fixed capital formation of -$8.9b by the non-financial corporations sector coupled with the household sector (-$3.7b) and the general government sector (-$1.9b). The fall in investment of gross fixed capital formation by the non-financial corporations sector was driven by private non-financial corporations (-$9.0b).

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 March quarter 2015, national net borrowing was $10.9b, driven mainly by non-financial corporations borrowing of $21.6b and general government borrowing of $8.0b. By contrast, the financial corporations and household sectors lent $11.3b and $7.4b to other sectors respectively.

Net borrowing of $21.6b by non-financial corporations was a result of incurring $44.9b in liabilities and acquiring $23.3b in financial assets. The increase in liabilities was driven mainly by loan borrowings of $29.3b of which $19.8b was in long term loans. Non-financial corporations issued $16.3b in equities, which also contributed to the increase in liabilities. Financial assets were acquired through an increase in accounts receivable ($15.2b) and deposits in banks ($8.1b).

Net borrowing of $8.0b by general government was a result of incurring $17.5b in liabilities while acquiring $9.5b in financial assets. The general government incurred liabilities through issuance of Commonwealth government bonds ($16.1b) of which majority are held by foreign investors ($11.7b). The general government acquired financial assets through the national general government increasing deposits with the central bank (+$6.3b) and state and local general government increasing deposits with banks ($1.8b).

Net lending of $11.3b by the financial corporations sector was a result of acquiring $68.0b in financial assets and incurring $56.7b in liabilities. The financial corporations sector acquired financial assets through bank ($52.0) and securitisers ($16.6b) loans. Financial liabilities were incurred through acceptance of deposits ($28.4b), an increase in net equity in reserves ($14.0b) and an increase in accounts payable ($8.8b).

Net lending of $7.4b by households was a result of acquiring $30.8b in financial assets while incurring $23.5b in liabilities. Financial assets were acquired through increases in net equity in reserves of pension funds ($13.8b) and deposits with banks ($11.5b). Households incurred financial liabilities through long term loans with securitisers ($16.2b) and banks ($11.1b).

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)Release Date
June 201524 September 2015
September 201517 December 2015
December 201524 March 2016
March 201623 June 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 March quarter 2013 onwards, revisions are due to quality assurance reviews of the compilation of published estimates and through data providers to the ABS Survey of Financial Information, ABS Survey of International Investment and APRA administrative data sets.
  • Revisions to the sectoral capital accounts due to the incorporation of more up-to-date data and concurrent seasonal adjustment.


CHANGES IN FUTURE ISSUES

There are no changes to future issues.

INQUIRIES

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