5232.0 - Australian National Accounts: Finance and Wealth, Sep 2018 Quality Declaration
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 13/12/2018
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SEPTEMBER KEY FIGURES
In the September quarter 2018, non-financial corporations funded their investments of $52.8b through both gross saving of $21.6b; and net borrowing of $38.5b, funded through share issuance mainly held by rest of the world. Overall the Australian economy borrowed $11.2b during the quarter, driven by the borrowings of the private non-financial sector.
Graph 1. Total capital formation, current prices
National investment decreased $5.9b in September quarter 2018 to $114.1b. The decrease comes off a peak in national investment of $120.0b in the June quarter 2018. National investment has been trending upwards since September quarter 2016, driven by public infrastructure investment as well as improvements in business conditions and confidence for private sector corporations. National investment previously peaked in September quarter 2012, after heavy investment by the mining industry.
Private non-financial corporations investment was $47.1b in the September quarter 2018, up $2.2b from the June quarter 2018 . Investment peaked for private non-financial corporations in the June quarter 2013, before falling to a low of $36.3b in March quarter 2017 with the decline in mining investment. Household investment was $42.7b in September quarter 2018, down slightly from $42.9n in June quarter 2018. Despite the fall this quarter, household investment remains at high levels and has been growing steadily since the $25.1bn recorded in March quarter 2012, driven by dwellings.
Graph 2. Net financial investment (Net lending (+) / net borrowing (-))
During September quarter 2018, national net borrowing was $11.2b, driven by the issuance of shares and other equity by private non-financial sector and decreased holdings of debt securities by banks.
Net borrowing of $38.5b by non-financial corporations is the largest since December 2015 and is a result of acquiring $18.0b of financial assets and incurring $56.4b in liabilities. Non-financial corporations incurred liabilities through loan borrowings and the issuance of shares and other equity.
Net borrowing of $0.2b by financial corporations was a result of disposing $7.5b of financial assets and extinguishing $7.4b in liabilities. The disposal of financial assets by financial corporations was driven by debt securities and derivative settlements and partly offset by issuance of loans. Financial corporations' reduction of liabilities was driven by maturities of one name paper issued offshore. These were partly offset by an increase in insurance technical reserves and acceptance of deposits.
Net borrowing of $12.2b by general government was a result of disposing $5.7b of financial assets and incurring $6.5b in liabilities mainly through bond issuance. The financial assets primarily disposed of by general government were shares and other equity and deposits.
Households were net lenders in September quarter 2018. Households acquired $13.9b in net equity in reserves of pension funds and life offices and $2.8b of unfunded superannuation claims. Households acquired $25.3b in deposit assets and incurred $11.6b in loan borrowings, the lowest level since September 2013.
CHANGES TO THIS ISSUE
Following ongoing quality assurance work a number of data quality issues have been identified with Table 52. Nominal Value of Short Term Loans and Placements Market ($ 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:
CHANGES IN FUTURE ISSUES
There are no changes to future issues.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National accounts by email <email@example.com>.
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