5232.0 - Australian National Accounts: Financial Accounts, Dec 2013 
Quality Declaration
Quality Declaration ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 27/03/2014
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SECTORAL ANALYSIS During the December quarter 2013, private non-financial investment funds recorded transactions and net issuance of $3.7b in shares and other equity. This was the major contributor to the overall asset transaction amount of $5.0b. Total liabilities of national public non-financial corporations increased by $1.9b to $27.5b. Total liabilities of state and local public non-financial corporations were $194.3b, with net transactions of $1.4b. PRIVATE NON-FINANCIAL CORPORATIONS DEBT TO EQUITY RATIO From the end of December 2011 to the end of December 2013, the value of equity on issue increased by $226.0b and the value of debt outstanding increased by $141.5b. During the December quarter 2013, private non-financial corporations equity on issue increased by $33.0b and debt increased by $29.9b. The original debt to equity ratio increased from 0.74% to 0.75% and the adjusted ratio remains flat at 0.9. The adjusted ratio reflects the removal of price change from the original series. FINANCIAL CORPORATIONS
Summary During the December quarter 2013, financial corporations had a net of $115.0b of liability transactions. The positive liability transactions were central bank $38.7b, pension funds $32.4b, banks $30.7b, securitisers $17.9b, non-money market financial investment funds $6.6b, life insurance corporations $6.2b, and non-life insurance corporations $1.3b. These were offset by negative liability transactions in central borrowing authorities $3.6b, other financial corporations $2.6b and money market financial investment funds $1.4b. Banks Transactions of financial assets of banks were net $37.7b during the quarter. Major transactions in bank assets were increases in loans and placements of $29.4b, of which $13.0b were borrowed by rest of world and $9.8b were borrowed by households, and increases in deposits of $17.9b, of which $21.4b was accepted by central bank. This increase was partly off-set by net settlements of derivatives of $6.7b, of which $4.4b was settled with rest of world, and decreases in bonds of $6.5b, of which holdings of securitisers and central borrowing authorities decreased $6.6b and $5.1b respectively. Transactions of financial liabilities of banks were net $30.7b. Transactions of banks liabilities were $30.7b, driven by deposits with banks which increased $36.6b and net bond issuance which increased $5.8b. This was partially offset by net decreases of $21.3b in derivative liabilities. Other depository corporations Other depository corporations net transactions of financial assets were -$9.1b in December quarter 2013. The main contributor to this decrease were net settlements in derivatives of $6.5b and a decrease in other accounts receivable of $1.2b. The net liability transactions of other depository corporations were -$11.2b during December quarter 2013. The main contributors to this transaction were decreases in derivatives of $6.7b and decreases in deposits of $6.3b. Pension funds Asset holdings increased by $59.5b to $1,649.3b, following net transactions of $29.6b and valuation increases of $29.9b in December quarter 2013. The main contributors to this increase were an increase of equity holdings of $46.3b ($15.3b transactions and $31.0b revaluations) and an increase in bond holdings of $8.3b. Net equity in reserves of pension funds was $1,744.1b at the end of December quarter 2013, an increase of $62.8b from the previous quarter. This follows net transactions of $33.2b and valuation increases of $29.6b. Households' claims against the reserves of pension funds increased by $62.7b to $1,742.3b, following transactions of $33.2b and valuation increases of $29.5b. Life insurance corporations At the end of December quarter 2013, the financial assets outstanding of life insurance corporations were $268.8b, an increase of $6.9b from the previous quarter. Net asset transactions were $6.3b, and valuation increases were $0.6b. During the quarter, pension fund claims against the reserves of life offices increased by $3.5b to $190.6b, following net transactions of $3.6b and valuation decreases of $0.1b. Households' claims against the reserves of life offices increased by $2.1b to $56.9b, following net transactions of $2.1b. Non-life insurance corporations During the quarter, net transactions in financial assets of non-life insurance corporations were -$3.0b and revaluations were $2.1b. Financial assets outstanding at the end of quarter was $179.2b. During the quarter, net liability transactions of non-life insurance corporations were $1.3b and there were revaluations of -$0.8b. Money market financial investment funds Total assets of money market financial investment funds were $22.8b at the end of December quarter 2013, of which $10.6b were holdings of one name paper and $9.7b were in deposits. Net transactions in total financial assets of money market financial investment funds were -$1.9b for the quarter, driven by net transactions in one name paper of -$1.3b. During the quarter total unlisted equities issued by money market financial investment funds decreased by $2.0b to $22.7b. Non-money market financial investment funds Total assets outstanding of non-money market financial investment funds increased by $11.3b to $272.7b with net transactions of $5.8b and revaluation changes of $5.5b. At the end of December quarter 2013, total liabilities of non-money market financial investment funds had increased by $13.6b to $438.3b, with net transactions of $6.6b and $7.0b of revaluation changes. Central borrowing authorities Total liabilities of central borrowing authorities were $331.3b at the end of December quarter 2013, a decrease of $0.1b from the previous quarter. Net asset transactions during the quarter were -$1.5b, driven by settlements in derivatives of $2.6b and a $1.3b decrease in holdings of one name paper. This was partially offset by an increase in loans and placements of $3.8b. Securitisers At the end of December quarter 2013, securitisers had net liability transactions of $17.9b and liabilities outstanding of $352.2b. This was mostly composed of bonds worth $332.9, with $17.3b net transactions during the quarter. Financial assets of securitisers were $352.0b at the end of the quarter, with net transactions of $18.2b. Loans and placements increased by $18.2b to $347.0b at the end of December, driven by a borrowing of households (which increased $17.3b) and other private non-financial corporations (which increased by $0.8b). Net flow of deposits to banks Net transactions in transferable deposit liabilities of banks during the December quarter 2013 were $27.1b. The major deposit holdings came from households $12.4b, other private non-financial corporations $9.2b, and rest of world $3.9b. Transactions in other deposit liabilities of banks during the quarter were $11.4b of which $10.3b was deposited by rest of world, $8.3b were deposited by households and $1.1b were deposited by pension funds. This was partially offset by other private non-financial corporations -$6.2b and national general government -$1.5b. Financial asset portfolio of life insurance corporations and pension funds at end of quarter At the end of December quarter 2013, pension funds held $990.5b in shares and other equity (60.1% of their financial assets), of which $706.1b were issued domestically and $284.4b were issued by non-resident units. They held $190.6b of the net equity in life office reserves (11.6% of their financial assets) and $144.0b in bonds (8.7% of their financial assets), of which $80.9b were issued by domestic institutions and $63.1b were bonds issued by non-residents. At the end of the December quarter 2013, life insurance corporations held $211.0b in shares and other equity (78.5% of their financial assets), of which $174.3b are held in non-money market financial investment funds. They held $31.3b in bonds (11.6% of their financial assets), of which $25.3b were issued by domestic institutions and $6.0b were bonds issued by non-residents. Financial claims between households, pension funds, life insurance corporations, rest of world and investment managers at end of quarter At the end of December quarter 2013, households had claims against the reserves of pension funds of $1,742.3b and life insurance corporations of $56.0b. The rest of world had net equity in reserves of pension funds of $1.7b and life insurance corporations of $0.8b. Pension funds had claims against the reserves of life insurance corporations of $190.6b. Life insurance corporations invested $164.4b through fund managers, and pension funds invested $711.3b through fund managers. Financial asset portfolio of non-life insurance corporations at end of quarter The graph below shows that at the end of the December quarter 2013, non-life insurance corporations held $57.1b in bonds (31.9% of their financial assets), of which $50.3b were issued by residents and $6.8b were issued by non-residents. They also held $57.5b in equities (32.1% of their total financial assets), $39.1b of which were issued by residents and $18.4b issued by non-residents. They also held $17.0b in deposits (9.5% of their total financial assets), and $11.6b in one name paper (6.5% of their total financial assets). Central borrowing authorities net issue of debt securities During the December quarter 2013, central borrowing authorities had net issuance of $4.6b in bonds and net maturities of $2.5b in one name paper. Securitisers' net issue of debt securities During the December quarter 2013, securitisers had net issuance of $17.3b worth of bonds and net maturities of $0.5b worth of one name paper. GENERAL GOVERNMENT Summary During December quarter 2013, consolidated general government transactions resulted in a net change in financial position of -$6.5b. The net change in financial position for National general government was $1.3b. During the quarter, transactions in total liabilities for National general government were $12.2b. The main contributor to this increase was Bonds issued in Australia which increased by $16.4b. This increase was partially offset by a decrease of Other accounts payable of $6.5b and a decrease of Derivatives of $1.8b. During the quarter, transactions in total financial assets were $13.5b. The main contributors to this increase were Other accounts receivable which increased $9.4b and Deposits which increased $5.3b. These increases were partially offset by decreases in Derivatives of $2.0b and Bonds of $1.3b. At the end of December quarter, National general government had total financial assets outstanding of $308.3b and total financial liabilities outstanding of $558.7b. The net change in financial position of State and local general government was -$7.8b. During the quarter, transactions in total liabilities for State and local general government were $3.3b. The main contributor to this increase was Long term loans and placements which increased by $2.2b and Unfunded superannuation claims which increased by $1.5b. These increases were partially offset by a decrease in Other accounts payable of $0.7b. During the quarter, transactions in total financial assets were -$4.5b. The main contributors to this decrease were Loans and placements which decreased by $3.3b and Other accounts receivable which decreased by $0.8b. At the end of the quarter, State and local general government had total financial assets outstanding of $187.3b and total financial liabilities outstanding of $311.8b. Change in financial position National government net issue of debt securities The graph below illustrates National general government’s debt security issuance. The main contributor to the increase being issuance of Bonds issued in Australia of $16.4b. HOUSEHOLDS Summary During December quarter 2013, Household transactions resulted in a net change in financial position of $18.9b. During the quarter, transactions in total liabilities for Households were $35.7b. The main contributors to this increase were Long term loans and placements which increased by $25.6b and Other accounts payable which increased by $8.8b. This was partially offset by a decrease in Drawings of bills of exchange of $0.6b. During the quarter, transactions in total financial assets were $54.5b. The main contributors to this increase were Net equity in reserves which increased by $35.4b and Deposits which increased by $20.7b. These increases were partially offset by a decrease in Other accounts receivable of $5.2b. At the end of the quarter, Households had total financial assets outstanding of $3,759.0b. This was an increase of $107.6b from the previous quarter following net asset transactions of $54.5b and valuation increases of $53.1b. Major asset holdings were Net equity in reserves of $1,808.5b, Deposits of $802.6b, Equities of $650.7b and Unfunded superannuation claims of $357.2b. Household net borrowing and debt to liquid asset ratio Of the net $27.4b loans borrowed by Households during the December quarter 2013, $17.3b were borrowed from Securitisers, and $9.8b were borrowed from Banks. The graph below illustrates that the debt to liquid assets ratio at the end of December quarter 2013 was at 123.7%, a decrease of 1.0 percentage point on revised September quarter 2013 data. The ratio was influenced by an increase of 1.9% in total outstanding household debt, and an increase in total liquid assets of 2.8%. The major contributors to the increase in liquid assets were Deposits which increased 2.8% and Equities which increased 2.8%. Insurance and pension claims During the December quarter 2013, Households' Net equity in reserves of pension funds increased by $62.7b, with $33.2b in transactions and a $29.5b valuation increase, bringing Household Net equity in reserves of Pension funds to $1,742.3b. Net equity in reserves of Life insurance corporations increased by $2.0b with $2.1b in transactions and a $0.1b valuation decrease, bringing the Household Net equity in Life insurance to $56.0b for the December quarter. Net equity in Household's unfunded superannuation claims were $357.2b, with net transactions of $3.1b. Prepayments of premiums and claims against reserves in Non-life insurance corporations were $54.3b for the December quarter, with net transactions of -$0.3b during the quarter. REST OF THE WORLD Summary Non-residents had net transactions of $50.7b in Australian financial assets during the December quarter 2013 with a valuation increase of $51.9b, resulting in $2,499.4b worth of Australian financial assets held by non-residents. The main contributors to the increase in transactions were an increase of $21.5b in Bonds and an increase of $15.9b in Equities. These increases were partially offset by a $15.8b decrease in Derivatives. Australian residents had net transactions of $39.1b in foreign financial liabilities during the December quarter 2013. The main contributors to the increase were an increase of Unlisted shares and other equity of $20.8b, an increase of Long term loans and placements of $15.6b and an increase of Bonds issued offshore of $12.9b. These were offset by decreases in Derivatives of $4.8b and Other accounts payable of $3.4b. The total value of foreign assets held by Australian residents increased by $118.3b to $1,669.6b at the end of the quarter. This movement was driven by $39.1b in transactions and $79.2b worth of valuation increase. Net purchases of equities Net transaction in Equities by non-residents was $15.9b during the December quarter 2013, up $5.9b from $10.0b acquired during the September quarter 2013. Net purchases of bonds Net transaction in Australian bonds by non-residents was $21.5b during the December quarter 2013, a decrease of $3.3b from September quarter 2013 when $24.8b worth of bonds were required. Document Selection These documents will be presented in a new window.
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