5232.0 - Australian National Accounts: Finance and Wealth, Sep 2017 Quality Declaration
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 20/12/2017
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Graph 1. Net lending (net borrowing), by sector, relative to GDP, seasonally adjusted
In seasonally adjusted terms, Australia has been a net borrower from overseas since September quarter 1975. In the national accounts, this is reflected by a negative value for net lending to non-residents. The ratio of net borrowing from overseas to GDP in September quarter 2017 was 2.1%, the same result as the June quarter 2017.
In September quarter 2017, general government net borrowing relative to GDP was 1.1%, down from 1.8% in June quarter 2017. Non-financial corporations net borrowing relative to GDP was 2.9% and net lending for financial corporations was 2.4%. Household net borrowing relative to GDP was 0.8% in September quarter 2017, down from 1.0% in June quarter 2017.
Graph 2. Gross fixed capital formation, by sector, relative to GDP, seasonally adjusted
Capital investment by non-financial corporations as a proportion of GDP started growing during the 2000s peaking at 17.3% in December quarter 2012. It has since fallen to 10.2% of GDP in June quarter 2017 before rising to 11.0% in September quarter 2017.
Household investment as a proportion of GDP decreased gradually from 11.6% in March quarter 2004 to 7.1% in June quarter 2012. This was the result of growth in GDP being stronger than growth in household gross fixed capital formation. However, since March quarter 2013, growth in household gross fixed capital formation has been outpacing growth in GDP, resulting in the rise in the ratio until June quarter 2016 at 9.4%. In September quarter 2017, household investment was 9.0% of GDP, slightly down from 9.2% in June 2017.
General government investment as a proportion of GDP remained steady at approximately 3.0% through the 2000s, peaking at 4.6% in March quarter 2010. In September quarter 2017, general government investment was 3.6% of GDP, down from 4.0% of GDP in June quarter 2017. The fall in the share of general government investment as a proportion of GDP in the September quarter 2017 is partly driven by the acquisition of the Royal Adelaide Hospital by the South Australian government from the private sector in June quarter 2017.
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