5232.0 - Australian National Accounts: Finance and Wealth, Dec 2018 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 28/03/2019   
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DECEMBER 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)
14.5
4.2
5.0
2.4
25.9
7.7
plus Consumption of fixed capital
39.6
3.1
9.9
30.2
82.8
-
Gross saving
54.0
7.3
14.9
32.5
108.8
7.7
plus Net capital transfers
0.3
-
-0.8
0.3
-0.2
0.2
less Statistical discrepancy (b)
-
-
-
-
-7.0
-
Total financing resources
54.3
7.3
14.1
32.9
115.6
7.9
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
53.4
3.6
19.0
43.5
119.5
-
plus Change in inventories
1.6
-
0.1
2.3
4.0
-
plus Net acquisition of non-produced non-financial assets
-0.2
-
0.2
-
-
-
Total capital formation
54.8
3.6
19.3
45.9
123.5
-
plus Financial investment
Acquisition of financial assets
4.5
19.2
-7.6
29.5
-6.9
3.1
less Incurrence of liabilities
15.7
15.9
4.5
19.6
3.1
-6.9
Net financial investment (Net lending (+) / net borrowing (-))
-11.2
3.3
-12.1
9.9
-10.1
10.1
less Net errors and omissions
-10.7
-0.4
-6.9
22.9
-2.1
2.1
Total investment
54.3
7.3
14.1
32.9
115.6
7.9

- 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 among the sectors.


AUSTRALIA’S NATIONAL INVESTMENT REACHES RECORD HIGH

National investment increased $9.2b in December quarter 2018 to a record high of $123.5b. The upwards trend since September quarter 2016 has been led by public infrastructure investment.

Graph 1. Total capital formation, current prices
Graph 1 shows Total capital formation, current prices


Private non-financial corporations invested $48.5b over the quarter, up $1.6b from the previous quarter. Growth continues to be supported by investment in machinery and equipment, which is partly offsetting the decline in mining investment as significant LNG projects near completion.

Households invested $45.9b, up $3.2b from the previous quarter. The increase was driven by a build-up of farm inventories, typical for this time of the year. Dwelling investment, the driver of growth in household investment since 2012, experienced a weak result off the back of declines in residential approvals.


AUSTRALIA CONTINUES TO BORROW AS INVESTMENT EXCEEDS SAVING

National net borrowing was $10.1b, driven by rest of the world holding short term debt securities issued by banks, settling their derivatives contracts with banks and paying off their short term bank loans.

Non-financial corporations funded their investments through $54.0b of gross saving and $11.2b bank loans.

Households lent $9.9b during the quarter due to their acquisition of net equity in reserves of pension funds (superannuation) and deposit assets being greater than loan borrowings.

State and local general government drove the public infrastructure investment during the quarter, funded by gross saving and borrowing. Borrowing occurred due to significant withdrawal of their deposit assets and increase in loan borrowing.

Graph 2. Net financial investment (net lending (+) / net borrowing (-))
Graph 2 shows Net financial investment (net lending (+) / net borrowing (-))



NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)Release Date
March 201927 June 2019
June 2019 26 September 2019
September 201919 December 2019
December 201926 March 2020


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:
  • Quality assurance reviews affecting the published aggregates after December quarter 2016, in addition to amendments to data collected in the ABS Survey of Financial Information, ABS Survey of International Investment and to data derived from Australian Prudential Regulation Authority (APRA) administrative data sets.
  • Revisions to the sectoral capital accounts are due to more up-to-date data being incorporated and concurrent seasonal adjustment.


CHANGES IN FUTURE ISSUES

There are no changes to future issues.


INQUIRIES

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