5232.0 - Australian National Accounts: Finance and Wealth, Sep 2019 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 19/12/2019   
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September 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)
-8.7
15.0
-6.6
33.0
32.7
-5.2
plus Consumption of fixed capital
41.9
3.1
10.7
30.7
86.4
-
Gross saving
33.2
18.1
4.1
63.7
119.1
-5.2
plus Net capital transfers
0.9
-
-1.5
0.5
-0.2
0.2
less Statistical discrepancy (b)
-
-
-
-
3.4
-
Total financing resources
34.1
18.1
2.6
64.2
115.6
-5.0
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
50.3
3.1
16.7
39.9
110.1
-
plus Change in inventories
2.0
-
-0.1
-1.5
0.5
-
plus Net acquisition of non-produced non-financial assets
-0.1
-
0.0
0.0
0.0
-
Total capital formation
52.3
3.1
16.7
38.4
110.5
-
plus Financial investment
Acquisition of financial assets
25.9
25.5
13.5
53.7
7.8
0.1
less Incurrence of liabilities
33.6
47.9
31.4
-0.6
0.1
7.8
Net financial investment (Net lending (+) / net borrowing (-))
-7.7
-22.5
-17.9
54.3
7.7
-7.7
less Net errors and omissions
10.5
-37.5
-3.8
28.6
2.7
-2.7
Total investment
34.1
18.1
2.6
64.2
115.6
-5.0

- 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 among the sectors.


National investment falls in September quarter

National investment decreased by $5.1b to $110.5b this quarter.


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

The general government sector invested $16.7b over the quarter, down from $23.8b in June. A fall is typical for the September quarter.

Household investment decreased by $0.5b, falling to $38.4b overall. This was driven by declines in machinery and equipment and dwelling investment, partly offset by an increase in ownership transfer costs.

Private non-financial corporations investment increased by $3.5b this quarter to $46.5b. This was driven by a build up of inventories leading into the Christmas period.


Australia continues to be a net lender

National net lending was $7.7b in September quarter 2019 as gross saving of $119.1b was used to fund national investment.

During the quarter, residents acquired $19.7b of shares and other equity issued by the rest of world, with non-money market financial investment funds and pension funds acquiring $11.3b and $8.2b respectively. The rest of the world borrowed $20.9b in loans from domestic authorised deposit taking institutions (ADIs).

ADIs settled $20.9b of their derivative contracts with rest of the world. The rest of the world acquired $17.4b of shares and other equity issued by residents.


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

Non-financial corporations were net borrowers of $7.7b, driven by loan borrowings ($17.6b) and issuance of equity ($4.8b) partly offset by maturities of $3.7b in debt securities.

The general government was a net borrower of $17.9b, driven by issuances of long term debt securities ($11.8b) and loan borrowings ($9.3b).

Households were net lenders of $54.3b, depositing $23.8b and accruing $16.1b in net equity in reserves of pension funds (superannuation).


Notes

Forthcoming issues

Issue (quarter)Release Date
December 201926 March 2020
March 201925 June 2020
June 202024 September 2020
September 202017 December 2020


Changes to this issue

As part of its role as the statistical agency for the financial sector, the Australian Prudential Regulation Authority (APRA) collects data from financial institutions, including banks, for the ABS and the Reserve Bank of Australia (RBA). Some of the forms used to collect this data and used in this publication haven’t been updated since they were first introduced back in 2002.

Over the past few years, APRA, the ABS and the RBA have worked with banks and other financial institutions to modernise the set of forms and these institutions have adapted their infrastructure to report on the new forms. The new set of forms is called the Economic and Financial Statistics (EFS) collection.

The changes in the new EFS collection include:
  • collecting much more detailed data on loan and deposit balances
  • using the most up to date classifications available for economic sectors
  • using definitions that align with current international standards for economic statistics.

For more information on the changes due to the implementation of EFS collection, including the time series spreadsheets and associated series identifiers, see Information paper: Product changes to the Australian National Accounts: Finance and Wealth, 2019 (cat. no. 5232.0.55.005).


Revisions in this issue

This issue contains revisions to the original estimates of the capital accounts back to September quarter 2015 and concurrent seasonal adjustment.

The revisions to the financial accounts and balance sheets are back to June quarter 1988 and are a result of implementation of the quality assurance work undertaken for the historical revision through reviews of compilation methods and through source data provided to the ABS. Revisions have been applied to all financial instruments and sectors for the entire time series:
  • the most significant change to source data was from the new set of forms for EFS which collects data from Authorised Deposit taking Institutions and Registered Financial Corporations.
  • for more detail on the quality assurance work, please refer to the Technical Note in this issue.

Changes in future issues

Following ongoing quality assurance work a number of data quality issues have been identified with Table 53. Nominal Value of Short Term Loans and Placements Market ($ million) and Table 54. Nominal Value of Long Term Loans and Placements Market ($ million). These tables will be available in the December quarter 2019 release. 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.


Inquiries

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National accounts by email <national.accounts@abs.gov.au>.


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