5232.0 - Australian National Accounts: Finance and Wealth, Mar 2019 Quality Declaration
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 27/06/2019
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March key figures
Australia’s national investment remains elevated
National investment decreased $22.2b in March quarter 2019 to $100.9b. The fall comes off the back of a record high in the December quarter 2018 and, despite the decrease, remains at high levels.
Graph 1. Total capital formation, current prices
Private non-financial corporations invested $39.5b over the quarter, down $8.5b from December. Investment in machinery and equipment was down this quarter, while the decline in mining investment continued as significant LNG projects move into the production phase.
Households invested $36.4b, down $9.6b from the previous quarter. The decrease was driven by falls in dwelling investment and ownership transfer costs, reflecting the weak conditions in the residential housing market.
Australia’s borrowing narrows to $1 billion
National net borrowing of $1.0b in March quarter 2019 was the lowest since December quarter 1983. The $1.0b worth of lending by the rest of the world was derived by repayments of their liabilities ($18.2b) being larger than the disposal of their financial assets ($17.2b).
During the quarter, rest of the world acquired $15.1b of private non-financial corporations’ shares and other equity but these were offset by maturities of their holdings of bank one name paper ($21.3b) and settlements of their bank derivative contracts ($17.1b). On the liabilities side, rest of the world borrowed $11.1b of short term loans from banks and other private non-financial corporations, and paid off their long term bank loans ($24.0b) and settled their derivative contracts with banks ($16.8b).
Graph 2. Net financial investment (net lending (+) / net borrowing (-))
Net borrowing by non-financial corporations was $13.8b driven by loan borrowing of $17.5b and net issuances of equity of $13.2b.
The general government was a net lender of $956m this quarter driven by maturities of long-term debt securities of $5.1b.
Households were net lenders of $23.0b, accruing $18.8b in net equity in reserves of pension funds (superannuation) and $10.0b of deposits. These were offset by their loan borrowing of $9.9b.
Changes to this issue
Following ongoing quality assurance work a number of data quality issues have been identified with Table 52. Nominal Value of Short Term Loans and Placements Market ($ 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
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:
Changes from the implementation of EFS will be incorporated into the September quarter 2019 publication of Finance and Wealth, to be released on 19 December 2019.
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National accounts by email <firstname.lastname@example.org>.
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