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MARCH KEY FIGURES
FINANCING RESOURCES AND INVESTMENT, ORIGINAL, CURRENT PRICES
In the March quarter 2017, non-financial corporations and households invested $44.2b and $36.3b respectively. Non-financial corporations funded these investments through gross saving ($26.9b) and net borrowing ($15.0b). Households funded their investment through gross saving ($36.5b). The general government sector invested $13.8b and funded it through gross savings ($11.2b).
Graph 1. Total capital formation, current prices
In original terms national investment decreased $14.3b in the March quarter 2017 to $97.0b from the December quarter 2016 estimate.
Private non-financial corporations gross fixed capital formation has decreased to $38.7b in March quarter 2017 after falling from its peak in June quarter 2013 ($61.7b). Household sector gross fixed capital formation was $36.3b in March quarter 2017, compared to $25.6b recorded in March quarter 2013.
Graph 2. Net financial investment (Net lending (+) / net borrowing (-))
Source(s): Table 4. National Financial Assets and Liabilities ($ million); Table 6. Financial Assets and Liabilities of Non-Financial Corporations ($ million); Table 14. Financial Assets and Liabilities of Financial Corporations ($ million); Table 27. Financial Assets and Liabilities of General Government ($ million); Table 33. Financial Assets and Liabilities of Households ($ million)
During March quarter 2017, national net borrowing was $5.5b with non-financial corporations borrowing of $15.0b. By contrast, financial corporations and general government lent $6.6b and $2.9b respectively to other sectors.
Net borrowing of $15.0b by non-financial corporations was a result of incurring $13.6b in liabilities and disposal of financial assets ($1.3b). Non-financial corporations net incurrence of liabilities was driven by issuance of equity ($12.3b). The net disposal of financial assets by non-financial corporations was driven by a reduction in other accounts receivable ($3.9b) and a disposal of bonds ($2.2b), which were partially offset by acquisition of loans ($2.7b) and equities ($2.2b).
Financial corporations were net lenders ($6.6b), acquiring $1.3b in financial assets while reducing $5.3b in liabilities. Financial assets acquired were one name paper ($15.3b) and bonds ($15.6b). These asset acquisitions were offset by derivative settlements ($31.4b). Financial corporations reduced liabilities through the settlement of derivative contracts ($32.4b) and the repayment of bond liabilities ($11.2b), this was offset by an increase in net equity in reserves of $17.1b and acceptance of deposits ($13.8b).
Net lending of $2.9b by general government was due to the acquisition of financial assets ($21.4b) while incurring $18.5b in liabilities. National general government acquired $15.4b in financial assets during the quarter mainly through deposits ($8.0b) and other accounts receivable ($7.3b). During the quarter they issued $17.2b of bonds contributing to the increase in their liabilities. State and local general government acquired loan and placement assets of $5.7b.
Households remained net borrowers ($0.1b) in March quarter 2017. Households acquired $27.7b in financial assets through bank deposits ($10.7b) and increases net equity in reserves of pension funds ($19.5b). Households incurred liabilities through loan borrowings ($21.3b) and other accounts payable ($7.1b).
CHANGES TO THIS ISSUE
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REVISIONS IN THIS ISSUE
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CHANGES IN FUTURE ISSUES
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