5232.0 - Australian National Accounts: Finance and Wealth, Jun 2018 Quality Declaration
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 27/09/2018
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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 June quarter 2018 was 2.9%, up from 2.5% in the March quarter 2018.
In the June quarter 2018, general government net borrowing relative to GDP was 0.3%, down from 0.7% in March quarter 2018. The decline in the rate of net borrowing over the last year has partly been driven by increases in income tax receivable. Non-financial corporations net borrowing relative to GDP was 4.0% and net lending for financial corporations was 2.5%. Household net borrowing relative to GDP was 2.2% in June quarter 2018, up from 1.7% in March quarter 2018.
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. This proportion has since fallen to 10.7% in June quarter 2018, driven by the decline in mining investment.
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 GDP growth, largely due to investment in dwellings. This has resulted in a rise in the ratio until June quarter 2016 at 9.4%. In June quarter 2018, household investment was 9.2% of GDP, up slightly from 9.1% in March quarter 2018.
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. Recent increases in the ratio have been driven by public infrastructure projects, with investment rising from 2.9% of GDP in September quarter 2015 to 4.0% in June quarter 2017. In June quarter 2018, general government investment was 3.5% of GDP, slightly up from 3.4% in March quarter 2018.
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