5232.0 - Australian National Accounts: Finance and Wealth, Jun 2019 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 26/09/2019   
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June 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)
13.0
3.4
17.0
-9.2
24.2
-7.5
plus Consumption of fixed capital
40.1
3.2
10.1
30.7
84.2
-
Gross saving
53.2
6.6
27.1
21.5
108.3
-7.5
plus Net capital transfers
0.4
-
-1.0
0.4
-0.2
0.2
less Statistical discrepancy (b)
-
-
-
-
-13.6
-
Total financing resources
53.6
6.6
26.1
21.9
121.7
-7.3
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
52.8
3.7
22.5
40.1
119.1
-
plus Change in inventories
-3.5
-
0.1
-1.3
-4.7
-
plus Net acquisition of non-produced non-financial assets
-0.6
-
0.6
-
-
-
Total capital formation
48.7
3.7
23.2
38.8
114.4
-
plus Financial investment
Acquisition of financial assets
30.2
4.6
14.0
38.9
1.8
-2.2
less Incurrence of liabilities
18.2
19.5
17.4
28.6
-2.2
1.8
Net financial investment (Net lending (+) / net borrowing (-))
12.0
-14.9
-3.5
10.3
3.9
-3.9
less Net errors and omissions
7.1
-17.8
-6.3
27.3
-3.3
3.3
Total investment
53.6
6.6
26.1
21.9
121.7
-7.3

- 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 remains elevated

National investment continues to remain at high levels, increasing $13.7b in June quarter 2019 to $114.4b.


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

Private non-financial corporations invested $42.6b over the quarter, up $3.3b from March quarter 2019. Investment in machinery and equipment was the driver this quarter, with large mining companies continuing to invest in autonomous machinery.

Households invested $38.8b, up $2.2b from the previous quarter. The increase was driven by dwelling investment as is typical in the June quarter. However the magnitude of the rise was smaller than usual, reflecting the continuing softness in the established housing market.


Australia is a net lender for the first time in 39 years

National net lending was $3.9b in June quarter 2019, which was the first time Australia was a lender to the rest of the world since March quarter 1980. Australia repaid $2.2b of liabilities with non-residents and acquired $1.8b of financial assets.

During the quarter, non-resident bank short term debt securities matured ($18.3b) and $15.9b of bank derivative contracts settled. These were partly offset by non-residents acquiring $28.9b of private non-financial corporations' shares and other equity.

Residents acquired $14.7b of overseas shares and other equity, with pension funds and private non-financial corporations acquiring $9.9b and $8.7b respectively. The rest of the world repaid $3.4b of their bank loans and settled $16.3b of their derivative contracts with banks.


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

Non-financial corporations were net lenders of $12.0b, driven by acquisition of deposits ($11.9b) and equity ($10.6b) while they repaid $3.0b of loan borrowings and had maturities of $4.6b of short term debt securities.

The general government was a net borrower of $3.5b, driven by issuances of long term debt securities ($9.5b) and loan borrowings ($7.3b), which were offset by the acquisition of currency and deposits ($5.8b) and equity ($4.1b).

Households were net lenders of $10.3b, accruing $34.9b in net equity in reserves of pension funds (superannuation). This was partly offset by loan borrowings of $22.9b.


Notes

Forthcoming issues

Issue (quarter)Release Date
September 201919 December 2019
December 201926 March 2020
March 201925 June 2020
June 202024 September 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 March quarter 2017, 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

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.

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.


Information paper: Product changes to the Australian National Accounts: Finance and Wealth, 2019 (cat. no. 5232.0.55.005)

An information paper containing the upcoming changes to the quarterly product Australian National Accounts: Finance and Wealth (cat. no. 5232.0) will be released on 3 October 2019. The changes are mainly due to the implementation of the new Australian Prudential Regulation Authority, Economic and Financial Statistics collection. The release details the changes and expansion to the time series spreadsheets to be published in the September quarter 2019 issue of cat. no. 5232.0. The information paper includes previews of the time series spreadsheets and associated series identifiers.


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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