Australian National Accounts: Finance and Wealth

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National, public and private corporations, government and household financial and capital accounts, and household balance sheets.

Reference period

December 2020

Released

25/03/2021

View all releases

Release date and time

25/03/2021 11:30am AEDT

Key statistics

Household wealth increased $501.5b (4.3%) to a record $12,033.5b
Demand for credit was $63.3b, following last quarter’s record of $154.7b
Australia's net lending position increased $4.3b to $9.8b
Capital investment as a proportion of GDP fell to 22.1%

Main features

Articles

This quarter's Finance and Wealth includes the following articles:

Financing resources and investment table

Financing resources and investment December quarter 2020, original, current prices, $b
			Non-financial corps	Financial corps	Government	Households	Total national	Rest of world
Financing resources
	Net saving (a)	43.7	3.0	-37.4	33.7	43.0	-12.8
	plus Consumption of fixed capital	44.2	3.2	11.4	31.6	90.4	-
	Gross saving	87.8	6.2	-26.0	65.3	133.4	-12.8
	plus Net capital transfers	1.0	0.0	-2.2	1.0	-0.2	0.2
	less Statistical discrepancy (b)	-	-	-	-	-0.4	-
	Total financing resources	88.8	6.2	-28.1	66.3	133.6	-12.6
Uses of financing (investment)
	Capital formation
		Gross fixed capital formation	52.1	2.8	21.1	41.5	117.5	-
		plus Changes in inventories	0.2	0.0	0.9	2.4	3.5	-
		plus Net acquisition of non-produced non-financial assets	-0.3	-	0.3	-	-	-
		Total capital formation	52.0	2.8	22.2	43.9	121.0	-
	plus Financial investment
		Aquistition of financial assets	39.5	10.8	-24.5	64.7	21.5	11.7
		less Incurrence of financial liabilities	13.6	13.6	28.8	24.8	11.7	21.5
		Net Financial investment (Net lending (+) / net borrowing (-))	25.9	-2.7	-53.2	39.9	9.8	-9.8
	less Net errors and omissions	-10.9	-6.1	-2.9	17.6	-2.8	2.8
	Total investment	88.8	6.2	-28.1	66.3	133.6	-12.6

Financial market summary table

Financial market summary, $b
		Amounts outstanding, Sep-20	Transactions, Sep-20	Other changes, Dec-20	Amounts outstanding, Dec-20
Currency and deposits
	Currency	99.5	3.3	-	102.8
	Transferable deposits	1,465.2	90.2	-3.3	1,552.1
	Other deposits	1,499.7	-61.4	-14.0	1,424.3
Short term debt securities
	Bills of exchange	14.2	-1.8	-	12.4
	One name paper	480.9	9.5	-6.3	484.1
Long term debt securities
	Bonds, etc.	3,235.2	2.2	-40.8	3,196.6
Derivatives
	Derivatives	895.1	-76.1	132.2	951.2
Loans and placements
	Short term	402.6	-16.2	-2.2	384.2
	Long term	4,083.7	17.9	-6.9	4,094.7
Shares and other equity
	Listed	1,943.8	22.0	286.6	2,252.4
	Unlisted	4,882.7	77.0	70.4	5,030.1
Insurance technical reserves
	Reserves of pension funds and life	2,682.7	20.7	157.7	2,861.0
	General insurance payments	134.3	4.7	0.0	139.0

Flow of funds diagrams

National investment

National investment rose by $12.0b to $121.0b in the December quarter.

General government investment increased by $4.1b to $22.2b driven by an increase in state and local capital investment.

Non-financial corporations' investment increased slightly by $48m to $52.0b, driven by an increase in gross fixed capital formation.

Household investment rose $7.7b to $43.9b, from $36.2b in the previous quarter.

Financial investment

Australia was a net lender of $9.8b, the seventh consecutive quarter of net lending. The main contributors were a:

$53.7b increase in rest of world equities, driven by pension funds and non-money market funds
$12.3b repayment of loans driven by other private non-financial corporations (OPNFC)

Pension funds and non-money market funds sought increased returns in overseas markets as economic conditions continued to improve. OPNFC repaid debt and sought to raise funds through equity

Households

Households' $40.0b net lending position was the result of a $64.7b acquisition of assets and a $24.8b incurrence of liabilities, driven by a:

$28.1b increase in deposits
$19.7b increase in net equity in pension funds
$22.8b increase in loan borrowings

The increase in deposits reflects increased household saving due to ongoing government income support packages such as JobKeeper and economic support payments, although they were scaled back during the quarter. With economic conditions improving and interest rates at record lows households increased their loan borrowings. Net equity in pension funds increased as less households withdrew funds under the early access to superannuation policy.

Non-financial corporations

Non-financial corporations' $25.9b net lending position was due to a $39.5b acquisition of financial assets and a $13.6b increase in liabilities. The increase in assets was driven by a:

$18.0b increase in share and other equity investments
$9.9b increase in deposits

With continued recovery of onshore and overseas financial markets , non-financial corporations increased their holdings of equity. Deposits increased as non-financial corporations continued to save.

General government

General government's $53.2b net borrowing position was due to a $24.5b decrease in assets and $28.8b increase in liabilities and driven by:

$32.7b decrease in deposit assets
$23.5b net issuance of bonds
$18.1b increase in loan borrowings

Government drew down on deposits to finance expenditure and reduced their debt issueance and loan borrowings

Net financial investment (net lending (+) / borrowing (-))
	National net financial investment ($b)	Non-financial corporations ($b)	Financial corporations ($b)	General government ($b)	Households ($b)
Dec-07	-22.1	-32.6	-1.0	6.1	5.4
Mar-08	-20.3	-26.5	-12.2	7.8	10.6
Jun-08	-15.0	-6.1	-17.4	1.9	6.6
Sep-08	-14.1	-40.5	-10.7	5.0	32.0
Dec-08	-8.4	-26.1	-17.5	-5.9	41.1
Mar-09	-7.2	-5.4	-1.1	-2.6	2.0
Jun-09	-14.8	13.6	-30.0	-17.6	19.3
Sep-09	-18.9	-35.2	30.2	-28.2	14.3
Dec-09	-23.2	-11.6	-4.3	-18.6	11.3
Mar-10	-20.4	0.9	-21.5	-12.5	12.6
Jun-10	-6.4	24.1	-9.8	-11.5	-9.2
Sep-10	-11.6	-3.1	9.4	-24.5	6.7
Dec-10	-13.7	-7.0	8.3	-14.4	-0.6
Mar-11	-12.9	24.1	3.4	-15.8	-24.6
Jun-11	-8.0	10.1	10.1	-22.1	-6.1
Sep-11	-11.0	1.4	1.5	-28.1	14.2
Dec-11	-13.7	0.5	-2.6	-15.7	4.1
Mar-12	-16.4	-36.4	19.8	-12.3	12.5
Jun-12	-10.1	1.4	-20.1	-33.3	41.8
Sep-12	-19.4	-7.7	-15.0	-22.0	25.3
Dec-12	-18.0	1.4	3.5	-16.2	-6.7
Mar-13	-10.9	-33.0	21.1	-16.2	17.3
Jun-13	-11.3	-37.9	18.8	-15.5	23.4
Sep-13	-17.3	-11.4	-18.7	-19.2	32.0
Dec-13	-11.3	-65.3	23.4	-9.8	40.4
Mar-14	-11.5	-20.1	4.6	-10.1	14.1
Jun-14	-9.5	-24.9	20.6	-14.1	9.0
Sep-14	-18.1	-7.9	-22.9	-16.4	29.1
Dec-14	-12.8	0.4	-22.2	-13.8	22.9
Mar-15	-12.2	-13.6	-4.0	-4.6	10.0
Jun-15	-19.1	-37.9	10.6	-6.0	14.2
Sep-15	-24.9	-62.8	6.0	-15.3	47.1
Dec-15	-22.1	-44.3	7.5	-6.2	20.9
Mar-16	-17.2	-22.0	12.8	-11.7	3.7
Jun-16	-16.0	5.1	-29.5	-6.8	15.3
Sep-16	-16.4	-7.2	-3.0	-22.4	16.2
Dec-16	-5.3	-8.8	-9.8	-20.6	33.8
Mar-17	-8.6	-19.7	4.8	0.4	5.9
Jun-17	-11.4	17.1	-26.9	-11.8	10.2
Sep-17	-18.0	-9.6	-13.4	-19.1	24.1
Dec-17	-17.2	-29.7	-18.3	-4.3	35.1
Mar-18	-11.4	-24.8	4.2	-0.6	9.8
Jun-18	-14.1	-9.0	-18.0	2.0	10.8
Sep-18	-13.0	-28.7	-1.8	-14.7	32.2
Dec-18	-9.3	-32.7	-3.2	-6.4	33.0
Mar-19	-2.4	-23.2	3.8	1.0	16.1
Jun-19	4.4	-0.5	-21.8	-8.8	35.6
Sep-19	5.0	1.4	-24.0	-20.6	48.2
Dec-19	1.1	-10.9	4.2	-12.5	20.4
Mar-20	6.0	0.3	2.0	-16.6	20.2
Jun-20	21.2	49.3	8.2	-96.7	60.4
Sep-20	5.6	36.1	11.7	-118.0	75.7
Dec-20	9.8	25.9	-2.7	-53.2	39.9

Net financial investment (net lending (+) / borrowing (-))

["","National net financial investment","Non-financial\u00a0corporations","Financial\u00a0corporations","General\u00a0government","Households"]

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Demand for credit

Demand for credit table

Demand for credit non-financial domestic sectors, $b
		Credit market outstandings, Sep-20	Demand for credit, Dec-20	Other changes, Dec-20	Credit market outstandings, Dec-20
Non-financial corporations
	Investment funds	442.2	5.5	17.2	464.9
	Other private	3,680.1	2.6	117.2	3,799.9
	Public	143.0	3.8	0.0	146.8
General government
	National	910.5	10.1	-12.0	908.6
	State and local	261.1	18.8	-0.1	279.8
Households	2,410.1	22.6	-0.6	2,432.1
Total	7,846.9	63.3	121.9	8,032.1

Demand for credit was $63.3b in the December quarter, of which:

general government borrowed $28.9b
households borrowed $22.6b
other private non-financial corporations borrowed $2.6b

Credit market outstanding grew $185.2b (2.4%) of which $121.9b was revaluation gains. Revaluation gains of $134.4b in the shares of private non-financial corporations were partly offset by revaluation losses of $12.0b on national general government bonds due to rising 10 year bond yields.

General government

General government's demand for credit was $28.9b in the December quarter following the record $146.9b of funds raised last quarter. The national general government reduced the amount of treasury bonds issued and used surplus funds raised in previous quarters to finance COVID-19 policies. This quarter additional funds were acquired through:

$18.5b in loan borrowings by state and local general government
$23.4b in net bond issuances by national general government, partly offset by maturities of $12.5b in treasury notes

Households

Increased housing market activity boosting demand for new housing loans, particularly from owner-occupiers while investor loans also grew for the first time since December quarter 2018. Short term borrowing increased as households used credit card debt for retail spending amid rising consumer confidence. This was seen in:

$21.7b of long term loan borrowings
$1.0b of short term loan borrowings

Private non-financial corporations

Demand for credit remained low for other private non-financial corporations as businesses continued to repay lines of credit that had been drawn down in the March quarter. Businesses showed an increased preference for sourcing funds through equity raisings as they continued to deleverage amid ongoing uncertainty about future economic conditions. These are reflected in:

$10.9b repayment of loans and placements
$32.0b raised through shares and other equity

Demand for credit by sector
	Other private non-financial corporations ($b)	Households ($b)	National general government ($b)	State and local general government ($b)
Dec-07	37.4	33.0	-1.2	-0.9
Mar-08	49.8	21.5	0.7	0.4
Jun-08	24.2	34.3	1.5	9.3
Sep-08	55.1	11.7	-1.1	0.6
Dec-08	33.4	10.0	4.5	2.9
Mar-09	12.1	10.7	14.1	0.2
Jun-09	3.3	27.1	26.7	0.7
Sep-09	23.6	26.0	6.8	10.5
Dec-09	13.0	22.8	14.1	-0.5
Mar-10	3.3	17.2	14.6	5.2
Jun-10	-1.6	29.3	16.3	4.6
Sep-10	12.8	17.1	13.9	3.9
Dec-10	20.8	23.2	14.0	-2.1
Mar-11	-2.6	21.6	10.3	6.6
Jun-11	-4.6	27.2	9.0	10.5
Sep-11	18.9	7.2	16.1	9.8
Dec-11	-4.0	16.3	17.8	4.6
Mar-12	31.5	11.5	16.1	2.0
Jun-12	17.1	22.6	-0.6	14.0
Sep-12	19.1	1.9	16.9	6.5
Dec-12	-0.3	14.2	14.0	2.7
Mar-13	23.1	11.5	6.5	1.7
Jun-13	34.1	26.9	-8.8	3.3
Sep-13	21.3	4.2	21.6	5.6
Dec-13	59.2	31.1	18.3	2.7
Mar-14	12.1	19.1	16.4	2.0
Jun-14	33.5	34.2	6.7	3.5
Sep-14	35.2	20.1	19.4	2.6
Dec-14	30.3	26.2	9.9	2.8
Mar-15	44.4	24.9	14.7	2.4
Jun-15	27.7	39.6	5.7	-3.5
Sep-15	36.4	10.1	29.4	6.7
Dec-15	38.9	24.0	4.6	-3.9
Mar-16	29.9	24.9	22.0	2.1
Jun-16	11.4	34.2	4.2	-3.6
Sep-16	20.8	28.6	23.6	3.7
Dec-16	72.0	29.0	23.1	-8.9
Mar-17	8.6	21.6	20.9	-0.5
Jun-17	40.7	41.1	17.5	-0.6
Sep-17	31.7	18.2	1.5	2.9
Dec-17	51.2	28.2	13.7	1.9
Mar-18	39.4	19.6	4.8	1.4
Jun-18	11.3	27.9	10.1	-1.2
Sep-18	65.6	12.8	3.4	0.4
Dec-18	28.7	20.6	2.3	4.2
Mar-19	41.5	10.3	-2.7	4.3
Jun-19	43.5	14.7	7.4	7.7
Sep-19	8.1	-3.8	17.4	9.8
Dec-19	20.4	19.4	6.1	7.0
Mar-20	48.1	2.3	20.4	18.2
Jun-20	-14.2	15.8	106.1	31.0
Sep-20	-8.3	8.5	117.1	29.8
Dec-20	2.6	22.6	10.1	18.8

Demand for credit by sector

["","Other private non-financial corporations","Households","National general government","State and local general government"]

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Households

Balance sheet

Household balance sheet, $b
		Amounts outstanding, Sep-20	Transactions, Dec-20	Other changes (a), Dec-20	Holding gains/losses, Dec-20	Amounts outstanding, Dec-20
Non-financial assets
	Land and dwellings	7,528.8	9.1	5.7	235.8	7,779.3
	Other non-financial assets	664.9	3.3	-	-0.6	667.5
Financial assets
	Superannuation reserves	3,173.9	23.4	-	142.9	3,340.1
	Shares and other equity	1,060.9	8.1	-	52.5	1,121.4
	Currency and deposits	1,293.6	29.4	-	-0.4	1,322.6
	Other financial assets	333.7	3.8	-	13.0	350.5
Liabilities
	Loans	2,404.3	22.8	-	-0.6	2,426.4
	Other liabilities	119.5	2.0	-	-	121.5
Wealth (Net worth)	11,532.0	52.2	5.7	443.6	12,033.5
Memorandum item
	Consumer durables (b)	415.7	9.4	-	-	418.8

Financial assets

Household selected financial assets, $b
	Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total assets	77.4	5,747.3	82.6	5,862.0	64.7	6,134.7
Deposits	33.9	1,184.2	63.9	1,247.9	28.1	1,275.5
Shares and equity	1.9	1,056.7	-0.4	1,060.9	8.1	1,121.4
Net equity in reserves	20.2	2,648.4	7.8	2,687.8	20.7	2,867.0
	Pension funds	19.2	2,525.1	6.3	2,562.9	19.7	2,727.9
Other assets	21.4	858.0	11.2	865.5	7.9	870.8

Liabilities

Household selected liabilities, $b
	Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total liabilities	17.0	2,517.4	6.9	2,523.8	24.8	2,547.9
Short term loans	-5.4	67.2	-4.3	62.9	1.0	63.9
Long term loans	21.4	2,328.7	13.3	2,341.4	21.7	2,362.5
Other liabilities	1.1	121.6	-2.1	119.5	2.0	121.5

Household wealth rose 4.3% ($501.5b) to a new high of $12,033.5b at the end of the December quarter, driven by holding gains in financial assets and continued growth in the housing market.

Average household wealth increased 4.2% ($19,028) to $467,709 per person.

Financial assets

Financial assets of households rose 4.7% ($272.6b), driven by a:

$166.2b rise in superannuation reserves
$60.6b rise in shares and other equity

Superannuation reserves and shares and other equity are now above pre-pandemic levels, having fully recovered from the losses experienced in March quarter 2020. Growth was mainly driven by positive revaluations, reflecting the positive performance of domestic and overseas share markets.

Transactions in superannuation ($23.4b) were higher than during the September quarter ($10.1b), reflecting lower withdrawals under the early access to superannuation scheme, plus employment growth over the quarter as economic conditions improved.

Non-financial assets

Non-financial assets owned by households increased 3.1% ($253.1b), driven by a:

$250.5b rise in land and dwellings

Holding gains on land and dwellings reflect the continued rebound in property prices as housing market activity increased over the December quarter. The growth was supported by record low interest rates, continued support through a range of government incentives, and strong pent-up demand in combination with low levels of housing stock on the market. For further analysis, see: Insights of the housing market during COVID-19

Liabilities

Household liabilities increased 1.0% ($24.2b), driven by a:

$20.1b rise in housing loans
$1.0b rise in short term debt

The growth in housing loans reflects the increased activity in the property market over the quarter. The rise was mainly driven by owner-occupier loans, which increased $21.8b. Investor loans also contributed $2.6b to the rise, recording positive growth for the first time since December 2018.

Credit cards were the biggest contributor to the increase in short term debt. Positive growth this quarter follows on from three consecutive quarters of falls. The increase was supported by the easing of lockdown measures, boosting consumer confidence and encouraging households to spend. Growth was particularly strong in November and December, coinciding with strong retail spending figures due to Black Friday sales, as well as activity during the December holiday period.

Household wealth
	Wealth (Net worth)	Land and dwellings	Superannuation	Currency and deposits	Other financial assets	Liabilities
Dec-07	96.3	105.3	5.2	18	-7.3	-33.2
Mar-08	-156.9	-14.4	-75.8	11.4	-56.4	-26.9
Jun-08	-79.6	-50.5	-1.9	18.9	-13.2	-35.3
Sep-08	-118	-64.3	-48.1	25.1	-14.4	-18.1
Dec-08	-312.9	-215.4	-92.7	36.8	-33.3	-12.3
Mar-09	-17	16.1	-18.6	10.4	-15.5	-12.4
Jun-09	279	155.8	120.5	4.2	23.7	-27.4
Sep-09	362.1	223	112.2	14.7	46	-36.5
Dec-09	341.4	295	46.6	9.9	3.4	-19.6
Mar-10	219.5	195	23.9	10.5	4.6	-19.9
Jun-10	-116.8	-28.7	-41.5	7.3	-24.4	-33
Sep-10	87.4	17.3	42.8	27.2	14.7	-17.6
Dec-10	69.5	22.7	48.8	13.6	7.4	-27.8
Mar-11	-11	-15.4	29.1	8.3	-9	-26.6
Jun-11	-30.5	8.7	-0.7	0.5	-11.6	-28.4
Sep-11	-211.2	-130.2	-71.2	23.6	-19.6	-13.9
Dec-11	7.8	-16.5	15.5	15.4	4.9	-14.2
Mar-12	102.5	26.6	65.2	10.2	14.8	-15.6
Jun-12	146.4	28.4	123.7	9.1	8.7	-24.2
Sep-12	64	-14.9	51.2	22.5	11.7	-7.7
Dec-12	182.7	105.9	58.5	12.6	13.5	-12.7
Mar-13	146	54.4	68.2	9.7	23.5	-13.7
Jun-13	1.5	78.6	-51.8	6.4	-1	-34.4
Sep-13	208.6	83.3	85.8	26.3	20.7	-12.3
Dec-13	239.8	173.3	56.5	20.4	16.5	-35.8
Mar-14	133.7	76.5	41.9	9.7	18	-20
Jun-14	119.8	94.9	28	7	19.8	-36.9
Sep-14	151.6	82.5	51.9	29.5	5.9	-26
Dec-14	261.8	169	59.7	25.5	26.3	-30
Mar-15	261.4	124.9	104.8	13.9	41.8	-32
Jun-15	202.9	224.8	13.6	6.4	-4.4	-43.4
Sep-15	130.7	129.8	-19.8	37.2	-1.7	-18.7
Dec-15	144.8	46.9	71	19.6	24.1	-22.7
Mar-16	-17.8	9.8	-21.8	12.8	4.3	-25.9
Jun-16	280.2	137.4	149.1	10.6	23.3	-42.9
Sep-16	223.9	125.7	74.5	25.3	25.5	-30.8
Dec-16	329.8	257.8	48.2	24.9	23.6	-32.4
Mar-17	229.9	160.2	61.7	9.8	22.6	-30.2
Jun-17	150.8	169.9	14.6	1.4	2.8	-41.9
Sep-17	34.8	14.2	1.7	21.7	20.3	-26.8
Dec-17	285.6	168	97.4	13.5	32.5	-32.3
Mar-18	-10.5	17.5	-12.5	10	2.3	-31
Jun-18	88.9	-25.8	109	1.5	34	-31.4
Sep-18	36.2	-50.4	53.9	28.3	22.2	-18.5
Dec-18	-197.1	-60.2	-108.2	9.6	-16.1	-25.8
Mar-19	62.6	-118.8	145.1	5.6	47.4	-17
Jun-19	307.4	69.1	219.7	4.3	41	-25.5
Sep-19	336.4	226.2	63	25.9	27.3	-4.5
Dec-19	280.8	218.8	54.4	13	16.7	-24.2
Mar-20	-255.4	105.9	-274.4	17	-85.5	-18.1
Jun-20	227	-23.9	164.3	34.9	59	-5.1
Sep-20	317.1	210.2	37.9	66.2	10.6	-6.3
Dec-20	501.5	250.5	166.2	29	77.4	-24.2

Household wealth

["","Wealth (Net worth)","Land and dwellings","Superannuation","Currency and deposits","Other financial assets","Liabilities"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[96.3],[-156.9],[-79.6],[-118],[-312.9],[-17],[279],[362.1],[341.4],[219.5],[-116.8],[87.4],[69.5],[-11],[-30.5],[-211.2],[7.8],[102.5],[146.4],[64],[182.7],[146],[1.5],[208.6],[239.8],[133.7],[119.8],[151.6],[261.8],[261.4],[202.9],[130.7],[144.8],[-17.8],[280.2],[223.9],[329.8],[229.9],[150.8],[34.8],[285.6],[-10.5],[88.9],[36.2],[-197.1],[62.6],[307.4],[336.4],[280.8],[-255.4],[227],[317.1],[501.5]],[[105.3],[-14.4],[-50.5],[-64.3],[-215.4],[16.1],[155.8],[223],[295],[195],[-28.7],[17.3],[22.7],[-15.4],[8.7],[-130.2],[-16.5],[26.6],[28.4],[-14.9],[105.9],[54.4],[78.6],[83.3],[173.3],[76.5],[94.9],[82.5],[169],[124.9],[224.8],[129.8],[46.9],[9.8],[137.4],[125.7],[257.8],[160.2],[169.9],[14.2],[168],[17.5],[-25.8],[-50.4],[-60.2],[-118.8],[69.1],[226.2],[218.8],[105.9],[-23.9],[210.2],[250.5]],[[5.2],[-75.8],[-1.9],[-48.1],[-92.7],[-18.6],[120.5],[112.2],[46.6],[23.9],[-41.5],[42.8],[48.8],[29.1],[-0.7],[-71.2],[15.5],[65.2],[123.7],[51.2],[58.5],[68.2],[-51.8],[85.8],[56.5],[41.9],[28],[51.9],[59.7],[104.8],[13.6],[-19.8],[71],[-21.8],[149.1],[74.5],[48.2],[61.7],[14.6],[1.7],[97.4],[-12.5],[109],[53.9],[-108.2],[145.1],[219.7],[63],[54.4],[-274.4],[164.3],[37.9],[166.2]],[[18],[11.4],[18.9],[25.1],[36.8],[10.4],[4.2],[14.7],[9.9],[10.5],[7.3],[27.2],[13.6],[8.3],[0.5],[23.6],[15.4],[10.2],[9.1],[22.5],[12.6],[9.7],[6.4],[26.3],[20.4],[9.7],[7],[29.5],[25.5],[13.9],[6.4],[37.2],[19.6],[12.8],[10.6],[25.3],[24.9],[9.8],[1.4],[21.7],[13.5],[10],[1.5],[28.3],[9.6],[5.6],[4.3],[25.9],[13],[17],[34.9],[66.2],[29]],[[-7.3],[-56.4],[-13.2],[-14.4],[-33.3],[-15.5],[23.7],[46],[3.4],[4.6],[-24.4],[14.7],[7.4],[-9],[-11.6],[-19.6],[4.9],[14.8],[8.7],[11.7],[13.5],[23.5],[-1],[20.7],[16.5],[18],[19.8],[5.9],[26.3],[41.8],[-4.4],[-1.7],[24.1],[4.3],[23.3],[25.5],[23.6],[22.6],[2.8],[20.3],[32.5],[2.3],[34],[22.2],[-16.1],[47.4],[41],[27.3],[16.7],[-85.5],[59],[10.6],[77.4]],[[-33.2],[-26.9],[-35.3],[-18.1],[-12.3],[-12.4],[-27.4],[-36.5],[-19.6],[-19.9],[-33],[-17.6],[-27.8],[-26.6],[-28.4],[-13.9],[-14.2],[-15.6],[-24.2],[-7.7],[-12.7],[-13.7],[-34.4],[-12.3],[-35.8],[-20],[-36.9],[-26],[-30],[-32],[-43.4],[-18.7],[-22.7],[-25.9],[-42.9],[-30.8],[-32.4],[-30.2],[-41.9],[-26.8],[-32.3],[-31],[-31.4],[-18.5],[-25.8],[-17],[-25.5],[-4.5],[-24.2],[-18.1],[-5.1],[-6.3],[-24.2]]]

[]

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[{"value":"0","axis_id":"0","axis_title":"$b","axis_units":"","tooltip_units":"","table_units":"","axis_min":null,"axis_max":"550","tick_interval":null,"precision":"-1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

Private non-financial corporations

Financial assets

Private non-financial corporations' selected financial assets, $b
	Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total assets	48.2	1,635.5	35.8	1,647.3	39.5	1,671.5
Deposits	35.0	673.6	13.5	686.0	10.9	694.2
Shares and equity	12.3	544.1	13.7	539.4	18.0	561.8
Other accounts receivable	0.6	192.3	8.9	199.4	11.1	196.9
Other assets	0.2	225.5	-0.2	222.5	-0.5	218.5

Liabilities

Private non-financial corporations' selected liabilities, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total liabilities	-10.6	4,264.1	9.0	4,298.1	12.9	4,444.8
Total debt securities	-1.6	317.9	-7.9	313.6	-12.8	292.4
Loans	-30.8	956.3	-6.5	939.1	-10.9	927.4
	Pension funds	0.0	7.1	0.1	7.2	0.1	7.4
	Non-money market investment funds	-0.6	10.7	-0.6	10.1	0.0	10.1
	Rest of world	-13.2	276.0	2.9	269.0	-12.9	256.9
Shares and equity	27.6	2,783.9	14.4	2,828.4	32.0	3,004.0
	Households	3.0	704.6	1.3	712.8	6.4	736.6
	Rest of world	11.3	1,077.8	7.3	1,086.3	16.3	1,129.8
Other liabilities	-5.8	205.9	8.9	216.9	4.4	221.0

Private non-financial corporations increased their liabilities by $12.9b, driven by:

$32.0b equity raising
partly offset by a $12.8 net maturity of debt securities, and $10.9b repayment of loans

Private non-financial corporations' demand for credit
	Total liabilities ($b)	Debt securities ($b)	Loans ($b)	Equities ($b)
Dec-07	49.9	1.1	24.3	11.6
Mar-08	52.3	6.6	20.9	23.6
Jun-08	31.7	8.8	6.0	8.9
Sep-08	67.9	2.2	31.8	23.8
Dec-08	37.3	6.9	15.4	12.4
Mar-09	3.1	12.6	-21.8	21.0
Jun-09	-12.4	7.1	-30.0	27.8
Sep-09	35.5	1.6	-11.5	35.3
Dec-09	13.2	1.8	-7.2	17.8
Mar-10	0.9	0.8	-9.7	8.9
Jun-10	6.3	-1.3	-7.6	10.4
Sep-10	18.9	8.5	-5.8	13.0
Dec-10	22.7	-4.7	-10.2	35.8
Mar-11	-2.5	3.3	6.1	-8.9
Jun-11	-10.0	0.6	-6.6	-1.1
Sep-11	18.7	6.9	16.6	-6.2
Dec-11	6.8	7.2	-1.0	-5.3
Mar-12	31.5	10.2	7.0	16.2
Jun-12	21.3	-1.2	13.5	4.6
Sep-12	22.8	6.8	-2.5	16.5
Dec-12	2.4	6.0	1.8	-4.5
Mar-13	24.1	3.7	11.4	12.5
Jun-13	33.2	-1.9	17.5	20.4
Sep-13	20.1	8.9	0.5	10.7
Dec-13	67.0	1.0	16.1	47.7
Mar-14	15.3	-3.8	3.7	16.6
Jun-14	29.0	-5.3	19.5	22.9
Sep-14	42.7	6.1	8.6	20.4
Dec-14	26.9	-7.3	8.8	26.4
Mar-15	46.6	5.0	25.3	19.4
Jun-15	38.4	10.6	-1.0	28.0
Sep-15	43.7	-6.9	29.6	16.3
Dec-15	40.4	6.3	13.7	23.2
Mar-16	31.8	4.3	16.5	13.0
Jun-16	13.4	-8.8	2.3	18.1
Sep-16	32.1	-6.5	10.6	23.8
Dec-16	76.9	1.3	12.9	60.6
Mar-17	21.2	-10.2	3.6	19.3
Jun-17	50.2	6.8	7.0	31.9
Sep-17	47.1	-4.5	9.0	33.4
Dec-17	50.9	-6.5	8.3	51.1
Mar-18	47.6	3.3	16.0	24.2
Jun-18	12.1	-0.3	-6.0	18.5
Sep-18	78.7	-1.0	32.8	42.5
Dec-18	31.4	-4.2	6.5	28.8
Mar-19	44.8	6.0	20.4	19.4
Jun-19	45.3	3.1	6.7	28.3
Sep-19	21.1	-2.7	7.1	10.5
Dec-19	20.7	-1.9	2.5	24.0
Mar-20	50.6	-7.5	49.4	7.6
Jun-20	-10.6	-1.6	-30.8	27.6
Sep-20	9.0	-7.9	-6.5	14.4
Dec-20	12.9	-12.8	-10.9	32.0

Private non-financial corporations' demand for credit

["","Total liabilities","Debt securities","Loans","Equities"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[49.9],[52.3],[31.7],[67.9],[37.3],[3.1],[-12.4],[35.5],[13.2],[0.9],[6.3],[18.9],[22.7],[-2.5],[-10],[18.7],[6.8],[31.5],[21.3],[22.8],[2.4],[24.1],[33.2],[20.1],[67],[15.3],[29],[42.7],[26.9],[46.6],[38.4],[43.7],[40.4],[31.8],[13.4],[32.1],[76.9],[21.2],[50.2],[47.1],[50.9],[47.6],[12.1],[78.7],[31.4],[44.8],[45.3],[21.1],[20.7],[50.6],[-10.6],[9],[12.9]],[[1.1],[6.6],[8.8],[2.2],[6.9],[12.6],[7.1],[1.6],[1.8],[0.8],[-1.3],[8.5],[-4.7],[3.3],[0.6],[6.9],[7.2],[10.2],[-1.2],[6.8],[6],[3.7],[-1.9],[8.9],[1],[-3.8],[-5.3],[6.1],[-7.3],[5],[10.6],[-6.9],[6.3],[4.3],[-8.8],[-6.5],[1.3],[-10.2],[6.8],[-4.5],[-6.5],[3.3],[-0.3],[-1],[-4.2],[6],[3.1],[-2.7],[-1.9],[-7.5],[-1.6],[-7.9],[-12.8]],[[24.3],[20.9],[6],[31.8],[15.4],[-21.8],[-30],[-11.5],[-7.2],[-9.7],[-7.6],[-5.8],[-10.2],[6.1],[-6.6],[16.6],[-1],[7],[13.5],[-2.5],[1.8],[11.4],[17.5],[0.5],[16.1],[3.7],[19.5],[8.6],[8.8],[25.3],[-1],[29.6],[13.7],[16.5],[2.3],[10.6],[12.9],[3.6],[7],[9],[8.3],[16],[-6],[32.8],[6.5],[20.4],[6.7],[7.1],[2.5],[49.4],[-30.8],[-6.5],[-10.9]],[[11.6],[23.6],[8.9],[23.8],[12.4],[21],[27.8],[35.3],[17.8],[8.9],[10.4],[13],[35.8],[-8.9],[-1.1],[-6.2],[-5.3],[16.2],[4.6],[16.5],[-4.5],[12.5],[20.4],[10.7],[47.7],[16.6],[22.9],[20.4],[26.4],[19.4],[28],[16.3],[23.2],[13],[18.1],[23.8],[60.6],[19.3],[31.9],[33.4],[51.1],[24.2],[18.5],[42.5],[28.8],[19.4],[28.3],[10.5],[24],[7.6],[27.6],[14.4],[32]]]

[]

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[{"axis_id":"0","tick_interval":"","axis_min":"-50","axis_max":"100","axis_title":"$b","precision":"1","table_units":"($b)","tooltip_units":"(b)","axis_units":"","data_unit_prefix":"$","data_unit_suffix":"","reverse_axis":false}]

Private non-financial corporations chose equity raising over debt issuance for funding, due to continued regulatory relief measures implemented by the Australian Stock Exchange and increased investor sentiment. This resulted in:

debt to equity ratio (adjusted for price changes) falling from 0.66 to 0.64

Private non-financial corporations' debt to equity ratio
	Debt to equity ratio, adjusted for price changes, December 2000 base	Debt to equity ratio
Dec-00	0.65	0.65
Mar-01	0.68	0.68
Jun-01	0.64	0.61
Sep-01	0.64	0.66
Dec-01	0.61	0.58
Mar-02	0.59	0.56
Jun-02	0.59	0.60
Sep-02	0.59	0.61
Dec-02	0.60	0.59
Mar-03	0.59	0.59
Jun-03	0.58	0.57
Sep-03	0.58	0.53
Dec-03	0.57	0.51
Mar-04	0.56	0.50
Jun-04	0.57	0.49
Sep-04	0.58	0.48
Dec-04	0.61	0.48
Mar-05	0.61	0.47
Jun-05	0.69	0.52
Sep-05	0.71	0.50
Dec-05	0.72	0.50
Mar-06	0.74	0.50
Jun-06	0.75	0.51
Sep-06	0.76	0.52
Dec-06	0.78	0.51
Mar-07	0.80	0.50
Jun-07	0.81	0.49
Sep-07	0.85	0.51
Dec-07	0.88	0.54
Mar-08	0.89	0.59
Jun-08	0.90	0.59
Sep-08	0.93	0.69
Dec-08	0.94	0.81
Mar-09	0.90	0.79
Jun-09	0.84	0.69
Sep-09	0.82	0.63
Dec-09	0.80	0.60
Mar-10	0.79	0.60
Jun-10	0.77	0.63
Sep-10	0.77	0.60
Dec-10	0.74	0.55
Mar-11	0.75	0.55
Jun-11	0.74	0.56
Sep-11	0.77	0.63
Dec-11	0.78	0.63
Mar-12	0.78	0.61
Jun-12	0.79	0.65
Sep-12	0.79	0.64
Dec-12	0.80	0.61
Mar-13	0.80	0.61
Jun-13	0.79	0.64
Sep-13	0.80	0.62
Dec-13	0.78	0.63
Mar-14	0.77	0.62
Jun-14	0.76	0.61
Sep-14	0.77	0.63
Dec-14	0.75	0.62
Mar-15	0.76	0.62
Jun-15	0.75	0.63
Sep-15	0.76	0.66
Dec-15	0.76	0.65
Mar-16	0.77	0.64
Jun-16	0.76	0.62
Sep-16	0.75	0.59
Dec-16	0.73	0.58
Mar-17	0.73	0.57
Jun-17	0.72	0.57
Sep-17	0.72	0.56
Dec-17	0.69	0.53
Mar-18	0.70	0.54
Jun-18	0.69	0.52
Sep-18	0.69	0.52
Dec-18	0.68	0.55
Mar-19	0.69	0.52
Jun-19	0.69	0.51
Sep-19	0.69	0.52
Dec-19	0.68	0.50
Mar-20	0.70	0.61
Jun-20	0.67	0.53
Sep-20	0.66	0.52
Dec-20	0.64	0.48

Private non-financial corporations' debt to equity ratio

["","Debt\u00a0to\u00a0equity\u00a0ratio,\u00a0adjusted\u00a0for\u00a0price\u00a0changes,\u00a0December 2000 base","Debt\u00a0to\u00a0equity\u00a0ratio"]

[["Dec-00","Mar-01","Jun-01","Sep-01","Dec-01","Mar-02","Jun-02","Sep-02","Dec-02","Mar-03","Jun-03","Sep-03","Dec-03","Mar-04","Jun-04","Sep-04","Dec-04","Mar-05","Jun-05","Sep-05","Dec-05","Mar-06","Jun-06","Sep-06","Dec-06","Mar-07","Jun-07","Sep-07","Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[0.65],[0.68],[0.64],[0.64],[0.61],[0.59],[0.59],[0.59],[0.6],[0.59],[0.58],[0.58],[0.57],[0.56],[0.57],[0.58],[0.61],[0.61],[0.69],[0.71],[0.72],[0.74],[0.75],[0.76],[0.78],[0.8],[0.81],[0.85],[0.88],[0.89],[0.9],[0.93],[0.94],[0.9],[0.84],[0.82],[0.8],[0.79],[0.77],[0.77],[0.74],[0.75],[0.74],[0.77],[0.78],[0.78],[0.79],[0.79],[0.8],[0.8],[0.79],[0.8],[0.78],[0.77],[0.76],[0.77],[0.75],[0.76],[0.75],[0.76],[0.76],[0.77],[0.76],[0.75],[0.73],[0.73],[0.72],[0.72],[0.69],[0.7],[0.69],[0.69],[0.68],[0.69],[0.69],[0.69],[0.68],[0.7],[0.67],[0.66],[0.64]],[[0.65],[0.68],[0.61],[0.66],[0.58],[0.56],[0.6],[0.61],[0.59],[0.59],[0.57],[0.53],[0.51],[0.5],[0.49],[0.48],[0.48],[0.47],[0.52],[0.5],[0.5],[0.5],[0.51],[0.52],[0.51],[0.5],[0.49],[0.51],[0.54],[0.59],[0.59],[0.69],[0.81],[0.79],[0.69],[0.63],[0.6],[0.6],[0.63],[0.6],[0.55],[0.55],[0.56],[0.63],[0.63],[0.61],[0.65],[0.64],[0.61],[0.61],[0.64],[0.62],[0.63],[0.62],[0.61],[0.63],[0.62],[0.62],[0.63],[0.66],[0.65],[0.64],[0.62],[0.59],[0.58],[0.57],[0.57],[0.56],[0.53],[0.54],[0.52],[0.52],[0.55],[0.52],[0.51],[0.52],[0.5],[0.61],[0.53],[0.52],[0.48]]]

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Deposit accounts of private-non financial corporations increased $10.9b, as businesses maintained their strong liquidity positions through equity raising, and receipt of government subsidy payments. Private non-financial corporations deposits increased $111.0b over the 2020 calendar year, driving their record net lending position of $119.0b through the year. As economic uncertainty hindered investment decisions since the onset of the COVID-19 pandemic, businesses have instead continued to accumulate their deposit assets.

Deposit assets of private non-financial corporations
	Deposit Levels (RHS)	Deposit Transactions (LHS)
Dec-07	238.9	7.1
Mar-08	252.1	13.5
Jun-08	287.5	35.9
Sep-08	305.3	16.1
Dec-08	325.2	20.9
Mar-09	328.5	3.3
Jun-09	323.7	-3.2
Sep-09	317.9	-6.2
Dec-09	313.8	-3.8
Mar-10	321.3	7.9
Jun-10	345.8	23.7
Sep-10	360.3	16
Dec-10	379.6	20.1
Mar-11	385.7	6.1
Jun-11	380.1	-5.1
Sep-11	388.5	7.4
Dec-11	389.6	1.8
Mar-12	381	-8.4
Jun-12	379.5	-1.7
Sep-12	392.5	13.2
Dec-12	394.4	1.9
Mar-13	388.8	-5.4
Jun-13	405.9	15.9
Sep-13	413.7	7.7
Dec-13	419	4.2
Mar-14	406.1	-12.1
Jun-14	421.4	15.8
Sep-14	425.3	2.6
Dec-14	428.7	2.4
Mar-15	439	9.3
Jun-15	438.7	-0.2
Sep-15	449.2	8.7
Dec-15	453.1	5.1
Mar-16	454.4	2.7
Jun-16	462.6	7.3
Sep-16	471.3	9.7
Dec-16	502.1	29.6
Mar-17	501.7	1.3
Jun-17	526.2	24.4
Sep-17	538.3	12.8
Dec-17	552.1	13.5
Mar-18	567.4	14.3
Jun-18	569.2	0.5
Sep-18	562.5	-7.7
Dec-18	569	5.7
Mar-19	572.3	3.4
Jun-19	579.1	6.4
Sep-19	589.9	9.5
Dec-19	586.4	-2.2
Mar-20	643.1	51.7
Jun-20	673.6	35
Sep-20	686	13.5
Dec-20	694.2	10.9

Deposit assets of private non-financial corporations

["","Deposit Levels (RHS)","Deposit Transactions (LHS)"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[238.9],[252.1],[287.5],[305.3],[325.2],[328.5],[323.7],[317.9],[313.8],[321.3],[345.8],[360.3],[379.6],[385.7],[380.1],[388.5],[389.6],[381],[379.5],[392.5],[394.4],[388.8],[405.9],[413.7],[419],[406.1],[421.4],[425.3],[428.7],[439],[438.7],[449.2],[453.1],[454.4],[462.6],[471.3],[502.1],[501.7],[526.2],[538.3],[552.1],[567.4],[569.2],[562.5],[569],[572.3],[579.1],[589.9],[586.4],[643.1],[673.6],[686],[694.2]],[[7.1],[13.5],[35.9],[16.1],[20.9],[3.3],[-3.2],[-6.2],[-3.8],[7.9],[23.7],[16],[20.1],[6.1],[-5.1],[7.4],[1.8],[-8.4],[-1.7],[13.2],[1.9],[-5.4],[15.9],[7.7],[4.2],[-12.1],[15.8],[2.6],[2.4],[9.3],[-0.2],[8.7],[5.1],[2.7],[7.3],[9.7],[29.6],[1.3],[24.4],[12.8],[13.5],[14.3],[0.5],[-7.7],[5.7],[3.4],[6.4],[9.5],[-2.2],[51.7],[35],[13.5],[10.9]]]

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Financial corporations

Financial assets and liabilities

Financial corporations' financial assets, $b
	Amounts outstanding, Sep-20	Transactions, Dec-20	Other changes, Dec-20	Amounts outstanding, Dec-20
Central bank	332.5	22.7	-6.0	349.2
Authorised deposit taking institutions	4,274.1	-18.5	34.2	4,289.9
Other broad money institutions	201.6	3.3	-0.2	204.7
Pension funds	2,410.9	17.0	142.8	2,570.7
Life insurance corporations	175.7	-0.1	10.5	186.1
Non-life insurance corporations	241.3	2.9	7.7	251.9
Money market investment funds	43.5	-5.0	0.0	38.5
Non-money market investment funds	1,011.8	13.9	63.5	1,089.2
Central borrowing authorities	486.7	25.7	2.0	514.3
Securitisers	739.9	-34.5	0.0	705.4
Other financial corporations	88.5	-1.9	6.8	93.3

Financial corporations' liabilities, $b
	Amounts outstanding, Sep-20	Transactions, Dec-20	Other changes, Dec-20	Amounts outstanding, Dec-20
Central bank	334.7	19.1	-4.3	349.5
Authorised deposit taking institutions	4,320.5	-18.9	113.8	4,415.4
Other broad money institutions	175.3	0.7	12.5	188.5
Pension funds	2,613.7	17.5	145.3	2,776.6
Life insurance corporations	165.2	-0.8	14.7	179.1
Non-life insurance corporations	246.1	3.0	6.5	255.6
Money market investment funds	43.5	-4.7	-0.3	38.5
Non-money market investment funds	1,140.5	14.1	62.1	1,216.7
Central borrowing authorities	480.5	23.5	0.1	504.0
Securitisers	753.8	-24.1	-9.0	720.7
Other financial corporations	184.5	-1.2	6.3	189.6

Authorised deposit-taking institutions (ADIs)

Financial assets

Authorised deposit taking institutions' selected financial assets, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total assets	-116.4	4,334.4	-63.3	4,274.1	-18.5	4,289.9
Deposits	-22.6	154.5	-20.1	133.2	48.4	180.9
Bonds	139.4	1,014.5	-33.7	986.5	-67.6	914.1
	Securitisers	100.4	607.5	-127.4	485.3	-29.9	450.4
	National general government	26.0	155.4	60.0	216.3	-38.2	175.8
Loans	-124.1	2,474.0	29.6	2,493.7	33.9	2,521.6
Other assets	-109.1	691.4	-39.1	660.7	-33.2	673.2

Liabilities

Authorised deposit taking institutions' selected liabilities, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total liabilities	-117.9	4,385.0	-48.2	4,320.5	-18.9	4,415.4
Deposits	43.4	2,548.2	73.1	2,617.7	2.1	2,607.6
	Other private non-fin corps	33.1	628.1	17.8	645.0	8.1	651.3
	Pension funds	5.1	267.7	-14.9	252.6	-15.0	237.4
	Households	33.9	1,162.8	63.9	1,226.6	28.1	1,254.4
Bonds	-28.9	519.0	-29.1	490.8	0.9	475.0
Shares and equities	5.9	458.0	0.7	438.0	2.2	523.2
Other liabilities	-138.3	859.7	-92.9	774.0	-24.1	809.7

ADIs' share of funding from equities increased after a strong quarter in the domestic share market.
In the December quarter, ADIs' funding compared to the previous quarter comprised of:

12.2% from shares and other equity, an increase from 10.2%
6.4% from short term debt securities, an increase from 6.1%
60.8% from deposits, a decrease from 61.2%
11.1% from bonds, a decrease from 11.5%

ADIs' funding from deposits fell $10.1b with a:

$20.0b decrease from rest of world
$15.2b decrease from pension funds
$5.5b decrease from non-money market investment funds
offset by a $27.8b increase from households and a $6.2b increase from other private non-financial corporations

ADIs' funding from bonds fell by $15.7b, due to the maturity of existing debt securities. This was offset by a $16.6b increase in one name paper, which ADIs issued to offset the matured bonds.

Authorised deposit taking institutions' sources of funding
	Deposits (%)	Short-term debt securities (%)	Bonds (%)	Equities (%)
Dec-07	47.5	18.1	14.6	18.7
Mar-08	47.1	18.0	15.4	14.8
Jun-08	48.3	17.7	14.9	13.5
Sep-08	50.2	17.2	15.7	13.2
Dec-08	52.8	12.7	17.6	11.3
Mar-09	54.1	11.3	18.1	11.9
Jun-09	53.4	12.0	17.1	13.0
Sep-09	53.1	11.0	16.7	17.0
Dec-09	53.2	10.9	18.3	16.7
Mar-10	53.5	10.7	18.3	17.4
Jun-10	54.2	10.6	18.5	14.8
Sep-10	55.5	9.2	17.7	15.6
Dec-10	56.4	9.6	16.9	15.3
Mar-11	57.0	9.7	16.3	15.3
Jun-11	57.2	9.3	16.0	14.5
Sep-11	57.5	9.3	16.3	12.7
Dec-11	57.8	9.5	15.5	13.3
Mar-12	57.6	9.7	15.6	14.0
Jun-12	58.1	9.2	15.1	13.5
Sep-12	59.1	8.3	15.1	14.4
Dec-12	59.9	8.6	14.4	15.0
Mar-13	59.3	8.8	13.9	16.7
Jun-13	58.1	9.6	14.0	16.1
Sep-13	59.5	9.0	14.1	17.2
Dec-13	59.1	8.8	14.2	17.4
Mar-14	59.2	9.2	13.9	17.7
Jun-14	59.0	9.6	13.7	17.4
Sep-14	58.4	9.1	13.8	16.1
Dec-14	57.4	9.4	13.9	16.5
Mar-15	56.1	9.3	13.6	17.7
Jun-15	56.4	9.6	13.9	16.3
Sep-15	55.9	9.1	14.2	14.5
Dec-15	56.8	9.3	14.2	15.9
Mar-16	56.2	8.7	14.0	14.1
Jun-16	56.4	8.5	14.1	13.8
Sep-16	57.6	8.2	13.8	14.3
Dec-16	58.3	8.4	13.3	15.3
Mar-17	58.9	8.5	13.0	16.2
Jun-17	58.8	8.8	12.9	14.9
Sep-17	59.3	9.2	13.0	15.1
Dec-17	59.8	8.8	13.1	15.1
Mar-18	58.9	8.9	13.5	14.1
Jun-18	58.6	8.9	13.6	14.3
Sep-18	59.5	8.1	14.0	14.1
Dec-18	58.9	8.6	14.0	13.1
Mar-19	58.6	8.5	13.7	13.4
Jun-19	57.9	7.7	13.6	14.1
Sep-19	57.6	7.4	13.4	14.1
Dec-19	58.3	8.1	12.9	13.3
Mar-20	56.3	6.9	12.7	9.1
Jun-20	58.8	6.6	12.0	10.6
Sep-20	61.2	6.1	11.5	10.2
Dec-20	60.8	6.4	11.1	12.2

Authorised deposit taking institutions' sources of funding

["","Deposits","Short-term debt securities","Bonds","Equities"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[47.5],[47.1],[48.3],[50.2],[52.8],[54.1],[53.4],[53.1],[53.2],[53.5],[54.2],[55.5],[56.4],[57],[57.2],[57.5],[57.8],[57.6],[58.1],[59.1],[59.9],[59.3],[58.1],[59.5],[59.1],[59.2],[59],[58.4],[57.4],[56.1],[56.4],[55.9],[56.8],[56.2],[56.4],[57.6],[58.3],[58.9],[58.8],[59.3],[59.8],[58.9],[58.6],[59.5],[58.9],[58.6],[57.9],[57.6],[58.3],[56.3],[58.8],[61.2],[60.8]],[[18.1],[18],[17.7],[17.2],[12.7],[11.3],[12],[11],[10.9],[10.7],[10.6],[9.2],[9.6],[9.7],[9.3],[9.3],[9.5],[9.7],[9.2],[8.3],[8.6],[8.8],[9.6],[9],[8.8],[9.2],[9.6],[9.1],[9.4],[9.3],[9.6],[9.1],[9.3],[8.7],[8.5],[8.2],[8.4],[8.5],[8.8],[9.2],[8.8],[8.9],[8.9],[8.1],[8.6],[8.5],[7.7],[7.4],[8.1],[6.9],[6.6],[6.1],[6.4]],[[14.6],[15.4],[14.9],[15.7],[17.6],[18.1],[17.1],[16.7],[18.3],[18.3],[18.5],[17.7],[16.9],[16.3],[16],[16.3],[15.5],[15.6],[15.1],[15.1],[14.4],[13.9],[14],[14.1],[14.2],[13.9],[13.7],[13.8],[13.9],[13.6],[13.9],[14.2],[14.2],[14],[14.1],[13.8],[13.3],[13],[12.9],[13],[13.1],[13.5],[13.6],[14],[14],[13.7],[13.6],[13.4],[12.9],[12.7],[12],[11.5],[11.1]],[[18.7],[14.8],[13.5],[13.2],[11.3],[11.9],[13],[17],[16.7],[17.4],[14.8],[15.6],[15.3],[15.3],[14.5],[12.7],[13.3],[14],[13.5],[14.4],[15],[16.7],[16.1],[17.2],[17.4],[17.7],[17.4],[16.1],[16.5],[17.7],[16.3],[14.5],[15.9],[14.1],[13.8],[14.3],[15.3],[16.2],[14.9],[15.1],[15.1],[14.1],[14.3],[14.1],[13.1],[13.4],[14.1],[14.1],[13.3],[9.1],[10.6],[10.2],[12.2]]]

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During the December quarter, ADIs were able to sell bonds issued by national general government to the RBA in return for deposit assets. In addition, they continued to unwind internal securitisation activity. This resulted in a:

$40.6b decrease in bonds issued by national general government
$34.9b decrease in bonds issued by securitisers
$45.2b increase in deposits accepted by the central bank.

Authorised deposit taking institutions' assets
	Total assets	Deposits	Short-term debt	Bonds	Derivatives	Loans	Equities	Other accounts
Dec-07	0	0	0	0	0	0	0	0
Mar-08	85	16.4	4.1	25	18.9	35.7	-14.5	0.9
Jun-08	55.6	-4.2	-1.3	39.9	3.5	17.6	-8	9.3
Sep-08	68.5	14	0.9	-7.8	14.9	48.9	1.4	-4.5
Dec-08	25.3	13.8	-6.1	32.6	33.2	-49.8	-6.1	3.9
Mar-09	-2.4	-17.2	-0.9	29.9	-26.4	23.2	2.3	-11.8
Jun-09	31.5	7.6	7.3	23	-19.1	14.4	11.1	-10.7
Sep-09	31.3	-16.6	-3.5	3	-3.1	25.7	19.9	5.8
Dec-09	10.7	-3.4	-1.4	13.6	-21.5	30.8	-5.4	-4.7
Mar-10	17.8	1	-8.3	5.5	-5.5	30.2	-2.4	-0.7
Jun-10	45	4.5	-8.4	11.1	17.8	35.6	-15.7	1.1
Sep-10	30.7	-7.2	1.8	6.6	8.4	12.9	9.5	-1.6
Dec-10	9.7	8.1	-3.4	1.3	-14.2	16.3	-1.3	0.3
Mar-11	46	5.9	-3.1	1.9	-4.9	53.3	-5	0.5
Jun-11	32.2	-3.4	-0.9	18.7	-4	30	-8.6	0.3
Sep-11	98	7.2	0.2	36.5	32.9	31.2	-11.8	1.4
Dec-11	-14.9	-18.8	-4.5	-5.9	-17.2	22.6	9.2	-2.7
Mar-12	12.9	-5.8	5.4	25	-9.3	-3	-0.2	2.8
Jun-12	66	-6.5	1	8.6	27.5	36	0.5	-0.6
Sep-12	37	2.1	-0.8	44.4	3.5	-24.9	10.5	2.1
Dec-12	17.9	-5.7	-0.4	9.4	-19.1	26.7	6.5	-2.4
Mar-13	29	1.1	-8.3	10.5	-12.3	26.5	12	1.1
Jun-13	79.1	-4	-8.4	30.8	36.2	24.8	-1.1	2
Sep-13	18	-2.2	1.6	20.2	-35.7	26.1	10.3	-2.8
Dec-13	83.6	17.9	-8.1	-5.9	27	36.9	8.3	5
Mar-14	23.8	-0.1	-9.8	24.4	-17.4	26.8	0.6	1.3
Jun-14	64.6	0.8	4.1	17.5	-5.5	46.3	0.3	1.2
Sep-14	92.1	1.7	-2.2	36.6	48.8	12.8	-5.5	0.4
Dec-14	123.7	-3.5	12.3	44.1	48.7	14.6	6.7	-1.5
Mar-15	147.6	-1.1	-1.8	31.6	36.2	61	19.8	2.3
Jun-15	-6.2	-3.2	-2.9	-4.4	-60.9	72.6	-8.4	2.7
Sep-15	143.9	3.3	6.7	25.1	72.9	46.1	-12	1.5
Dec-15	-13.1	3.6	8	10.7	-73.7	26.3	12	-1.6
Mar-16	52.2	-0.2	-4	8.1	49.2	12.8	-15	2.1
Jun-16	73.5	-0.3	-8.8	27.2	18.3	36.7	-1.5	3
Sep-16	-1.9	-0.7	-12	14.7	-40.8	31.1	5.9	-0.7
Dec-16	74.7	1.1	1.6	-0.8	0.1	67.6	7	-3.7
Mar-17	-38.1	3.4	-6.8	10.9	-58.1	6.4	4.8	2.6
Jun-17	62.5	0.6	-0.7	-36.9	12.8	91.8	-9.8	5.3
Sep-17	-25.6	-1.9	-4.4	-16.6	-22.3	19.2	2.7	-2.4
Dec-17	22.6	-1.8	-3.8	12.7	11.6	3.2	5.4	-5.9
Mar-18	75.9	11	0.6	3.8	15.3	51.8	-10.2	4.5
Jun-18	41	-0.6	8.5	-12.3	14	29.8	4.7	-2
Sep-18	-4.1	2.7	-13.6	5	-21.8	22.4	0.2	0.4
Dec-18	44.6	-0.5	0.1	4.8	24.1	23.3	-10.5	1.4
Mar-19	30.5	0.5	-2.7	15.4	9.2	-4.7	8.3	4.9
Jun-19	84.4	1.7	-2.3	23.3	56.7	2.9	2.5	-0.2
Sep-19	109.9	3.1	-2.6	19.9	55	26.4	9.4	-0.8
Dec-19	-46.5	2.7	-3.1	-20.3	-52.3	22.4	4.9	-1.9
Mar-20	443.9	78.1	12.1	199.2	251	-67.5	-42.2	11.8
Jun-20	-151.7	-24.6	5.2	134.6	-116.5	-152.7	0.2	4.3
Sep-20	-60.3	-21.4	-15.1	-28	-35.4	19.7	-0.2	20
Dec-20	15.8	47.8	-3.3	-72.4	16.4	27.9	4.7	-6.4

Authorised deposit taking institutions' assets

["","Total assets","Deposits","Short-term debt","Bonds","Derivatives","Loans","Equities","Other accounts"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[0],[85],[55.6],[68.5],[25.3],[-2.4],[31.5],[31.3],[10.7],[17.8],[45],[30.7],[9.7],[46],[32.2],[98],[-14.9],[12.9],[66],[37],[17.9],[29],[79.1],[18],[83.6],[23.8],[64.6],[92.1],[123.7],[147.6],[-6.2],[143.9],[-13.1],[52.2],[73.5],[-1.9],[74.7],[-38.1],[62.5],[-25.6],[22.6],[75.9],[41],[-4.1],[44.6],[30.5],[84.4],[109.9],[-46.5],[443.9],[-151.7],[-60.3],[15.8]],[[0],[16.4],[-4.2],[14],[13.8],[-17.2],[7.6],[-16.6],[-3.4],[1],[4.5],[-7.2],[8.1],[5.9],[-3.4],[7.2],[-18.8],[-5.8],[-6.5],[2.1],[-5.7],[1.1],[-4],[-2.2],[17.9],[-0.1],[0.8],[1.7],[-3.5],[-1.1],[-3.2],[3.3],[3.6],[-0.2],[-0.3],[-0.7],[1.1],[3.4],[0.6],[-1.9],[-1.8],[11],[-0.6],[2.7],[-0.5],[0.5],[1.7],[3.1],[2.7],[78.1],[-24.6],[-21.4],[47.8]],[[0],[4.1],[-1.3],[0.9],[-6.1],[-0.9],[7.3],[-3.5],[-1.4],[-8.3],[-8.4],[1.8],[-3.4],[-3.1],[-0.9],[0.2],[-4.5],[5.4],[1],[-0.8],[-0.4],[-8.3],[-8.4],[1.6],[-8.1],[-9.8],[4.1],[-2.2],[12.3],[-1.8],[-2.9],[6.7],[8],[-4],[-8.8],[-12],[1.6],[-6.8],[-0.7],[-4.4],[-3.8],[0.6],[8.5],[-13.6],[0.1],[-2.7],[-2.3],[-2.6],[-3.1],[12.1],[5.2],[-15.1],[-3.3]],[[0],[25],[39.9],[-7.8],[32.6],[29.9],[23],[3],[13.6],[5.5],[11.1],[6.6],[1.3],[1.9],[18.7],[36.5],[-5.9],[25],[8.6],[44.4],[9.4],[10.5],[30.8],[20.2],[-5.9],[24.4],[17.5],[36.6],[44.1],[31.6],[-4.4],[25.1],[10.7],[8.1],[27.2],[14.7],[-0.8],[10.9],[-36.9],[-16.6],[12.7],[3.8],[-12.3],[5],[4.8],[15.4],[23.3],[19.9],[-20.3],[199.2],[134.6],[-28],[-72.4]],[[0],[18.9],[3.5],[14.9],[33.2],[-26.4],[-19.1],[-3.1],[-21.5],[-5.5],[17.8],[8.4],[-14.2],[-4.9],[-4],[32.9],[-17.2],[-9.3],[27.5],[3.5],[-19.1],[-12.3],[36.2],[-35.7],[27],[-17.4],[-5.5],[48.8],[48.7],[36.2],[-60.9],[72.9],[-73.7],[49.2],[18.3],[-40.8],[0.1],[-58.1],[12.8],[-22.3],[11.6],[15.3],[14],[-21.8],[24.1],[9.2],[56.7],[55],[-52.3],[251],[-116.5],[-35.4],[16.4]],[[0],[35.7],[17.6],[48.9],[-49.8],[23.2],[14.4],[25.7],[30.8],[30.2],[35.6],[12.9],[16.3],[53.3],[30],[31.2],[22.6],[-3],[36],[-24.9],[26.7],[26.5],[24.8],[26.1],[36.9],[26.8],[46.3],[12.8],[14.6],[61],[72.6],[46.1],[26.3],[12.8],[36.7],[31.1],[67.6],[6.4],[91.8],[19.2],[3.2],[51.8],[29.8],[22.4],[23.3],[-4.7],[2.9],[26.4],[22.4],[-67.5],[-152.7],[19.7],[27.9]],[[0],[-14.5],[-8],[1.4],[-6.1],[2.3],[11.1],[19.9],[-5.4],[-2.4],[-15.7],[9.5],[-1.3],[-5],[-8.6],[-11.8],[9.2],[-0.2],[0.5],[10.5],[6.5],[12],[-1.1],[10.3],[8.3],[0.6],[0.3],[-5.5],[6.7],[19.8],[-8.4],[-12],[12],[-15],[-1.5],[5.9],[7],[4.8],[-9.8],[2.7],[5.4],[-10.2],[4.7],[0.2],[-10.5],[8.3],[2.5],[9.4],[4.9],[-42.2],[0.2],[-0.2],[4.7]],[[0],[0.9],[9.3],[-4.5],[3.9],[-11.8],[-10.7],[5.8],[-4.7],[-0.7],[1.1],[-1.6],[0.3],[0.5],[0.3],[1.4],[-2.7],[2.8],[-0.6],[2.1],[-2.4],[1.1],[2],[-2.8],[5],[1.3],[1.2],[0.4],[-1.5],[2.3],[2.7],[1.5],[-1.6],[2.1],[3],[-0.7],[-3.7],[2.6],[5.3],[-2.4],[-5.9],[4.5],[-2],[0.4],[1.4],[4.9],[-0.2],[-0.8],[-1.9],[11.8],[4.3],[20],[-6.4]]]

[]

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Pension (superannuation) funds

Financial assets

Pension (superannuation) funds' selected financial assets, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total assets	12.8	2,374.2	6.7	2,410.9	17.0	2,570.7
Deposits	5.1	279.7	-13.9	265.4	-16.3	248.0
Bonds	4.2	121.1	-5.0	115.8	5.4	121.9
Shares and equity	57.6	1,834.9	24.6	1,894.4	28.7	2,058.3
	Other private non-fin corps	4.0	303.2	0.7	312.3	3.4	354.6
	Non-money market investment funds	52.9	805.0	8.5	833.6	12.8	888.2
	Rest of world	-7.2	351.0	10.7	371.1	13.6	401.1
Net equity in life offices	-59.1	19.4	-1.8	17.7	-1.5	17.8
Other assets	-73.5	119.1	-16.7	117.8	-18.6	124.7

Liabilities

Pension (superannuation) funds' selected liabilities, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total liabilities	12.2	2,576.1	5.4	2,613.7	17.5	2,776.6
Net equity in reserves	19.2	2,527.8	6.4	2,565.7	19.8	2,731.3
	Households	19.2	2,525.1	6.3	2,562.9	19.7	2,727.9
Other liabilities	-7.0	48.3	-1.1	48.0	-2.3	45.3

Total financial assets of pension (superannuation) funds increased $159.8b during the quarter, recovering from the losses suffered in the March 2020 quarter, with

$164.0b increase in shares and other equity
partly offset by a $17.3b decrease in deposits

Favourable conditions in the domestic and overseas share markets drove valuation gains of $135.3b. Pension funds invested an additional $28.7b in shares and other equity, particularly in non-money market funds and rest of world. The early access to superannuation scheme closed at the end of December and the requirements for liquidity subsided. As a result, funds were reallocated from deposits into equities.

Pension fund financial assets
	Total assets (LHS) ($b)	Revaluations (RHS) ($b)	Transactions (RHS) ($b)
Dec-07	1,172.3	-8.8	10.3
Mar-08	1,091	-100.9	19.6
Jun-08	1,083.6	-21.8	14.4
Sep-08	1,042.7	-58.5	17.6
Dec-08	943.3	-105.3	5.8
Mar-09	919.1	-29.4	5.2
Jun-09	991.4	37.0	35.3
Sep-09	1,099.9	90.4	18.1
Dec-09	1,139.1	25.3	13.9
Mar-10	1,165	8.3	17.5
Jun-10	1,103.9	-76.8	15.8
Sep-10	1,146.3	33.1	9.2
Dec-10	1,190.9	29.2	15.5
Mar-11	1,218.2	10.4	16.9
Jun-11	1,209.7	-34.8	26.3
Sep-11	1,137.4	-83.3	11.0
Dec-11	1,147.2	-3.2	13.1
Mar-12	1,207.8	41.4	19.1
Jun-12	1,203.8	-37.7	33.7
Sep-12	1,248.7	30.6	14.3
Dec-12	1,299.8	34.3	16.8
Mar-13	1,362.9	43.9	19.2
Jun-13	1,381.2	-20.2	38.5
Sep-13	1,457.6	62.8	13.6
Dec-13	1,511.3	28.7	25.0
Mar-14	1,548.7	16.7	20.6
Jun-14	1,581.1	-0.6	33.1
Sep-14	1,616	11.4	23.6
Dec-14	1,670.3	32.3	22.0
Mar-15	1,767.4	80.3	16.8
Jun-15	1,751.1	-50.7	34.4
Sep-15	1,724.4	-44.5	17.8
Dec-15	1,782.1	41.5	16.3
Mar-16	1,755.7	-34.4	7.9
Jun-16	1,827.7	41.6	30.5
Sep-16	1,895.9	57.1	11.1
Dec-16	1,945.2	29.1	20.2
Mar-17	1,998.1	32.0	20.9
Jun-17	2,046	7.2	40.7
Sep-17	2,062.1	6.0	10.2
Dec-17	2,157.6	71.9	23.6
Mar-18	2,145	-28.1	15.5
Jun-18	2,220.1	51.4	23.7
Sep-18	2,272.2	39.0	13.0
Dec-18	2,159.7	-127.3	14.8
Mar-19	2,294.7	121.6	13.4
Jun-19	2,396.2	68.6	32.9
Sep-19	2,453	45.7	11.1
Dec-19	2,495.8	26.3	16.5
Mar-20	2,237.6	-271.2	13.1
Jun-20	2,374.2	123.8	12.8
Sep-20	2,410.9	30.1	6.7
Dec-20	2,570.7	142.8	17.0

Pension fund financial assets

["","Total assets (LHS)","Revaluations (RHS)","Transactions (RHS)"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[1172.3],[1091],[1083.6],[1042.7],[943.3],[919.1],[991.4],[1099.9],[1139.1],[1165],[1103.9],[1146.3],[1190.9],[1218.2],[1209.7],[1137.4],[1147.2],[1207.8],[1203.8],[1248.7],[1299.8],[1362.9],[1381.2],[1457.6],[1511.3],[1548.7],[1581.1],[1616],[1670.3],[1767.4],[1751.1],[1724.4],[1782.1],[1755.7],[1827.7],[1895.9],[1945.2],[1998.1],[2046],[2062.1],[2157.6],[2145],[2220.1],[2272.2],[2159.7],[2294.7],[2396.2],[2453],[2495.8],[2237.6],[2374.2],[2410.9],[2570.7]],[[-8.8],[-100.9],[-21.8],[-58.5],[-105.3],[-29.4],[37],[90.4],[25.3],[8.3],[-76.8],[33.1],[29.2],[10.4],[-34.8],[-83.3],[-3.2],[41.4],[-37.7],[30.6],[34.3],[43.9],[-20.2],[62.8],[28.7],[16.7],[-0.6],[11.4],[32.3],[80.3],[-50.7],[-44.5],[41.5],[-34.4],[41.6],[57.1],[29.1],[32],[7.2],[6],[71.9],[-28.1],[51.4],[39],[-127.3],[121.6],[68.6],[45.7],[26.3],[-271.2],[123.8],[30.1],[142.8]],[[10.3],[19.6],[14.4],[17.6],[5.8],[5.2],[35.3],[18.1],[13.9],[17.5],[15.8],[9.2],[15.5],[16.9],[26.3],[11],[13.1],[19.1],[33.7],[14.3],[16.8],[19.2],[38.5],[13.6],[25],[20.6],[33.1],[23.6],[22],[16.8],[34.4],[17.8],[16.3],[7.9],[30.5],[11.1],[20.2],[20.9],[40.7],[10.2],[23.6],[15.5],[23.7],[13],[14.8],[13.4],[32.9],[11.1],[16.5],[13.1],[12.8],[6.7],[17]]]

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Government

National general government financial assets

National general government selected financial assets, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total assets	44.3	607.7	32.6	639.0	-23.5	616.1
Deposits	38.2	99.1	32.7	131.6	-30.8	100.4
	Central bank	41.6	76.9	32.4	109.3	-34.4	74.9
	Authorised deposit taking institutions	-2.6	16.6	-0.4	16.1	3.3	19.4
One name paper	7.3	38.2	0.3	38.3	3.6	41.1
Shares and equity	-6.3	176.5	2.1	176.1	3.6	178.2
Other assets	5.1	294.0	-2.5	293.0	0.1	296.4

National general government liabilities

National general government selected liabilities, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total liabilities	117.0	1,273.6	120.6	1,399.0	9.7	1,396.0
One name paper	33.6	53.5	0.5	53.9	-12.5	41.4
Bonds	72.3	734.5	117.1	855.5	23.4	866.9
	Central bank	25.4	104.4	-8.4	96.5	18.5	113.7
	Authorised deposit taking institutions	26.0	155.4	60.0	216.3	-38.2	175.8
	Rest of world	17.5	359.9	60.9	422.3	36.0	451.8
Other liabilities	11.2	485.7	3.1	489.6	-1.2	487.7

State and local general government financial assets

State and local general government selected financial assets, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total assets	9.5	540.5	3.5	552.7	-0.8	557.6
Deposits	8.2	70.5	6.6	77.0	-1.9	75.1
Loans and placements	1.3	53.3	-4.2	49.0	-0.1	49.0
Shares and equity	-1.0	390.7	0.3	399.7	-1.0	404.5
	State and local PNFCs	0.0	312.6	0.0	319.7	0.0	321.2
	Other private non-fin corps	-0.5	45.3	0.2	45.4	-0.4	45.8
Other assets	0.9	26.0	0.9	27.0	2.1	29.1

State and local general government liabilities

State and local general government selected liabilities, $b
		Transactions, Jun-20	Amounts outstanding, Jun-20	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20
Total liabilities	33.4	461.0	33.5	491.5	19.2	508.8
Loans and placements	30.8	226.5	29.8	256.2	18.5	274.8
	Central borrowing authorities	28.7	218.1	29.8	247.9	18.9	266.7
Unfunded superannuation claims	0.9	172.6	0.9	170.5	0.9	169.5
Other liabilities	1.7	61.9	2.9	64.8	-0.2	64.5

General government

Financial assets of general government (national, and state and local) decreased $18.1b (1.5%), driven by deposits with a:

$34.4b withdrawal of deposits with the RBA, partly offset by a
$1.4b placement of deposits with ADIs

Liabilities of general government increased $14.1b (0.1%), driven by a:

$23.3b issuance of bonds
$18.0b increase in loans, partly offset by a
$12.5b maturity of one name paper

The general government experienced the first decrease in financial assets, and weakest increase in liabilities since the onset of the COVID-19 pandemic on the Australian economy. The weakness was due to reduced issuance of treasury bonds and net maturities of treasury notes, as the Commonwealth government financed most of its expenditure through withdrawal of deposit assets. Issuance of semi-government bonds by central borrowing authorities was reduced to $20.5b, which was passed onto state governments as loans. Reduction in demand for loans was due to state governments beginning to draw down on surplus deposit assets to fund their own expenditure.

For further analysis, see Government and Reserve Bank financial balance sheets during COVID-19

General government, transactions
	Assets: Deposits ($b)	Liabilities: ONP ($b)	Liabilities: Bonds ($b)	Liabilities: Loans ($b)
Dec-07	-40.5	0.0	-1.4	-0.7
Mar-08	3.2	0.0	0.9	0.0
Jun-08	15.0	0.0	1.9	8.9
Sep-08	-11.8	0.0	-1.3	0.8
Dec-08	-6.6	0.0	4.3	3.1
Mar-09	7.9	3.4	10.6	0.3
Jun-09	15.8	13.3	13.8	0.4
Sep-09	-7.9	-4.8	11.7	10.6
Dec-09	-3.1	-1.0	15.1	-0.4
Mar-10	3.2	-0.2	14.8	5.3
Jun-10	5.4	0.3	16.2	4.4
Sep-10	-5.9	6.1	8.2	3.6
Dec-10	-2.2	0.8	13.4	-2.2
Mar-11	2.3	-3.2	13.4	6.7
Jun-11	6.5	1.4	7.5	10.5
Sep-11	-3.2	-1.9	18.1	9.9
Dec-11	11.4	-1.6	19.5	4.5
Mar-12	4.0	3.0	13.4	1.6
Jun-12	-7.6	-3.2	2.7	14.0
Sep-12	8.5	3.7	13.5	6.3
Dec-12	3.9	5.5	8.9	2.3
Mar-13	-0.2	-4.6	11.2	1.9
Jun-13	0.8	-11.6	3.0	2.8
Sep-13	5.8	1.0	20.9	5.5
Dec-13	5.8	2.5	15.6	2.6
Mar-14	13.2	-9.0	25.5	2.1
Jun-14	-8.8	4.8	2.2	3.2
Sep-14	7.4	2.5	17.1	2.7
Dec-14	0.8	0.6	9.1	3.0
Mar-15	12.4	-1.1	15.6	2.7
Jun-15	-5.4	-0.9	6.8	-3.9
Sep-15	2.0	3.0	26.4	6.8
Dec-15	-7.1	-3.4	7.9	-4.2
Mar-16	9.4	0.0	22.1	2.1
Jun-16	-0.6	-0.8	5.3	-3.7
Sep-16	-1.5	-0.5	24.2	3.7
Dec-16	10.8	-1.0	23.7	-9.1
Mar-17	8.5	0.5	20.7	-0.6
Jun-17	15.0	-0.4	18.1	-0.7
Sep-17	-23.8	1.0	0.6	2.8
Dec-17	7.7	-1.3	15.0	1.8
Mar-18	-0.1	0.3	4.6	1.3
Jun-18	4.5	-1.1	10.7	-1.0
Sep-18	-3.9	0.5	3.0	0.3
Dec-18	-18.3	0.0	2.3	4.6
Mar-19	-1.3	1.0	-3.6	4.5
Jun-19	6.2	-1.4	9.8	7.1
Sep-19	0.8	4.7	13.3	9.3
Dec-19	-9.1	7.5	-1.1	6.0
Mar-20	22.1	5.2	14.5	18.8
Jun-20	46.4	33.6	72.9	31.3
Sep-20	39.3	0.5	117.0	29.5
Dec-20	-32.7	-12.5	23.4	18.0

General government, transactions

["","Assets: Deposits","Liabilities: ONP","Liabilities: Bonds","Liabilities: Loans"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[-40.5],[3.2],[15],[-11.8],[-6.6],[7.9],[15.8],[-7.9],[-3.1],[3.2],[5.4],[-5.9],[-2.2],[2.3],[6.5],[-3.2],[11.4],[4],[-7.6],[8.5],[3.9],[-0.2],[0.8],[5.8],[5.8],[13.2],[-8.8],[7.4],[0.8],[12.4],[-5.4],[2],[-7.1],[9.4],[-0.6],[-1.5],[10.8],[8.5],[15],[-23.8],[7.7],[-0.1],[4.5],[-3.9],[-18.3],[-1.3],[6.2],[0.8],[-9.1],[22.1],[46.4],[39.3],[-32.7]],[[0],[0],[0],[0],[0],[3.4],[13.3],[-4.8],[-1],[-0.2],[0.3],[6.1],[0.8],[-3.2],[1.4],[-1.9],[-1.6],[3],[-3.2],[3.7],[5.5],[-4.6],[-11.6],[1],[2.5],[-9],[4.8],[2.5],[0.6],[-1.1],[-0.9],[3],[-3.4],[0],[-0.8],[-0.5],[-1],[0.5],[-0.4],[1],[-1.3],[0.3],[-1.1],[0.5],[0],[1],[-1.4],[4.7],[7.5],[5.2],[33.6],[0.5],[-12.5]],[[-1.4],[0.9],[1.9],[-1.3],[4.3],[10.6],[13.8],[11.7],[15.1],[14.8],[16.2],[8.2],[13.4],[13.4],[7.5],[18.1],[19.5],[13.4],[2.7],[13.5],[8.9],[11.2],[3],[20.9],[15.6],[25.5],[2.2],[17.1],[9.1],[15.6],[6.8],[26.4],[7.9],[22.1],[5.3],[24.2],[23.7],[20.7],[18.1],[0.6],[15],[4.6],[10.7],[3],[2.3],[-3.6],[9.8],[13.3],[-1.1],[14.5],[72.9],[117],[23.4]],[[-0.7],[0],[8.9],[0.8],[3.1],[0.3],[0.4],[10.6],[-0.4],[5.3],[4.4],[3.6],[-2.2],[6.7],[10.5],[9.9],[4.5],[1.6],[14],[6.3],[2.3],[1.9],[2.8],[5.5],[2.6],[2.1],[3.2],[2.7],[3],[2.7],[-3.9],[6.8],[-4.2],[2.1],[-3.7],[3.7],[-9.1],[-0.6],[-0.7],[2.8],[1.8],[1.3],[-1],[0.3],[4.6],[4.5],[7.1],[9.3],[6],[18.8],[31.3],[29.5],[18]]]

[]

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Capital investment

Figures in the capital investment section are in seasonally adjusted current prices.

Net lending (+) / borrowing (-)

Australia's net lending position increased by $3.8b to $14.3b this quarter. This was driven by a:

$6.9b increase in national net savings
$1.1b decrease in inventories

National net lending (+) / borrowing (-), relative to GDP, seasonally adjusted
	Net lending / net borrowing relative to GDP (%)
Dec-63	1.9
Mar-64	0.7
Jun-64	-0.9
Sep-64	-2.5
Dec-64	-2.3
Mar-65	-3.3
Jun-65	-3.3
Sep-65	-4.4
Dec-65	-3.7
Mar-66	-2.8
Jun-66	-1.8
Sep-66	-1.9
Dec-66	-1.9
Mar-67	-2.6
Jun-67	-1.9
Sep-67	-3.0
Dec-67	-2.9
Mar-68	-5.2
Jun-68	-3.2
Sep-68	-3.7
Dec-68	-2.4
Mar-69	-2.4
Jun-69	-2.3
Sep-69	-1.4
Dec-69	-1.7
Mar-70	-1.4
Jun-70	-1.9
Sep-70	-1.5
Dec-70	-1.7
Mar-71	-2.1
Jun-71	-1.1
Sep-71	-0.9
Dec-71	-1.4
Mar-72	-0.2
Jun-72	1.1
Sep-72	1.6
Dec-72	2.2
Mar-73	2.0
Jun-73	1.6
Sep-73	0.4
Dec-73	0.4
Mar-74	-1.9
Jun-74	-3.5
Sep-74	-3.1
Dec-74	-2.5
Mar-75	-0.4
Jun-75	0.1
Sep-75	-1.1
Dec-75	-1.9
Mar-76	-1.8
Jun-76	-1.1
Sep-76	-1.2
Dec-76	-1.8
Mar-77	-3.0
Jun-77	-2.9
Sep-77	-3.1
Dec-77	-1.2
Mar-78	-2.9
Jun-78	-3.1
Sep-78	-3.7
Dec-78	-3.6
Mar-79	-2.0
Jun-79	-2.0
Sep-79	-1.8
Dec-79	-0.8
Mar-80	-1.0
Jun-80	-1.8
Sep-80	-3.9
Dec-80	-3.3
Mar-81	-2.9
Jun-81	-4.3
Sep-81	-4.1
Dec-81	-5.4
Mar-82	-5.5
Jun-82	-4.8
Sep-82	-3.5
Dec-82	-3.4
Mar-83	-3.6
Jun-83	-3.0
Sep-83	-3.7
Dec-83	-2.9
Mar-84	-4.0
Jun-84	-3.5
Sep-84	-4.5
Dec-84	-5.2
Mar-85	-4.1
Jun-85	-4.5
Sep-85	-5.6
Dec-85	-5.7
Mar-86	-6.0
Jun-86	-5.6
Sep-86	-4.8
Dec-86	-4.4
Mar-87	-4.1
Jun-87	-3.3
Sep-87	-3.3
Dec-87	-3.3
Mar-88	-3.0
Jun-88	-2.9
Sep-88	-3.9
Dec-88	-4.9
Mar-89	-5.6
Jun-89	-6.0
Sep-89	-6.5
Dec-89	-6.3
Mar-90	-6.2
Jun-90	-4.4
Sep-90	-4.2
Dec-90	-4.9
Mar-91	-3.9
Jun-91	-3.3
Sep-91	-3.1
Dec-91	-3.0
Mar-92	-3.0
Jun-92	-3.3
Sep-92	-3.8
Dec-92	-3.2
Mar-93	-3.0
Jun-93	-3.2
Sep-93	-3.3
Dec-93	-3.0
Mar-94	-2.9
Jun-94	-4.5
Sep-94	-5.5
Dec-94	-5.4
Mar-95	-5.8
Jun-95	-5.1
Sep-95	-4.5
Dec-95	-4.9
Mar-96	-4.0
Jun-96	-2.8
Sep-96	-3.9
Dec-96	-3.4
Mar-97	-3.1
Jun-97	-2.0
Sep-97	-3.1
Dec-97	-3.7
Mar-98	-5.1
Jun-98	-4.2
Sep-98	-5.6
Dec-98	-5.0
Mar-99	-5.7
Jun-99	-6.0
Sep-99	-5.7
Dec-99	-4.8
Mar-00	-4.9
Jun-00	-5.0
Sep-00	-3.4
Dec-00	-3.5
Mar-01	-2.5
Jun-01	-2.2
Sep-01	-1.8
Dec-01	-2.8
Mar-02	-2.7
Jun-02	-3.7
Sep-02	-4.0
Dec-02	-5.1
Mar-03	-5.0
Jun-03	-5.7
Sep-03	-5.4
Dec-03	-5.4
Mar-04	-5.8
Jun-04	-5.6
Sep-04	-6.7
Dec-04	-7.3
Mar-05	-6.6
Jun-05	-5.8
Sep-05	-5.7
Dec-05	-5.8
Mar-06	-5.6
Jun-06	-6.1
Sep-06	-5.6
Dec-06	-6.0
Mar-07	-6.3
Jun-07	-6.6
Sep-07	-6.8
Dec-07	-7.2
Mar-08	-7.0
Jun-08	-5.7
Sep-08	-3.7
Dec-08	-2.8
Mar-09	-1.9
Jun-09	-5.0
Sep-09	-5.3
Dec-09	-6.5
Mar-10	-5.7
Jun-10	-2.8
Sep-10	-2.9
Dec-10	-3.4
Mar-11	-3.6
Jun-11	-3.0
Sep-11	-2.6
Dec-11	-3.3
Mar-12	-4.6
Jun-12	-3.6
Sep-12	-4.3
Dec-12	-4.8
Mar-13	-3.3
Jun-13	-3.5
Sep-13	-3.8
Dec-13	-3.1
Mar-14	-2.5
Jun-14	-3.3
Sep-14	-3.5
Dec-14	-3.2
Mar-15	-3.1
Jun-15	-5.1
Sep-15	-4.9
Dec-15	-5.4
Mar-16	-4.2
Jun-16	-4.3
Sep-16	-3.4
Dec-16	-1.5
Mar-17	-1.6
Jun-17	-2.5
Sep-17	-2.8
Dec-17	-3.6
Mar-18	-2.3
Jun-18	-2.8
Sep-18	-2.1
Dec-18	-1.3
Mar-19	-0.6
Jun-19	0.8
Sep-19	1.6
Dec-19	0.7
Mar-20	1.4
Jun-20	3.5
Sep-20	2.2
Dec-20	2.8

National net lending (+) / borrowing (-), relative to GDP, seasonally adjusted

["","Net lending \/ net borrowing relative to GDP"]

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National net lending as a proportion of GDP rose this quarter driven by a rise in net saving. The continued easing of restrictions and increased activity led to a decline in COVID-19 related subsidies and and increase in taxes on production.

Households' net lending decreased by $26.0b to $29.5b
General government net borrowing decreased by $39.6b to $50.1b
Financial corporations' net lending decreased by $0.6b to $10.4b
Non-financial corporations' net lending decreased by $11.6b to $20.9b

Notable drivers for households and general government were:

Household final consumption expenditure increased, as easing of restrictions and growing confidence in public health measures increased spending across Australia.
General government primary income payable decreased driven by a reduction in COVID-19 subsidy support packages for businesses.

Net lending (+) / borrowing (-), by sector, seasonally adjusted
	Non-financial corporations ($b)	Financial corporations ($b)	General government ($b)	Households ($b)
Dec-07	-22.2	7.8	1.6	-8.1
Mar-08	-24.2	7.3	1.5	-4.7
Jun-08	-24.7	9.4	1.8	-1.9
Sep-08	-19.3	9.4	-1.8	0.5
Dec-08	-13.4	6.8	-12.5	13.0
Mar-09	-9.1	4.6	-11.2	9.0
Jun-09	-14.8	5.8	-21.6	13.0
Sep-09	-10.2	-2.3	-13.8	7.4
Dec-09	-7.9	3.6	-19.6	6.0
Mar-10	-9.6	3.6	-21.5	8.7
Jun-10	-7.6	10.7	-16.2	6.1
Sep-10	-10.8	8.0	-15.4	8.4
Dec-10	-12.0	7.6	-15.3	11.9
Mar-11	-17.9	6.3	-16.8	13.7
Jun-11	-20.1	11.4	-16.3	11.6
Sep-11	-16.1	9.9	-16.1	13.9
Dec-11	-18.2	9.1	-19.4	17.8
Mar-12	-25.9	11.0	-14.1	13.1
Jun-12	-21.8	9.1	-19.7	16.1
Sep-12	-24.6	10.9	-13.2	8.7
Dec-12	-29.6	10.5	-11.8	12.4
Mar-13	-23.0	8.4	-14.5	14.4
Jun-13	-27.0	9.0	-5.0	12.8
Sep-13	-22.4	8.2	-12.5	11.4
Dec-13	-23.3	8.5	-12.0	12.9
Mar-14	-21.9	8.6	-12.4	13.0
Jun-14	-23.9	8.2	-8.5	14.1
Sep-14	-24.5	8.3	-10.9	12.3
Dec-14	-21.2	6.4	-10.7	11.7
Mar-15	-24.0	7.8	-8.5	9.5
Jun-15	-23.9	6.1	-7.7	11.2
Sep-15	-25.7	8.2	-7.4	7.7
Dec-15	-25.4	9.5	-7.2	4.0
Mar-16	-23.1	8.6	-11.7	3.7
Jun-16	-20.9	10.0	-12.5	4.1
Sep-16	-17.8	10.2	-11.3	3.6
Dec-16	-10.9	8.8	-6.0	1.3
Mar-17	-10.6	6.8	-3.4	1.7
Jun-17	-12.0	10.0	-8.6	-0.1
Sep-17	-15.4	10.0	-6.8	0.5
Dec-17	-16.2	7.8	-7.6	2.5
Mar-18	-16.1	9.6	-6.3	0.6
Jun-18	-22.3	8.9	-3.2	-1.5
Sep-18	-16.0	7.9	-2.0	-1.1
Dec-18	-15.4	8.7	-3.3	1.4
Mar-19	-9.3	7.9	-3.9	4.4
Jun-19	-6.0	9.2	-1.7	3.7
Sep-19	-2.6	7.0	-8.5	10.9
Dec-19	-4.3	7.2	-10.3	8.5
Mar-20	-1.6	5.8	-13.6	17.0
Jun-20	30.5	18.0	-102.0	65.4
Sep-20	32.5	11.0	-89.7	55.5
Dec-20	20.9	10.4	-50.1	29.5

Net lending (+) / borrowing (-), by sector, seasonally adjusted

["","Non-financial\u00a0corporations","Financial\u00a0corporations","General\u00a0government","Households"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[-22.2],[-24.2],[-24.7],[-19.3],[-13.4],[-9.1],[-14.8],[-10.2],[-7.9],[-9.6],[-7.6],[-10.8],[-12],[-17.9],[-20.1],[-16.1],[-18.2],[-25.9],[-21.8],[-24.6],[-29.6],[-23],[-27],[-22.4],[-23.3],[-21.9],[-23.9],[-24.5],[-21.2],[-24],[-23.9],[-25.7],[-25.4],[-23.1],[-20.9],[-17.8],[-10.9],[-10.6],[-12],[-15.4],[-16.2],[-16.1],[-22.3],[-16],[-15.4],[-9.3],[-6],[-2.6],[-4.3],[-1.6],[30.5],[32.5],[20.9]],[[7.8],[7.3],[9.4],[9.4],[6.8],[4.6],[5.8],[-2.3],[3.6],[3.6],[10.7],[8],[7.6],[6.3],[11.4],[9.9],[9.1],[11],[9.1],[10.9],[10.5],[8.4],[9],[8.2],[8.5],[8.6],[8.2],[8.3],[6.4],[7.8],[6.1],[8.2],[9.5],[8.6],[10],[10.2],[8.8],[6.8],[10],[10],[7.8],[9.6],[8.9],[7.9],[8.7],[7.9],[9.2],[7],[7.2],[5.8],[18],[11],[10.4]],[[1.6],[1.5],[1.8],[-1.8],[-12.5],[-11.2],[-21.6],[-13.8],[-19.6],[-21.5],[-16.2],[-15.4],[-15.3],[-16.8],[-16.3],[-16.1],[-19.4],[-14.1],[-19.7],[-13.2],[-11.8],[-14.5],[-5],[-12.5],[-12],[-12.4],[-8.5],[-10.9],[-10.7],[-8.5],[-7.7],[-7.4],[-7.2],[-11.7],[-12.5],[-11.3],[-6],[-3.4],[-8.6],[-6.8],[-7.6],[-6.3],[-3.2],[-2],[-3.3],[-3.9],[-1.7],[-8.5],[-10.3],[-13.6],[-102],[-89.7],[-50.1]],[[-8.1],[-4.7],[-1.9],[0.5],[13],[9],[13],[7.4],[6],[8.7],[6.1],[8.4],[11.9],[13.7],[11.6],[13.9],[17.8],[13.1],[16.1],[8.7],[12.4],[14.4],[12.8],[11.4],[12.9],[13],[14.1],[12.3],[11.7],[9.5],[11.2],[7.7],[4],[3.7],[4.1],[3.6],[1.3],[1.7],[-0.1],[0.5],[2.5],[0.6],[-1.5],[-1.1],[1.4],[4.4],[3.7],[10.9],[8.5],[17],[65.4],[55.5],[29.5]]]

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Capital Investment

National capital investment decreased to 22.1% as a proportion of GDP, the lowest proportion seen in this series history.
Relative to GDP:

Non-financial corporations' investment declined to 9.7%
General government investment declined slightly to 4.0%
Household investment increased to 7.9%
Financial corporations' investment declined slightly to 0.5%

Non-financial corporations' investment rose, despite falling slightly as a proportion of GDP. Increased investment in machinery and equipment was supported by government initiatives including the instant asset write off and improvements in conditions.
General government investment rose, despite also falling slightly as a proportion of GDP. This was driven by strength in state and local general government, reflecting elevated levels of investment in public infrastructure projects.
Household investment rose driven by ownership transfer costs, new dwellings and home improvement investment. The continued easing of restrictions, improved housing market confidence and the government HomeBuilder program supported increased housing investment.

Gross fixed capital formation, by sector, relative to GDP, seasonally adjusted
	Non-financial corporations (%)	Financial corporations (%)	General government (%)	Households (%)
Dec-07	14.2	0.7	3.2	9.8
Mar-08	14.7	0.7	3.1	9.8
Jun-08	14.9	0.7	3.6	9.6
Sep-08	14.8	0.7	3.4	9.1
Dec-08	15.0	0.7	3.4	8.9
Mar-09	14.4	0.7	3.4	8.6
Jun-09	14.8	0.7	3.3	8.6
Sep-09	14.0	0.7	3.7	8.6
Dec-09	14.4	0.7	4.1	8.7
Mar-10	13.6	0.7	4.6	8.3
Jun-10	13.2	0.6	4.2	8.2
Sep-10	13.2	0.6	4.1	8.4
Dec-10	13.3	0.6	4.0	8.1
Mar-11	13.8	0.6	3.8	8.1
Jun-11	13.8	0.6	3.3	7.9
Sep-11	15.1	0.6	3.4	7.6
Dec-11	14.9	0.6	4.1	7.4
Mar-12	16.3	0.6	3.3	7.3
Jun-12	16.9	0.6	3.6	7.2
Sep-12	16.8	0.7	3.4	7.4
Dec-12	17.3	0.7	3.3	7.4
Mar-13	16.1	0.6	3.4	7.3
Jun-13	16.0	0.6	3.0	7.5
Sep-13	16.1	0.6	3.1	7.5
Dec-13	15.8	0.6	3.2	7.6
Mar-14	15.0	0.6	3.2	7.7
Jun-14	14.8	0.6	3.2	7.8
Sep-14	14.1	0.7	3.2	8.3
Dec-14	13.9	0.7	3.1	8.7
Mar-15	13.4	0.7	3.0	8.9
Jun-15	13.4	0.6	3.2	8.9
Sep-15	12.8	0.7	2.9	9.2
Dec-15	12.5	0.7	3.0	9.2
Mar-16	11.9	0.7	3.4	9.3
Jun-16	11.3	0.7	3.6	9.4
Sep-16	10.7	0.7	3.2	9.4
Dec-16	10.7	0.6	3.3	9.3
Mar-17	10.4	0.6	3.5	9.2
Jun-17	10.2	0.6	4.1	9.2
Sep-17	11.3	0.5	3.7	9.0
Dec-17	11.0	0.7	3.8	8.9
Mar-18	10.9	0.6	3.7	9.0
Jun-18	10.7	0.6	3.9	9.0
Sep-18	10.8	0.6	3.9	8.7
Dec-18	10.6	0.6	3.9	8.4
Mar-19	10.5	0.6	3.9	8.0
Jun-19	10.4	0.6	3.9	7.7
Sep-19	10.3	0.6	3.9	7.7
Dec-19	10.2	0.6	4.1	7.7
Mar-20	10.1	0.6	4.0	7.7
Jun-20	10.6	0.6	4.3	7.7
Sep-20	10.0	0.6	4.0	7.6
Dec-20	9.7	0.5	4.0	7.9

Gross fixed capital formation, by sector, relative to GDP, seasonally adjusted

["","Non-financial\u00a0corporations","Financial\u00a0corporations","General\u00a0government","Households"]

[["Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20",""],[[14.2],[14.7],[14.9],[14.8],[15],[14.4],[14.8],[14],[14.4],[13.6],[13.2],[13.2],[13.3],[13.8],[13.8],[15.1],[14.9],[16.3],[16.9],[16.8],[17.3],[16.1],[16],[16.1],[15.8],[15],[14.8],[14.1],[13.9],[13.4],[13.4],[12.8],[12.5],[11.9],[11.3],[10.7],[10.7],[10.4],[10.2],[11.3],[11],[10.9],[10.7],[10.8],[10.6],[10.5],[10.4],[10.3],[10.2],[10.1],[10.6],[10],[9.7],[null]],[[0.7],[0.7],[0.7],[0.7],[0.7],[0.7],[0.7],[0.7],[0.7],[0.7],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.7],[0.7],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.7],[0.7],[0.7],[0.6],[0.7],[0.7],[0.7],[0.7],[0.7],[0.6],[0.6],[0.6],[0.5],[0.7],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.6],[0.5],[null]],[[3.2],[3.1],[3.6],[3.4],[3.4],[3.4],[3.3],[3.7],[4.1],[4.6],[4.2],[4.1],[4],[3.8],[3.3],[3.4],[4.1],[3.3],[3.6],[3.4],[3.3],[3.4],[3],[3.1],[3.2],[3.2],[3.2],[3.2],[3.1],[3],[3.2],[2.9],[3],[3.4],[3.6],[3.2],[3.3],[3.5],[4.1],[3.7],[3.8],[3.7],[3.9],[3.9],[3.9],[3.9],[3.9],[3.9],[4.1],[4],[4.3],[4],[4],[null]],[[9.8],[9.8],[9.6],[9.1],[8.9],[8.6],[8.6],[8.6],[8.7],[8.3],[8.2],[8.4],[8.1],[8.1],[7.9],[7.6],[7.4],[7.3],[7.2],[7.4],[7.4],[7.3],[7.5],[7.5],[7.6],[7.7],[7.8],[8.3],[8.7],[8.9],[8.9],[9.2],[9.2],[9.3],[9.4],[9.4],[9.3],[9.2],[9.2],[9],[8.9],[9],[9],[8.7],[8.4],[8],[7.7],[7.7],[7.7],[7.7],[7.7],[7.6],[7.9],[null]]]

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Data downloads

Download all (5.88 MB)

Time series spreadsheets

Data files

TABLE 1. Credit Market Outstandings ($ million)
Download xls [439 KB]
TABLE 2. Demand for Credit ($ million)
Download xls [439 KB]
TABLE 3. National Capital Account, Current prices ($ million)
Download xls [110 KB]
TABLE 4. National Financial Assets and Liabilities ($ million)
Download xls [138 KB]
TABLE 5. Non-Financial Corporations Capital Account, Current prices ($ million)
Download xls [105.5 KB]
TABLE 6. Financial Assets and Liabilities of Non-Financial Corporations ($ million)
Download xls [636.5 KB]
TABLE 7. Private Non-Financial Corporations Capital Account, Current prices ($ million)
Download xls [101.5 KB]
TABLE 8. Financial Assets and Liabilities of Private Non-Financial Corporations ($ million)
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TABLE 9. Financial Assets and Liabilities of Private Non-Financial Investment Funds ($ million)
Download xls [405 KB]
TABLE 10. Financial Assets and Liabilities of Other Private Non-Financial Corporations ($ million)
Download xls [682 KB]
TABLE 11. Public Non-Financial Corporations Capital Account, Current prices ($ million)
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TABLE 12. Financial Assets and Liabilities of Public Non-Financial Corporations ($ million)
Download xls [488.5 KB]
TABLE 13. Financial Corporations Capital Account, Current prices ($ million)
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TABLE 14. Financial Assets and Liabilities of Financial Corporations ($ million)
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TABLE 15. Financial Assets and Liabilities of the Central Bank ($ million)
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TABLE 16. Financial Assets and Liabilities of Authorised Deposit taking Institutions ($ million)
Download xls [780.5 KB]
TABLE 17. Financial Assets and Liabilities of Other Broad Money Institutions ($ million)
Download xls [637 KB]
TABLE 18. Financial Assets and Liabilities of Pension Funds ($ million)
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TABLE 19. Pension Funds - Self-Managed Superannuation Funds Balance Sheet ($ million)
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TABLE 20. Financial Assets and Liabilities of Life Insurance Corporations ($ million)
Download xls [559.5 KB]
TABLE 21. Financial Assets and Liabilities of Non-Life Insurance Corporations ($ million)
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TABLE 22. Financial Assets and Liabilities of Money Market Financial Investment Funds ($ million)
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TABLE 23. Financial Assets and Liabilities of Non-Money Market Financial Investment Funds ($ million)
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TABLE 24. Financial Assets and Liabilities of Central Borrowing Authorities ($ million)
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TABLE 25. Financial Assets and Liabilities of Securitisers ($ million)
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TABLE 26. Financial Assets and Liabilities of Other Financial Corporations ($ million)
Download xls [686 KB]
TABLE 27. General Government Capital Account, Current prices ($ million)
Download xls [105.5 KB]
TABLE 28. Financial Assets and Liabilities of General Government ($ million)
Download xls [485 KB]
TABLE 29. National General Government Capital Account, Current prices ($ million)
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TABLE 30. Financial Assets and Liabilities of National General Government ($ million)
Download xls [491 KB]
TABLE 31. State and Local General Government Capital Account, Current prices ($ million)
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TABLE 32. Financial Assets and Liabilities of State and Local General Government ($ million)
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TABLE 33. Household Capital Account, Current prices ($ million)
Download xls [105.5 KB]
TABLE 34. Financial Assets and Liabilities of Households ($ million)
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TABLE 35. Household Balance Sheet, Current prices ($ billion)
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TABLE 36. Analytical Measures of Household Income, Consumption, Saving and Wealth, Current prices ($ billion)
Download xls [96.5 KB]
TABLE 37. Rest of World Capital Account, Current prices ($ million)
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TABLE 38. Financial Assets and Liabilities of Rest of World ($ million)
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TABLE 39. The Currency Market ($ million)
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TABLE 40. The Transferable Deposits Market ($ million)
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TABLE 41. The Other Deposits Market ($ million)
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TABLE 42. The Bills of Exchange Market ($ million)
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TABLE 43. The One Name Paper Market ($ million)
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TABLE 44. The Bonds Market ($ million)
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TABLE 45. The Derivatives and Employee Stock Options Market ($ million)
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TABLE 46. The Short Term Loans and Placements Market ($ million)
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TABLE 47. The Long Term Loans and Placements Market ($ million)
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TABLE 48. The Listed Shares and Other Equity Market ($ million)
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TABLE 49. The Unlisted Shares and Other Equity Market ($ million)
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TABLE 50. Accounts Payable/Receivable ($ million)
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TABLE 51. Financial Accounts Summary of Authorised Deposit taking Institution Deposits and Lending Split by Household Subsectors ($ million)
Download xls [70.5 KB]
TABLE 52. Financial Accounts Summary of Loan Outstandings to Households for Housing by Type of Lending Institution ($ million)
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TABLE 53. Nominal Value of Short Term Loans and Placements Market ($ million)
Download xls [257.5 KB]
TABLE 54. Nominal Value of Long Term Loans and Placements Market ($ million)
Download xls [685 KB]

Previous catalogue number

This release previously used catalogue number 5232.0

Revisions and changes

Changes to the publication

TABLE 51. Financial Accounts Summary of Bank Deposits and Lending Split by Household Subsectors ($ million) has been be renamed TABLE 51. Financial Accounts Summary of Authorised Deposit taking Institution Deposits and Lending Split by Household Subsectors ($ million).

Revisions in this issue

There have been revisions to previously published aggregates due to:

Quality assurance reviews affecting the published aggregates after December quarter 2018, 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.

Methodology

Australian National Accounts: Finance and Wealth methodology, December 2020

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APA

Australian National Accounts: Finance and Wealth

APA

Key statistics

Main features

Articles

Financing resources and investment table

Financial market summary table

Flow of funds diagrams

Net transactions during December quarter 2020

Amounts outstanding at end of December quarter 2020

National investment

Financial investment

Households

Non-financial corporations

General government

Demand for credit

Demand for credit table

General government

Households

Private non-financial corporations

Households

Balance sheet

Financial assets

Liabilities

Financial assets

Non-financial assets

Liabilities

Private non-financial corporations

Financial assets

Liabilities

Financial corporations

Financial assets and liabilities

Authorised deposit-taking institutions (ADIs)

Financial assets

Liabilities

Pension (superannuation) funds

Financial assets

Liabilities

Government

National general government financial assets

National general government liabilities

State and local general government financial assets

State and local general government liabilities

General government

Capital investment

Net lending (+) / borrowing (-)

Capital Investment

Data downloads

Time series spreadsheets

TABLE 1. Credit Market Outstandings ($ million)

TABLE 2. Demand for Credit ($ million)

TABLE 3. National Capital Account, Current prices ($ million)

TABLE 4. National Financial Assets and Liabilities ($ million)

TABLE 5. Non-Financial Corporations Capital Account, Current prices ($ million)

TABLE 6. Financial Assets and Liabilities of Non-Financial Corporations ($ million)

TABLE 7. Private Non-Financial Corporations Capital Account, Current prices ($ million)

TABLE 8. Financial Assets and Liabilities of Private Non-Financial Corporations ($ million)

TABLE 9. Financial Assets and Liabilities of Private Non-Financial Investment Funds ($ million)

TABLE 10. Financial Assets and Liabilities of Other Private Non-Financial Corporations ($ million)

TABLE 11. Public Non-Financial Corporations Capital Account, Current prices ($ million)

TABLE 12. Financial Assets and Liabilities of Public Non-Financial Corporations ($ million)

TABLE 13. Financial Corporations Capital Account, Current prices ($ million)

TABLE 14. Financial Assets and Liabilities of Financial Corporations ($ million)

TABLE 15. Financial Assets and Liabilities of the Central Bank ($ million)

TABLE 16. Financial Assets and Liabilities of Authorised Deposit taking Institutions ($ million)

TABLE 17. Financial Assets and Liabilities of Other Broad Money Institutions ($ million)

TABLE 18. Financial Assets and Liabilities of Pension Funds ($ million)

TABLE 19. Pension Funds - Self-Managed Superannuation Funds Balance Sheet ($ million)

TABLE 20. Financial Assets and Liabilities of Life Insurance Corporations ($ million)

TABLE 21. Financial Assets and Liabilities of Non-Life Insurance Corporations ($ million)

TABLE 22. Financial Assets and Liabilities of Money Market Financial Investment Funds ($ million)

TABLE 23. Financial Assets and Liabilities of Non-Money Market Financial Investment Funds ($ million)

TABLE 24. Financial Assets and Liabilities of Central Borrowing Authorities ($ million)

TABLE 25. Financial Assets and Liabilities of Securitisers ($ million)

TABLE 26. Financial Assets and Liabilities of Other Financial Corporations ($ million)

TABLE 27. General Government Capital Account, Current prices ($ million)

TABLE 28. Financial Assets and Liabilities of General Government ($ million)

TABLE 29. National General Government Capital Account, Current prices ($ million)

TABLE 30. Financial Assets and Liabilities of National General Government ($ million)