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

March 2021

Released

24/06/2021

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Key statistics

Household wealth continued to increase, rising $518.0b (4.3%) to a record $12,664.5b
Demand for credit was $53.4b, falling for the second consecutive quarter
Australia's net lending position increased $4.8b to $15.3b
Capital investment as a proportion of GDP rose to 22.3%

Main features

Financing resources and investment table

Financing resources and investment March quarter 2021, original, current prices, $b
			Non-financial corps	Financial corps	Government	Households	Total national	Rest of world
Financing resources
	Net saving (a)		3.4	15.4	-15.3	37.7	41.3	-17.6
	plus Consumption of fixed capital		44.7	3.2	11.6	31.8	91.2	-
	Gross saving		48.1	18.6	-3.7	69.5	132.5	-17.6
	plus Net capital transfers		0.3	0.0	-2.0	1.5	-0.2	0.2
	less Statistical discrepancy (b)		-	-	-	-	7.5	-
	Total financing resources		48.4	18.6	-5.7	71.0	124.8	-17.4
Uses of financing (investment)
	Capital formation
		Gross fixed capital formation	46.1	2.7	18.9	39.3	106.9	-
		plus Changes in inventories	-0.4	0.0	1.1	-0.3	0.5	-
		plus Net acquisition of non-produced non-financial assets	-1.0	-	1.0	-	-	-
		Total capital formation	44.7	2.7	21.0	39.0	107.4	-
	plus Financial investment
		Aquistition of financial assets	19.6	4.1	3.2	34.1	-51.3	-66.6
		less Incurrence of financial liabilities	12.0	-12.9	16.6	30.0	-66.6	-51.3
		Net Financial investment (Net lending (+) / net borrowing (-))	7.6	17.0	-13.4	4.0	15.3	-15.3
	less Net errors and omissions		3.8	1.1	13.3	-27.9	-2.2	2.2
	Total investment		48.4	18.6	-5.7	71.0	124.8	-17.4

- nil or rounded to zero
(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.

Financial market summary table

Financial market summary, $b
		Amounts outstanding, Dec-20	Transactions, Mar-21	Other changes, Mar-21	Amounts outstanding, Mar-21
Currency and deposits
	Currency	102.8	-1.8	-	101.0
	Transferable deposits	1,554.6	139.7	0.4	1,694.7
	Other deposits	1,420.9	-14.4	0.5	1,407.0
Short term debt securities
	Bills of exchange	12.4	-0.5	-	11.9
	One name paper	486.3	-0.3	-0.4	485.6
Long term debt securities
	Bonds, etc.	3,195.3	7.4	-82.5	3,120.2
Derivatives
	Derivatives	951.2	-154.0	-69.5	727.8
Loans and placements
	Short term	385.0	-8.7	0.2	376.4
	Long term	4,091.5	34.7	-2.5	4,123.8
Shares and other equity
	Listed	2,252.4	7.0	69.8	2,329.1
	Unlisted	5,031.1	20.5	74.7	5,126.4
Insurance technical reserves
	Reserves of pension funds and life	2,863.2	16.3	63.2	2,942.7
	General insurance payments	138.8	-0.6	0.0	138.3

- nil or rounded to zero

Flow of funds diagrams

Image

Net transactions during March quarter 2021

This is a flowchart that shows the intersectoral financial flows of net transactions during the March quarter 2021.

Description

Net transactions during March quarter 2021

Financial corporations borrowed $6.0b from households and $4.7b from non-financial corporations. They lent $25.9b to general government, and $9.5b to rest of world. Rest of the world borrowed $9.8b from non-financial corporations and $4.5b from general government. They lent $0.2b to households. General government borrowed $2.6b from households. Households lent $2.9b to non-financial corporations.

Image

Amounts outstanding at end of March quarter 2021

This is a flowchart that shows the intersectoral financial flows of amounts outstanding at the end of the March quarter 2021.

Description

Amounts outstanding at end of March quarter 2021

Net claims of non-financial corporations were $1,068.5b from financial corporations, $748.9b from households, $1,010.3b from rest of world and $420.7b from general government. Net claims of general government were $392.3b from financial corporations, $294.8b from rest of world and $556.1b from households. Net claims of rest of world were $159.9b from financial corporations and $161.8b from households. Net claims of financial corporations were $2,200.8b from households.

National investment

National investment decreased $13.5b to $107.4b in the March quarter.

General government investment decreased by $1.2b to $21.0b driven by a decrease in both national and state and local government gross fixed capital formation.
Non-financial corporations' investment decreased $7.1b to $44.7b, driven by a decrease in private non-financial corporations gross fixed capital formation.
Household investment decreased $5.0b to $39.0b, down from $44.0b in the previous quarter.

Financial investment

Australia was a net lender of $15.3b, the eight consecutive quarter of net lending. The main contributors were a:

$20.0b in net maturities of bonds held by ROW
$16.7b acquisition of ROW equities, driven by pension funds, other private non-financial corporations (OPNFC) and non-money market funds

Net maturities of authorised deposit taking institution (ADI) bonds led to a decrease in bond liabilities. Pension funds, OPNFC and non-money market funds continued to invest in overseas equities markets as economic conditions continued to improve.

Households

Households' $4.0b net lending position was the result of a $34.1b acquisition of assets and a $30.0b incurrence of liabilities, driven by a:

$19.3b transaction in net equity in pension funds
$15.5b transaction in deposits
partly offset by $26.6b loan borrowing

The deposits transactions reflects increased saving due to ongoing government income support packages. With improvements in the housing market households increased their loan borrowings. Net equity in pension funds transactions reflect improving labour market conditions as household contributions and drawdowns in superannuation stabilised following the conclusion of the government policy for early access to superannuation in December quarter 2020.

Non-financial corporations

Non-financial corporations' $7.6b net lending position was due to a $19.6b acquisition of financial assets and a $12.0b incurrence of liabilities. The acquisition in assets was driven by a:

$16.1b acquisition of deposits
$6.6b in loan borrowing

Deposits increased as non-financial corporations continued to save. Businesses increased loan borrowings as the economic outlook improved.

General government

General government's $13.4b net borrowing position was due to a $3.2b acquisition of assets and $16.6b incurrence of liabilities and driven by:

$15.0b drawdown of deposit assets
$23.9b net issuance of bonds
$1.4b repayment of loans

Government drew down on deposits and issued debt to finance expenditure while reducing 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)
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	-2.3	-21.0	2.2	1.2	15.2
Jun-19	4.5	-0.1	-21.6	-9.0	35.2
Sep-19	4.6	1.0	-24.0	-20.7	48.3
Dec-19	1.1	-11.2	4.4	-12.6	20.5
Mar-20	5.7	-0.1	1.3	-16.4	20.8
Jun-20	21.3	48.1	7.9	-95.1	60.4
Sep-20	6.0	36.7	11.9	-118.2	75.7
Dec-20	10.5	22.6	0.2	-53.2	40.9
Mar-21	15.3	7.6	17.0	-13.4	4.0

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

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Demand for credit

Demand for credit table

Demand for credit non-financial domestic sectors, $b
		Credit market outstandings, Dec-20	Demand for credit, Mar-21	Other changes, Mar-21	Credit market outstandings, Mar-21
Non-financial corporations
	Investment funds	464.5	3.8	-0.1	468.2
	Other private	3,801.7	11.2	9.9	3,822.8
	Public	148.4	-2.3	-0.1	146.0
General government
	National	908.5	15.4	-36.1	887.8
	State and local	279.9	-1.1	-0.3	278.6
Households		2,429.6	26.4	0.0	2,456.0
Total		8,032.6	53.4	-26.7	8,059.3

- nil or rounded to zero

Demand for credit was $53.4b in the March quarter, of which:

households borrowed $26.4b
general government borrowed $14.3b
other private non-financial corporations borrowed $11.2b

Credit market outstanding grew $26.7b (0.3%) while total revaluation losses were $26.7b. Revaluation losses of $36.2b on national general government bonds were due to rising 10 year bond yields and were partly offset by revaluation gains of $15.3b in the shares of private non-financial corporations.

Households

Continued strength in the housing market boosted demand for new housing loans, particularly from owner-occupiers while investor loans recorded a second consecutive quarter of positive growth for the first time since December 2018. Short term borrowing fell as households repaid credit card debt incurred for retail spending during the December quarter. This was seen in:

$27.9b of long term loan borrowings
$1.3b repayment of short term loans

General government

General government's demand for credit was $14.3b in the March quarter. The national general government's funding requirements fell as pandemic-related support payments wound down during the quarter. This quarter funds were acquired through:

$23.6b in net bond issuances by national general government
partly offset by maturities of $8.1b in treasury notes

Private non-financial corporations

Demand for credit of other private non-financial corporations increased moderately in the March quarter as loan borrowings increased for the first time since March quarter last year, reflecting improved economic outlook. However, favourable operating conditions and government support has allowed many businesses to maintain high levels of deposits accumulated in 2020, limiting their need for external sources of funding. Funds were raised through:

loan borrowings of $6.9b
equity raising of $1.7b

Demand for credit by sector
	Other private non-financial corporations ($b)	Households ($b)	National general government ($b)	State and local general government ($b)
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	43.5	10.3	-2.7	4.3
Jun-19	43.3	14.8	7.4	7.7
Sep-19	9.1	-3.9	17.4	9.8
Dec-19	20.5	19.4	6.1	7.0
Mar-20	48.2	2.1	20.4	18.2
Jun-20	-13.4	15.8	106.1	29.4
Sep-20	-8.3	8.7	117.1	29.8
Dec-20	2.4	23.6	10.0	18.9
Mar-21	11.2	26.4	15.4	-1.1

Demand for credit by sector

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

[["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","Mar-21"],[[49.799999999999997],[24.199999999999999],[55.100000000000001],[33.399999999999999],[12.1],[3.2999999999999998],[23.600000000000001],[13],[3.2999999999999998],[-1.6000000000000001],[12.800000000000001],[20.800000000000001],[-2.6000000000000001],[-4.5999999999999996],[18.899999999999999],[-4],[31.5],[17.100000000000001],[19.100000000000001],[-0.29999999999999999],[23.100000000000001],[34.100000000000001],[21.300000000000001],[59.200000000000003],[12.1],[33.5],[35.200000000000003],[30.300000000000001],[44.399999999999999],[27.699999999999999],[36.399999999999999],[38.899999999999999],[29.899999999999999],[11.4],[20.800000000000001],[72],[8.5999999999999996],[40.700000000000003],[31.699999999999999],[51.200000000000003],[39.399999999999999],[11.300000000000001],[65.599999999999994],[28.699999999999999],[43.5],[43.299999999999997],[9.0999999999999996],[20.5],[48.200000000000003],[-13.4],[-8.3000000000000007],[2.3999999999999999],[11.199999999999999]],[[21.5],[34.299999999999997],[11.699999999999999],[10],[10.699999999999999],[27.100000000000001],[26],[22.800000000000001],[17.199999999999999],[29.300000000000001],[17.100000000000001],[23.199999999999999],[21.600000000000001],[27.199999999999999],[7.2000000000000002],[16.300000000000001],[11.5],[22.600000000000001],[1.8999999999999999],[14.199999999999999],[11.5],[26.899999999999999],[4.2000000000000002],[31.100000000000001],[19.100000000000001],[34.200000000000003],[20.100000000000001],[26.199999999999999],[24.899999999999999],[39.600000000000001],[10.1],[24],[24.899999999999999],[34.200000000000003],[28.600000000000001],[29],[21.600000000000001],[41.100000000000001],[18.199999999999999],[28.199999999999999],[19.600000000000001],[27.899999999999999],[12.800000000000001],[20.600000000000001],[10.300000000000001],[14.800000000000001],[-3.8999999999999999],[19.399999999999999],[2.1000000000000001],[15.800000000000001],[8.6999999999999993],[23.600000000000001],[26.399999999999999]],[[0.69999999999999996],[1.5],[-1.1000000000000001],[4.5],[14.1],[26.699999999999999],[6.7999999999999998],[14.1],[14.6],[16.300000000000001],[13.9],[14],[10.300000000000001],[9],[16.100000000000001],[17.800000000000001],[16.100000000000001],[-0.59999999999999998],[16.899999999999999],[14],[6.5],[-8.8000000000000007],[21.600000000000001],[18.300000000000001],[16.399999999999999],[6.7000000000000002],[19.399999999999999],[9.9000000000000004],[14.699999999999999],[5.7000000000000002],[29.399999999999999],[4.5999999999999996],[22],[4.2000000000000002],[23.600000000000001],[23.100000000000001],[20.899999999999999],[17.5],[1.5],[13.699999999999999],[4.7999999999999998],[10.1],[3.3999999999999999],[2.2999999999999998],[-2.7000000000000002],[7.4000000000000004],[17.399999999999999],[6.0999999999999996],[20.399999999999999],[106.09999999999999],[117.09999999999999],[10],[15.4]],[[0.40000000000000002],[9.3000000000000007],[0.59999999999999998],[2.8999999999999999],[0.20000000000000001],[0.69999999999999996],[10.5],[-0.5],[5.2000000000000002],[4.5999999999999996],[3.8999999999999999],[-2.1000000000000001],[6.5999999999999996],[10.5],[9.8000000000000007],[4.5999999999999996],[2],[14],[6.5],[2.7000000000000002],[1.7],[3.2999999999999998],[5.5999999999999996],[2.7000000000000002],[2],[3.5],[2.6000000000000001],[2.7999999999999998],[2.3999999999999999],[-3.5],[6.7000000000000002],[-3.8999999999999999],[2.1000000000000001],[-3.6000000000000001],[3.7000000000000002],[-8.9000000000000004],[-0.5],[-0.59999999999999998],[2.8999999999999999],[1.8999999999999999],[1.3999999999999999],[-1.2],[0.40000000000000002],[4.2000000000000002],[4.2999999999999998],[7.7000000000000002],[9.8000000000000007],[7],[18.199999999999999],[29.399999999999999],[29.800000000000001],[18.899999999999999],[-1.1000000000000001]]]

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Households

Balance sheet

Household balance sheet, $b
		Amounts outstanding, Dec-20	Transactions, Mar-21	Other changes (a), Mar-21	Holding gains/losses, Mar-21	Amounts outstanding, Mar-21
Non-financial assets
	Land and dwellings	7,891.8	7.9	5.7	421.0	8,326.4
	Other non-financial assets	666.9	-0.6	-	0.9	667.1
Financial assets
	Superannuation reserves	3,343.4	23.4	-	52.2	3,419.0
	Shares and other equity	1,118.7	2.5	-	25.9	1,147.2
	Currency and deposits	1,321.7	15.0	-	0.1	1,336.8
	Other financial assets	349.3	-6.8	-	1.0	343.4
Liabilities
	Loans	2,423.9	26.6	-	0.0	2,450.5
	Other liabilities	121.5	3.4	-	-	125.0
Wealth (Net worth)		12,146.5	11.3	5.7	501.0	12,664.5
Memorandum item
	Consumer durables (b)	418.8	4.8	-	-	422.1

- nil or rounded to zero
(a) Not all other changes in volume are separately identifiable. Some have been shown as holding gains.
(b) Consumer durables are not included in net worth.

Financial assets

Household selected financial assets, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total assets		82.8	5,866.9	66.7	6,133.2	34.1	6,246.4
Deposits		63.8	1,248.0	27.9	1,274.6	15.5	1,290.2
Shares and equity		-0.6	1,065.0	8.1	1,118.7	2.5	1,147.2
Net equity in reserves		8.1	2,688.4	23.1	2,869.2	16.2	2,948.5
	Pension funds	6.7	2,563.3	20.8	2,730.6	19.3	2,811.9
Other assets		11.5	865.6	7.6	870.6	-0.2	860.5

Liabilities

Household selected liabilities, $b
	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total liabilities	7.1	2,523.6	25.9	2,545.4	30.0	2,575.4
Short term loans	-4.3	62.9	1.0	63.9	-1.3	62.6
Long term loans	13.5	2,341.2	22.8	2,359.9	27.9	2,387.9
Other liabilities	-2.1	119.5	2.0	121.5	3.4	125.0

Household wealth rose 4.3% ($518.0b) to a new high of $12,664.5b at the end of the March quarter. This was driven by continued strength in the housing market and holding gains in financial assets.

Wealth per capita increased 4.1% ($19,494) to $492,055 per person.

Non-financial assets

Non-financial assets owned by households increased 5.1% ($434.9b), driven by a:

$434.6b rise in land and dwellings

Holding gains on land and dwellings show sustained growth in property prices, reflecting increasing housing market activity over the March quarter. Demand for property remains strong due to:

record low interest rates;
recovery in the labour market;
rising consumer confidence; and
support through a range of government incentives.

Strong buyer demand in combination with low levels of stock on the market has maintained upward pressure on residential property prices.

Financial assets

Financial assets of households rose 1.8% ($113.2b), driven by:

$75.6b rise in superannuation reserves
$28.4b rise in shares and other equity

Growth in these assets, while strong, was weaker than last quarter, driven by revaluation gains, reflecting the positive performance of domestic and overseas share markets.

Transactions in superannuation ($23.4b) also contributed to the increase, reflecting continued employment growth over the quarter as economic conditions improved. There were no significant impacts of the early access to superannuation scheme, applications for which ended in December 2020.

Liabilities

Household liabilities increased 1.2% ($30.0b), driven by a:

$21.2b rise in housing loans

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 $20.7b. Investor loans also contributed $3.2b to the rise, recording a second consecutive quarter of positive growth for the first time since December 2018.

This was partly offset by a

$1.3b reduction in short term debt

Credit cards were the biggest contributor to the fall in short term debt. Negative growth this quarter follows an increase in December, where households drew on credit cards to fund their expenditure for Black Friday and Christmas. The fall this quarter reflects a slowdown in household consumption following the holiday period, and the longer-term structural decline in this form of lending.

Change in household wealth
	Wealth (Net worth)	Land and dwellings	Superannuation	Currency and deposits	Shares and equity	Other financial assets	Liabilities
Mar-08	-156.9	-14.4	-75.8	11.4	-47.1	-9.4	-26.9
Jun-08	-79.6	-50.5	-1.9	18.9	-11.1	-2.1	-35.3
Sep-08	-118	-64.3	-48.1	25.1	-11.2	-3.2	-18.1
Dec-08	-312.9	-215.4	-92.7	36.8	-33.6	0.3	-12.3
Mar-09	-17	16.1	-18.6	10.4	-9.2	-6.3	-12.4
Jun-09	279	155.8	120.5	4.2	17.2	6.6	-27.4
Sep-09	362.1	223	112.2	14.7	34.2	11.8	-36.5
Dec-09	341.4	295	46.6	9.9	1.5	1.9	-19.6
Mar-10	219.5	195	23.9	10.5	2.2	2.4	-19.9
Jun-10	-116.8	-28.7	-41.5	7.3	-23.3	-1.1	-33
Sep-10	87.4	17.3	42.8	27.2	11.6	3.1	-17.6
Dec-10	69.5	22.7	48.8	13.6	5.2	2.2	-27.8
Mar-11	-11	-15.4	29.1	8.3	1.9	-10.9	-26.6
Jun-11	-30.5	8.7	-0.7	0.5	-8.9	-2.7	-28.4
Sep-11	-211.2	-130.2	-71.2	23.6	-15.2	-4.4	-13.9
Dec-11	7.8	-16.5	15.5	15.4	4.7	0.3	-14.2
Mar-12	102.5	26.6	65.2	10.2	18.4	-3.6	-15.6
Jun-12	146.4	28.4	123.7	9.1	-4.3	13	-24.2
Sep-12	64	-14.9	51.2	22.5	15.8	-4.1	-7.7
Dec-12	182.7	105.9	58.5	12.6	14.7	-1.1	-12.7
Mar-13	146	54.4	68.2	9.7	22.9	0.6	-13.7
Jun-13	1.5	78.6	-51.8	6.4	-3	1.9	-34.4
Sep-13	208.6	83.3	85.8	26.3	21.1	-0.4	-12.3
Dec-13	239.8	173.3	56.5	20.4	8.7	7.7	-35.8
Mar-14	133.7	76.5	41.9	9.7	19.4	-1.4	-20
Jun-14	119.8	94.9	28	7	15.4	4.4	-36.9
Sep-14	151.6	82.5	51.9	29.5	13.1	-7.3	-26
Dec-14	261.8	169	59.7	25.5	24.6	1.7	-30
Mar-15	261.4	124.9	104.8	13.9	34.9	6.9	-32
Jun-15	202.9	224.8	13.6	6.4	0.1	-4.4	-43.4
Sep-15	130.7	129.8	-19.8	37.2	0.9	-2.6	-18.7
Dec-15	144.8	46.9	71	19.6	30.4	-6.2	-22.7
Mar-16	-17.8	9.8	-21.8	12.8	3.7	0.6	-25.9
Jun-16	280.2	137.4	149.1	10.6	16.2	7.1	-42.9
Sep-16	223.9	125.7	74.5	25.3	23.7	1.7	-30.8
Dec-16	329.8	257.8	48.2	24.9	22.9	0.7	-32.4
Mar-17	229.9	160.2	61.7	9.8	20.6	2	-30.2
Jun-17	150.8	169.9	14.6	1.4	4.1	-1.3	-41.9
Sep-17	34.8	14.2	1.7	21.7	12.1	8.2	-26.8
Dec-17	285.6	168	97.4	13.5	26.1	6.3	-32.3
Mar-18	-10.6	17.5	-12.5	10	2.3	0.1	-31
Jun-18	88.9	-25.8	109	1.5	22.1	11.9	-31.4
Sep-18	36.2	-50.4	53.9	28.3	18.4	3.7	-18.5
Dec-18	-197.1	-60.2	-108.2	9.6	-7.2	-8.9	-25.8
Mar-19	62.5	-118.8	144.8	5.6	33.9	13.7	-17
Jun-19	307	69.1	219.3	4.3	27.6	13.4	-25.6
Sep-19	336.4	226.2	63.1	25.9	18.3	9	-4.4
Dec-19	281	218.8	54.5	12.9	13.8	2.9	-24.2
Mar-20	-254.6	105.9	-274.3	17.3	-62.9	-22.8	-17.8
Jun-20	226.9	-23.9	165.3	34.8	31.1	27.2	-5.1
Sep-20	340.8	230	38.2	66.1	8.3	6.5	-6.5
Dec-20	590.3	343.2	168.6	28	53.7	15.9	-21.8
Mar-21	518	434.6	75.6	15	28.4	-5.9	-30

Change in household wealth

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

[["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","Mar-21"],[[-156.90000000000001],[-79.599999999999994],[-118],[-312.89999999999998],[-17],[279],[362.10000000000002],[341.39999999999998],[219.5],[-116.8],[87.400000000000006],[69.5],[-11],[-30.5],[-211.19999999999999],[7.7999999999999998],[102.5],[146.40000000000001],[64],[182.69999999999999],[146],[1.5],[208.59999999999999],[239.80000000000001],[133.69999999999999],[119.8],[151.59999999999999],[261.80000000000001],[261.39999999999998],[202.90000000000001],[130.69999999999999],[144.80000000000001],[-17.800000000000001],[280.19999999999999],[223.90000000000001],[329.80000000000001],[229.90000000000001],[150.80000000000001],[34.799999999999997],[285.60000000000002],[-10.6],[88.900000000000006],[36.200000000000003],[-197.09999999999999],[62.5],[307],[336.39999999999998],[281],[-254.59999999999999],[226.90000000000001],[340.80000000000001],[590.29999999999995],[518]],[[-14.4],[-50.5],[-64.299999999999997],[-215.40000000000001],[16.100000000000001],[155.80000000000001],[223],[295],[195],[-28.699999999999999],[17.300000000000001],[22.699999999999999],[-15.4],[8.6999999999999993],[-130.19999999999999],[-16.5],[26.600000000000001],[28.399999999999999],[-14.9],[105.90000000000001],[54.399999999999999],[78.599999999999994],[83.299999999999997],[173.30000000000001],[76.5],[94.900000000000006],[82.5],[169],[124.90000000000001],[224.80000000000001],[129.80000000000001],[46.899999999999999],[9.8000000000000007],[137.40000000000001],[125.7],[257.80000000000001],[160.19999999999999],[169.90000000000001],[14.199999999999999],[168],[17.5],[-25.800000000000001],[-50.399999999999999],[-60.200000000000003],[-118.8],[69.099999999999994],[226.19999999999999],[218.80000000000001],[105.90000000000001],[-23.899999999999999],[230],[343.19999999999999],[434.60000000000002]],[[-75.799999999999997],[-1.8999999999999999],[-48.100000000000001],[-92.700000000000003],[-18.600000000000001],[120.5],[112.2],[46.600000000000001],[23.899999999999999],[-41.5],[42.799999999999997],[48.799999999999997],[29.100000000000001],[-0.69999999999999996],[-71.200000000000003],[15.5],[65.200000000000003],[123.7],[51.200000000000003],[58.5],[68.200000000000003],[-51.799999999999997],[85.799999999999997],[56.5],[41.899999999999999],[28],[51.899999999999999],[59.700000000000003],[104.8],[13.6],[-19.800000000000001],[71],[-21.800000000000001],[149.09999999999999],[74.5],[48.200000000000003],[61.700000000000003],[14.6],[1.7],[97.400000000000006],[-12.5],[109],[53.899999999999999],[-108.2],[144.80000000000001],[219.30000000000001],[63.100000000000001],[54.5],[-274.30000000000001],[165.30000000000001],[38.200000000000003],[168.59999999999999],[75.599999999999994]],[[11.4],[18.899999999999999],[25.100000000000001],[36.799999999999997],[10.4],[4.2000000000000002],[14.699999999999999],[9.9000000000000004],[10.5],[7.2999999999999998],[27.199999999999999],[13.6],[8.3000000000000007],[0.5],[23.600000000000001],[15.4],[10.199999999999999],[9.0999999999999996],[22.5],[12.6],[9.6999999999999993],[6.4000000000000004],[26.300000000000001],[20.399999999999999],[9.6999999999999993],[7],[29.5],[25.5],[13.9],[6.4000000000000004],[37.200000000000003],[19.600000000000001],[12.800000000000001],[10.6],[25.300000000000001],[24.899999999999999],[9.8000000000000007],[1.3999999999999999],[21.699999999999999],[13.5],[10],[1.5],[28.300000000000001],[9.5999999999999996],[5.5999999999999996],[4.2999999999999998],[25.899999999999999],[12.9],[17.300000000000001],[34.799999999999997],[66.099999999999994],[28],[15]],[[-47.100000000000001],[-11.1],[-11.199999999999999],[-33.600000000000001],[-9.1999999999999993],[17.199999999999999],[34.200000000000003],[1.5],[2.2000000000000002],[-23.300000000000001],[11.6],[5.2000000000000002],[1.8999999999999999],[-8.9000000000000004],[-15.199999999999999],[4.7000000000000002],[18.399999999999999],[-4.2999999999999998],[15.800000000000001],[14.699999999999999],[22.899999999999999],[-3],[21.100000000000001],[8.6999999999999993],[19.399999999999999],[15.4],[13.1],[24.600000000000001],[34.899999999999999],[0.10000000000000001],[0.90000000000000002],[30.399999999999999],[3.7000000000000002],[16.199999999999999],[23.699999999999999],[22.899999999999999],[20.600000000000001],[4.0999999999999996],[12.1],[26.100000000000001],[2.2999999999999998],[22.100000000000001],[18.399999999999999],[-7.2000000000000002],[33.899999999999999],[27.600000000000001],[18.300000000000001],[13.800000000000001],[-62.899999999999999],[31.100000000000001],[8.3000000000000007],[53.700000000000003],[28.399999999999999]],[[-9.4000000000000004],[-2.1000000000000001],[-3.2000000000000002],[0.29999999999999999],[-6.2999999999999998],[6.5999999999999996],[11.800000000000001],[1.8999999999999999],[2.3999999999999999],[-1.1000000000000001],[3.1000000000000001],[2.2000000000000002],[-10.9],[-2.7000000000000002],[-4.4000000000000004],[0.29999999999999999],[-3.6000000000000001],[13],[-4.0999999999999996],[-1.1000000000000001],[0.59999999999999998],[1.8999999999999999],[-0.40000000000000002],[7.7000000000000002],[-1.3999999999999999],[4.4000000000000004],[-7.2999999999999998],[1.7],[6.9000000000000004],[-4.4000000000000004],[-2.6000000000000001],[-6.2000000000000002],[0.59999999999999998],[7.0999999999999996],[1.7],[0.69999999999999996],[2],[-1.3],[8.1999999999999993],[6.2999999999999998],[0.10000000000000001],[11.9],[3.7000000000000002],[-8.9000000000000004],[13.699999999999999],[13.4],[9],[2.8999999999999999],[-22.800000000000001],[27.199999999999999],[6.5],[15.9],[-5.9000000000000004]],[[-26.899999999999999],[-35.299999999999997],[-18.100000000000001],[-12.300000000000001],[-12.4],[-27.399999999999999],[-36.5],[-19.600000000000001],[-19.899999999999999],[-33],[-17.600000000000001],[-27.800000000000001],[-26.600000000000001],[-28.399999999999999],[-13.9],[-14.199999999999999],[-15.6],[-24.199999999999999],[-7.7000000000000002],[-12.699999999999999],[-13.699999999999999],[-34.399999999999999],[-12.300000000000001],[-35.799999999999997],[-20],[-36.899999999999999],[-26],[-30],[-32],[-43.399999999999999],[-18.699999999999999],[-22.699999999999999],[-25.899999999999999],[-42.899999999999999],[-30.800000000000001],[-32.399999999999999],[-30.199999999999999],[-41.899999999999999],[-26.800000000000001],[-32.299999999999997],[-31],[-31.399999999999999],[-18.5],[-25.800000000000001],[-17],[-25.600000000000001],[-4.4000000000000004],[-24.199999999999999],[-17.800000000000001],[-5.0999999999999996],[-6.5],[-21.800000000000001],[-30]]]

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Private non-financial corporations

Financial assets

Private non-financial corporations' selected financial assets, $b
	Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total assets	36.5	1,659.7	36.4	1,680.4	18.1	1,707.8
Deposits	13.6	686.9	10.5	694.7	15.7	710.7
Shares and equity	14.0	547.9	17.2	568.7	7.7	577.8
Other accounts receivable	8.9	202.0	9.9	198.7	-2.1	206.7
Other assets	0.0	222.9	-1.2	218.3	-3.2	212.5

Liabilities

Private non-financial corporations' selected liabilities, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total liabilities		9.1	4,304.2	11.4	4,446.5	14.6	4,471.1
Total debt securities		-8.0	313.7	-14.2	290.7	3.1	290.5
Loans		-6.1	939.5	-11.2	926.0	8.8	932.7
	Pension funds	0.1	7.3	0.1	7.4	0.0	7.4
	Non-money market investment funds	-0.6	10.1	-0.1	10.0	0.1	10.1
	Rest of world	3.3	269.7	-12.1	257.0	1.9	256.6
Shares and equity		14.3	2,833.8	32.9	3,008.5	2.4	3,026.2
	Households	1.3	712.8	6.4	736.6	2.9	748.6
	Rest of world	8.2	1,089.7	15.1	1,132.9	-5.5	1,121.8
Other liabilities		8.9	217.3	3.9	221.2	0.3	221.8

Private non-financial corporations increased their liabilities by $14.6b, driven by:

$8.8b loan borrowing
$3.1b issuance of debt securities, and
$2.4b raising of equity

Private non-financial corporations' demand for credit
	Total liabilities ($b)	Short-term debt ($b)	Bonds ($b)	Loans ($b)	Equities ($b)
Mar-08	51.2	4.1	2.2	20.1	23.4
Jun-08	32.7	1.4	8.0	6.0	8.9
Sep-08	63.7	2.4	-0.7	30.0	23.4
Dec-08	36.6	-3.0	11.7	17.0	7.7
Mar-09	3.3	0.6	11.8	-18.7	18.4
Jun-09	-14.8	-2.0	9.2	-26.3	22.5
Sep-09	34.2	0.3	2.3	-13.1	34.1
Dec-09	13.3	-4.0	6.0	-6.9	17.9
Mar-10	4.5	-2.1	3.1	-8.2	10.4
Jun-10	3.7	-3.0	1.0	-8.2	8.5
Sep-10	10.9	-0.2	8.0	-6.6	11.6
Dec-10	20.9	-7.0	1.9	-7.0	32.8
Mar-11	-4.2	-2.3	4.6	5.0	-9.9
Jun-11	-8.0	-3.2	4.0	-7.8	2.4
Sep-11	14.7	8.0	-1.8	19.3	-6.6
Dec-11	1.1	-3.6	9.1	-0.6	-9.0
Mar-12	31.4	0.3	7.9	9.1	14.2
Jun-12	21.6	-2.5	1.7	13.5	4.4
Sep-12	15.9	-3.6	10.7	-2.5	14.4
Dec-12	-1.9	-5.0	9.0	4.0	-8.4
Mar-13	20.5	-1.8	5.5	8.4	11.0
Jun-13	31.9	-3.2	2.1	16.8	18.5
Sep-13	21.4	1.6	6.7	1.1	11.9
Dec-13	61.1	-7.7	8.5	15.3	43.2
Mar-14	12.8	-3.9	-0.7	1.2	15.5
Jun-14	26.3	-3.4	-5.7	22.0	20.7
Sep-14	41.2	-2.6	9.5	1.9	26.3
Dec-14	29.1	-1.8	-5.3	14.2	23.2
Mar-15	42.1	-3.3	9.1	22.4	16.1
Jun-15	28.6	-2.7	10.4	2.6	17.5
Sep-15	41.3	-1.9	-5.7	31.4	12.6
Dec-15	35.9	-2.0	8.7	13.4	18.8
Mar-16	28.3	-2.4	6.3	15.0	11.1
Jun-16	12.7	-3.1	-5.0	3.2	16.4
Sep-16	25.3	-2.1	-4.7	7.3	20.3
Dec-16	73.9	-2.5	2.9	13.6	58.0
Mar-17	17.4	-0.2	-10.1	1.0	17.9
Jun-17	44.3	-1.4	7.2	5.4	29.5
Sep-17	41.5	-3.8	-1.8	3.7	33.6
Dec-17	48.5	-1.2	-5.2	9.6	48.0
Mar-18	44.0	-0.6	3.4	14.0	22.6
Jun-18	10.7	-2.4	1.0	-2.7	15.5
Sep-18	70.4	-3.3	2.2	26.7	40.0
Dec-18	29.0	-2.8	-0.3	5.0	26.8
Mar-19	42.8	-2.6	7.5	21.5	17.1
Jun-19	50.5	-4.1	8.3	17.8	21.3
Sep-19	15.7	-1.2	-1.4	4.5	7.2
Dec-19	16.2	-2.7	1.0	1.9	20.3
Mar-20	50.4	0.8	-6.8	45.9	8.4
Jun-20	-19.1	-2.5	-1.8	-31.4	22.3
Sep-20	0.6	-0.5	-11.1	-7.6	10.9
Dec-20	6.0	-2.6	-13.0	-12.7	30.7
Mar-21	12.0	0.7	1.9	6.9	1.7

Private non-financial corporations' demand for credit

["","Total liabilities","Short-term debt","Bonds","Loans","Equities"]

[["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","Mar-21"],[[51.200000000000003],[32.700000000000003],[63.700000000000003],[36.600000000000001],[3.2999999999999998],[-14.800000000000001],[34.200000000000003],[13.300000000000001],[4.5],[3.7000000000000002],[10.9],[20.899999999999999],[-4.2000000000000002],[-8],[14.699999999999999],[1.1000000000000001],[31.399999999999999],[21.600000000000001],[15.9],[-1.8999999999999999],[20.5],[31.899999999999999],[21.399999999999999],[61.100000000000001],[12.800000000000001],[26.300000000000001],[41.200000000000003],[29.100000000000001],[42.100000000000001],[28.600000000000001],[41.299999999999997],[35.899999999999999],[28.300000000000001],[12.699999999999999],[25.300000000000001],[73.900000000000006],[17.399999999999999],[44.299999999999997],[41.5],[48.5],[44],[10.699999999999999],[70.400000000000006],[29],[42.799999999999997],[50.5],[15.699999999999999],[16.199999999999999],[50.399999999999999],[-19.100000000000001],[0.59999999999999998],[6],[12]],[[4.0999999999999996],[1.3999999999999999],[2.3999999999999999],[-3],[0.59999999999999998],[-2],[0.29999999999999999],[-4],[-2.1000000000000001],[-3],[-0.20000000000000001],[-7],[-2.2999999999999998],[-3.2000000000000002],[8],[-3.6000000000000001],[0.29999999999999999],[-2.5],[-3.6000000000000001],[-5],[-1.8],[-3.2000000000000002],[1.6000000000000001],[-7.7000000000000002],[-3.8999999999999999],[-3.3999999999999999],[-2.6000000000000001],[-1.8],[-3.2999999999999998],[-2.7000000000000002],[-1.8999999999999999],[-2],[-2.3999999999999999],[-3.1000000000000001],[-2.1000000000000001],[-2.5],[-0.20000000000000001],[-1.3999999999999999],[-3.7999999999999998],[-1.2],[-0.59999999999999998],[-2.3999999999999999],[-3.2999999999999998],[-2.7999999999999998],[-2.6000000000000001],[-4.0999999999999996],[-1.2],[-2.7000000000000002],[0.80000000000000004],[-2.5],[-0.5],[-2.6000000000000001],[0.69999999999999996]],[[2.2000000000000002],[8],[-0.69999999999999996],[11.699999999999999],[11.800000000000001],[9.1999999999999993],[2.2999999999999998],[6],[3.1000000000000001],[1],[8],[1.8999999999999999],[4.5999999999999996],[4],[-1.8],[9.0999999999999996],[7.9000000000000004],[1.7],[10.699999999999999],[9],[5.5],[2.1000000000000001],[6.7000000000000002],[8.5],[-0.69999999999999996],[-5.7000000000000002],[9.5],[-5.2999999999999998],[9.0999999999999996],[10.4],[-5.7000000000000002],[8.6999999999999993],[6.2999999999999998],[-5],[-4.7000000000000002],[2.8999999999999999],[-10.1],[7.2000000000000002],[-1.8],[-5.2000000000000002],[3.3999999999999999],[1],[2.2000000000000002],[-0.29999999999999999],[7.5],[8.3000000000000007],[-1.3999999999999999],[1],[-6.7999999999999998],[-1.8],[-11.1],[-13],[1.8999999999999999]],[[20.100000000000001],[6],[30],[17],[-18.699999999999999],[-26.300000000000001],[-13.1],[-6.9000000000000004],[-8.1999999999999993],[-8.1999999999999993],[-6.5999999999999996],[-7],[5],[-7.7999999999999998],[19.300000000000001],[-0.59999999999999998],[9.0999999999999996],[13.5],[-2.5],[4],[8.4000000000000004],[16.800000000000001],[1.1000000000000001],[15.300000000000001],[1.2],[22],[1.8999999999999999],[14.199999999999999],[22.399999999999999],[2.6000000000000001],[31.399999999999999],[13.4],[15],[3.2000000000000002],[7.2999999999999998],[13.6],[1],[5.4000000000000004],[3.7000000000000002],[9.5999999999999996],[14],[-2.7000000000000002],[26.699999999999999],[5],[21.5],[17.800000000000001],[4.5],[1.8999999999999999],[45.899999999999999],[-31.399999999999999],[-7.5999999999999996],[-12.699999999999999],[6.9000000000000004]],[[23.399999999999999],[8.9000000000000004],[23.399999999999999],[7.7000000000000002],[18.399999999999999],[22.5],[34.100000000000001],[17.899999999999999],[10.4],[8.5],[11.6],[32.799999999999997],[-9.9000000000000004],[2.3999999999999999],[-6.5999999999999996],[-9],[14.199999999999999],[4.4000000000000004],[14.4],[-8.4000000000000004],[11],[18.5],[11.9],[43.200000000000003],[15.5],[20.699999999999999],[26.300000000000001],[23.199999999999999],[16.100000000000001],[17.5],[12.6],[18.800000000000001],[11.1],[16.399999999999999],[20.300000000000001],[58],[17.899999999999999],[29.5],[33.600000000000001],[48],[22.600000000000001],[15.5],[40],[26.800000000000001],[17.100000000000001],[21.300000000000001],[7.2000000000000002],[20.300000000000001],[8.4000000000000004],[22.300000000000001],[10.9],[30.699999999999999],[1.7]]]

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Private non-financial corporations favoured debt over equity raising, as businesses resumed loan borrowing following three consecutive quarters of repayment. Increased borrowing reflects the improved business sentiment, following the disruptions experienced throughout 2020. This resulted in:

debt to equity ratio (adjusted for price changes) rising from 0.64 to 0.65

Despite the slight increase, the debt to equity ratio remains below pre-pandemic levels, as businesses have deleveraged to strengthen their balance sheet positions. Profitable business conditions aided by government support payments has allowed businesses to build substantial liquidity buffers, limiting their borrowing needs.

Private non-financial corporations' debt to equity ratio
	Debt to equity ratio, adjusted for price changes, March 2001 base	Debt to equity ratio
Mar-01	0.68	0.68
Jun-01	0.65	0.61
Sep-01	0.65	0.66
Dec-01	0.61	0.58
Mar-02	0.60	0.56
Jun-02	0.60	0.60
Sep-02	0.60	0.61
Dec-02	0.60	0.59
Mar-03	0.59	0.59
Jun-03	0.59	0.57
Sep-03	0.58	0.53
Dec-03	0.58	0.51
Mar-04	0.57	0.50
Jun-04	0.58	0.49
Sep-04	0.58	0.48
Dec-04	0.62	0.48
Mar-05	0.62	0.47
Jun-05	0.70	0.52
Sep-05	0.71	0.50
Dec-05	0.73	0.50
Mar-06	0.74	0.50
Jun-06	0.75	0.51
Sep-06	0.76	0.52
Dec-06	0.79	0.51
Mar-07	0.81	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	0.91	0.60
Sep-08	0.93	0.69
Dec-08	0.94	0.81
Mar-09	0.91	0.79
Jun-09	0.85	0.70
Sep-09	0.82	0.63
Dec-09	0.80	0.60
Mar-10	0.79	0.60
Jun-10	0.78	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	0.64
Mar-12	0.79	0.61
Jun-12	0.80	0.65
Sep-12	0.79	0.64
Dec-12	0.80	0.62
Mar-13	0.80	0.61
Jun-13	0.80	0.65
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	0.76	0.62
Mar-15	0.76	0.62
Jun-15	0.76	0.63
Sep-15	0.77	0.66
Dec-15	0.77	0.65
Mar-16	0.77	0.64
Jun-16	0.76	0.62
Sep-16	0.75	0.59
Dec-16	0.74	0.59
Mar-17	0.73	0.57
Jun-17	0.72	0.57
Sep-17	0.72	0.56
Dec-17	0.70	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
Mar-21	0.65	0.48

Private non-financial corporations' debt to equity ratio

["","Debt\u00a0to\u00a0equity\u00a0ratio,\u00a0adjusted\u00a0for\u00a0price\u00a0changes,\u00a0March 2001 base","Debt\u00a0to\u00a0equity\u00a0ratio"]

[["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","Mar-21"],[[0.68000000000000005],[0.64800000000000002],[0.64700000000000002],[0.60999999999999999],[0.59599999999999997],[0.59599999999999997],[0.59899999999999998],[0.60199999999999998],[0.58999999999999997],[0.58799999999999997],[0.57999999999999996],[0.57699999999999996],[0.56799999999999995],[0.57699999999999996],[0.58299999999999996],[0.61499999999999999],[0.61799999999999999],[0.69599999999999995],[0.70999999999999996],[0.72899999999999998],[0.74099999999999999],[0.754],[0.76300000000000001],[0.78800000000000003],[0.80700000000000005],[0.80900000000000005],[0.85399999999999998],[0.88300000000000001],[0.89100000000000001],[0.90600000000000003],[0.92800000000000005],[0.94099999999999995],[0.90500000000000003],[0.84499999999999997],[0.81799999999999995],[0.80100000000000005],[0.78800000000000003],[0.77800000000000002],[0.77400000000000002],[0.73999999999999999],[0.751],[0.74399999999999999],[0.76900000000000002],[0.78300000000000003],[0.78500000000000003],[0.79600000000000004],[0.79000000000000004],[0.79900000000000004],[0.80000000000000004],[0.79700000000000004],[0.79800000000000004],[0.78400000000000003],[0.77300000000000002],[0.76400000000000001],[0.76900000000000002],[0.755],[0.76400000000000001],[0.75600000000000001],[0.76600000000000001],[0.76600000000000001],[0.77200000000000002],[0.76000000000000001],[0.753],[0.73499999999999999],[0.72699999999999998],[0.72399999999999998],[0.71799999999999997],[0.69699999999999995],[0.69999999999999996],[0.68999999999999995],[0.69299999999999995],[0.68400000000000005],[0.69099999999999995],[0.68999999999999995],[0.69199999999999995],[0.68100000000000005],[0.70099999999999996],[0.67100000000000004],[0.66400000000000003],[0.64200000000000002],[0.64800000000000002]],[[0.68000000000000005],[0.60999999999999999],[0.65600000000000003],[0.57999999999999996],[0.56200000000000006],[0.59599999999999997],[0.61099999999999999],[0.58799999999999997],[0.58699999999999997],[0.56799999999999995],[0.53400000000000003],[0.51400000000000001],[0.498],[0.49199999999999999],[0.48099999999999998],[0.48099999999999998],[0.47299999999999998],[0.51800000000000002],[0.501],[0.503],[0.497],[0.51400000000000001],[0.52300000000000002],[0.50700000000000001],[0.502],[0.49199999999999999],[0.51300000000000001],[0.54000000000000004],[0.59399999999999997],[0.59499999999999997],[0.68500000000000005],[0.80700000000000005],[0.79200000000000004],[0.69499999999999995],[0.628],[0.60199999999999998],[0.59699999999999998],[0.63400000000000001],[0.59799999999999998],[0.55300000000000005],[0.55100000000000005],[0.56100000000000005],[0.628],[0.63500000000000001],[0.61099999999999999],[0.65300000000000002],[0.63700000000000001],[0.61499999999999999],[0.60899999999999999],[0.64500000000000002],[0.621],[0.628],[0.61899999999999999],[0.61099999999999999],[0.627],[0.624],[0.61899999999999999],[0.629],[0.66400000000000003],[0.64500000000000002],[0.64100000000000001],[0.61699999999999999],[0.59199999999999997],[0.58499999999999996],[0.56599999999999995],[0.56799999999999995],[0.56299999999999994],[0.53100000000000003],[0.54300000000000004],[0.51700000000000002],[0.52100000000000002],[0.54700000000000004],[0.52100000000000002],[0.51200000000000001],[0.51500000000000001],[0.499],[0.60699999999999998],[0.53100000000000003],[0.51900000000000002],[0.47799999999999998],[0.47699999999999998]]]

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Financial corporations

Financial assets and liabilities

Financial corporations' financial assets, $b
	Amounts outstanding, Dec-20	Transactions, Mar-21	Other changes, Mar-21	Amounts outstanding, Mar-21
Central bank	349.2	87.3	-6.8	429.7
Authorised deposit taking institutions	4,291.2	5.8	-43.0	4,254.0
Other broad money institutions	203.7	1.8	-0.8	204.7
Pension funds	2,571.6	19.6	55.2	2,646.4
Life insurance corporations	187.8	-4.1	0.6	184.4
Non-life insurance corporations	252.5	3.2	-0.5	255.2
Money market investment funds	38.5	-1.8	-0.5	36.2
Non-money market investment funds	1,082.5	9.2	10.5	1,102.2
Central borrowing authorities	514.3	6.7	-0.4	520.6
Securitisers	705.4	-34.7	0.1	670.9
Other financial corporations	93.9	-0.2	4.4	98.1

- nil or rounded to zero

Financial corporations' liabilities, $b
	Amounts outstanding, Dec-20	Transactions, Mar-21	Other changes, Mar-21	Amounts outstanding, Mar-21
Central bank	349.5	87.2	-5.5	431.2
Authorised deposit taking institutions	4,416.3	-18.3	25.8	4,423.8
Other broad money institutions	190.7	1.1	-4.6	187.2
Pension funds	2,779.9	19.4	63.5	2,862.8
Life insurance corporations	179.0	-4.2	0.3	175.1
Non-life insurance corporations	255.6	0.1	2.1	257.8
Money market investment funds	38.5	-2.4	0.1	36.2
Non-money market investment funds	1,215.7	4.5	23.7	1,243.9
Central borrowing authorities	505.9	15.0	-15.7	505.2
Securitisers	720.7	-28.2	0.9	693.4
Other financial corporations	190.8	1.6	-2.2	190.1

Authorised deposit-taking institutions (ADIs)

Financial assets

Authorised deposit taking institutions' selected financial assets, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total assets		-60.9	4,276.4	-22.8	4,291.2	5.8	4,254.0
Deposits		-20.2	133.1	49.9	181.5	98.7	280.1
Bonds		-29.9	987.1	-71.5	915.2	-73.7	825.5
	Securitisers	-123.7	485.9	-35.1	451.0	-37.5	415.5
	National general government	60.0	216.3	-38.2	175.8	-34.4	135.3
Loans		29.5	2,493.4	33.8	2,521.2	57.9	2,578.6
Other assets		-40.4	662.7	-35.0	673.3	-77.1	569.9

Liabilities

Authorised deposit taking institutions' selected liabilities, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total liabilities		-51.0	4,321.1	-18.9	4,416.3	-18.3	4,423.8
Deposits		72.6	2,617.3	2.2	2,607.2	49.9	2,658.4
	Other private non-fin corps	17.9	646.1	7.7	651.9	15.2	667.3
	Pension funds	-14.9	251.6	-14.4	236.9	-1.8	235.2
	Households	63.8	1,226.7	28.0	1,254.4	15.6	1,270.0
Bonds		-29.1	490.8	1.5	475.6	-19.4	447.2
Shares and equities		0.5	438.6	2.1	523.8	2.2	584.2
Other liabilities		-95.1	774.4	-24.7	809.6	-51.0	734.1

ADI’s share of funding from equities continued to increase after another strong quarter in the domestic share market.
In the March quarter, ADIs' funding compared to the previous quarter comprised of:

13.7% from shares and other equity, an increase from 12.2%
6.9% from short term debt securities, an increase from 6.5%
62.5% from deposits, an increase from 60.8%
10.5% from bonds, a decrease from 11.1%

ADIs' funding from deposits rose $51.1b with a:

$15.8b increase from private non-financial corporations
$15.6b increase from households
$16.7b increase from rest of world

ADIs' funding from bonds fell by $28.5b, due to the maturity of existing debt securities and an increase in the bond yield, which devalued the remaining debt securities. This was offset by a $17.5b 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 (%)
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	56.2	6.9	12.6	9.1
Jun-20	58.7	6.6	12.0	10.6
Sep-20	61.2	6.1	11.5	10.3
Dec-20	60.8	6.5	11.1	12.2
Mar-21	62.5	6.9	10.5	13.7

Authorised deposit taking institutions' sources of funding

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

[["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","Mar-21"],[[47.100000000000001],[48.299999999999997],[50.200000000000003],[52.799999999999997],[54.100000000000001],[53.399999999999999],[53.100000000000001],[53.200000000000003],[53.5],[54.200000000000003],[55.5],[56.399999999999999],[57],[57.200000000000003],[57.5],[57.799999999999997],[57.600000000000001],[58.100000000000001],[59.100000000000001],[59.899999999999999],[59.299999999999997],[58.100000000000001],[59.5],[59.100000000000001],[59.200000000000003],[59],[58.399999999999999],[57.399999999999999],[56.100000000000001],[56.399999999999999],[55.899999999999999],[56.799999999999997],[56.200000000000003],[56.399999999999999],[57.600000000000001],[58.299999999999997],[58.899999999999999],[58.799999999999997],[59.299999999999997],[59.799999999999997],[58.899999999999999],[58.600000000000001],[59.5],[58.899999999999999],[58.600000000000001],[57.899999999999999],[57.600000000000001],[58.299999999999997],[56.200000000000003],[58.700000000000003],[61.200000000000003],[60.799999999999997],[62.5]],[[18],[17.699999999999999],[17.199999999999999],[12.699999999999999],[11.300000000000001],[12],[11],[10.9],[10.699999999999999],[10.6],[9.1999999999999993],[9.5999999999999996],[9.6999999999999993],[9.3000000000000007],[9.3000000000000007],[9.5],[9.6999999999999993],[9.1999999999999993],[8.3000000000000007],[8.5999999999999996],[8.8000000000000007],[9.5999999999999996],[9],[8.8000000000000007],[9.1999999999999993],[9.5999999999999996],[9.0999999999999996],[9.4000000000000004],[9.3000000000000007],[9.5999999999999996],[9.0999999999999996],[9.3000000000000007],[8.6999999999999993],[8.5],[8.1999999999999993],[8.4000000000000004],[8.5],[8.8000000000000007],[9.1999999999999993],[8.8000000000000007],[8.9000000000000004],[8.9000000000000004],[8.0999999999999996],[8.5999999999999996],[8.5],[7.7000000000000002],[7.4000000000000004],[8.0999999999999996],[6.9000000000000004],[6.5999999999999996],[6.0999999999999996],[6.5],[6.9000000000000004]],[[15.4],[14.9],[15.699999999999999],[17.600000000000001],[18.100000000000001],[17.100000000000001],[16.699999999999999],[18.300000000000001],[18.300000000000001],[18.5],[17.699999999999999],[16.899999999999999],[16.300000000000001],[16],[16.300000000000001],[15.5],[15.6],[15.1],[15.1],[14.4],[13.9],[14],[14.1],[14.199999999999999],[13.9],[13.699999999999999],[13.800000000000001],[13.9],[13.6],[13.9],[14.199999999999999],[14.199999999999999],[14],[14.1],[13.800000000000001],[13.300000000000001],[13],[12.9],[13],[13.1],[13.5],[13.6],[14],[14],[13.699999999999999],[13.6],[13.4],[12.9],[12.6],[12],[11.5],[11.1],[10.5]],[[14.800000000000001],[13.5],[13.199999999999999],[11.300000000000001],[11.9],[13],[17],[16.699999999999999],[17.399999999999999],[14.800000000000001],[15.6],[15.300000000000001],[15.300000000000001],[14.5],[12.699999999999999],[13.300000000000001],[14],[13.5],[14.4],[15],[16.699999999999999],[16.100000000000001],[17.199999999999999],[17.399999999999999],[17.699999999999999],[17.399999999999999],[16.100000000000001],[16.5],[17.699999999999999],[16.300000000000001],[14.5],[15.9],[14.1],[13.800000000000001],[14.300000000000001],[15.300000000000001],[16.199999999999999],[14.9],[15.1],[15.1],[14.1],[14.300000000000001],[14.1],[13.1],[13.4],[14.1],[14.1],[13.300000000000001],[9.0999999999999996],[10.6],[10.300000000000001],[12.199999999999999],[13.699999999999999]]]

[]

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During the March quarter, ADIs sold bonds issued by national general government and securitisers to the RBA in return for deposit assets. In addition, they continued to unwind internal securitisation activity. This resulted in a:

$34.4b sell off of bonds issued by national general government
$37.5b sell off of bonds issued by securitisers
$98.1b acquisition in deposits accepted by the central bank

Change in authorised deposit taking institutions' assets
	Total assets	Deposits	Short-term debt	Bonds	Derivatives	Loans	Equities	Other accounts
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	30.6	0.5	-2.7	15.5	9.2	-4.7	8.3	4.9
Jun-19	84.4	1.7	-2.4	23.3	56.7	2.9	2.5	-0.2
Sep-19	110	3.1	-2.6	20	55	26.4	9.4	-0.8
Dec-19	-43.9	2.7	-0.5	-20.3	-52.3	22.4	4.9	-1.9
Mar-20	446.8	78.1	14.6	199.7	251	-67.6	-42.2	11.8
Jun-20	-153.7	-24.6	3.4	134.5	-116.5	-152.8	0.2	4.3
Sep-20	-61.7	-21.4	-17.5	-28	-35.4	19.7	0.7	20.2
Dec-20	14.9	48.4	-2.8	-71.9	16.4	27.8	3	-7.1
Mar-21	-37.2	98.7	-9.9	-89.8	-92.4	57.3	-7	6.6

Change in authorised deposit taking institutions' assets

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

[["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","Mar-21"],[[85],[55.600000000000001],[68.5],[25.300000000000001],[-2.3999999999999999],[31.5],[31.300000000000001],[10.699999999999999],[17.800000000000001],[45],[30.699999999999999],[9.6999999999999993],[46],[32.200000000000003],[98],[-14.9],[12.9],[66],[37],[17.899999999999999],[29],[79.099999999999994],[18],[83.599999999999994],[23.800000000000001],[64.599999999999994],[92.099999999999994],[123.7],[147.59999999999999],[-6.2000000000000002],[143.90000000000001],[-13.1],[52.200000000000003],[73.5],[-1.8999999999999999],[74.700000000000003],[-38.100000000000001],[62.5],[-25.600000000000001],[22.600000000000001],[75.900000000000006],[41],[-4.0999999999999996],[44.600000000000001],[30.600000000000001],[84.400000000000006],[110],[-43.899999999999999],[446.80000000000001],[-153.69999999999999],[-61.700000000000003],[14.9],[-37.200000000000003]],[[16.399999999999999],[-4.2000000000000002],[14],[13.800000000000001],[-17.199999999999999],[7.5999999999999996],[-16.600000000000001],[-3.3999999999999999],[1],[4.5],[-7.2000000000000002],[8.0999999999999996],[5.9000000000000004],[-3.3999999999999999],[7.2000000000000002],[-18.800000000000001],[-5.7999999999999998],[-6.5],[2.1000000000000001],[-5.7000000000000002],[1.1000000000000001],[-4],[-2.2000000000000002],[17.899999999999999],[-0.10000000000000001],[0.80000000000000004],[1.7],[-3.5],[-1.1000000000000001],[-3.2000000000000002],[3.2999999999999998],[3.6000000000000001],[-0.20000000000000001],[-0.29999999999999999],[-0.69999999999999996],[1.1000000000000001],[3.3999999999999999],[0.59999999999999998],[-1.8999999999999999],[-1.8],[11],[-0.59999999999999998],[2.7000000000000002],[-0.5],[0.5],[1.7],[3.1000000000000001],[2.7000000000000002],[78.099999999999994],[-24.600000000000001],[-21.399999999999999],[48.399999999999999],[98.700000000000003]],[[4.0999999999999996],[-1.3],[0.90000000000000002],[-6.0999999999999996],[-0.90000000000000002],[7.2999999999999998],[-3.5],[-1.3999999999999999],[-8.3000000000000007],[-8.4000000000000004],[1.8],[-3.3999999999999999],[-3.1000000000000001],[-0.90000000000000002],[0.20000000000000001],[-4.5],[5.4000000000000004],[1],[-0.80000000000000004],[-0.40000000000000002],[-8.3000000000000007],[-8.4000000000000004],[1.6000000000000001],[-8.0999999999999996],[-9.8000000000000007],[4.0999999999999996],[-2.2000000000000002],[12.300000000000001],[-1.8],[-2.8999999999999999],[6.7000000000000002],[8],[-4],[-8.8000000000000007],[-12],[1.6000000000000001],[-6.7999999999999998],[-0.69999999999999996],[-4.4000000000000004],[-3.7999999999999998],[0.59999999999999998],[8.5],[-13.6],[0.10000000000000001],[-2.7000000000000002],[-2.3999999999999999],[-2.6000000000000001],[-0.5],[14.6],[3.3999999999999999],[-17.5],[-2.7999999999999998],[-9.9000000000000004]],[[25],[39.899999999999999],[-7.7999999999999998],[32.600000000000001],[29.899999999999999],[23],[3],[13.6],[5.5],[11.1],[6.5999999999999996],[1.3],[1.8999999999999999],[18.699999999999999],[36.5],[-5.9000000000000004],[25],[8.5999999999999996],[44.399999999999999],[9.4000000000000004],[10.5],[30.800000000000001],[20.199999999999999],[-5.9000000000000004],[24.399999999999999],[17.5],[36.600000000000001],[44.100000000000001],[31.600000000000001],[-4.4000000000000004],[25.100000000000001],[10.699999999999999],[8.0999999999999996],[27.199999999999999],[14.699999999999999],[-0.80000000000000004],[10.9],[-36.899999999999999],[-16.600000000000001],[12.699999999999999],[3.7999999999999998],[-12.300000000000001],[5],[4.7999999999999998],[15.5],[23.300000000000001],[20],[-20.300000000000001],[199.69999999999999],[134.5],[-28],[-71.900000000000006],[-89.799999999999997]],[[18.899999999999999],[3.5],[14.9],[33.200000000000003],[-26.399999999999999],[-19.100000000000001],[-3.1000000000000001],[-21.5],[-5.5],[17.800000000000001],[8.4000000000000004],[-14.199999999999999],[-4.9000000000000004],[-4],[32.899999999999999],[-17.199999999999999],[-9.3000000000000007],[27.5],[3.5],[-19.100000000000001],[-12.300000000000001],[36.200000000000003],[-35.700000000000003],[27],[-17.399999999999999],[-5.5],[48.799999999999997],[48.700000000000003],[36.200000000000003],[-60.899999999999999],[72.900000000000006],[-73.700000000000003],[49.200000000000003],[18.300000000000001],[-40.799999999999997],[0.10000000000000001],[-58.100000000000001],[12.800000000000001],[-22.300000000000001],[11.6],[15.300000000000001],[14],[-21.800000000000001],[24.100000000000001],[9.1999999999999993],[56.700000000000003],[55],[-52.299999999999997],[251],[-116.5],[-35.399999999999999],[16.399999999999999],[-92.400000000000006]],[[35.700000000000003],[17.600000000000001],[48.899999999999999],[-49.799999999999997],[23.199999999999999],[14.4],[25.699999999999999],[30.800000000000001],[30.199999999999999],[35.600000000000001],[12.9],[16.300000000000001],[53.299999999999997],[30],[31.199999999999999],[22.600000000000001],[-3],[36],[-24.899999999999999],[26.699999999999999],[26.5],[24.800000000000001],[26.100000000000001],[36.899999999999999],[26.800000000000001],[46.299999999999997],[12.800000000000001],[14.6],[61],[72.599999999999994],[46.100000000000001],[26.300000000000001],[12.800000000000001],[36.700000000000003],[31.100000000000001],[67.599999999999994],[6.4000000000000004],[91.799999999999997],[19.199999999999999],[3.2000000000000002],[51.799999999999997],[29.800000000000001],[22.399999999999999],[23.300000000000001],[-4.7000000000000002],[2.8999999999999999],[26.399999999999999],[22.399999999999999],[-67.599999999999994],[-152.80000000000001],[19.699999999999999],[27.800000000000001],[57.299999999999997]],[[-14.5],[-8],[1.3999999999999999],[-6.0999999999999996],[2.2999999999999998],[11.1],[19.899999999999999],[-5.4000000000000004],[-2.3999999999999999],[-15.699999999999999],[9.5],[-1.3],[-5],[-8.5999999999999996],[-11.800000000000001],[9.1999999999999993],[-0.20000000000000001],[0.5],[10.5],[6.5],[12],[-1.1000000000000001],[10.300000000000001],[8.3000000000000007],[0.59999999999999998],[0.29999999999999999],[-5.5],[6.7000000000000002],[19.800000000000001],[-8.4000000000000004],[-12],[12],[-15],[-1.5],[5.9000000000000004],[7],[4.7999999999999998],[-9.8000000000000007],[2.7000000000000002],[5.4000000000000004],[-10.199999999999999],[4.7000000000000002],[0.20000000000000001],[-10.5],[8.3000000000000007],[2.5],[9.4000000000000004],[4.9000000000000004],[-42.200000000000003],[0.20000000000000001],[0.69999999999999996],[3],[-7]],[[0.90000000000000002],[9.3000000000000007],[-4.5],[3.8999999999999999],[-11.800000000000001],[-10.699999999999999],[5.7999999999999998],[-4.7000000000000002],[-0.69999999999999996],[1.1000000000000001],[-1.6000000000000001],[0.29999999999999999],[0.5],[0.29999999999999999],[1.3999999999999999],[-2.7000000000000002],[2.7999999999999998],[-0.59999999999999998],[2.1000000000000001],[-2.3999999999999999],[1.1000000000000001],[2],[-2.7999999999999998],[5],[1.3],[1.2],[0.40000000000000002],[-1.5],[2.2999999999999998],[2.7000000000000002],[1.5],[-1.6000000000000001],[2.1000000000000001],[3],[-0.69999999999999996],[-3.7000000000000002],[2.6000000000000001],[5.2999999999999998],[-2.3999999999999999],[-5.9000000000000004],[4.5],[-2],[0.40000000000000002],[1.3999999999999999],[4.9000000000000004],[-0.20000000000000001],[-0.80000000000000004],[-1.8999999999999999],[11.800000000000001],[4.2999999999999998],[20.199999999999999],[-7.0999999999999996],[6.5999999999999996]]]

[]

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Pension (superannuation) funds

Financial assets

Pension (superannuation) funds' selected financial assets, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total assets		7.3	2,411.5	18.7	2,571.6	19.6	2,646.4
Deposits		-13.9	264.2	-15.7	247.5	-1.3	246.3
Bonds		-4.7	115.9	6.2	122.4	2.7	119.6
Shares and equity		24.9	1,896.2	28.3	2,058.9	21.2	2,143.7
	Other private non-fin corps	0.7	312.3	3.4	354.6	2.3	362.2
	Non-money market investment funds	9.0	833.5	12.9	888.8	4.0	918.3
	Rest of world	10.7	370.5	13.1	401.3	12.0	432.7
Net equity in life offices		-1.8	17.7	-1.3	17.8	-0.2	17.7
Other assets		-16.6	117.6	-17.8	124.9	-20.8	119.0

Liabilities

Pension (superannuation) funds' selected liabilities, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total liabilities		5.8	2,614.3	19.2	2,779.9	19.4	2,862.8
Net equity in reserves		6.9	2,566.1	21.0	2,733.9	19.4	2,815.5
	Households	6.7	2,563.3	20.8	2,730.6	19.3	2,811.9
Other liabilities		-1.1	48.2	-1.7	46.0	-0.1	47.2

Total financial assets of pension (superannuation) funds increased $74.8b during the quarter, with:

$84.8b increase in shares and other equity
partly offset by a $4.3b decrease in debt securities
and $1.2b decrease in deposits

Positive conditions in the domestic and overseas share markets drove valuation gains of $63.6b. Pension funds invested an additional $21.2b in shares and other equity, particularly in rest of world and non-money market funds. Deposit levels continued to decrease as the requirements for liquidity subsided and deposit rates remained low.

Pension funds' financial assets
	Total assets (RHS) ($b)	Revaluations (LHS) ($b)	Transactions (LHS) ($b)
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	2,294.3	121.9	12.7
Jun-19	2,395.4	68.6	32.5
Sep-19	2,452.2	45.7	11.0
Dec-19	2,494.9	26.2	16.5
Mar-20	2,236.8	-271.2	13.0
Jun-20	2,373.7	124.0	12.9
Sep-20	2,411.5	30.5	7.3
Dec-20	2,571.6	141.4	18.7
Mar-21	2,646.4	55.2	19.6

Pension funds' financial assets

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

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Government

National general government financial assets

National general government selected financial assets, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total assets		32.5	639.3	-24.0	615.9	2.5	621.5
Deposits		32.7	131.6	-30.8	100.4	-15.0	85.4
	Central bank	32.4	109.3	-34.4	74.9	-13.7	61.2
	Authorised deposit taking institutions	-0.4	16.1	3.3	19.4	-0.7	18.6
One name paper		0.3	38.3	3.6	41.1	6.1	46.8
Shares and equity		2.1	176.1	3.6	178.2	0.9	181.8
Other assets		-2.6	293.3	-0.4	296.2	10.5	307.4

National general government liabilities

National general government selected liabilities, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total liabilities		120.7	1,399.6	9.5	1,396.3	17.0	1,377.4
One name paper		0.5	53.9	-12.5	41.4	-8.1	33.3
Bonds		117.1	855.5	23.3	866.8	23.6	854.2
	Central bank	-8.4	96.5	18.5	113.7	61.5	169.7
	Authorised deposit taking institutions	60.0	216.3	-38.2	175.8	-34.4	135.3
	Rest of world	60.9	422.3	36.0	451.8	-4.3	427.9
Other liabilities		3.1	490.2	-1.3	488.1	1.5	489.9

State and local general government financial assets

State and local general government selected financial assets, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total assets		3.4	553.7	-0.4	559.0	0.8	568.5
Deposits		6.6	77.0	-1.9	75.1	0.0	75.1
Loans and placements		-4.2	49.0	0.0	49.0	2.5	51.6
Shares and equity		0.2	400.7	-0.7	405.7	-0.9	413.9
	State and local PNFCs	0.0	319.7	0.0	321.2	0.0	327.5
	Other private non-fin corps	0.1	46.5	-0.2	47.1	0.1	47.3
Other assets		0.9	27.0	2.2	29.1	-0.8	27.9

- nil or rounded to zero

State and local general government liabilities

State and local general government selected liabilities, $b
		Transactions, Sep-20	Amounts outstanding, Sep-20	Transactions, Dec-20	Amounts outstanding, Dec-20	Transactions, Mar-21	Amounts outstanding, Mar-21
Total liabilities		33.5	491.5	19.3	508.9	-0.4	499.1
Loans and placements		29.8	256.2	18.6	274.9	-1.2	273.7
	Central borrowing authorities	29.8	247.9	18.9	266.7	-0.9	265.8
Unfunded superannuation claims		0.9	170.5	0.9	169.5	0.9	161.2
Other liabilities		2.9	64.8	-0.2	64.5	-0.1	64.2

General government

General government (national, and state and local) were net borrowers of $13.4b, driven by:

$22.0b issuance of bonds, and
$15.0b withdrawal of deposits, partly offset by a
$14.1b maturity of one name paper

The reduction in payments of major COVID-19 related support policies reduced the funding requirements of the government. This was reflected in lower issuance of treasury bonds and maturities of treasury notes. These factors have steadily brought the general government's net borrowing position down over the last two quarters.

General government's change in financial position
	Net lending/borrowing (Change in financial position)	Deposits	Notes	Bonds	Other
Mar-08	7.8	3.2	-0.5	0.2	4.9
Jun-08	1.9	15	1.1	1.4	-15.6
Sep-08	5	-11.8	-2.9	4.2	15.4
Dec-08	-5.9	-6.6	-10.3	6.2	4.7
Mar-09	-2.6	7.9	2.8	-6.9	-6.4
Jun-09	-17.6	15.8	-4.8	-10	-18.7
Sep-09	-28.2	-7.9	2.9	-5.5	-17.7
Dec-09	-18.6	-3.1	-10.5	-11.9	6.9
Mar-10	-12.5	3.2	-1.7	-10.8	-3.1
Jun-10	-11.5	5.4	-2.3	-16.1	1.5
Sep-10	-24.5	-5.9	-8.5	-6.5	-3.6
Dec-10	-14.4	-2.2	0.2	-11.6	-0.8
Mar-11	-15.8	2.3	0.3	-12.5	-5.9
Jun-11	-22.1	6.5	1.2	-10.4	-19.4
Sep-11	-28.1	-3.2	-0.6	-21.4	-3
Dec-11	-15.7	11.4	0.9	-22	-6.1
Mar-12	-12.3	4	-1.7	-13.9	-0.7
Jun-12	-33.3	-7.6	1.4	-4.9	-22.1
Sep-12	-22	8.5	-3.5	-15.2	-11.9
Dec-12	-16.2	3.9	-5.3	-10.8	-4.1
Mar-13	-16.2	-0.2	1.7	-13.3	-4.4
Jun-13	-15.5	0.8	14.3	-8.7	-21.9
Sep-13	-19.2	5.8	-1.5	-24.7	1.2
Dec-13	-9.8	5.8	-0.4	-16.4	1.1
Mar-14	-10.1	13.2	8.6	-27.8	-4.1
Jun-14	-14.1	-8.8	-3.3	-4.6	2.5
Sep-14	-16.4	7.4	-1.5	-18.4	-3.8
Dec-14	-13.8	0.8	-1	-10.9	-2.7
Mar-15	-4.6	12.4	3.5	-16	-4.4
Jun-15	-6	-5.4	-0.2	-7.2	6.9
Sep-15	-15.3	2	-1.9	-26.3	11
Dec-15	-6.2	-7.1	5.9	-7.5	2.5
Mar-16	-11.7	9.4	1.5	-22.1	-0.5
Jun-16	-6.8	-0.6	0.5	-4.8	-1.9
Sep-16	-22.4	-1.5	3.8	-24	-0.7
Dec-16	-20.6	10.8	0.8	-23.7	-8.4
Mar-17	0.4	8.5	0.5	-20.7	12.2
Jun-17	-11.8	15	7	-19.8	-13.9
Sep-17	-19.1	-23.8	0.6	-0.9	5
Dec-17	-4.3	7.7	-5.5	-14.7	8.3
Mar-18	-0.6	-0.1	-2.2	-5.1	6.7
Jun-18	2	4.5	6.2	-11.3	2.6
Sep-18	-14.7	-3.9	-0.4	-2.3	-8.1
Dec-18	-6.4	-18.3	2	-2.4	12.3
Mar-19	1.2	-1.3	1.6	3.7	-2.8
Jun-19	-9	6.2	-0.1	-10.4	-4.8
Sep-19	-20.7	0.8	-1.2	-13.7	-6.5
Dec-19	-12.6	-9.1	-3.8	1	-0.6
Mar-20	-16.4	22.1	-16.4	-15.3	-6.8
Jun-20	-95.1	46.4	-25.9	-70.6	-45.1
Sep-20	-118.2	39.3	0.1	-116.7	-40.9
Dec-20	-53.2	-32.7	16.5	-22.5	-14.5
Mar-21	-13.4	-15	14.1	-22	9.5

General government's change in financial position

["","Net lending\/borrowing (Change in financial position)","Deposits","Notes","Bonds","Other"]

[["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","Mar-21"],[[7.7999999999999998],[1.8999999999999999],[5],[-5.9000000000000004],[-2.6000000000000001],[-17.600000000000001],[-28.199999999999999],[-18.600000000000001],[-12.5],[-11.5],[-24.5],[-14.4],[-15.800000000000001],[-22.100000000000001],[-28.100000000000001],[-15.699999999999999],[-12.300000000000001],[-33.299999999999997],[-22],[-16.199999999999999],[-16.199999999999999],[-15.5],[-19.199999999999999],[-9.8000000000000007],[-10.1],[-14.1],[-16.399999999999999],[-13.800000000000001],[-4.5999999999999996],[-6],[-15.300000000000001],[-6.2000000000000002],[-11.699999999999999],[-6.7999999999999998],[-22.399999999999999],[-20.600000000000001],[0.40000000000000002],[-11.800000000000001],[-19.100000000000001],[-4.2999999999999998],[-0.59999999999999998],[2],[-14.699999999999999],[-6.4000000000000004],[1.2],[-9],[-20.699999999999999],[-12.6],[-16.399999999999999],[-95.099999999999994],[-118.2],[-53.200000000000003],[-13.4]],[[3.2000000000000002],[15],[-11.800000000000001],[-6.5999999999999996],[7.9000000000000004],[15.800000000000001],[-7.9000000000000004],[-3.1000000000000001],[3.2000000000000002],[5.4000000000000004],[-5.9000000000000004],[-2.2000000000000002],[2.2999999999999998],[6.5],[-3.2000000000000002],[11.4],[4],[-7.5999999999999996],[8.5],[3.8999999999999999],[-0.20000000000000001],[0.80000000000000004],[5.7999999999999998],[5.7999999999999998],[13.199999999999999],[-8.8000000000000007],[7.4000000000000004],[0.80000000000000004],[12.4],[-5.4000000000000004],[2],[-7.0999999999999996],[9.4000000000000004],[-0.59999999999999998],[-1.5],[10.800000000000001],[8.5],[15],[-23.800000000000001],[7.7000000000000002],[-0.10000000000000001],[4.5],[-3.8999999999999999],[-18.300000000000001],[-1.3],[6.2000000000000002],[0.80000000000000004],[-9.0999999999999996],[22.100000000000001],[46.399999999999999],[39.299999999999997],[-32.700000000000003],[-15]],[[-0.5],[1.1000000000000001],[-2.8999999999999999],[-10.300000000000001],[2.7999999999999998],[-4.7999999999999998],[2.8999999999999999],[-10.5],[-1.7],[-2.2999999999999998],[-8.5],[0.20000000000000001],[0.29999999999999999],[1.2],[-0.59999999999999998],[0.90000000000000002],[-1.7],[1.3999999999999999],[-3.5],[-5.2999999999999998],[1.7],[14.300000000000001],[-1.5],[-0.40000000000000002],[8.5999999999999996],[-3.2999999999999998],[-1.5],[-1],[3.5],[-0.20000000000000001],[-1.8999999999999999],[5.9000000000000004],[1.5],[0.5],[3.7999999999999998],[0.80000000000000004],[0.5],[7],[0.59999999999999998],[-5.5],[-2.2000000000000002],[6.2000000000000002],[-0.40000000000000002],[2],[1.6000000000000001],[-0.10000000000000001],[-1.2],[-3.7999999999999998],[-16.399999999999999],[-25.899999999999999],[0.10000000000000001],[16.5],[14.1]],[[0.20000000000000001],[1.3999999999999999],[4.2000000000000002],[6.2000000000000002],[-6.9000000000000004],[-10],[-5.5],[-11.9],[-10.800000000000001],[-16.100000000000001],[-6.5],[-11.6],[-12.5],[-10.4],[-21.399999999999999],[-22],[-13.9],[-4.9000000000000004],[-15.199999999999999],[-10.800000000000001],[-13.300000000000001],[-8.6999999999999993],[-24.699999999999999],[-16.399999999999999],[-27.800000000000001],[-4.5999999999999996],[-18.399999999999999],[-10.9],[-16],[-7.2000000000000002],[-26.300000000000001],[-7.5],[-22.100000000000001],[-4.7999999999999998],[-24],[-23.699999999999999],[-20.699999999999999],[-19.800000000000001],[-0.90000000000000002],[-14.699999999999999],[-5.0999999999999996],[-11.300000000000001],[-2.2999999999999998],[-2.3999999999999999],[3.7000000000000002],[-10.4],[-13.699999999999999],[1],[-15.300000000000001],[-70.599999999999994],[-116.7],[-22.5],[-22]],[[4.9000000000000004],[-15.6],[15.4],[4.7000000000000002],[-6.4000000000000004],[-18.699999999999999],[-17.699999999999999],[6.9000000000000004],[-3.1000000000000001],[1.5],[-3.6000000000000001],[-0.80000000000000004],[-5.9000000000000004],[-19.399999999999999],[-3],[-6.0999999999999996],[-0.69999999999999996],[-22.100000000000001],[-11.9],[-4.0999999999999996],[-4.4000000000000004],[-21.899999999999999],[1.2],[1.1000000000000001],[-4.0999999999999996],[2.5],[-3.7999999999999998],[-2.7000000000000002],[-4.4000000000000004],[6.9000000000000004],[11],[2.5],[-0.5],[-1.8999999999999999],[-0.69999999999999996],[-8.4000000000000004],[12.199999999999999],[-13.9],[5],[8.3000000000000007],[6.7000000000000002],[2.6000000000000001],[-8.0999999999999996],[12.300000000000001],[-2.7999999999999998],[-4.7999999999999998],[-6.5],[-0.59999999999999998],[-6.7999999999999998],[-45.100000000000001],[-40.899999999999999],[-14.5],[9.5]]]

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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 $2.2b to $18.1b this quarter. This was driven by a:

$10.4b increase in national net savings

Partially offset by:

$5.4b increase in gross fixed capital formation
$2.6b increase in inventories

National net lending (+) / borrowing (-), relative to GDP, seasonally adjusted
	Net lending / net borrowing relative to GDP (%)
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	-2.9
Dec-17	-3.6
Mar-18	-2.3
Jun-18	-2.8
Sep-18	-2.2
Dec-18	-1.3
Mar-19	-0.5
Jun-19	0.9
Sep-19	1.6
Dec-19	0.8
Mar-20	1.3
Jun-20	3.5
Sep-20	2.1
Dec-20	3.1
Mar-21	3.4

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

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

[["Mar-64","Jun-64","Sep-64","Dec-64","Mar-65","Jun-65","Sep-65","Dec-65","Mar-66","Jun-66","Sep-66","Dec-66","Mar-67","Jun-67","Sep-67","Dec-67","Mar-68","Jun-68","Sep-68","Dec-68","Mar-69","Jun-69","Sep-69","Dec-69","Mar-70","Jun-70","Sep-70","Dec-70","Mar-71","Jun-71","Sep-71","Dec-71","Mar-72","Jun-72","Sep-72","Dec-72","Mar-73","Jun-73","Sep-73","Dec-73","Mar-74","Jun-74","Sep-74","Dec-74","Mar-75","Jun-75","Sep-75","Dec-75","Mar-76","Jun-76","Sep-76","Dec-76","Mar-77","Jun-77","Sep-77","Dec-77","Mar-78","Jun-78","Sep-78","Dec-78","Mar-79","Jun-79","Sep-79","Dec-79","Mar-80","Jun-80","Sep-80","Dec-80","Mar-81","Jun-81","Sep-81","Dec-81","Mar-82","Jun-82","Sep-82","Dec-82","Mar-83","Jun-83","Sep-83","Dec-83","Mar-84","Jun-84","Sep-84","Dec-84","Mar-85","Jun-85","Sep-85","Dec-85","Mar-86","Jun-86","Sep-86","Dec-86","Mar-87","Jun-87","Sep-87","Dec-87","Mar-88","Jun-88","Sep-88","Dec-88","Mar-89","Jun-89","Sep-89","Dec-89","Mar-90","Jun-90","Sep-90","Dec-90","Mar-91","Jun-91","Sep-91","Dec-91","Mar-92","Jun-92","Sep-92","Dec-92","Mar-93","Jun-93","Sep-93","Dec-93","Mar-94","Jun-94","Sep-94","Dec-94","Mar-95","Jun-95","Sep-95","Dec-95","Mar-96","Jun-96","Sep-96","Dec-96","Mar-97","Jun-97","Sep-97","Dec-97","Mar-98","Jun-98","Sep-98","Dec-98","Mar-99","Jun-99","Sep-99","Dec-99","Mar-00","Jun-00","Sep-00","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","Mar-21"],[[0.69999999999999996],[-0.90000000000000002],[-2.5],[-2.2999999999999998],[-3.2999999999999998],[-3.2999999999999998],[-4.4000000000000004],[-3.7000000000000002],[-2.7999999999999998],[-1.8],[-1.8999999999999999],[-1.8999999999999999],[-2.6000000000000001],[-1.8999999999999999],[-3],[-2.8999999999999999],[-5.2000000000000002],[-3.2000000000000002],[-3.7000000000000002],[-2.3999999999999999],[-2.3999999999999999],[-2.2999999999999998],[-1.3999999999999999],[-1.7],[-1.3999999999999999],[-1.8999999999999999],[-1.5],[-1.7],[-2.1000000000000001],[-1.1000000000000001],[-0.90000000000000002],[-1.3999999999999999],[-0.20000000000000001],[1.1000000000000001],[1.6000000000000001],[2.2000000000000002],[2],[1.6000000000000001],[0.40000000000000002],[0.40000000000000002],[-1.8999999999999999],[-3.5],[-3.1000000000000001],[-2.5],[-0.40000000000000002],[0.10000000000000001],[-1.1000000000000001],[-1.8999999999999999],[-1.8],[-1.1000000000000001],[-1.2],[-1.8],[-3],[-2.8999999999999999],[-3.1000000000000001],[-1.2],[-2.8999999999999999],[-3.1000000000000001],[-3.7000000000000002],[-3.6000000000000001],[-2],[-2],[-1.8],[-0.80000000000000004],[-1],[-1.8],[-3.8999999999999999],[-3.2999999999999998],[-2.8999999999999999],[-4.2999999999999998],[-4.0999999999999996],[-5.4000000000000004],[-5.5],[-4.7999999999999998],[-3.5],[-3.3999999999999999],[-3.6000000000000001],[-3],[-3.7000000000000002],[-2.8999999999999999],[-4],[-3.5],[-4.5],[-5.2000000000000002],[-4.0999999999999996],[-4.5],[-5.5999999999999996],[-5.7000000000000002],[-6],[-5.5999999999999996],[-4.7999999999999998],[-4.4000000000000004],[-4.0999999999999996],[-3.2999999999999998],[-3.2999999999999998],[-3.2999999999999998],[-3],[-2.8999999999999999],[-3.8999999999999999],[-4.9000000000000004],[-5.5999999999999996],[-6],[-6.5],[-6.2999999999999998],[-6.2000000000000002],[-4.4000000000000004],[-4.2000000000000002],[-4.9000000000000004],[-3.8999999999999999],[-3.2999999999999998],[-3.1000000000000001],[-3],[-3],[-3.2999999999999998],[-3.7999999999999998],[-3.2000000000000002],[-3],[-3.2000000000000002],[-3.2999999999999998],[-3],[-2.8999999999999999],[-4.5],[-5.5],[-5.4000000000000004],[-5.7999999999999998],[-5.0999999999999996],[-4.5],[-4.9000000000000004],[-4],[-2.7999999999999998],[-3.8999999999999999],[-3.3999999999999999],[-3.1000000000000001],[-2],[-3.1000000000000001],[-3.7000000000000002],[-5.0999999999999996],[-4.2000000000000002],[-5.5999999999999996],[-5],[-5.7000000000000002],[-6],[-5.7000000000000002],[-4.7999999999999998],[-4.9000000000000004],[-5],[-3.3999999999999999],[-3.5],[-2.5],[-2.2000000000000002],[-1.8],[-2.7999999999999998],[-2.7000000000000002],[-3.7000000000000002],[-4],[-5.0999999999999996],[-5],[-5.7000000000000002],[-5.4000000000000004],[-5.4000000000000004],[-5.7999999999999998],[-5.5999999999999996],[-6.7000000000000002],[-7.2999999999999998],[-6.5999999999999996],[-5.7999999999999998],[-5.7000000000000002],[-5.799999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[]

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National net lending as a proportion of GDP rose this quarter driven by a rise in net saving for general government. The continued improvements in the economy led to further declines in COVID-19 related support packages.

General government net borrowing decreased by $19.9b to $30.3b
Financial corporations' net lending decreased by $4.9b to $5.9b
Non-financial corporations' net lending decreased by $4.2b to $14.7b
Households' net lending decreased by $3.4b to $26.8b

Notable drivers for general government were:

Primary income payable decreased driven by subsidies and social assistance benefits paid in cash to residents.
Primary income receivable increased due to an increase in taxes on production and imports.

Net lending (+) / borrowing (-), by sector, seasonally adjusted
	Non-financial corporations ($b)	Financial corporations ($b)	General government ($b)	Households ($b)
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	-4.9	12.9
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	-23.8	8.2	-8.5	14.1
Sep-14	-24.5	8.3	-10.9	12.2
Dec-14	-21.3	6.4	-10.7	11.7
Mar-15	-24.0	7.8	-8.5	9.5
Jun-15	-23.8	6.1	-7.7	11.2
Sep-15	-25.8	8.2	-7.3	7.6
Dec-15	-25.5	9.5	-7.2	3.9
Mar-16	-23.0	8.6	-11.7	3.7
Jun-16	-20.8	10.0	-12.5	4.2
Sep-16	-17.8	10.1	-11.3	3.5
Dec-16	-11.1	8.9	-6.1	1.3
Mar-17	-10.5	6.8	-3.4	1.7
Jun-17	-11.9	10.0	-8.5	0
Sep-17	-15.4	10.0	-6.7	0.3
Dec-17	-16.5	7.8	-7.8	2.5
Mar-18	-15.9	9.7	-6.2	0.7
Jun-18	-22.1	8.9	-3.1	-1.4
Sep-18	-16.1	8.0	-1.9	-1.3
Dec-18	-15.8	8.7	-3.7	1.6
Mar-19	-11.0	8.0	-3.7	4.4
Jun-19	-3.8	9.1	-1.6	3.7
Sep-19	-2.7	7.0	-8.7	10.9
Dec-19	-5.3	7.0	-10.4	8.8
Mar-20	-3.2	5.8	-13.2	16.8
Jun-20	32.7	18.1	-101.9	65.5
Sep-20	32.8	10.3	-90.3	55.6
Dec-20	18.9	10.8	-50.3	30.3
Mar-21	14.7	5.9	-30.3	26.8

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

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

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Capital Investment

National capital investment increased to 22.3% as a proportion of GDP:
Relative to GDP:

Non-financial corporations' investment declined to 9.5%
General government investment remained flat at 4.0%
Household investment increased to 8.2%
Financial corporations' investment remained flat at 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.
General government investment increased, despite staying flat as a proportion of GDP. This was driven by strength in state and local general government, reflecting elevated levels of investment in public infrastructure and non-dwelling projects.
Household investment rose driven by ownership transfer costs, new dwellings and home improvement investment. The government's 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 (%)
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	11.2	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	3.8	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	10.4	0.6	3.9	7.7
Dec-19	10.2	0.6	4.1	7.7
Mar-20	10.1	0.6	3.9	7.7
Jun-20	10.6	0.6	4.3	7.7
Sep-20	10.0	0.6	4.1	7.6
Dec-20	9.7	0.5	4.0	7.9
Mar-21	9.5	0.5	4.0	8.2

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

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

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Data downloads

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Time series spreadsheets

Data files

TABLE 1. Credit Market Outstandings ($ million)
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TABLE 2. Demand for Credit ($ million)
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TABLE 3. National Capital Account, Current prices ($ million)
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TABLE 4. National Financial Assets and Liabilities ($ million)
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TABLE 5. Non-Financial Corporations Capital Account, Current prices ($ million)
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TABLE 6. Financial Assets and Liabilities of Non-Financial Corporations ($ million)
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TABLE 7. Private Non-Financial Corporations Capital Account, Current prices ($ million)
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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)
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TABLE 10. Financial Assets and Liabilities of Other Private Non-Financial Corporations ($ million)
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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)
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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)
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TABLE 17. Financial Assets and Liabilities of Other Broad Money Institutions ($ million)
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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)
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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)
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TABLE 27. General Government Capital Account, Current prices ($ million)
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TABLE 28. Financial Assets and Liabilities of General Government ($ million)
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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)
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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)
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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)
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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)
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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)
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TABLE 54. Nominal Value of Long Term Loans and Placements Market ($ million)
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Previous catalogue number

This release previously used catalogue number 5232.0

Revisions and changes

Revisions in this issue

There have been revisions to previously published aggregates due to:

Quality assurance reviews affecting the published aggregates after March quarter 2019, 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, March 2021

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Australian National Accounts: Finance and Wealth

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Key statistics

Main features

Financing resources and investment table

Financial market summary table

Flow of funds diagrams

Net transactions during March quarter 2021

Net transactions during March quarter 2021

Amounts outstanding at end of March quarter 2021

Amounts outstanding at end of March quarter 2021

National investment

Financial investment

Households

Non-financial corporations

General government

Demand for credit

Demand for credit table

Households

General government

Private non-financial corporations

Households

Balance sheet

Financial assets

Liabilities

Non-financial assets

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)