Financing resources and investment table
Non-financial corps | Financial corps | Government | Households | Total national | Rest of world | |||
---|---|---|---|---|---|---|---|---|
Financing resources | ||||||||
Net saving (a) | -3.7 | 21.4 | 12.0 | 11.8 | 41.5 | -9.5 | ||
plus Consumption of fixed capital | 50.6 | 3.4 | 12.7 | 39.9 | 106.6 | - | ||
Gross saving | 46.9 | 24.8 | 24.7 | 51.7 | 148.1 | -9.5 | ||
plus Net capital transfers | 1.6 | 0.0 | -3.1 | 1.3 | -0.2 | 0.2 | ||
less Statistical discrepancy (b) | - | - | - | - | 3.7 | - | ||
Total financing resources | 48.6 | 24.8 | 21.5 | 53.0 | 144.2 | -9.3 | ||
Uses of financing (investment) | ||||||||
Capital formation | ||||||||
Gross fixed capital formation | 62.5 | 2.9 | 21.6 | 45.3 | 132.3 | - | ||
plus Changes in inventories | 1.5 | 0.0 | 0.5 | 0.6 | 2.6 | - | ||
plus Net acquisition of non-produced non-financial assets | -0.5 | - | 0.5 | - | - | - | ||
Total capital formation | 63.5 | 2.9 | 22.6 | 45.9 | 134.9 | - | ||
plus Financial investment | ||||||||
Acquisition of financial assets | 12.4 | -19.6 | 25.8 | 44.5 | -66.8 | -72.4 | ||
less Incurrence of financial liabilities | 55.2 | -38.6 | 20.2 | 20.6 | -72.4 | -66.8 | ||
Net Financial investment (Net lending (+) / net borrowing (-)) | -42.8 | 19.0 | 5.6 | 23.9 | 5.6 | -5.6 | ||
less Net errors and omissions | -27.9 | -2.9 | 6.6 | 16.7 | -3.7 | 3.7 | ||
Total investment | 48.6 | 24.8 | 21.5 | 53.0 | 144.2 | -9.3 |
- 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
Amounts outstanding, | Transactions, | Other changes, | Amounts outstanding, | ||
---|---|---|---|---|---|
Currency and deposits | |||||
Currency | 108.2 | -1.8 | - | 106.4 | |
Transferable deposits | 2,213.3 | -29.2 | 1.7 | 2,185.8 | |
Other deposits | 1,595.5 | 49.2 | 3.5 | 1,648.2 | |
Short term debt securities | |||||
Bills of exchange | 7.0 | -0.1 | - | 6.8 | |
One name paper | 574.5 | -18.5 | 2.5 | 558.5 | |
Long term debt securities | |||||
Bonds, etc. | 3,228.8 | 24.3 | 75.5 | 3,328.5 | |
Derivatives | |||||
Derivatives | 1,364.4 | -291.6 | 43.4 | 1,116.3 | |
Loans and placements | |||||
Short term | 428.5 | 2.7 | 0.8 | 431.9 | |
Long term | 4,658.5 | 32.0 | 11.2 | 4,701.7 | |
Shares and other equity | |||||
Listed | 2,506.8 | 3.7 | 48.1 | 2,558.6 | |
Unlisted | 5,779.2 | 66.8 | 104.5 | 5,950.4 | |
Insurance technical reserves | |||||
Reserves of pension funds and life | 3,118.2 | 20.7 | 79.8 | 3,218.6 | |
General insurance payments | 151.9 | 4.9 | 0.0 | 156.9 |
- nil or rounded to zero
Flow of funds diagrams
Image
Net transactions during March quarter 2023

Description
Net transactions during March quarter 2023
Financial corporations borrowed $28.4b from households and $0.4b from general government. They lent $36.6b to rest of world and $14.0b to non-financial corporations.
Rest of the world borrowed $1.0 from general government. They lent $15.5b to non-financial corporations and $1.9b to households.
General government borrowed $1.1b from households and lent $1.4b to non-financial corporations.
Households lent $4.1b to non-financial corporations.
Image
Amounts outstanding at end of March quarter 2023

Description
Amounts outstanding at end of March quarter 2023
Net claims on non-financial corporations were $1,327.2b from financial corporations, $858.3b from households, $1,102.6b from rest of world and $412.8b from general government.
Net claims on general government were $431.9b from financial corporations, $247.0b from rest of world and $408.9b from households.
Net claims on rest of world were $187.6b from financial corporations and $191.2b from households.
Net claims on financial corporations were $2,455.5b from households.
National investment
National investment decreased $21.0b to $134.9b in the March quarter.
- General government investment decreased by $2.2b to $22.6b driven by decreases in gross fixed capital formation for both national general government and state and local general government.
- Non-financial corporations' investment decreased by $9.2b to $63.5b, driven largely by a decrease in total gross fixed capital formation by private non-financial corporations.
- Household investment decreased $9.3b to $45.9b, driven by decreases in total gross fixed capital formation and change in inventories.
Financial investment
Australia was a net lender of $5.6b to rest of world (ROW). The main contributors were a:
- $34.1b withdrawal of deposits by ROW
- $27.4b acquisition of ROW equity by Australia
- Partly offset by $27.1b acquisition of equity issued by Australia by ROW; and
- $12.7b acquisition of debt securities by ROW, driven mainly by long-term debt securities issued by banks and central borrowing authorities
Reductions in deposits reflected funding and liquidity management by Authorised deposit taking institutions and offshore related parties. ROW reinvested profits of Australian subsidiaries. ROW acquired bonds issued by banks as banks returned to wholesale funding sources in preparation for Term Funding Facility (TFF) maturities. ROW also pivoted to acquiring bonds issued by central borrowing authorities who continued to issue bonds to meet funding requirements.
Households
Households $23.9b net lending position was due to a $44.5b acquisition of financial assets, offset by a $20.6b incurrence of liabilities. The acquisition of assets was driven by:
- $26.3b in deposits
- $24.6b in net equity in superannuation
While liabilities were driven by:
- $19.0b in loan borrowings
Growth in households’ deposit assets weakened reflecting a fall in the household saving ratio. Growth in deposit assets favoured other non-transaction deposit account types, such as high interest savings accounts whose interest rates have increased similar to rises in the cash rate. Contributions into pension funds reflect strong labour market conditions.
Non-financial corporations
Non-financial corporations’ $42.8b net borrowing position was due to a $12.2b acquisition of financial assets offset by a $55.1b incurrence of liabilities. The acquisition of assets was driven by:
- $7.6b of equities
- $7.3b of loans
Liabilities were driven by:
- $29.7b of equities
- $16.6b of loan borrowings
Private non-financial corporations benefitted from strong gross operating surplus, with reinvested earnings increasing firms' equity capital. Firms borrowed to invest in machinery and equipment and engineering construction.
General government
General government’s $5.6b net lending position was due to a $25.8b acquisition of financial assets offset by a $20.2b incurrence of liabilities. The acquisition of assets was driven by:
- $18.6b in deposits
- $5.4b in equities
Liabilities were driven by:
- $11.1b issuance of long-term debt securities
- $5.9b in loans
The general government’s net lending position is the first since March quarter 2017. Stronger than expected income tax receipts contributed to the national general government's build up of deposits. The rate of issuance of long-term debt securities by the national general government has significantly reduced compared to COVID peaks, as government outlays have declined. State and territory governments continued to borrow funds from their respective central borrowing authorities to fund investment in transport infrastructure.