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
September 2022
Released
15/12/2022

Key statistics

  • Household wealth fell $276.1b (1.9%) to $14,201b
  • Demand for credit was $117.5b, a fall of $34.1b
  • Australia recorded a net borrowing position of $8.1b following thirteen consecutive quarters of net lending
  • Capital investment as a proportion of GDP rose to 22.8%

Main features

Financing resources and investment table

Financing resources and investment September quarter 2022, original, current prices, $b
  Non-financial corps Financial corps Government Households Total national Rest of world
Financing resources      
 Net saving (a) -8.321.7-14.941.840.38.6
 plus Consumption of fixed capital 49.13.312.338.3103.1-
 Gross saving 40.825.1-2.680.1143.48.6
 plus Net capital transfers 0.90.0-1.90.8-0.20.2
 less Statistical discrepancy (b) ----10.1-
 Total financing resources 41.725.1-4.580.9133.08.9
Uses of financing (investment) 
 Capital formation 
  Gross fixed capital formation 63.83.020.450.0137.2-
  plus Changes in inventories 6.80.0-0.2-1.94.7-
  plus Net acquisition of non-produced non-financial assets -1.0-1.0---
  Total capital formation 69.63.021.148.1141.9-
 plus Financial investment
  Aquistition of financial assets 10.8-25.7-13.279.9-79.1-71.0
  less Incurrence of financial liabilities 61.7-47.218.227.2-71.0-79.1
  Net Financial investment (Net lending (+) / net borrowing (-)) -50.921.5-31.552.7-8.18.1
 less Net errors and omissions-23.0-0.5-5.819.90.8-0.8
 Total investment41.725.1-4.580.9133.08.9

- 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,
Jun-22
Transactions,
Sep-22
Other changes,
Sep-22
Amounts outstanding,
Sep-22
Currency and deposits 
  Currency 106.60.4-107.0
  Transferable deposits 2,233.73.66.82,244.2
  Other deposits 1,487.652.212.61,552.5
Short term debt securities 
  Bills of exchange 7.5-0.4-7.2
  One name paper 541.50.17.6549.1
Long term debt securities 
  Bonds, etc. 3,232.014.9-27.63,219.3
Derivatives 
  Derivatives 1,261.4-336.9691.91,616.3
Loans and placements 
  Short term 459.2-17.74.8446.2
  Long term 4,494.9115.06.94,616.8
Shares and other equity 
  Listed 2,347.3-3.1-16.82,327.4
  Unlisted 5,594.173.3-7.15,660.3
Insurance technical reserves 
  Reserves of pension funds and life 3,008.521.4-31.52,998.4
  General insurance payments 149.80.30.0150.1

- nil or rounded to zero 

Flow of funds diagrams

Net transactions during September quarter 2022

This is a flowchart that shows the intersectoral financial flows of net transactions during the September quarter 2022
Financial corporations borrowed $41.9b from household and $2.1b from rest of world. They lent $56.6b to non-financial corporations and $15.4b to general government. Rest of the world lent $2.6b to general government, $1.5b to household and $1.4b to non-financial corporations. General government borrowed $8.9b from non-financial corporations and $4.5b from households. Households lent $6.2b to non-financial corporations.

Amounts outstanding at end of September quarter 2022

is is a flowchart that shows the intersectoral financial flows of amounts outstanding at the end of the September quarter 2022.
Net claims on non-financial corporations were $1,189.3b from financial corporations, $819.5b from households, $1,075.1b from rest of world and $402.9b from general government. Net claims on general government were $411.4b from financial corporations, $222.8b from rest of world and $404.0b from households. Net claims on rest of world were $124.5b from financial corporations and $187.3b from households. Net claims on financial corporations were $2,217.7b from households

National investment

National investment decreased $4.5b to $141.9b in the September quarter.

  • General government investment decreased by $10.0b to $21.1b driven largely by a decrease in gross fixed capital formation in both state and local general government and national general government.
  • Non-financial corporations' investment increased by $5.6b to $69.6b, driven largely by an increase in change in inventories in private non-financial corporations. This was partially offset by a decrease in gross fixed capital formation in private non-financial corporations and public non-financial corporations.
  • Household investment was flat, remaining at $48.1b, with a decrease in change in inventories being offset by an increase in gross fixed capital formation.

Financial investment

Australia was a net borrower of $8.1b from rest of world (ROW). The main contributors were a:

  • $31.1b acquisition of equities by ROW
  • $11.0b acquisition of debt securities by ROW, primarily issued by banks and national general government 
  • Partly offset by $23.3b acquisition by Australia of ROW equity and $11.2b acquisition of bonds issued by ROW.

The ROW remains a significant holder of bonds issued by banks and national general government. Acquisition of equity by Australian companies reflect merger and acquisition activity occurring over the quarter. ROW acquired shares issued by Australian companies and also reinvested the profits of Australian subsidiaries.

Households

Households $52.7b net lending position was due to a $79.9b acquisition of financial assets, offset by $27.2b incurrence of liabilities. 

The acquisition of assets was driven by:

  • $50.1b in deposits
  • $27.5b in net equity in superannuation.

While liabilities were driven by:

  • $26.5b in loan borrowings

Deposit assets grew strongly this quarter as households received proceeds from tax returns. Households favoured placing excess funds in deposit accounts to take advantage of rising interest rates, particularly in term deposits. Increased contributions into pension funds reflected continued growth in employment and legislative changes to compulsory superannuation contributions on July 1. Demand for home loan borrowing has softened as interest rates increase and house prices fell.

Non-financial corporations

Non-financial corporations’ $50.9b net borrowing position was due to $10.8b acquisition of financial assets offset by $61.7b incurrence of liabilities. The acquisition of assets was driven by: 

  • $24.1b of equities

Acquisitions of assets were offset by: 

  • $21.2b withdrawal of deposits

Liabilities were driven by:

  • $31.6b in equities
  • $33.5b in loan borrowings

Non-financial corporations drew on deposits to make dividend payments and to facilitate merger and acquisition activity. The merger and acquisition activity was reflected in non-financial corporations’ acquisition of equities. Loan borrowings by private non-financial corporations increased as firms sought loan funding to further facilitate merger and acquisition activity and to fund investment in non-dwelling construction projects. Non-financial corporations continue to benefit from strong trade surpluses and gross operating surplus, with reinvested earnings increasing firms' equity capital. 

General government

General government’s $31.5b net borrowing position was due to a $13.2b disposal of financial assets and $18.2b incurrence of liabilities.

Assets were driven by:

  • $7.0b sale of equity holdings
  • $6.7b withdrawals of deposits

Liabilities were driven by:

  • $19.7b in loans

Sale of equity assets were driven by state and local general government's involvement in merger and acquisition activity. Deposit balances were drawn down to meet a bond maturity. State and territory governments continued to borrow funds from their respective central borrowing authorities to fund investment in transport and healthcare infrastructure.

Demand for credit

Demand for credit table

Demand for credit non-financial domestic sectors, $b
 Credit market outstandings,
Jun-22
Demand for credit,
Sep-22
Other changes,
Sep-22
Credit market outstandings,
Sep-22
Non-financial corporations 
 Investment funds 526.05.6-12.8518.8
 Other private 4,149.668.5-1.34,216.7
 Public 172.92.20.2175.3
General government 
 National 862.1-5.3-9.8847.1
 State and local 360.720.2-0.2380.7
Households2,677.426.3-1.22,702.5
Total8,748.7117.5-25.08,841.2

- nil or rounded to zero

 

Demand for credit was $117.5b in the September quarter, of which:

  • other private non-financial corporations borrowed $68.5b
  • households borrowed $26.3b
  • general government borrowed $14.9b

Credit market outstanding increased $92.5b (1.1%) of which $25.0b was revaluation losses. Holding losses on the shares of private non-financial investment funds were $13.0b in line with falls in the share price of real estate investment trusts listed on the Australian Securities Exchange. Holding losses on Commonwealth government bonds of $9.8b were driven by increases in two and three year bond yields.

Private non-financial corporations

Loan borrowing by businesses was the strongest since March quarter 2020 and was used to fund investment in non-dwelling construction and finance merger and acquisition activity. Incorporated businesses also drew down on existing credit facilities to manage their liquidity requirements amid ongoing supply chain disruptions. Funding of business through equity expanded as foreign owned resource companies continued to reinvest their profits earned on elevated export revenue. The financing activity of businesses comprised:

  • loan borrowings of $28.9b
  • equity raising of $39.4b

Households

Housing credit growth slowed and reflects weakening housing market activity as interest rate increases have constrained demand for new housing loans. Long term loan borrowing by households experienced the weakest growth since March quarter 2021. Households repaid $1.5b of short term loans following seasonally weaker household spending in a September quarter. This was reflected in:

  • $28.0b of long term loan borrowings
  • partly offset by $1.5b repayment of short term loans

General government

The Commonwealth general government paid down their debt by $5.3b in the September quarter which was driven by a major bond line maturity. State and local general government's demand for credit was $20.2b as funds raised through semi-government bonds were passed on by their respective central borrowing authorities through loans. State government demand for credit continues to be driven by investment in road and rail infrastructure. This was reflected in:

  • $4.0b maturities of bonds issued by national general government 
  • $20.0b in loan borrowings by state and local general governments

Households

Balance sheet

Household balance sheet, $b
 Amounts outstanding,
Jun-22
Transactions,
Sep-22
Other changes (a),
Sep-22
Holding gains/losses,
Sep-22
Amounts outstanding,
Sep-22
Non-financial assets 
 Land and dwellings 10,102.812.29.8-338.59,786.2
 Other non-financial assets 774.1-2.4-18.4790.0
Financial assets 
 Superannuation reserves 3,333.527.5--37.93,323.2
 Shares and other equity 1,223.72.4-9.61,235.7
 Currency and deposits 1,502.550.5-0.81,553.8
 Other financial assets 366.0-0.5--2.0363.5
Liabilities 
 Loans 2,672.626.5--1.22,697.9
 Other liabilities 152.80.7--153.5
Wealth (Net worth)14,477.262.59.8-348.414,201.1
Memorandum item 
 Consumer durables (b) 496.84.6--507.2

- 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,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total assets 55.26,761.450.66,425.779.96,476.2
Deposits35.51,446.84.41,452.950.11,503.7
Shares and equity-2.01,246.32.21,223.72.41,235.7
Net equity in reserves24.83,224.037.83,013.521.33,003.1
 Pension funds23.83,069.936.52,880.324.42,875.0
Other assets-3.2844.36.1735.66.1733.7

Liabilities

Household selected liabilities, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
 
Total liabilities 43.72,772.456.12,825.527.22,851.5
Short term loans -0.958.5-0.258.3-1.556.8
Long term loans 43.52,563.853.42,614.228.02,641.0
Other liabilities 1.1150.03.0153.00.7153.6

Household wealth fell 1.9% ($276.1b) to $14,201.1b at the end of the September quarter. This was the second consecutive quarter of decline in household wealth and was driven by weakness in the housing market.

Wealth per capita fell 2.2% (-$12,050) to $545,532 per person.

Non-financial assets

Non-financial assets owned by households decreased 2.8% (-$300.6b), driven by a:

  • $316.6b fall in land and dwellings

Holding losses on residential land and dwellings reflected falls in property prices over the quarter, across most of the states.

Financial assets

Financial assets of households increased 0.8% ($50.5b), driven by a:

  • $51.3b rise in currency and deposits
  • $12.0b rise in shares and other equity, offset by a
  • $10.4b fall in superannuation reserves

Total household deposits increased strongly by 3.5% this quarter, with tax returns boosting overall deposits. Other deposits increased by 7.7% ($42.4b), which is the strongest growth since December 2008, reflecting continued increases in term deposits attributable to rising interest rates and volatile share market conditions. Transferable deposit increased 0.9% ($8.4b) after falling last quarter. 

Although domestic and overseas share markets performed poorly this quarter, optimism in households’ own incorporated businesses drove gains in households holdings of other private non-financial corporations’ equity. 
Superannuation losses due to poor market performance were partially offset by strong contributions ($27.5b), reflecting the increase of the superannuation guarantee from 10.0% to 10.5% and the removal of the $450 minimum monthly income threshold for employer contributions.

Liabilities

Household liabilities increased 0.9% ($26.0b), driven by a: 

  • $24.3b rise in housing loans, offset by a
  • $1.5b fall in short term loans

The growth in housing loans is the softest growth since September 2020 and reflects the weakened activity in the property market over the quarter, due to increases in interest rates and falling house prices in most states. The rise continues to be driven by both owner-occupier and investor loans, which increased by $18.7b and $5.6b. 

Private non-financial corporations

Financial assets

Private non-financial corporations' selected financial assets, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total assets138.11,925.555.71,963.520.12,006.4
Deposits13.2774.244.1825.1-20.8811.2
Shares and equity124.6707.814.6668.524.1695.2
Other accounts receivable-3.2225.91.3242.311.6257.8
Other assets3.6217.6-4.3227.65.2242.2

Liabilities

Private non-financial corporations' selected liabilities, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total liabilities176.55,032.940.44,906.770.04,976.4
Total debt securities6.6276.13.8280.50.2280.6
Loans17.2956.228.1993.533.01,030.6
 Authorised deposit taking institutions28.7640.421.6666.025.9695.0
 Rest of world-0.9234.02.3241.60.6243.1
Shares and equity147.83,532.214.93,360.241.43,383.7
 Households3.1814.03.7808.56.2819.2
 Rest of world123.31,361.9-3.71,305.428.41,318.9
Other liabilities4.9268.4-6.3272.5-4.7281.6

Private non-financial corporations demand for credit of $70.0b, was driven by:

  • $33.0b loan borrowings, and
  • $41.4b issuance of equity

Private non-financial corporations sourced funds through both debt and equity. This resulted in:

  • The debt to equity ratio (adjusted for price changes) remaining unchanged at 0.63

Firms sourced increasing amounts of funds through bank loans to fund non-dwelling construction investment and merger and acquisition activity. Non-financial corporations' equity continued to grow as foreign owned resource companies reinvested their retained profits arising from large trade surpluses. 

Financial corporations

Financial assets and liabilities

Financial corporations' financial assets, $b
 Amounts outstanding,
Jun-22
Transactions,
Sep-22
Other changes,
Sep-22
Amounts outstanding,
Sep-22
Central bank664.20.6-1.5663.2
Authorised deposit taking institutions5,045.8-63.5304.65,286.9
Other broad money institutions193.61.30.0194.9
Pension funds2,712.722.0-9.72,725.0
Life insurance corporations175.3-2.9-1.9170.5
Non-life insurance corporations264.17.7-0.5271.3
Money market investment funds31.0-2.10.129.0
Non-money market investment funds1,078.54.3-2.71,080.1
Central borrowing authorities602.17.6-1.1608.6
Securitisers810.1-11.40.4799.1
Other financial corporations115.1-30.932.2116.4

- nil or rounded to zero

Financial corporations' liabilities, $b
 Amounts outstanding,
Jun-22
Transactions,
Sep-22
Other changes,
Sep-22
Amounts outstanding,
Sep-22
Central bank665.41.4-2.8664.0
Authorised deposit taking institutions5,101.4-87.6325.85,339.5
Other broad money institutions155.50.01.4156.9
Pension funds2,946.721.2-13.22,954.8
Life insurance corporations166.7-2.9-3.0160.8
Non-life insurance corporations281.02.21.7284.9
Money market investment funds31.0-1.8-0.229.0
Non-money market investment funds1,221.74.9-3.01,223.6
Central borrowing authorities583.89.00.7593.4
Securitisers836.0-5.7-2.0828.3
Other financial corporations226.5-29.534.6231.6

Authorised deposit-taking institutions (ADIs)

Financial assets

Authorised deposit taking institutions' selected financial assets, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total assets 26.04,730.956.75,045.8-63.55,286.9
Deposits 15.5517.2-15.5502.722.8525.9
Bonds 88.1775.757.0814.0-1.4809.1
 Securitisers 84.9441.015.5454.2-9.6444.2
 National general government -9.573.36.776.5-5.969.6
Loans -6.62,719.8102.72,831.874.12,913.6
Other assets -71.0718.2-87.6897.3-159.01,038.3

Liabilities

Authorised deposit taking institutions' selected liabilities, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total liabilities13.94,897.56.45,101.4-87.65,339.5
Deposits55.12,912.364.72,991.856.63,062.4
 Other private non-fin corps11.0713.642.3761.2-18.0748.1
 Pension funds-1.3233.123.5257.21.9259.8
 Households35.01,427.73.81,432.549.51,482.8
Bonds27.2441.819.0462.19.5468.8
Shares and equities-6.0630.8-1.5537.12.5547.5
Other liabilities-62.4912.6-75.81,110.4-156.31,260.9

Financial assets of ADIs increased $241.1b, reflecting strong derivative revaluations resulting from global market volatility, continued increases in lending, and increases in exchange settlement account balances. This resulted in a: 

  • $35.4b increase in loans to households
  • $25.5b increase in loans to other private non-financial corporations
  • $24.9b increase in deposits with the central bank

Liabilities of ADIs grew $238.1b, driven by a:

  • $70.5b increase in deposits
  • $151.8b increase in derivatives as a result of global market volatility
  • $10.4b increase in equity as a result of increases in the value of equity of listed banks

 ADIs' funding from deposits (transactions) grew $56.6b, with a: 

  • $49.5b increase from household
  • $15.8b increase from state and local general governments, offset by a
  • $20.0b decrease from private non-financial corporations

Pension (superannuation) funds

Financial assets

Pension (superannuation) funds' selected financial assets, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total assets20.72,887.028.22,712.722.02,725.0
Deposits-0.4243.923.5268.81.5271.4
Debt securities9.6182.311.4186.28.7194.9
Shares and equity9.02,383.7-3.42,193.818.82,195.5
 Other private non-fin corps12.2436.46.1394.29.6406.5
 Non-money market investment funds-9.8949.9-6.8871.44.3862.1
 Rest of world7.3502.9-7.0472.22.9472.4
Net equity in life offices-0.415.51.714.9-0.214.5
Other assets2.861.5-5.149.0-6.848.6

Liabilities

Pension (superannuation) funds' selected liabilities, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total liabilities21.43,121.629.62,946.721.22,954.8
Net equity in reserves24.03,074.636.72,884.424.62,879.0
 Households23.83,069.936.52,880.324.42,875.0
Other liabilities-2.647.0-7.162.3-3.475.8

Total financial assets of pension (superannuation) funds increased 0.5% ($12.3b), with a:

  • $5.8b increase in bonds
  • $2.9b increase in one name paper
  • $1.7b increase in shares and other equity.

Pension funds acquired $18.8b in shares and other equity of unlisted other private non-financial corporations and non-money market financial investment funds. Valuation losses of $17.0b on their equity assets were driven by holding losses on the equity of non-money market financial investment funds. Pension funds also invested in debt securities acquiring $6.1b in bonds and $2.6b in one name paper as they continue to diversify their investment portfolios.

(a) "Other" includes derivatives, loans, insurance technical reserves and other accounts receivable.

Government

National general government financial assets

National general government selected assets, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total assets13.3674.225.1687.9-21.7666.2
Deposits3.5101.632.9135.2-22.6112.7
 Central bank-1.968.034.0102.0-23.378.7
 Authorised deposit taking institutions4.226.0-1.125.11.026.2
One name paper-2.443.0-7.335.90.836.8
Shares and equity2.2175.04.7178.20.6176.7
Other assets10.0354.5-5.2338.7-0.5339.9

National general government liabilities

National general government selected liabilities, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total liabilities15.71,372.128.71,269.9-3.21,264.2
One name paper-5.929.01.030.0-1.328.7
Bonds20.5849.127.1832.8-4.1819.0
 Central bank19.3281.84.6273.2-3.2266.4
 Authorised deposit taking institutions-9.573.36.776.5-5.969.6
 Rest of world13.3386.612.5377.34.9378.1
Other liabilities1.0494.10.6407.12.1416.5

State and local general government financial assets

State and local general government selected financial assets, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total assets-2.1622.47.7653.68.5682.7
Deposits0.189.81.491.215.9107.1
Loans and placements-1.962.45.768.10.668.7
Shares and equity0.0439.01.6464.4-7.6477.6
 State and local PNFCs0.0313.50.0323.1-9.8328.7
 Other private non-fin corps-0.338.70.438.21.739.8
Other assets-0.331.3-0.929.9-0.529.3

- nil or rounded to zero

State and local general government liabilities

State and local general government selected liabilities, $b
 Transactions,
Mar-22
Amounts outstanding,
Mar-22
Transactions,
Jun-22
Amounts outstanding,
Jun-22
Transactions,
Sep-22
Amounts outstanding,
Sep-22
Total liabilities0.0553.119.4552.021.4575.2
Loans and placements-1.4335.318.5353.819.7373.6
 Central borrowing authorities-2.3312.613.4326.016.4342.4
Unfunded superannuation claims0.9142.21.0123.10.8116.1
Other liabilities0.475.7-0.175.00.885.5

General government

General government (national, and state and local) were net borrowers of $31.5b, mainly driven by a:

  • $19.8b increase in loan liabilities 

National general government net bond transactions were -$4.1b, due to a $24.8b bond line maturity in July that outweighed any new issuance. This was the first net negative transaction since since December 2019. The winding down of measures implemented during the COVID-19 pandemic has reduced the government's liquidity requirements. Loan liabilities of state and local governments continued to grow.

The total value of national government bonds outstanding ($819.0b) continued to fall due to further increases in bond yields. 

Deposits decreased $6.5b, driven by a strong decrease in national general government deposits with the central bank, which were used to fund the bond maturity in July. This was partially offset by a $15.9b increase in state and local general government deposits reflecting their involvement in merger and acquisition activity. 

(a) "Other" includes gold and special drawing rights, currency, bills of exchange, derivatives, shares and equity, unfunded superannuation and accounts payable/receivable.

Capital investment

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

Net lending (+) / borrowing (-)

Australia's net borrowing position fell $17.1b this quarter, from a net lending position of $14.6b to a net borrowing position of $2.5b.

This was driven by a: 

  • $12.9b decrease in national net saving
  • $3.2b increase in gross fixed capital formation
  • $2.1b increase in change in inventories

National net borrowing as a proportion of GDP decreased this quarter driven by a fall in net savings. 

  • Financial corporations' net lending decreased by $0.6b to $9.9b
  • Non-financial corporations' net borrowing decreased by $16.3b from a net lending position of $6.9b to a net borrowing position of $9.4b
  • General government net borrowing increased by $1.9b to $13.9b
  • Households' net lending decreased by $4.7b to $12.7

Notable drivers were: 

  • Financial corporations' net lending was driven by a decrease in capital transfers, and an increase in gross fixed capital formation
  • Non-financial corporations' net borrowing was driven by a decrease in net savings and an increase in change in inventories
  • Households' net lending was driven by a decrease in net saving driven by a large rise in household consumption

Capital Investment

National capital investment increased to 22.8% as a proportion of GDP, also increasing 2.3% in current price seasonally adjusted terms.

Relative to GDP: 

  • Household capital investment increased to 8.0%
  • Non-financial corporations' capital investment increased to 10.4%
  • Financial corporations' capital investment was flat at 0.5%
  • General government capital investment decreased to 3.8%

In current price seasonally adjusted terms:

  • Non-financial corporations' capital investment increased, driven by an increase in public and private non-financial corporations
  • General government capital investment decreased, driven by a decrease in both national and state and local general government

Data downloads

Time series spreadsheets

Data files

Previous catalogue number

This release previously used catalogue number 5232.0

Revisions and changes

Revisions in this issue

This issue contains revisions to the original estimates of the capital accounts back to September quarter 1988 due to the incorporation of revisions to GDP and its components and income account. 

There have been revisions to previously published aggregates due to quality assurance reviews affecting the published aggregates after September quarter 2018, in addition to amendments to data collected in the ABS Survey of Financial Information, ABS Survey of International Investment and to data derived from Australian Prudential Regulation Authority (APRA) administrative data sets.

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