Australian National Accounts: Finance and Wealth

Latest release

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

Reference period

March 2025

Released

26/06/2025

Key statistics

Household wealth increased $137.1b (0.8%) to $17,309.7b.
Demand for credit was $136.1b.
Australia's net borrowing position decreased by $13.0b to $6.4b this quarter.
Capital investment as a proportion of GDP decreased to 24.5%.

Main features

Financing resources and investment tables

Financing resources March quarter 2025, original, current prices, $b
	Non-financial corps	Financial corps	Government	Households	Total national	Rest of world
Net saving (a)	-11.5	21.9	-9.1	17.4	18.7	12.9
plus Consumption of fixed capital	62.8	4.1	16.1	46.7	129.7	-
Gross saving	51.4	26.0	6.9	64.0	148.4	12.9
plus Net capital transfers	0.5	0.0	-2.3	1.6	-0.2	0.2
less Statistical discrepancy (b)	-	-	-	-	3.5	-
Total financing resources	51.9	26.0	4.6	65.7	144.7	13.1

Uses of financing (investment) March quarter 2025, original, current prices, $b
	Non-financial corps	Financial corps	Government	Households	Total national	Rest of world
Capital formation
	Gross fixed capital formation	75.7	3.9	24.9	51.3	155.9	-
	plus Changes in inventories	0.6	0.0	0.3	0.9	1.9	-
	plus Net acquisition of non-produced non-financial assets	-0.6	-	0.6	-	-	-
	Total capital formation	75.6	3.9	25.9	52.2	157.7	-
plus Financial investment
	Aquistition of financial assets	35.4	-26.3	36.9	66.8	-88.7	-82.3
	less Incurrence of financial liabilities	51.1	-23.2	55.9	35.4	-82.3	-88.7
	Net Financial investment (Net lending (+) / net borrowing (-))	-15.7	-3.1	-19.0	31.4	-6.4	6.4
less Net errors and omissions	8.0	-25.2	2.4	18.0	6.6	-6.6
Total investment	51.9	26.0	4.6	65.7	144.7	13.1

Financial market summary table

Financial market summary, $b
	Amounts outstanding, Dec-24	Transactions, Mar-25	Other changes, Mar-25	Amounts outstanding, Mar-25
Currency and deposits
	Currency	108.2	-0.9	-	107.3
	Transferable deposits	2,327.7	17.6	-3.5	2,341.8
	Other deposits	1,749.2	10.8	-0.3	1,759.6
Short term debt securities
	Bills of exchange	4.9	-0.3	-	4.7
	One name paper	610.6	-11.0	2.5	602.1
Long term debt securities
	Bonds, etc.	3,593.1	67.6	27.3	3,688.0
Derivatives
	Derivatives	922.2	-298.3	19.1	643.0
Loans and placements
	Short term	463.1	-8.5	-0.4	454.2
	Long term	5,222.2	69.4	-1.5	5,290.2
Shares and other equity
	Listed	2,917.5	18.1	-99.0	2,836.6
	Unlisted	6,987.1	25.4	-45.2	6,967.3
Insurance technical reserves
	Reserves of pension funds and life	3,868.1	28.4	-46.5	3,850.0
	General insurance payments	175.4	1.5	0.0	176.9

Flow of funds diagrams

National investment

National investment decreased by $21.7b to $157.7b in the March quarter.

General government investment decreased by $3.2b to $25.9b, driven by a fall in gross fixed capital formation for both state and local general government and national general government.
Non-financial corporations' investment decreased by $11.0b to $75.6b, driven by a fall in gross fixed capital formation for both private and public non-financial corporations.
Households' investment decreased by $7.2b to $52.2b, driven by decreases in gross fixed capital formation and change in inventories.

Financial investment

Australia was a net borrower of $6.4b from rest of world (ROW). The main contributors were a:

$23.8b acquisition by ROW of debt securities issued by Australia
$15.6b repayment of debt securities issued by ROW

This was partly offset by a:

$25.1b withdrawal of deposits by ROW
$15.6b placement of deposits by Australia with ROW

ROW acquired bonds and one name paper issued by banks and general government.

Households

Households' $31.4b net lending position was due to a $66.8b acquisition of assets, partly offset by a $35.4b incurrence of liabilities. The acquisition of assets was driven by:

$29.4b in deposits
$28.1b in net equity in superannuation

While liabilities were driven by:

$36.1b in loan borrowing

Deposit asset growth has weakened slightly compared to the previous two quarters. The overall rise in deposits this quarter reflected an increase in household savings as gross disposable income outpaced spending.

General government

General government’s $19.0b net borrowing position was due to a $55.9b incurrence of liabilities, partly offset by a $36.9b acquisition of assets. Liabilities were driven by:

$25.1b in bond issuance
$12.2b in net issuance of short term debt securities.

Acquisition of assets was driven by a:

$38.3b increase in deposits

The national general government remained in a net borrowing position for a third consecutive quarter. Net issuance of Treasury bonds this quarter was driven by ongoing funding requirements including defence spending and cost-of-living relief measures. State and territory governments continued to borrow funds from their respective central borrowing authorities to finance investment in health and transport infrastructure.

Net financial investment (net lending (+) / borrowing (-))
	National net financial investment ($b)	Non-financial corporations ($b)	Financial corporations ($b)	General government ($b)	Households ($b)
Mar-12	-18.4	-37.0	23.4	-13.2	8.5
Jun-12	-11.4	1.8	-24.4	-30.1	41.3
Sep-12	-19.2	-3.1	-11.5	-24.3	19.7
Dec-12	-20.3	-13.5	-0.6	-12.4	6.2
Mar-13	-10.2	-29.5	18.2	-15.5	16.6
Jun-13	-11.7	-42.4	21.2	-14.0	23.5
Sep-13	-19.2	-12.9	-20.1	-20.2	34.0
Dec-13	-12.6	-45.0	27.2	-10.9	16.0
Mar-14	-9.5	-18.0	10.2	-11.0	9.2
Jun-14	-13.7	-21.3	14.4	-10.2	3.4
Sep-14	-13.5	-13.1	-18.4	-18.4	36.4
Dec-14	-16.5	-3.2	-30.7	-10.0	27.4
Mar-15	-14.9	-21.8	1.7	-3.6	8.8
Jun-15	-22.3	-29.4	3.4	-8.4	12.0
Sep-15	-27.2	-54.6	-7.5	-15.0	49.9
Dec-15	-25.8	-35.9	1.8	-7.2	15.4
Mar-16	-18.4	-25.0	11.2	-8.8	4.2
Jun-16	-15.1	9.0	-33.3	-6.0	15.2
Sep-16	-15.1	-8.3	-2.5	-22.1	17.8
Dec-16	-8.0	1.5	-8.2	-24.1	22.8
Mar-17	-3.8	-14.6	8.0	2.2	0.5
Jun-17	-13.5	24.1	-32.9	-12.8	8.1
Sep-17	-15.9	-10.2	-10.7	-18.7	23.7
Dec-17	-19.4	-7.8	-22.9	-2.6	13.9
Mar-18	-9.5	-23.4	6.5	-0.9	8.4
Jun-18	-16.0	-10.0	-19.0	-0.2	13.2
Sep-18	-9.0	-26.6	-3.1	-18.5	39.3
Dec-18	-7.9	-6.9	3.0	-9.2	5.2
Mar-19	-5.5	-14.8	-6.7	-0.3	16.3
Jun-19	6.0	11.4	-33.6	-9.2	37.5
Sep-19	6.1	-7.8	-14.3	-22.9	51.2
Dec-19	-1.0	-13.5	6.2	-14.2	20.5
Mar-20	7.6	-12.8	10.5	-14.3	24.2
Jun-20	15.6	44.9	3.8	-89.0	55.9
Sep-20	7.7	16.5	20.8	-110.8	81.3
Dec-20	15.2	7.4	11.2	-44.9	41.5
Mar-21	15.4	-7.9	34.8	-14.6	3.2
Jun-21	23.3	18.8	8.0	-9.8	6.3
Sep-21	14.1	-33.9	33.0	-43.7	58.6
Dec-21	4.0	-15.0	17.2	-26.0	27.9
Mar-22	2.4	-51.3	44.8	-1.8	10.6
Jun-22	15.6	4.6	32.1	-30.1	8.9
Sep-22	-11.5	-62.6	21.8	-26.1	55.5
Dec-22	8.1	2.8	-1.1	-13.8	20.3
Mar-23	3.8	-20.3	-10.5	13.0	21.5
Jun-23	4.3	11.8	-11.1	6.4	-2.7
Sep-23	-13.4	-78.4	24.9	-24.5	64.6
Dec-23	4.9	-18.1	20.3	-28.7	31.5
Mar-24	-5.4	-13.2	-10.6	-1.1	19.5
Jun-24	-17.2	-14.0	16.4	-19.3	-0.4
Sep-24	-17.0	-20.5	-21.9	-38.9	64.3
Dec-24	-19.5	-24.9	-2.5	-38.2	46.1
Mar-25	-6.4	-15.7	-3.1	-19.0	31.4

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-24	Demand for credit, Mar-25	Other changes, Mar-25	Credit market outstandings, Mar-25
Non-financial corporations
	Investment funds	582.8	8.0	-7.5	583.4
	Other private	4,791.8	45.9	-53.3	4,784.4
	Public	192.0	0.8	0.1	192.9
General government
	National	869.6	37.0	16.4	923.1
	State and local	482.7	8.5	0.0	491.3
Households	3,051.1	35.9	6.3	3,093.3
Total	9,970.2	136.1	-37.9	10,068.4

Demand for credit was $136.1b in the March quarter, of which:

other private non-financial corporations borrowed $45.9b
general government borrowed $45.5b
households borrowed $35.9b

Credit market outstandings increased by $98.2b, comprised of demand for credit of $136.1b and was partly offset by revaluation losses of $37.9b. Holding losses on the shares of other private non-financial corporations were $46.6b, in line with a fall in equity prices on the Australian Securities Exchange (ASX). This was partly offset by holding gains in Commonwealth government bonds of $16.4b due to a fall in bond yields.

Other private non-financial corporations

Business credit growth remained relatively stable this quarter. Business financing activity comprised:

loan borrowings of $21.7b
equity raising of $21.6b
corporate bond issuance of $1.9b

General government

The March quarter saw the strongest demand for credit by the Commonwealth government since September quarter 2020. The Commonwealth government issued additional debt securities following large maturities of COVID-19 era bond liabilities in the December quarter. State government demand for credit was driven by investment in health and transport infrastructure. General government financing activity comprised:

$37.3b in net issuance of bonds and one name paper by national general government
$8.5b in loan borrowings by state and local general government

Households

Housing credit growth decreased from the previous quarter which reflected a seasonal fall in lending for housing, after strong growth through 2024. Household short term loan borrowings also decreased in line with seasonally lower consumer spending in March quarters. Households borrowed:

$36.8b in long term loans
Partly offset by a net repayment of $0.7b in short term loans.

Demand for credit by sector
	Private non-financial businesses ($b)	Households ($b)	General government ($b)	Other ($b)
Mar-12	27.6	11.9	18.8	4.5
Jun-12	16.0	22.8	10.7	-0.4
Sep-12	16.3	4.7	26.8	3.4
Dec-12	14.8	15.9	12.0	6.5
Mar-13	24.8	12.3	8.6	1.3
Jun-13	37.4	28.8	-6.2	5.0
Sep-13	26.1	3.7	28.9	-0.3
Dec-13	38.6	32.5	22.5	9.4
Mar-14	7.9	18.7	20.1	0.0
Jun-14	32.3	36.1	6.9	8.7
Sep-14	33.6	13.6	24.2	-6.1
Dec-14	35.4	26.8	8.9	3.1
Mar-15	43.2	25.1	16.1	7.4
Jun-15	27.0	39.3	5.3	11.8
Sep-15	39.7	12.3	36.4	3.8
Dec-15	33.4	23.2	2.1	7.9
Mar-16	30.4	25.1	22.0	3.4
Jun-16	11.1	34.7	2.5	2.7
Sep-16	20.3	28.5	25.8	6.0
Dec-16	56.5	20.7	19.0	-7.6
Mar-17	6.3	21.6	18.9	4.4
Jun-17	38.0	40.6	19.6	1.2
Sep-17	33.4	18.0	5.4	6.0
Dec-17	30.9	27.7	15.7	5.2
Mar-18	39.0	19.6	6.3	3.7
Jun-18	14.0	27.5	10.1	2.9
Sep-18	67.0	11.1	5.9	9.1
Dec-18	8.8	25.7	6.1	3.0
Mar-19	35.5	15.3	-0.3	5.4
Jun-19	38.8	4.0	12.3	-3.6
Sep-19	18.1	-0.1	25.8	4.5
Dec-19	21.0	19.3	15.7	6.0
Mar-20	49.7	3.9	35.6	5.4
Jun-20	-7.2	14.6	136.2	9.4
Sep-20	2.0	6.3	144.0	6.9
Dec-20	4.5	22.5	30.2	10.4
Mar-21	18.4	28.1	20.2	5.5
Jun-21	11.9	49.6	6.8	18.5
Sep-21	57.4	41.3	50.1	8.3
Dec-21	34.1	53.8	22.0	15.5
Mar-22	166.0	41.7	13.5	11.3
Jun-22	45.1	52.6	48.5	15.5
Sep-22	75.6	26.0	6.4	6.7
Dec-22	13.4	31.9	7.4	-0.2
Mar-23	42.6	18.8	17.7	9.1
Jun-23	-4.1	41.8	-7.5	3.3
Sep-23	52.1	13.4	18.5	9.0
Dec-23	29.8	29.8	32.9	7.7
Mar-24	46.0	31.7	19.7	9.7
Jun-24	38.0	56.0	-2.0	6.2
Sep-24	44.6	24.7	43.6	4.6
Dec-24	48.7	39.7	-4.2	12.6
Mar-25	45.9	35.9	45.5	8.8

Demand for credit by sector

["","Private non-financial businesses","Households","General government","Other"]

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[27.600000000000001],[16],[16.300000000000001],[14.800000000000001],[24.800000000000001],[37.399999999999999],[26.100000000000001],[38.600000000000001],[7.9000000000000004],[32.299999999999997],[33.600000000000001],[35.399999999999999],[43.200000000000003],[27],[39.700000000000003],[33.399999999999999],[30.399999999999999],[11.1],[20.300000000000001],[56.5],[6.2999999999999998],[38],[33.399999999999999],[30.899999999999999],[39],[14],[67],[8.8000000000000007],[35.5],[38.799999999999997],[18.100000000000001],[21],[49.700000000000003],[-7.2000000000000002],[2],[4.5],[18.399999999999999],[11.9],[57.399999999999999],[34.100000000000001],[166],[45.100000000000001],[75.599999999999994],[13.4],[42.600000000000001],[-4.0999999999999996],[52.100000000000001],[29.800000000000001],[46],[38],[44.600000000000001],[48.700000000000003],[45.899999999999999]],[[11.9],[22.800000000000001],[4.7000000000000002],[15.9],[12.300000000000001],[28.800000000000001],[3.7000000000000002],[32.5],[18.699999999999999],[36.100000000000001],[13.6],[26.800000000000001],[25.100000000000001],[39.299999999999997],[12.300000000000001],[23.199999999999999],[25.100000000000001],[34.700000000000003],[28.5],[20.699999999999999],[21.600000000000001],[40.600000000000001],[18],[27.699999999999999],[19.600000000000001],[27.5],[11.1],[25.699999999999999],[15.300000000000001],[4],[-0.10000000000000001],[19.300000000000001],[3.8999999999999999],[14.6],[6.2999999999999998],[22.5],[28.100000000000001],[49.600000000000001],[41.299999999999997],[53.799999999999997],[41.700000000000003],[52.600000000000001],[26],[31.899999999999999],[18.800000000000001],[41.799999999999997],[13.4],[29.800000000000001],[31.699999999999999],[56],[24.699999999999999],[39.700000000000003],[35.899999999999999]],[[18.800000000000001],[10.699999999999999],[26.800000000000001],[12],[8.5999999999999996],[-6.2000000000000002],[28.899999999999999],[22.5],[20.100000000000001],[6.9000000000000004],[24.199999999999999],[8.9000000000000004],[16.100000000000001],[5.2999999999999998],[36.399999999999999],[2.1000000000000001],[22],[2.5],[25.800000000000001],[19],[18.899999999999999],[19.600000000000001],[5.4000000000000004],[15.699999999999999],[6.2999999999999998],[10.1],[5.9000000000000004],[6.0999999999999996],[-0.29999999999999999],[12.300000000000001],[25.800000000000001],[15.699999999999999],[35.600000000000001],[136.19999999999999],[144],[30.199999999999999],[20.199999999999999],[6.7999999999999998],[50.100000000000001],[22],[13.5],[48.5],[6.4000000000000004],[7.4000000000000004],[17.699999999999999],[-7.5],[18.5],[32.899999999999999],[19.699999999999999],[-2],[43.600000000000001],[-4.2000000000000002],[45.5]],[[4.5],[-0.40000000000000002],[3.3999999999999999],[6.5],[1.3],[5],[-0.29999999999999999],[9.4000000000000004],[0],[8.6999999999999993],[-6.0999999999999996],[3.1000000000000001],[7.4000000000000004],[11.800000000000001],[3.7999999999999998],[7.9000000000000004],[3.3999999999999999],[2.7000000000000002],[6],[-7.5999999999999996],[4.4000000000000004],[1.2],[6],[5.2000000000000002],[3.7000000000000002],[2.8999999999999999],[9.0999999999999996],[3],[5.4000000000000004],[-3.6000000000000001],[4.5],[6],[5.4000000000000004],[9.4000000000000004],[6.9000000000000004],[10.4],[5.5],[18.5],[8.3000000000000007],[15.5],[11.300000000000001],[15.5],[6.7000000000000002],[-0.20000000000000001],[9.0999999999999996],[3.2999999999999998],[9],[7.7000000000000002],[9.6999999999999993],[6.2000000000000002],[4.5999999999999996],[12.6],[8.8000000000000007]]]

[]

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"Other" includes private non-financial investment funds and public non-financial corporations.

Households

Balance sheet

Household balance sheet, $b
	Amounts outstanding, Dec-24	Transactions, Mar-25	Other changes(a), Mar-25	Holding gains/losses, Mar-25	Amounts outstanding, Mar-25
Non-financial assets
	Land and dwellings	11,509.4	7.4	8.4	125.5	11,650.7
	Other non-financial assets	876.0	-1.9	-	12.3	886.4
Financial assets
	Superannuation reserves	4,158.2	28.1	-	-44.4	4,141.8
	Shares and other equity	1,566.0	0.6	-	6.7	1,573.3
	Currency and deposits	1,838.5	29.1	-	0.2	1,867.8
	Other financial assets	447.9	9.0	-	-2.3	454.7
Liabilities
	Loans	3,047.4	36.1	-	6.3	3,089.8
	Other liabilities	175.8	-0.7	-	-	175.1
Wealth (Net worth)	17,172.7	37.0	8.4	91.7	17,309.7
Memorandum item
	Consumer durables (b)	564.7	1.5	-	-	569.9

Financial assets

Household selected financial assets, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total assets	89.3	7,855.2	86.4	8,010.6	66.8	8,037.5
Deposits	60.7	1,730.6	53.5	1,788.1	29.4	1,817.7
Shares and equity	-1.1	1,535.6	2.6	1,566.0	0.6	1,573.3
Net equity in reserves	19.1	3,811.9	25.2	3,876.7	28.5	3,858.9
	Pension funds	22.4	3,667.9	26.2	3,732.0	25.2	3,713.1
Other assets	10.6	777.2	5.0	779.8	8.4	787.7

Liabilities

Household selected liabilities, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total liabilities	25.0	3,175.7	40.3	3,223.4	35.4	3,265.1
Short term loans	-1.6	58.4	0.5	58.9	-0.7	58.3
Long term loans	26.3	2,941.9	39.3	2,988.6	36.8	3,031.5
Other liabilities	0.2	175.4	0.5	176.0	-0.7	175.3

Household wealth grew 0.8% ($137.1b) to $17,309.7b by the end of the March quarter. The increase in net worth was driven by land and dwelling assets.

Non-financial assets

Non-financial assets owned by households increased by 1.2% ($151.8b). The value of residential land and dwellings increased $125.3b or 1.2 per cent, with both property prices and the number of dwellings increasing during the quarter.

Financial assets

Financial assets of households increased by 0.3% ($26.9b), with a:

$29.2b rise in currency and deposits
$7.3b rise in shares and other equity
Partly offset by a $16.4b fall in superannuation reserves

Total deposits increased by 1.7%. Transferable deposit account balances rose $14.5b. Other deposit accounts (which include term deposit and other savings accounts) rose $15.0b.
The fall in the value of superannuation was due to poor performance in domestic and overseas share markets and was partially offset by household contributions.

Liabilities

Household liabilities increased by 1.3% ($41.7b), with a:

$26.9b rise in housing loans
$0.6b fall in short-term loans.

The growth in housing loans was driven by demand from both owner occupiers and investors.

Household wealth, contribution to growth, quarterly
	Wealth (Net worth) ($b)	Land and dwellings ($b)	Superannuation ($b)	Currency and deposits ($b)	Shares and equity ($b)	Other financial assets ($b)	Liabilities ($b)
Mar-12	101.4	26.5	65.1	10.2	18.4	-3.1	-16.5
Jun-12	146.1	28.3	123.0	9.1	-4.3	13.6	-23.9
Sep-12	60.7	-15.0	51.0	22.5	15.8	-4.0	-10.5
Dec-12	179.1	105.9	58.3	12.6	14.6	-2.5	-14.5
Mar-13	145.1	54.4	68.0	9.7	22.9	1.0	-14.6
Jun-13	-1.6	78.6	-52.5	6.4	-3.0	1.3	-36.2
Sep-13	212.2	83.3	88.4	26.3	21.0	-0.5	-11.4
Dec-13	235.0	173.2	53.3	20.4	8.7	7.9	-37.8
Mar-14	138.4	76.5	46.1	9.7	19.4	-1.4	-19.7
Jun-14	116.8	94.9	26.2	7.0	15.3	4.1	-38.0
Sep-14	164.0	82.6	51.3	29.5	13.1	-0.7	-19.6
Dec-14	261.6	169.2	59.6	25.5	24.6	1.9	-30.3
Mar-15	263.3	125.0	106.0	13.9	34.9	7.6	-32.0
Jun-15	201.9	224.7	12.3	6.4	0.1	-5.0	-42.4
Sep-15	122.5	129.6	-24.5	37.2	0.9	-2.5	-22.0
Dec-15	150.4	46.6	76.4	19.6	30.4	-2.7	-25.8
Mar-16	-14.0	9.6	-18.7	12.8	3.6	1.9	-26.2
Jun-16	281.9	137.3	149.0	10.6	16.2	8.1	-41.9
Sep-16	230.6	125.7	79.3	25.3	23.7	3.1	-30.1
Dec-16	335.8	258.0	48.6	24.9	22.8	0.4	-26.4
Mar-17	231.5	160.4	63.2	9.8	20.8	1.6	-29.9
Jun-17	154.5	170.0	16.7	1.4	4.2	-0.5	-41.2
Sep-17	27.6	14.2	-3.4	21.7	11.8	6.6	-26.8
Dec-17	286.0	167.9	95.7	13.5	26.4	9.3	-33.1
Mar-18	-14.4	17.1	-16.6	10.0	2.2	0.3	-30.8
Jun-18	87.4	-26.3	107.9	1.5	21.9	11.8	-31.2
Sep-18	33.7	-51.0	47.7	28.2	18.8	5.1	-16.0
Dec-18	-206.2	-60.9	-111.3	9.5	-7.5	-9.0	-31.0
Mar-19	57.0	-119.6	142.6	5.4	33.6	14.4	-20.2
Jun-19	318.0	68.5	220.6	4.3	27.8	13.1	-15.3
Sep-19	335.1	225.8	63.2	25.9	16.9	11.3	-6.2
Dec-19	288.0	218.7	62.1	12.9	13.0	2.3	-23.8
Mar-20	-250.6	106.0	-275.5	18.2	-63.2	-16.6	-21.6
Jun-20	232.1	-23.5	166.6	35.1	32.3	25.5	-6.3
Sep-20	346.2	222.4	38.9	65.2	7.5	7.8	-1.7
Dec-20	633.7	376.7	163.8	27.5	54.0	18.6	-21.0
Mar-21	549.1	457.0	67.0	13.7	28.2	-2.5	-27.6
Jun-21	567.6	428.5	118.3	5.9	35.0	19.2	-53.5
Sep-21	731.9	598.4	64.3	75.0	25.7	7.2	-53.2
Dec-21	725.9	585.8	99.9	47.7	20.8	8.3	-56.9
Mar-22	166.5	196.3	-51.2	33.7	22.2	-8.9	-41.8
Jun-22	-391.3	-36.4	-293.9	6.2	-22.0	-8.0	-49.6
Sep-22	-214.6	-255.1	-5.1	53.0	14.3	-0.2	-29.7
Dec-22	241.8	73.4	122.5	33.8	35.4	6.0	-42.2
Mar-23	199.0	60.8	115.5	26.9	21.1	2.0	-34.9
Jun-23	351.9	312.2	63.0	-6.6	17.1	6.6	-45.3
Sep-23	250.1	167.2	10.2	52.7	35.3	6.6	-27.0
Dec-23	535.9	313.8	147.5	30.8	52.5	13.7	-34.2
Mar-24	387.2	176.7	146.7	32.7	57.5	10.3	-47.2
Jun-24	258.8	261.9	10.1	-8.4	26.4	17.2	-57.2
Sep-24	305.8	60.8	144.8	62.1	49.7	10.9	-30.6
Dec-24	307.0	186.3	64.3	58.5	30.4	2.1	-47.7
Mar-25	137.1	141.4	-16.4	29.2	7.3	6.7	-41.7

Household wealth, contribution to growth, quarterly

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

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[101.40000000000001],[146.09999999999999],[60.700000000000003],[179.09999999999999],[145.09999999999999],[-1.6000000000000001],[212.19999999999999],[235],[138.40000000000001],[116.8],[164],[261.60000000000002],[263.30000000000001],[201.90000000000001],[122.5],[150.40000000000001],[-14],[281.89999999999998],[230.59999999999999],[335.80000000000001],[231.5],[154.5],[27.600000000000001],[286],[-14.4],[87.400000000000006],[33.700000000000003],[-206.19999999999999],[57],[318],[335.10000000000002],[288],[-250.59999999999999],[232.09999999999999],[346.19999999999999],[633.70000000000005],[549.10000000000002],[567.60000000000002],[731.89999999999998],[725.89999999999998],[166.5],[-391.30000000000001],[-214.59999999999999],[241.80000000000001],[199],[351.89999999999998],[250.09999999999999],[535.89999999999998],[387.19999999999999],[258.80000000000001],[305.80000000000001],[307],[137.09999999999999]],[[26.5],[28.300000000000001],[-15],[105.90000000000001],[54.399999999999999],[78.599999999999994],[83.299999999999997],[173.19999999999999],[76.5],[94.900000000000006],[82.599999999999994],[169.19999999999999],[125],[224.69999999999999],[129.59999999999999],[46.600000000000001],[9.5999999999999996],[137.30000000000001],[125.7],[258],[160.40000000000001],[170],[14.199999999999999],[167.90000000000001],[17.100000000000001],[-26.300000000000001],[-51],[-60.899999999999999],[-119.59999999999999],[68.5],[225.80000000000001],[218.69999999999999],[106],[-23.5],[222.40000000000001],[376.69999999999999],[457],[428.5],[598.39999999999998],[585.79999999999995],[196.30000000000001],[-36.399999999999999],[-255.09999999999999],[73.400000000000006],[60.799999999999997],[312.19999999999999],[167.19999999999999],[313.80000000000001],[176.69999999999999],[261.89999999999998],[60.799999999999997],[186.30000000000001],[141.40000000000001]],[[65.099999999999994],[123],[51],[58.299999999999997],[68],[-52.5],[88.400000000000006],[53.299999999999997],[46.100000000000001],[26.199999999999999],[51.299999999999997],[59.600000000000001],[106],[12.300000000000001],[-24.5],[76.400000000000006],[-18.699999999999999],[149],[79.299999999999997],[48.600000000000001],[63.200000000000003],[16.699999999999999],[-3.3999999999999999],[95.700000000000003],[-16.600000000000001],[107.90000000000001],[47.700000000000003],[-111.3],[142.59999999999999],[220.59999999999999],[63.200000000000003],[62.100000000000001],[-275.5],[166.59999999999999],[38.899999999999999],[163.80000000000001],[67],[118.3],[64.299999999999997],[99.900000000000006],[-51.200000000000003],[-293.89999999999998],[-5.0999999999999996],[122.5],[115.5],[63],[10.199999999999999],[147.5],[146.69999999999999],[10.1],[144.80000000000001],[64.299999999999997],[-16.399999999999999]],[[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],[28.199999999999999],[9.5],[5.4000000000000004],[4.2999999999999998],[25.899999999999999],[12.9],[18.199999999999999],[35.100000000000001],[65.200000000000003],[27.5],[13.699999999999999],[5.9000000000000004],[75],[47.700000000000003],[33.700000000000003],[6.2000000000000002],[53],[33.799999999999997],[26.899999999999999],[-6.5999999999999996],[52.700000000000003],[30.800000000000001],[32.700000000000003],[-8.4000000000000004],[62.100000000000001],[58.5],[29.199999999999999]],[[18.399999999999999],[-4.2999999999999998],[15.800000000000001],[14.6],[22.899999999999999],[-3],[21],[8.6999999999999993],[19.399999999999999],[15.300000000000001],[13.1],[24.600000000000001],[34.899999999999999],[0.10000000000000001],[0.90000000000000002],[30.399999999999999],[3.6000000000000001],[16.199999999999999],[23.699999999999999],[22.800000000000001],[20.800000000000001],[4.2000000000000002],[11.800000000000001],[26.399999999999999],[2.2000000000000002],[21.899999999999999],[18.800000000000001],[-7.5],[33.600000000000001],[27.800000000000001],[16.899999999999999],[13],[-63.200000000000003],[32.299999999999997],[7.5],[54],[28.199999999999999],[35],[25.699999999999999],[20.800000000000001],[22.199999999999999],[-22],[14.300000000000001],[35.399999999999999],[21.100000000000001],[17.100000000000001],[35.299999999999997],[52.5],[57.5],[26.399999999999999],[49.700000000000003],[30.399999999999999],[7.2999999999999998]],[[-3.1000000000000001],[13.6],[-4],[-2.5],[1],[1.3],[-0.5],[7.9000000000000004],[-1.3999999999999999],[4.0999999999999996],[-0.69999999999999996],[1.8999999999999999],[7.5999999999999996],[-5],[-2.5],[-2.7000000000000002],[1.8999999999999999],[8.0999999999999996],[3.1000000000000001],[0.40000000000000002],[1.6000000000000001],[-0.5],[6.5999999999999996],[9.3000000000000007],[0.29999999999999999],[11.800000000000001],[5.0999999999999996],[-9],[14.4],[13.1],[11.300000000000001],[2.2999999999999998],[-16.600000000000001],[25.5],[7.7999999999999998],[18.600000000000001],[-2.5],[19.199999999999999],[7.2000000000000002],[8.3000000000000007],[-8.9000000000000004],[-8],[-0.20000000000000001],[6],[2],[6.5999999999999996],[6.5999999999999996],[13.699999999999999],[10.300000000000001],[17.199999999999999],[10.9],[2.1000000000000001],[6.7000000000000002]],[[-16.5],[-23.899999999999999],[-10.5],[-14.5],[-14.6],[-36.200000000000003],[-11.4],[-37.799999999999997],[-19.699999999999999],[-38],[-19.600000000000001],[-30.300000000000001],[-32],[-42.399999999999999],[-22],[-25.800000000000001],[-26.199999999999999],[-41.899999999999999],[-30.100000000000001],[-26.399999999999999],[-29.899999999999999],[-41.200000000000003],[-26.800000000000001],[-33.100000000000001],[-30.800000000000001],[-31.199999999999999],[-16],[-31],[-20.199999999999999],[-15.300000000000001],[-6.2000000000000002],[-23.800000000000001],[-21.600000000000001],[-6.2999999999999998],[-1.7],[-21],[-27.600000000000001],[-53.5],[-53.200000000000003],[-56.899999999999999],[-41.799999999999997],[-49.600000000000001],[-29.699999999999999],[-42.200000000000003],[-34.899999999999999],[-45.299999999999997],[-27],[-34.200000000000003],[-47.200000000000003],[-57.200000000000003],[-30.600000000000001],[-47.700000000000003],[-41.700000000000003]]]

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Private non-financial corporations

Financial assets

Private non-financial corporations' selected financial assets, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total assets	29.3	2,137.6	28.7	2,204.5	32.4	2,222.3
Deposits	-24.4	796.3	1.8	810.3	-1.7	807.9
Shares and equity	27.8	775.3	21.7	817.8	12.9	816.9
Other accounts receivable	23.5	323.9	1.7	319.6	23.5	342.9
Other assets	2.5	242.2	3.6	256.8	-2.3	254.6

Liabilities

Private non-financial corporations' selected liabilities, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total liabilities	49.6	5,652.2	48.5	5,696.4	48.9	5,683.0
Total debt securities	-1.0	280.3	4.7	298.5	3.4	303.5
Loans	34.0	1,142.4	24.6	1,173.6	24.4	1,190.0
	Authorised deposit taking institutions	19.3	768.8	16.7	790.7	11.9	802.6
	Rest of world	10.3	231.6	4.4	237.4	10.2	239.7
Shares and equity	13.7	3,900.0	27.0	3,889.4	25.0	3,860.1
	Households	4.2	940.8	3.2	948.9	0.0	950.3
	Rest of world	13.5	1,486.6	21.2	1,502.6	13.6	1,493.4
Other liabilities	2.8	329.5	-7.9	334.9	-3.8	329.4

Other private non-financial corporations demand for credit

Other private non-financial corporations demand for credit of $45.9b was driven by:

$21.7b of loan borrowings
$21.6b of equity raising

Other private non-financial corporations' demand for credit
	Total ($b)	Short-term debt ($b)	Bonds ($b)	Loans ($b)	Equity ($b)
Mar-12	27.6	0.3	7.9	8.6	10.8
Jun-12	16.0	-2.5	1.8	13.0	3.7
Sep-12	16.3	-3.6	10.6	-2.5	11.8
Dec-12	14.8	-5.0	9.2	2.7	7.8
Mar-13	24.8	-1.8	5.5	9.9	11.1
Jun-13	37.4	-3.2	1.8	17.3	21.5
Sep-13	26.1	1.6	6.7	3.0	14.8
Dec-13	38.6	-7.7	8.4	16.2	21.7
Mar-14	7.9	-3.9	-0.7	0.7	11.8
Jun-14	32.3	-3.4	-5.6	22.5	18.8
Sep-14	33.6	-2.6	9.5	1.7	24.9
Dec-14	35.4	-1.8	-5.8	14.6	28.4
Mar-15	43.2	-3.3	8.9	22.9	14.6
Jun-15	27.0	-2.7	10.5	3.2	16.0
Sep-15	39.7	-1.9	-6.1	31.3	16.5
Dec-15	33.4	-2.0	8.6	12.3	14.5
Mar-16	30.4	-2.4	6.3	14.3	12.1
Jun-16	11.1	-3.1	-5.0	3.3	16.0
Sep-16	20.3	-2.1	-4.9	8.0	19.4
Dec-16	56.5	-2.5	2.9	13.5	42.5
Mar-17	6.3	-0.2	-9.9	1.1	15.4
Jun-17	38.0	-1.4	7.6	3.5	28.3
Sep-17	33.4	-3.8	-1.1	4.5	33.8
Dec-17	30.9	-1.2	-5.0	9.6	27.4
Mar-18	39.0	-0.6	3.4	14.1	22.1
Jun-18	14.0	-2.4	9.1	-11.0	18.3
Sep-18	67.0	-3.4	2.3	24.4	43.6
Dec-18	8.8	-2.8	-0.3	5.0	6.9
Mar-19	35.5	-2.6	-1.6	19.5	20.1
Jun-19	38.8	-4.1	8.4	12.5	21.9
Sep-19	18.1	-1.1	1.2	9.2	8.8
Dec-19	21.0	-2.7	0.3	3.3	20.1
Mar-20	49.7	0.7	-7.7	42.5	14.1
Jun-20	-7.2	-2.5	-7.8	-23.2	26.3
Sep-20	2.0	-0.5	-9.8	-10.8	23.2
Dec-20	4.5	-2.6	-12.5	-11.1	30.7
Mar-21	18.4	0.7	2.3	8.9	6.6
Jun-21	11.9	-0.1	-2.7	8.8	5.9
Sep-21	57.4	-1.7	-2.7	15.3	46.5
Dec-21	34.1	-1.7	0.4	-2.6	38.0
Mar-22	166.0	-0.9	3.9	15.1	148.0
Jun-22	45.1	-0.1	0.4	32.7	12.1
Sep-22	75.6	1.9	-2.6	37.5	38.9
Dec-22	13.4	-0.1	-4.7	6.5	11.7
Mar-23	42.6	0.6	2.6	16.4	23.0
Jun-23	-4.1	-3.3	5.6	2.3	-8.6
Sep-23	52.1	2.4	-3.9	28.1	25.6
Dec-23	29.8	1.1	2.8	15.0	10.9
Mar-24	46.0	-0.5	8.0	13.7	24.8
Jun-24	38.0	0.2	5.0	9.6	23.2
Sep-24	44.6	-0.9	1.7	31.7	12.1
Dec-24	48.7	-1.1	2.6	23.5	23.7
Mar-25	45.9	0.8	1.9	21.7	21.6

Other private non-financial corporations' demand for credit

["","Total","Short-term debt","Bonds","Loans","Equity"]

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[27.600000000000001],[16],[16.300000000000001],[14.800000000000001],[24.800000000000001],[37.399999999999999],[26.100000000000001],[38.600000000000001],[7.9000000000000004],[32.299999999999997],[33.600000000000001],[35.399999999999999],[43.200000000000003],[27],[39.700000000000003],[33.399999999999999],[30.399999999999999],[11.1],[20.300000000000001],[56.5],[6.2999999999999998],[38],[33.399999999999999],[30.899999999999999],[39],[14],[67],[8.8000000000000007],[35.5],[38.799999999999997],[18.100000000000001],[21],[49.700000000000003],[-7.2000000000000002],[2],[4.5],[18.399999999999999],[11.9],[57.399999999999999],[34.100000000000001],[166],[45.100000000000001],[75.599999999999994],[13.4],[42.600000000000001],[-4.0999999999999996],[52.100000000000001],[29.800000000000001],[46],[38],[44.600000000000001],[48.700000000000003],[45.899999999999999]],[[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],[-3.3999999999999999],[-2.7999999999999998],[-2.6000000000000001],[-4.0999999999999996],[-1.1000000000000001],[-2.7000000000000002],[0.69999999999999996],[-2.5],[-0.5],[-2.6000000000000001],[0.69999999999999996],[-0.10000000000000001],[-1.7],[-1.7],[-0.90000000000000002],[-0.10000000000000001],[1.8999999999999999],[-0.10000000000000001],[0.59999999999999998],[-3.2999999999999998],[2.3999999999999999],[1.1000000000000001],[-0.5],[0.20000000000000001],[-0.90000000000000002],[-1.1000000000000001],[0.80000000000000004]],[[7.9000000000000004],[1.8],[10.6],[9.1999999999999993],[5.5],[1.8],[6.7000000000000002],[8.4000000000000004],[-0.69999999999999996],[-5.5999999999999996],[9.5],[-5.7999999999999998],[8.9000000000000004],[10.5],[-6.0999999999999996],[8.5999999999999996],[6.2999999999999998],[-5],[-4.9000000000000004],[2.8999999999999999],[-9.9000000000000004],[7.5999999999999996],[-1.1000000000000001],[-5],[3.3999999999999999],[9.0999999999999996],[2.2999999999999998],[-0.29999999999999999],[-1.6000000000000001],[8.4000000000000004],[1.2],[0.29999999999999999],[-7.7000000000000002],[-7.7999999999999998],[-9.8000000000000007],[-12.5],[2.2999999999999998],[-2.7000000000000002],[-2.7000000000000002],[0.40000000000000002],[3.8999999999999999],[0.40000000000000002],[-2.6000000000000001],[-4.7000000000000002],[2.6000000000000001],[5.5999999999999996],[-3.8999999999999999],[2.7999999999999998],[8],[5],[1.7],[2.6000000000000001],[1.8999999999999999]],[[8.5999999999999996],[13],[-2.5],[2.7000000000000002],[9.9000000000000004],[17.300000000000001],[3],[16.199999999999999],[0.69999999999999996],[22.5],[1.7],[14.6],[22.899999999999999],[3.2000000000000002],[31.300000000000001],[12.300000000000001],[14.300000000000001],[3.2999999999999998],[8],[13.5],[1.1000000000000001],[3.5],[4.5],[9.5999999999999996],[14.1],[-11],[24.399999999999999],[5],[19.5],[12.5],[9.1999999999999993],[3.2999999999999998],[42.5],[-23.199999999999999],[-10.800000000000001],[-11.1],[8.9000000000000004],[8.8000000000000007],[15.300000000000001],[-2.6000000000000001],[15.1],[32.700000000000003],[37.5],[6.5],[16.399999999999999],[2.2999999999999998],[28.100000000000001],[15],[13.699999999999999],[9.5999999999999996],[31.699999999999999],[23.5],[21.699999999999999]],[[10.800000000000001],[3.7000000000000002],[11.800000000000001],[7.7999999999999998],[11.1],[21.5],[14.800000000000001],[21.699999999999999],[11.800000000000001],[18.800000000000001],[24.899999999999999],[28.399999999999999],[14.6],[16],[16.5],[14.5],[12.1],[16],[19.399999999999999],[42.5],[15.4],[28.300000000000001],[33.799999999999997],[27.399999999999999],[22.100000000000001],[18.300000000000001],[43.600000000000001],[6.9000000000000004],[20.100000000000001],[21.899999999999999],[8.8000000000000007],[20.100000000000001],[14.1],[26.300000000000001],[23.199999999999999],[30.699999999999999],[6.5999999999999996],[5.9000000000000004],[46.5],[38],[148],[12.1],[38.899999999999999],[11.699999999999999],[23],[-8.5999999999999996],[25.600000000000001],[10.9],[24.800000000000001],[23.199999999999999],[12.1],[23.699999999999999],[21.600000000000001]]]

[]

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The debt-to-equity ratio (adjusted for price changes) increased to 0.60. This reflects private non-financial corporations increased preference for debt.

The growth in firm's loan borrowing was driven by loans from ADIs and was used to fund investment in building construction, and machinery and equipment.

Firms' equity growth softened, driven by weaker export revenue reinvested in foreign-owned resource companies.

Private non-financial corporations' debt to equity ratio
	Debt to equity ratio, adjusted for price changes, March 2025 base	Debt to equity ratio
Mar-05	0.48	0.48
Jun-05	0.53	0.52
Sep-05	0.54	0.50
Dec-05	0.56	0.51
Mar-06	0.57	0.50
Jun-06	0.58	0.52
Sep-06	0.59	0.52
Dec-06	0.62	0.51
Mar-07	0.64	0.50
Jun-07	0.64	0.49
Sep-07	0.68	0.51
Dec-07	0.71	0.54
Mar-08	0.72	0.60
Jun-08	0.73	0.60
Sep-08	0.75	0.69
Dec-08	0.75	0.81
Mar-09	0.72	0.79
Jun-09	0.68	0.70
Sep-09	0.66	0.63
Dec-09	0.66	0.60
Mar-10	0.65	0.60
Jun-10	0.64	0.64
Sep-10	0.63	0.60
Dec-10	0.61	0.55
Mar-11	0.62	0.55
Jun-11	0.60	0.56
Sep-11	0.62	0.63
Dec-11	0.63	0.64
Mar-12	0.64	0.61
Jun-12	0.65	0.66
Sep-12	0.64	0.64
Dec-12	0.64	0.62
Mar-13	0.65	0.61
Jun-13	0.64	0.65
Sep-13	0.65	0.62
Dec-13	0.65	0.63
Mar-14	0.64	0.62
Jun-14	0.64	0.61
Sep-14	0.65	0.63
Dec-14	0.64	0.63
Mar-15	0.65	0.62
Jun-15	0.64	0.63
Sep-15	0.65	0.67
Dec-15	0.65	0.65
Mar-16	0.66	0.65
Jun-16	0.65	0.63
Sep-16	0.65	0.60
Dec-16	0.64	0.59
Mar-17	0.64	0.58
Jun-17	0.64	0.58
Sep-17	0.63	0.57
Dec-17	0.62	0.54
Mar-18	0.63	0.55
Jun-18	0.62	0.53
Sep-18	0.62	0.53
Dec-18	0.62	0.55
Mar-19	0.62	0.52
Jun-19	0.61	0.51
Sep-19	0.61	0.52
Dec-19	0.60	0.50
Mar-20	0.62	0.61
Jun-20	0.60	0.53
Sep-20	0.59	0.52
Dec-20	0.57	0.48
Mar-21	0.58	0.48
Jun-21	0.59	0.47
Sep-21	0.58	0.47
Dec-21	0.57	0.45
Mar-22	0.55	0.43
Jun-22	0.56	0.47
Sep-22	0.56	0.48
Dec-22	0.56	0.46
Mar-23	0.56	0.45
Jun-23	0.56	0.45
Sep-23	0.57	0.46
Dec-23	0.58	0.45
Mar-24	0.58	0.45
Jun-24	0.58	0.46
Sep-24	0.59	0.45
Dec-24	0.59	0.46
Mar-25	0.60	0.47

Private non-financial corporations' debt to equity ratio

["","Debt to equity ratio, adjusted for price changes, March 2025 base","Debt\u00a0to\u00a0equity\u00a0ratio"]

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[0.47999999999999998],[0.53000000000000003],[0.54000000000000004],[0.56000000000000005],[0.56999999999999995],[0.57999999999999996],[0.58999999999999997],[0.62],[0.64000000000000001],[0.64000000000000001],[0.68000000000000005],[0.70999999999999996],[0.71999999999999997],[0.72999999999999998],[0.75],[0.75],[0.71999999999999997],[0.68000000000000005],[0.66000000000000003],[0.66000000000000003],[0.65000000000000002],[0.64000000000000001],[0.63],[0.60999999999999999],[0.62],[0.59999999999999998],[0.62],[0.63],[0.64000000000000001],[0.65000000000000002],[0.64000000000000001],[0.64000000000000001],[0.65000000000000002],[0.64000000000000001],[0.65000000000000002],[0.65000000000000002],[0.64000000000000001],[0.64000000000000001],[0.65000000000000002],[0.64000000000000001],[0.65000000000000002],[0.64000000000000001],[0.65000000000000002],[0.65000000000000002],[0.66000000000000003],[0.65000000000000002],[0.65000000000000002],[0.64000000000000001],[0.64000000000000001],[0.64000000000000001],[0.63],[0.62],[0.63],[0.62],[0.62],[0.62],[0.62],[0.60999999999999999],[0.60999999999999999],[0.59999999999999998],[0.62],[0.59999999999999998],[0.58999999999999997],[0.56999999999999995],[0.57999999999999996],[0.58999999999999997],[0.57999999999999996],[0.56999999999999995],[0.55000000000000004],[0.56000000000000005],[0.56000000000000005],[0.56000000000000005],[0.56000000000000005],[0.56000000000000005],[0.56999999999999995],[0.57999999999999996],[0.57999999999999996],[0.57999999999999996],[0.58999999999999997],[0.58999999999999997],[0.59999999999999998]],[[0.47999999999999998],[0.52000000000000002],[0.5],[0.51000000000000001],[0.5],[0.52000000000000002],[0.52000000000000002],[0.51000000000000001],[0.5],[0.48999999999999999],[0.51000000000000001],[0.54000000000000004],[0.59999999999999998],[0.59999999999999998],[0.68999999999999995],[0.81000000000000005],[0.79000000000000004],[0.69999999999999996],[0.63],[0.59999999999999998],[0.59999999999999998],[0.64000000000000001],[0.59999999999999998],[0.55000000000000004],[0.55000000000000004],[0.56000000000000005],[0.63],[0.64000000000000001],[0.60999999999999999],[0.66000000000000003],[0.64000000000000001],[0.62],[0.60999999999999999],[0.65000000000000002],[0.62],[0.63],[0.62],[0.60999999999999999],[0.63],[0.63],[0.62],[0.63],[0.67000000000000004],[0.65000000000000002],[0.65000000000000002],[0.63],[0.59999999999999998],[0.58999999999999997],[0.57999999999999996],[0.57999999999999996],[0.56999999999999995],[0.54000000000000004],[0.55000000000000004],[0.53000000000000003],[0.53000000000000003],[0.55000000000000004],[0.52000000000000002],[0.51000000000000001],[0.52000000000000002],[0.5],[0.60999999999999999],[0.53000000000000003],[0.52000000000000002],[0.47999999999999998],[0.47999999999999998],[0.46999999999999997],[0.46999999999999997],[0.45000000000000001],[0.42999999999999999],[0.46999999999999997],[0.47999999999999998],[0.46000000000000002],[0.45000000000000001],[0.45000000000000001],[0.46000000000000002],[0.45000000000000001],[0.45000000000000001],[0.46000000000000002],[0.45000000000000001],[0.46000000000000002],[0.46999999999999997]]]

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Financial corporations

Financial assets and liabilities

Financial corporations' financial assets, $b
	Amounts outstanding, Dec-24	Transactions, Mar-25	Other changes, Mar-25	Amounts outstanding, Mar-25
Central bank	416.6	-7.2	13.8	423.2
Authorised deposit taking institutions	5,614.8	-99.8	0.4	5,515.5
Other broad money institutions	267.0	9.5	0.2	276.7
Pension funds	3,555.5	3.8	-50.8	3,508.4
Life insurance corporations	174.3	1.4	-3.5	172.2
Non-life insurance corporations	306.7	3.9	-1.2	309.5
Money market investment funds	29.6	-1.2	0.0	28.4
Non-money market investment funds	1,314.2	-11.8	-17.9	1,284.5
Central borrowing authorities	741.0	23.9	-0.7	764.1
Securitisers	678.2	4.5	0.0	682.7
Other financial corporations	109.1	-19.7	16.5	105.9

Financial corporations' liabilities, $b
	Amounts outstanding, Dec-24	Transactions, Mar-25	Other changes, Mar-25	Amounts outstanding, Mar-25
Central bank	419.3	4.8	4.5	428.6
Authorised deposit taking institutions	5,910.3	-108.0	-10.9	5,791.3
Other broad money institutions	183.9	1.3	-1.7	183.6
Pension funds	3,828.2	3.3	-47.3	3,784.2
Life insurance corporations	170.5	1.3	-1.7	170.1
Non-life insurance corporations	357.5	0.3	2.4	360.1
Money market investment funds	29.6	-1.2	0.0	28.4
Non-money market investment funds	1,542.5	6.6	-27.2	1,521.9
Central borrowing authorities	709.5	17.1	0.2	726.8
Securitisers	732.7	7.3	1.5	741.5
Other financial corporations	241.3	-22.5	12.5	231.2

Authorised deposit-taking institutions (ADIs)

Financial assets

Authorised deposit-taking institutions' selected financial assets, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total assets	-161.9	5,360.8	-103.2	5,614.8	-99.8	5,515.5
Deposits	11.6	337.7	17.1	355.4	-26.6	328.8
Bonds	-40.0	1,072.0	-0.9	1,069.4	17.6	1,093.1
	Securitisers	-66.4	534.8	-4.3	529.2	3.2	532.8
	National general government	20.0	125.1	-17.1	106.7	17.9	127.9
Loans	85.3	3,326.9	109.7	3,449.4	31.4	3,480.6
Other assets	-218.8	624.1	-229.0	740.6	-122.1	612.8

Liabilities

Authorised deposit-taking institutions' selected liabilities, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total liabilities	-152.5	5,621.5	-109.5	5,910.3	-108.0	5,791.3
Deposits	65.3	3,347.7	108.2	3,484.8	10.5	3,490.2
	Other private non-fin corps	-22.6	746.9	4.6	762.0	-5.8	755.5
	Pension funds	9.3	300.9	-0.3	301.9	3.4	305.2
	Households	59.6	1,692.7	52.5	1,746.7	28.3	1,774.9
Bonds	24.4	629.0	19.9	667.8	12.7	682.6
Shares and equities	-7.9	745.6	-1.4	766.9	-2.5	739.3
Other liabilities	-234.3	899.3	-236.2	990.8	-128.8	879.3

Total financial assets of ADIs decreased $99.4b, reflecting:

a $127.2b decrease in derivatives, and
a $26.5b decrease in deposits.

This was partly offset by:

a $31.2b increase in loans, and
a $23.7b increase in bonds.

ADIs recorded large settlements in derivatives and decreased their exchange settlement account balances with the Reserve Bank of Australia (RBA). ADIs lending activity comprised lending to households and businesses.

Change in authorised deposit taking institutions' assets
	Total assets ($b)	Deposits ($b)	Short-term debt ($b)	Bonds ($b)	Derivatives ($b)	Loans ($b)	Equities ($b)	Other accounts ($b)
Mar-12	10.5	-6.0	3.8	24.8	-9.4	-3.4	-0.2	2.7
Jun-12	64.6	-6.3	0.2	8.3	27.5	35.9	0.5	-0.9
Sep-12	35.8	2.5	-1.1	43.3	3.4	-25.1	10.5	2.3
Dec-12	15.2	-6.4	-1.0	8.8	-19.0	26.3	6.4	-2.7
Mar-13	28.8	1.4	-7.9	9.6	-12.4	26.5	11.9	1.3
Jun-13	78.4	-4.2	-9.6	32.0	36.3	24.1	-1.1	2.1
Sep-13	18.2	-0.6	-0.7	21.2	-35.0	25.5	10.2	-2.8
Dec-13	89.2	17.4	-7.5	-4.3	31.5	36.3	8.2	5.1
Mar-14	20.3	-0.2	-8.5	25.5	-22.2	26.4	0.6	0.8
Jun-14	63.7	2.1	1.9	15.6	-3.5	45.7	0.2	1.8
Sep-14	94.4	3.3	-0.3	40.3	44.5	12.3	-5.5	0.1
Dec-14	114.1	-5.4	2.6	48.0	47.6	14.0	6.7	-1.6
Mar-15	145.1	-1.2	-3.5	32.3	34.4	59.8	19.6	4.1
Jun-15	-3.0	-4.0	-5.9	-3.6	-52.3	71.7	-8.3	1.1
Sep-15	138.6	5.2	0.6	23.8	72.0	46.9	-11.9	1.6
Dec-15	-14.7	4.6	-6.1	13.2	-64.2	26.0	11.8	-1.6
Mar-16	46.7	1.3	-1.4	5.6	40.8	13.5	-14.9	2.7
Jun-16	79.7	-0.3	-8.6	26.8	25.8	36.3	-1.6	2.4
Sep-16	5.7	-2.0	-4.7	12.2	-36.8	31.2	5.8	-0.7
Dec-16	64.6	1.4	-1.9	-5.3	0.4	65.0	6.8	-3.7
Mar-17	-26.0	4.0	-5.2	11.4	-49.7	6.7	4.7	3.4
Jun-17	52.9	0.8	-5.8	-39.2	11.5	91.4	-9.7	4.5
Sep-17	-21.5	-2.8	-2.0	-18.7	-18.3	19.8	2.6	-2.3
Dec-17	21.4	-1.9	-4.5	12.1	12.0	2.9	5.4	-5.8
Mar-18	80.5	15.6	-0.3	2.6	18.8	50.6	-10.2	4.3
Jun-18	33.7	-0.9	-3.7	-8.5	15.1	29.3	4.7	-1.0
Sep-18	3.3	3.5	-6.4	3.3	-17.4	19.4	0.2	0.1
Dec-18	53.5	0.1	0.9	2.9	28.7	28.4	-10.5	1.1
Mar-19	34.8	1.6	-2.3	16.2	7.6	-0.9	8.2	4.7
Jun-19	67.6	1.7	-2.8	22.6	56.3	-12.3	2.4	-0.3
Sep-19	113.0	5.0	-1.8	17.8	55.5	28.6	9.2	-0.8
Dec-19	-38.3	3.7	4.3	-19.0	-52.7	21.2	5.0	-1.9
Mar-20	478.2	79.7	7.0	215.9	251.9	-54.7	-42.1	19.3
Jun-20	-190.9	-28.7	5.9	132.7	-115.6	-158.0	-21.8	-3.1
Sep-20	-63.7	-21.7	-11.4	-36.5	-40.3	29.3	-3.4	20.2
Dec-20	27.8	48.8	-7.2	-80.1	23.4	31.5	16.9	-6.6
Mar-21	7.4	97.0	-3.2	-88.6	-83.6	41.9	37.4	7.3
Jun-21	38.4	132.9	-0.2	-130.4	-25.4	31.3	12.6	18.6
Sep-21	132.4	48.2	-1.6	24.3	-9.9	64.6	6.1	0.9
Dec-21	108.1	33.6	7.1	0.6	-2.8	82.1	3.4	-16.9
Mar-22	172.1	26.6	5.6	64.7	81.1	-14.5	3.1	5.9
Jun-22	318.6	-12.0	12.2	38.9	172.2	115.2	-8.6	0.5
Sep-22	240.7	24.3	3.5	-0.2	151.5	82.0	-15.0	-4.8
Dec-22	-51.8	-0.3	3.2	4.0	-105.1	38.0	10.0	-2.3
Mar-23	-78.2	-12.5	-2.2	-9.2	-107.8	53.7	-5.0	4.5
Jun-23	95.4	-28.5	-9.5	23.3	76.3	32.1	5.7	-3.8
Sep-23	115.6	-53.0	7.8	95.5	47.8	32.7	-4.6	-9.4
Dec-23	-53.7	-6.2	14.1	-10.2	-123.0	60.4	15.5	-5.6
Mar-24	-75.1	-20.0	-4.8	36.2	-133.5	29.1	22.3	-5.3
Jun-24	30.1	-103.2	-14.2	145.9	-60.2	75.6	3.3	-16.9
Sep-24	81.7	11.3	3.0	-19.8	-6.9	83.1	14.8	-2.7
Dec-24	254.1	17.6	1.7	-2.6	109.4	122.5	5.1	-0.5
Mar-25	-99.4	-26.5	7.8	23.7	-127.2	31.2	-10.4	2.1

Change in authorised deposit taking institutions' assets

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

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[10.5],[64.599999999999994],[35.799999999999997],[15.199999999999999],[28.800000000000001],[78.400000000000006],[18.199999999999999],[89.200000000000003],[20.300000000000001],[63.700000000000003],[94.400000000000006],[114.09999999999999],[145.09999999999999],[-3],[138.59999999999999],[-14.699999999999999],[46.700000000000003],[79.700000000000003],[5.7000000000000002],[64.599999999999994],[-26],[52.899999999999999],[-21.5],[21.399999999999999],[80.5],[33.700000000000003],[3.2999999999999998],[53.5],[34.799999999999997],[67.599999999999994],[113],[-38.299999999999997],[478.19999999999999],[-190.90000000000001],[-63.700000000000003],[27.800000000000001],[7.4000000000000004],[38.399999999999999],[132.40000000000001],[108.09999999999999],[172.09999999999999],[318.60000000000002],[240.69999999999999],[-51.799999999999997],[-78.200000000000003],[95.400000000000006],[115.59999999999999],[-53.700000000000003],[-75.099999999999994],[30.100000000000001],[81.700000000000003],[254.09999999999999],[-99.400000000000006]],[[-6],[-6.2999999999999998],[2.5],[-6.4000000000000004],[1.3999999999999999],[-4.2000000000000002],[-0.59999999999999998],[17.399999999999999],[-0.20000000000000001],[2.1000000000000001],[3.2999999999999998],[-5.4000000000000004],[-1.2],[-4],[5.2000000000000002],[4.5999999999999996],[1.3],[-0.29999999999999999],[-2],[1.3999999999999999],[4],[0.80000000000000004],[-2.7999999999999998],[-1.8999999999999999],[15.6],[-0.90000000000000002],[3.5],[0.10000000000000001],[1.6000000000000001],[1.7],[5],[3.7000000000000002],[79.700000000000003],[-28.699999999999999],[-21.699999999999999],[48.799999999999997],[97],[132.90000000000001],[48.200000000000003],[33.600000000000001],[26.600000000000001],[-12],[24.300000000000001],[-0.29999999999999999],[-12.5],[-28.5],[-53],[-6.2000000000000002],[-20],[-103.2],[11.300000000000001],[17.600000000000001],[-26.5]],[[3.7999999999999998],[0.20000000000000001],[-1.1000000000000001],[-1],[-7.9000000000000004],[-9.5999999999999996],[-0.69999999999999996],[-7.5],[-8.5],[1.8999999999999999],[-0.29999999999999999],[2.6000000000000001],[-3.5],[-5.9000000000000004],[0.59999999999999998],[-6.0999999999999996],[-1.3999999999999999],[-8.5999999999999996],[-4.7000000000000002],[-1.8999999999999999],[-5.2000000000000002],[-5.7999999999999998],[-2],[-4.5],[-0.29999999999999999],[-3.7000000000000002],[-6.4000000000000004],[0.90000000000000002],[-2.2999999999999998],[-2.7999999999999998],[-1.8],[4.2999999999999998],[7],[5.9000000000000004],[-11.4],[-7.2000000000000002],[-3.2000000000000002],[-0.20000000000000001],[-1.6000000000000001],[7.0999999999999996],[5.5999999999999996],[12.199999999999999],[3.5],[3.2000000000000002],[-2.2000000000000002],[-9.5],[7.7999999999999998],[14.1],[-4.7999999999999998],[-14.199999999999999],[3],[1.7],[7.7999999999999998]],[[24.800000000000001],[8.3000000000000007],[43.299999999999997],[8.8000000000000007],[9.5999999999999996],[32],[21.199999999999999],[-4.2999999999999998],[25.5],[15.6],[40.299999999999997],[48],[32.299999999999997],[-3.6000000000000001],[23.800000000000001],[13.199999999999999],[5.5999999999999996],[26.800000000000001],[12.199999999999999],[-5.2999999999999998],[11.4],[-39.200000000000003],[-18.699999999999999],[12.1],[2.6000000000000001],[-8.5],[3.2999999999999998],[2.8999999999999999],[16.199999999999999],[22.600000000000001],[17.800000000000001],[-19],[215.90000000000001],[132.69999999999999],[-36.5],[-80.099999999999994],[-88.599999999999994],[-130.40000000000001],[24.300000000000001],[0.59999999999999998],[64.700000000000003],[38.899999999999999],[-0.20000000000000001],[4],[-9.1999999999999993],[23.300000000000001],[95.5],[-10.199999999999999],[36.200000000000003],[145.90000000000001],[-19.800000000000001],[-2.6000000000000001],[23.699999999999999]],[[-9.4000000000000004],[27.5],[3.3999999999999999],[-19],[-12.4],[36.299999999999997],[-35],[31.5],[-22.199999999999999],[-3.5],[44.5],[47.600000000000001],[34.399999999999999],[-52.299999999999997],[72],[-64.200000000000003],[40.799999999999997],[25.800000000000001],[-36.799999999999997],[0.40000000000000002],[-49.700000000000003],[11.5],[-18.300000000000001],[12],[18.800000000000001],[15.1],[-17.399999999999999],[28.699999999999999],[7.5999999999999996],[56.299999999999997],[55.5],[-52.700000000000003],[251.90000000000001],[-115.59999999999999],[-40.299999999999997],[23.399999999999999],[-83.599999999999994],[-25.399999999999999],[-9.9000000000000004],[-2.7999999999999998],[81.099999999999994],[172.19999999999999],[151.5],[-105.09999999999999],[-107.8],[76.299999999999997],[47.799999999999997],[-123],[-133.5],[-60.200000000000003],[-6.9000000000000004],[109.40000000000001],[-127.2]],[[-3.3999999999999999],[35.899999999999999],[-25.100000000000001],[26.300000000000001],[26.5],[24.100000000000001],[25.5],[36.299999999999997],[26.399999999999999],[45.700000000000003],[12.300000000000001],[14],[59.799999999999997],[71.700000000000003],[46.899999999999999],[26],[13.5],[36.299999999999997],[31.199999999999999],[65],[6.7000000000000002],[91.400000000000006],[19.800000000000001],[2.8999999999999999],[50.600000000000001],[29.300000000000001],[19.399999999999999],[28.399999999999999],[-0.90000000000000002],[-12.300000000000001],[28.600000000000001],[21.199999999999999],[-54.700000000000003],[-158],[29.300000000000001],[31.5],[41.899999999999999],[31.300000000000001],[64.599999999999994],[82.099999999999994],[-14.5],[115.2],[82],[38],[53.700000000000003],[32.100000000000001],[32.700000000000003],[60.399999999999999],[29.100000000000001],[75.599999999999994],[83.099999999999994],[122.5],[31.199999999999999]],[[-0.20000000000000001],[0.5],[10.5],[6.4000000000000004],[11.9],[-1.1000000000000001],[10.199999999999999],[8.1999999999999993],[0.59999999999999998],[0.20000000000000001],[-5.5],[6.7000000000000002],[19.600000000000001],[-8.3000000000000007],[-11.9],[11.800000000000001],[-14.9],[-1.6000000000000001],[5.7999999999999998],[6.7999999999999998],[4.7000000000000002],[-9.6999999999999993],[2.6000000000000001],[5.4000000000000004],[-10.199999999999999],[4.7000000000000002],[0.20000000000000001],[-10.5],[8.1999999999999993],[2.3999999999999999],[9.1999999999999993],[5],[-42.100000000000001],[-21.800000000000001],[-3.3999999999999999],[16.899999999999999],[37.399999999999999],[12.6],[6.0999999999999996],[3.3999999999999999],[3.1000000000000001],[-8.5999999999999996],[-15],[10],[-5],[5.7000000000000002],[-4.5999999999999996],[15.5],[22.300000000000001],[3.2999999999999998],[14.800000000000001],[5.0999999999999996],[-10.4]],[[2.7000000000000002],[-0.90000000000000002],[2.2999999999999998],[-2.7000000000000002],[1.3],[2.1000000000000001],[-2.7999999999999998],[5.0999999999999996],[0.80000000000000004],[1.8],[0.10000000000000001],[-1.6000000000000001],[4.0999999999999996],[1.1000000000000001],[1.6000000000000001],[-1.6000000000000001],[2.7000000000000002],[2.3999999999999999],[-0.69999999999999996],[-3.7000000000000002],[3.3999999999999999],[4.5],[-2.2999999999999998],[-5.7999999999999998],[4.2999999999999998],[-1],[0.10000000000000001],[1.1000000000000001],[4.7000000000000002],[-0.29999999999999999],[-0.80000000000000004],[-1.8999999999999999],[19.300000000000001],[-3.1000000000000001],[20.199999999999999],[-6.5999999999999996],[7.2999999999999998],[18.600000000000001],[0.90000000000000002],[-16.899999999999999],[5.9000000000000004],[0.5],[-4.7999999999999998],[-2.2999999999999998],[4.5],[-3.7999999999999998],[-9.4000000000000004],[-5.5999999999999996],[-5.2999999999999998],[-16.899999999999999],[-2.7000000000000002],[-0.5],[2.1000000000000001]]]

[]

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Liabilities of ADIs decreased $118.9b, with:

a $98.5b decrease in derivatives, and
a $27.6b decrease in equities.

This was partially offset by continued strength in ADIs issuance of bonds. This quarter, ADIs issued:

$12.5b of bonds issued in Australia, and
$0.2b of bonds issued offshore.

Issuance of long-term debt securities was offset by:

an $8.8b maturity of one name paper issued in Australia, and
a $9.1b maturity of one name paper issued offshore.

Change in authorised deposit taking institutions' liabilities
	Total liabilities ($b)	Deposits ($b)	Short-term debt ($b)	Bonds ($b)	Derivatives ($b)	Loans ($b)	Equities ($b)	Other accounts ($b)
Mar-12	27.8	2.5	6.3	4.2	-8.8	2.8	19.4	1.5
Jun-12	57.3	53.1	-5.1	-2.6	22.6	-5.3	-5.1	-0.3
Sep-12	61.9	48.3	-20.5	6.6	-4.8	0.6	30.6	1.2
Dec-12	31.2	32.4	9.3	-16.3	-10.5	-3.4	19.1	0.7
Mar-13	42.9	0.9	6.5	-10	-5.8	0.8	50	0.5
Jun-13	92.7	13.9	30.7	14.6	31.9	1.9	-3.8	3.4
Sep-13	56	51.2	-17.8	6.2	-18.1	0.7	33	0.8
Dec-13	101.7	41.3	1.7	15.2	17.1	5.4	21.6	-0.7
Mar-14	37.2	15.7	13.7	-5	-3.8	0.7	13.4	2.6
Jun-14	59.7	34.9	18	2.8	1.3	1.4	0.7	0.6
Sep-14	72.1	37.4	-5.7	16	37.7	9.8	-22.3	-0.7
Dec-14	146.3	38.5	19.8	18.7	44.1	-7.2	31.4	1.1
Mar-15	177.1	43.2	11	11.4	40.2	1.3	65.7	4.2
Jun-15	-71.8	8.2	9.5	10.4	-55.8	3.2	-49.2	1.8
Sep-15	114	66.9	-2.5	29.7	52.1	7.8	-39.6	-0.4
Dec-15	53.1	23.4	5.7	0.9	-32	6	49.2	-0.1
Mar-16	-8.2	9.6	-18.4	0.2	55.5	1.1	-58.4	2.1
Jun-16	78.5	51.5	0	13.9	14.1	-2	-0.7	1.7
Sep-16	2.3	43.2	-11.1	-12.5	-33.7	-4.4	20.5	0.4
Dec-16	120.2	68.4	13.9	-7.1	-4.5	4.3	48.5	-3.2
Mar-17	-24.4	0.9	1.1	-15.8	-32.9	-3.8	26.8	-0.8
Jun-17	36.2	34.8	17.1	3.5	11.9	5.4	-38.7	2.3
Sep-17	-16.8	-0.2	11.1	0.7	-28	-3.3	2.5	0.5
Dec-17	47.4	34.6	-13.5	6.6	11.5	7.6	4.8	-4.2
Mar-18	36.6	10.2	11.1	26.4	6.6	5.3	-29.3	6.4
Jun-18	55	14.2	3.2	9.1	18.7	-0.2	13.6	-3.6
Sep-18	13.8	32.5	-28.9	14.9	-9.1	5.9	-6	4.6
Dec-18	10.6	2.5	22	4.8	20.6	-1.3	-33.2	-4.8
Mar-19	43.3	7.5	-1.1	-9.4	13.9	14.1	12.5	5.8
Jun-19	127.1	23.6	-24	12.8	58.6	10.4	39.9	5.9
Sep-19	119.4	49	-6.3	6.7	52.7	9.8	12.5	-5.1
Dec-19	-86.1	5.7	21.8	-27.7	-38.3	-0.9	-41.2	-5.7
Mar-20	338.5	190.8	-13.1	36.6	205.9	29.3	-130.8	19.9
Jun-20	-100.5	9.6	-24.8	-38	-70	-15.3	44.3	-6.3
Sep-20	-77.4	68.9	-24.7	-31.4	-54.9	-16.1	-19.8	0.6
Dec-20	93.4	3.7	13.1	-22	35.8	-14.1	85.1	-8.1
Mar-21	7	34.2	19	-29.5	-99.6	16.8	60.3	5.7
Jun-21	59.4	42.1	5.8	3.3	-29.7	8.2	32.1	-2.4
Sep-21	142.6	93.8	20.1	-3.6	-11.9	8.5	25.2	10.4
Dec-21	87.9	60.6	49.2	-4.3	1.3	16.4	-17	-18.2
Mar-22	174.2	58.8	-11.5	-14.1	95.3	13.4	22.4	9.9
Jun-22	206.7	98.6	35	16.5	152.6	-1.6	-96.3	1.9
Sep-22	228.4	64.9	-4.1	5.4	151.8	0.8	12.4	-2.7
Dec-22	8.8	21.1	15.8	20.9	-73.6	-13.5	45.4	-7.3
Mar-23	-82.6	41.6	-10	31.1	-126.7	-11.6	-17.2	10.4
Jun-23	91.2	-5.3	-3.1	13.7	84.4	2.1	2.4	-2.9
Sep-23	113.3	38.3	12.3	14.5	47	-6.8	10.1	-2.2
Dec-23	-14.9	20.3	21.6	24.3	-107.4	-8.4	39.4	-4.6
Mar-24	-33.4	47.6	-6.4	30.3	-154.8	-8.3	54.8	3.5
Jun-24	42.2	26.5	33.2	17.7	-59	-3.3	20.1	7
Sep-24	111.4	58.3	-14.7	26.1	0	2.5	43	-3.7
Dec-24	288.7	137.1	16.7	38.8	63.8	15.8	21.3	-4.8
Mar-25	-118.9	5.4	-16.6	14.8	-98.5	-3.6	-27.6	7.2

Change in authorised deposit taking institutions' liabilities

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

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[27.800000000000001],[57.299999999999997],[61.899999999999999],[31.199999999999999],[42.899999999999999],[92.700000000000003],[56],[101.7],[37.200000000000003],[59.700000000000003],[72.099999999999994],[146.30000000000001],[177.09999999999999],[-71.799999999999997],[114],[53.100000000000001],[-8.1999999999999993],[78.5],[2.2999999999999998],[120.2],[-24.399999999999999],[36.200000000000003],[-16.800000000000001],[47.399999999999999],[36.600000000000001],[55],[13.800000000000001],[10.6],[43.299999999999997],[127.09999999999999],[119.40000000000001],[-86.099999999999994],[338.5],[-100.5],[-77.400000000000006],[93.400000000000006],[7],[59.399999999999999],[142.59999999999999],[87.900000000000006],[174.19999999999999],[206.69999999999999],[228.40000000000001],[8.8000000000000007],[-82.599999999999994],[91.200000000000003],[113.3],[-14.9],[-33.399999999999999],[42.200000000000003],[111.40000000000001],[288.69999999999999],[-118.90000000000001]],[[2.5],[53.100000000000001],[48.299999999999997],[32.399999999999999],[0.90000000000000002],[13.9],[51.200000000000003],[41.299999999999997],[15.699999999999999],[34.899999999999999],[37.399999999999999],[38.5],[43.200000000000003],[8.1999999999999993],[66.900000000000006],[23.399999999999999],[9.5999999999999996],[51.5],[43.200000000000003],[68.400000000000006],[0.90000000000000002],[34.799999999999997],[-0.20000000000000001],[34.600000000000001],[10.199999999999999],[14.199999999999999],[32.5],[2.5],[7.5],[23.600000000000001],[49],[5.7000000000000002],[190.80000000000001],[9.5999999999999996],[68.900000000000006],[3.7000000000000002],[34.200000000000003],[42.100000000000001],[93.799999999999997],[60.600000000000001],[58.799999999999997],[98.599999999999994],[64.900000000000006],[21.100000000000001],[41.600000000000001],[-5.2999999999999998],[38.299999999999997],[20.300000000000001],[47.600000000000001],[26.5],[58.299999999999997],[137.09999999999999],[5.4000000000000004]],[[6.2999999999999998],[-5.0999999999999996],[-20.5],[9.3000000000000007],[6.5],[30.699999999999999],[-17.800000000000001],[1.7],[13.699999999999999],[18],[-5.7000000000000002],[19.800000000000001],[11],[9.5],[-2.5],[5.7000000000000002],[-18.399999999999999],[0],[-11.1],[13.9],[1.1000000000000001],[17.100000000000001],[11.1],[-13.5],[11.1],[3.2000000000000002],[-28.899999999999999],[22],[-1.1000000000000001],[-24],[-6.2999999999999998],[21.800000000000001],[-13.1],[-24.800000000000001],[-24.699999999999999],[13.1],[19],[5.7999999999999998],[20.100000000000001],[49.200000000000003],[-11.5],[35],[-4.0999999999999996],[15.800000000000001],[-10],[-3.1000000000000001],[12.300000000000001],[21.600000000000001],[-6.4000000000000004],[33.200000000000003],[-14.699999999999999],[16.699999999999999],[-16.600000000000001]],[[4.2000000000000002],[-2.6000000000000001],[6.5999999999999996],[-16.300000000000001],[-10],[14.6],[6.2000000000000002],[15.199999999999999],[-5],[2.7999999999999998],[16],[18.699999999999999],[11.4],[10.4],[29.699999999999999],[0.90000000000000002],[0.20000000000000001],[13.9],[-12.5],[-7.0999999999999996],[-15.800000000000001],[3.5],[0.69999999999999996],[6.5999999999999996],[26.399999999999999],[9.0999999999999996],[14.9],[4.7999999999999998],[-9.4000000000000004],[12.800000000000001],[6.7000000000000002],[-27.699999999999999],[36.600000000000001],[-38],[-31.399999999999999],[-22],[-29.5],[3.2999999999999998],[-3.6000000000000001],[-4.2999999999999998],[-14.1],[16.5],[5.4000000000000004],[20.899999999999999],[31.100000000000001],[13.699999999999999],[14.5],[24.300000000000001],[30.300000000000001],[17.699999999999999],[26.100000000000001],[38.799999999999997],[14.800000000000001]],[[-8.8000000000000007],[22.600000000000001],[-4.7999999999999998],[-10.5],[-5.7999999999999998],[31.899999999999999],[-18.100000000000001],[17.100000000000001],[-3.7999999999999998],[1.3],[37.700000000000003],[44.100000000000001],[40.200000000000003],[-55.799999999999997],[52.100000000000001],[-32],[55.5],[14.1],[-33.700000000000003],[-4.5],[-32.899999999999999],[11.9],[-28],[11.5],[6.5999999999999996],[18.699999999999999],[-9.0999999999999996],[20.600000000000001],[13.9],[58.600000000000001],[52.700000000000003],[-38.299999999999997],[205.90000000000001],[-70],[-54.899999999999999],[35.799999999999997],[-99.599999999999994],[-29.699999999999999],[-11.9],[1.3],[95.299999999999997],[152.59999999999999],[151.80000000000001],[-73.599999999999994],[-126.7],[84.400000000000006],[47],[-107.40000000000001],[-154.80000000000001],[-59],[0],[63.799999999999997],[-98.5]],[[2.7999999999999998],[-5.2999999999999998],[0.59999999999999998],[-3.3999999999999999],[0.80000000000000004],[1.8999999999999999],[0.69999999999999996],[5.4000000000000004],[0.69999999999999996],[1.3999999999999999],[9.8000000000000007],[-7.2000000000000002],[1.3],[3.2000000000000002],[7.7999999999999998],[6],[1.1000000000000001],[-2],[-4.4000000000000004],[4.2999999999999998],[-3.7999999999999998],[5.4000000000000004],[-3.2999999999999998],[7.5999999999999996],[5.2999999999999998],[-0.20000000000000001],[5.9000000000000004],[-1.3],[14.1],[10.4],[9.8000000000000007],[-0.90000000000000002],[29.300000000000001],[-15.300000000000001],[-16.100000000000001],[-14.1],[16.800000000000001],[8.1999999999999993],[8.5],[16.399999999999999],[13.4],[-1.6000000000000001],[0.80000000000000004],[-13.5],[-11.6],[2.1000000000000001],[-6.7999999999999998],[-8.4000000000000004],[-8.3000000000000007],[-3.2999999999999998],[2.5],[15.800000000000001],[-3.6000000000000001]],[[19.399999999999999],[-5.0999999999999996],[30.600000000000001],[19.100000000000001],[50],[-3.7999999999999998],[33],[21.600000000000001],[13.4],[0.69999999999999996],[-22.300000000000001],[31.399999999999999],[65.700000000000003],[-49.200000000000003],[-39.600000000000001],[49.200000000000003],[-58.399999999999999],[-0.69999999999999996],[20.5],[48.5],[26.800000000000001],[-38.700000000000003],[2.5],[4.7999999999999998],[-29.300000000000001],[13.6],[-6],[-33.200000000000003],[12.5],[39.899999999999999],[12.5],[-41.200000000000003],[-130.80000000000001],[44.299999999999997],[-19.800000000000001],[85.099999999999994],[60.299999999999997],[32.100000000000001],[25.199999999999999],[-17],[22.399999999999999],[-96.299999999999997],[12.4],[45.399999999999999],[-17.199999999999999],[2.3999999999999999],[10.1],[39.399999999999999],[54.799999999999997],[20.100000000000001],[43],[21.300000000000001],[-27.600000000000001]],[[1.5],[-0.29999999999999999],[1.2],[0.69999999999999996],[0.5],[3.3999999999999999],[0.80000000000000004],[-0.69999999999999996],[2.6000000000000001],[0.59999999999999998],[-0.69999999999999996],[1.1000000000000001],[4.2000000000000002],[1.8],[-0.40000000000000002],[-0.10000000000000001],[2.1000000000000001],[1.7],[0.40000000000000002],[-3.2000000000000002],[-0.80000000000000004],[2.2999999999999998],[0.5],[-4.2000000000000002],[6.4000000000000004],[-3.6000000000000001],[4.5999999999999996],[-4.7999999999999998],[5.7999999999999998],[5.9000000000000004],[-5.0999999999999996],[-5.7000000000000002],[19.899999999999999],[-6.2999999999999998],[0.59999999999999998],[-8.0999999999999996],[5.7000000000000002],[-2.3999999999999999],[10.4],[-18.199999999999999],[9.9000000000000004],[1.8999999999999999],[-2.7000000000000002],[-7.2999999999999998],[10.4],[-2.8999999999999999],[-2.2000000000000002],[-4.5999999999999996],[3.5],[7],[-3.7000000000000002],[-4.7999999999999998],[7.2000000000000002]]]

[]

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Pension (superannuation) funds

Financial assets

Pension (superannuation) funds' selected financial assets, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total assets	16.2	3,466.6	11.6	3,555.5	3.8	3,508.4
Deposits	11.0	310.7	1.0	314.1	0.5	314.4
Debt securities	-6.1	245.6	-9.3	237.5	2.6	242.1
Shares and equity	16.8	2,839.1	26.7	2,941.5	9.9	2,895.3
	Other private non-fin corps	3.1	513.2	0.6	496.2	3.5	486.4
	Non-money market investment funds	3.9	1,050.9	8.8	1,082.0	7.8	1,073.4
	Rest of world	9.4	689.4	15.1	763.6	-5.6	743.3
Net equity in life offices	-0.7	13.7	-0.3	13.5	-1.4	11.9
Other assets	-4.8	57.6	-6.5	48.8	-7.8	44.7

Liabilities

Pension (superannuation) funds' selected liabilities, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total liabilities	16.8	3,735.8	13.0	3,828.2	3.3	3,784.2
Net equity in reserves	22.7	3,676.4	26.5	3,740.7	25.4	3,721.8
	Households	22.4	3,667.9	26.2	3,732.0	25.2	3,713.1
Other liabilities	-5.9	59.4	-13.4	87.6	-22.1	62.4

Total financial assets of pension (superannuation funds) decreased by 1.3% (-$47.0b), with a:

$46.2b decrease in equities
$6.8b decrease in derivatives

This was partly offset by a:

$8.8b increase in bonds

Heightened uncertainty in domestic and international share markets drove valuation losses of $56.1b on the equity investments of pension funds. Pension funds used households' contributions to superannuation to acquire $6.8b in bonds, mainly issued by the rest of the world. Pension funds invested $15.5b in domestic equity and divested $5.6b of overseas equity.

Pension funds' financial assets
	Total assets (RHS) ($b)	Revaluations (LHS) ($b)	Transactions (LHS) ($b)
Mar-12	1,207.1	41.8	18.7
Jun-12	1,202.4	-37.7	33.1
Sep-12	1,247.2	30.7	14.1
Dec-12	1,298.2	34.2	16.7
Mar-13	1,361.1	43.8	19.1
Jun-13	1,378.8	-20.6	38.2
Sep-13	1,454.8	62.5	13.5
Dec-13	1,508.7	28.7	25.2
Mar-14	1,544.3	14.8	20.8
Jun-14	1,575.8	-0.5	32.0
Sep-14	1,611.6	11.8	24.1
Dec-14	1,665.8	32.3	21.9
Mar-15	1,762.5	79.9	16.8
Jun-15	1,745	-52.3	34.8
Sep-15	1,719	-45.6	19.6
Dec-15	1,775.1	39.5	16.5
Mar-16	1,748.7	-33.8	7.5
Jun-16	1,821.6	42.7	30.2
Sep-16	1,895.5	61.4	12.5
Dec-16	1,947.7	33.0	19.3
Mar-17	2,001.8	35.0	19.1
Jun-17	2,050.6	9.3	39.5
Sep-17	2,064.4	2.9	10.8
Dec-17	2,158.1	73.0	20.8
Mar-18	2,143.7	-29.5	15.1
Jun-18	2,217.9	50.4	23.8
Sep-18	2,263.3	32.4	13.0
Dec-18	2,150.2	-127.5	14.5
Mar-19	2,281.1	116.2	14.7
Jun-19	2,382.9	74.7	27.1
Sep-19	2,441.6	46.7	12.0
Dec-19	2,494.9	30.0	23.3
Mar-20	2,239.1	-269.7	13.9
Jun-20	2,376.3	130.3	7.0
Sep-20	2,409.4	26.9	6.2
Dec-20	2,568.1	142.5	16.2
Mar-21	2,636.8	49.1	19.6
Jun-21	2,793.2	123.9	32.4
Sep-21	2,853.6	42.0	18.4
Dec-21	2,937.9	65.4	18.9
Mar-22	2,883.3	-71.4	16.8
Jun-22	2,713.6	-199.7	30.0
Sep-22	2,723.1	-10.1	19.6
Dec-22	2,822.9	87.0	12.8
Mar-23	2,936	86.8	26.3
Jun-23	3,004.7	38.0	30.7
Sep-23	3,015	-11.0	21.4
Dec-23	3,158.4	125.9	17.4
Mar-24	3,305.7	124.1	23.2
Jun-24	3,324.1	-14.4	32.8
Sep-24	3,466.6	126.4	16.2
Dec-24	3,555.5	77.2	11.6
Mar-25	3,508.4	-50.8	3.8

Pension funds' financial assets

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

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[1207.0999999999999],[1202.4000000000001],[1247.2],[1298.2],[1361.0999999999999],[1378.8],[1454.8],[1508.7],[1544.3],[1575.8],[1611.5999999999999],[1665.8],[1762.5],[1745],[1719],[1775.0999999999999],[1748.7],[1821.5999999999999],[1895.5],[1947.7],[2001.8],[2050.5999999999999],[2064.4000000000001],[2158.0999999999999],[2143.6999999999998],[2217.9000000000001],[2263.3000000000002],[2150.1999999999998],[2281.0999999999999],[2382.9000000000001],[2441.5999999999999],[2494.9000000000001],[2239.0999999999999],[2376.3000000000002],[2409.4000000000001],[2568.0999999999999],[2636.8000000000002],[2793.1999999999998],[2853.5999999999999],[2937.9000000000001],[2883.3000000000002],[2713.5999999999999],[2723.0999999999999],[2822.9000000000001],[2936],[3004.6999999999998],[3015],[3158.4000000000001],[3305.6999999999998],[3324.0999999999999],[3466.5999999999999],[3555.5],[3508.4000000000001]],[[41.799999999999997],[-37.700000000000003],[30.699999999999999],[34.200000000000003],[43.799999999999997],[-20.600000000000001],[62.5],[28.699999999999999],[14.800000000000001],[-0.5],[11.800000000000001],[32.299999999999997],[79.900000000000006],[-52.299999999999997],[-45.600000000000001],[39.5],[-33.799999999999997],[42.700000000000003],[61.399999999999999],[33],[35],[9.3000000000000007],[2.8999999999999999],[73],[-29.5],[50.399999999999999],[32.399999999999999],[-127.5],[116.2],[74.700000000000003],[46.700000000000003],[30],[-269.69999999999999],[130.30000000000001],[26.899999999999999],[142.5],[49.100000000000001],[123.90000000000001],[42],[65.400000000000006],[-71.400000000000006],[-199.69999999999999],[-10.1],[87],[86.799999999999997],[38],[-11],[125.90000000000001],[124.09999999999999],[-14.4],[126.40000000000001],[77.200000000000003],[-50.799999999999997]],[[18.699999999999999],[33.100000000000001],[14.1],[16.699999999999999],[19.100000000000001],[38.200000000000003],[13.5],[25.199999999999999],[20.800000000000001],[32],[24.100000000000001],[21.899999999999999],[16.800000000000001],[34.799999999999997],[19.600000000000001],[16.5],[7.5],[30.199999999999999],[12.5],[19.300000000000001],[19.100000000000001],[39.5],[10.800000000000001],[20.800000000000001],[15.1],[23.800000000000001],[13],[14.5],[14.699999999999999],[27.100000000000001],[12],[23.300000000000001],[13.9],[7],[6.2000000000000002],[16.199999999999999],[19.600000000000001],[32.399999999999999],[18.399999999999999],[18.899999999999999],[16.800000000000001],[30],[19.600000000000001],[12.800000000000001],[26.300000000000001],[30.699999999999999],[21.399999999999999],[17.399999999999999],[23.199999999999999],[32.799999999999997],[16.199999999999999],[11.6],[3.7999999999999998]]]

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Government

National general government financial assets

National general government selected financial assets, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total assets	13.7	813.2	-39.6	796.2	36.7	840.2
Deposits	8.0	146.3	-34.5	113.5	39.7	153.1
	Central bank	4.6	109.7	-32.6	77.2	34.9	112.1
	Authorised deposit taking institutions	2.4	25.5	-0.6	25.8	3.2	28.9
One name paper	-2.4	27.2	-2.8	24.9	-5.5	19.7
Shares and equity	6.3	209.7	2.6	230.3	7.7	240.4
Other assets	1.8	429.9	-4.9	427.6	-5.2	427.0

National general government liabilities

National general government selected liabilities, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total liabilities	32.2	1,338.4	-25.6	1,305.6	46.0	1,368.0
One name paper	-2.9	24.9	4.9	29.8	12.2	42.0
Bonds	29.1	882.8	-28.9	839.6	25.1	881.2
	Central bank	5.8	246.8	-17.4	226.9	-4.1	229.4
	Authorised deposit taking institutions	20.0	125.1	-17.1	106.7	17.9	127.9
	Rest of world	0.8	404.5	-0.2	395.5	10.9	410.9
Other liabilities	6.0	430.7	-1.6	436.1	8.7	444.8

State and local general government financial assets

State and local general government selected financial assets, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total assets	-0.4	722.2	-3.6	727.2	0.2	727.9
Deposits	3.9	94.0	-3.7	90.5	-1.5	89.0
Loans and placements	-3.8	72.9	0.2	73.1	1.7	74.7
Shares and equity	-1.9	520.3	0.0	528.7	1.0	529.9
	State and local PNFCs	0.0	405.9	0.0	407.6	0.0	410.6
	Other private non-fin corps	-0.6	41.4	0.6	41.6	0.2	41.5
Other assets	1.4	35.1	-0.1	35.0	-0.9	34.3

State and local general government liabilities

State and local general government selected liabilities, $b
	Transactions, Sep-24	Amounts outstanding, Sep-24	Transactions, Dec-24	Amounts outstanding, Dec-24	Transactions, Mar-25	Amounts outstanding, Mar-25
Total liabilities	20.0	659.1	20.6	677.0	9.9	686.3
Loans and placements	17.4	453.9	17.4	471.3	8.7	480.0
	Central borrowing authorities	17.7	434.6	17.5	452.1	8.6	460.7
Unfunded superannuation claims	0.6	108.1	0.6	106.3	0.6	106.2
Other liabilities	1.9	97.0	2.6	99.4	0.6	100.1

General government

General government (national, and state) were net borrowers of $19.0b. This was driven by a:

$25.1b net issuance of bonds
$12.2b net issuance of one name paper
$8.4b borrowing of loans

Partly offset by:

$38.3b placed in deposits
$8.6b acquired in equities

National general government were net borrowers of $9.3b. The national general government's net borrowing position was driven by a:

$25.1b net issuance of bonds
$12.2b net issuance of one name paper

Partly offset by:

$39.7b placed in deposits

The March quarter saw the highest demand for credit by the Commonwealth government since the September quarter 2020. This was mainly driven by additional issuances of bonds and one name paper following large maturities of COVID-19 era bond liabilities in the December quarter.

State and local general government were net borrowers of $9.7b. The state and local general government's net borrowing position was mainly driven by:

$8.7b in loan borrowings

Loan liabilities of state and local general government reached record levels of $480.0b as state governments sourced funding for employee expenses, social benefits to households, and health and transport infrastructure projects.

General government's change in financial position
	Net lending/borrowing ($b)	Deposits ($b)	Notes ($b)	Bonds ($b)	Loans ($b)	Other ($b)
Mar-12	-13.2	3.4	-1.7	-13.8	-0.3	-0.7
Jun-12	-30.1	-7.4	1.4	-4.9	-5.0	-14.2
Sep-12	-24.3	9.3	-3.5	-15.2	-15.5	0.5
Dec-12	-12.4	2.9	-5.3	-10.8	6.3	-5.5
Mar-13	-15.5	0.5	1.8	-13.3	-2.1	-2.4
Jun-13	-14.0	1.0	14.3	-8.7	0.6	-21.2
Sep-13	-20.2	6.0	-1.5	-24.7	-11.3	11.4
Dec-13	-10.9	5.6	-0.4	-16.4	-0.3	0.7
Mar-14	-11.0	13.5	8.6	-27.8	-2.5	-2.8
Jun-14	-10.2	-8.4	-3.3	-4.6	1.0	5.1
Sep-14	-18.4	6.5	-1.7	-18.4	-4.5	-0.3
Dec-14	-10.0	0.4	-1.1	-10.8	3.3	-1.8
Mar-15	-3.6	12.2	3.5	-16.0	0.4	-3.8
Jun-15	-8.4	-5.1	-0.2	-7.3	2.1	2.2
Sep-15	-15.0	1.9	-1.9	-26.3	-1.3	12.6
Dec-15	-7.2	-7.0	5.8	-7.6	6.8	-5.2
Mar-16	-8.8	9.3	1.7	-22.1	1.5	0.8
Jun-16	-6.0	1.1	0.5	-4.8	-0.4	-2.3
Sep-16	-22.1	-3.1	3.7	-24.0	-0.7	1.9
Dec-16	-24.1	11.5	0.8	-23.7	4.6	-17.3
Mar-17	2.2	7.9	0.5	-20.7	2.2	12.3
Jun-17	-12.8	15.7	6.9	-19.8	-0.5	-15.2
Sep-17	-18.7	-24.2	0.5	-0.9	-4.0	9.8
Dec-17	-2.6	8.6	-5.6	-14.7	1.7	7.4
Mar-18	-0.9	-1.0	-2.2	-5.1	1.6	5.8
Jun-18	-0.2	5.0	6.2	-11.3	6.2	-6.3
Sep-18	-18.5	-3.3	-0.3	-2.4	-1.8	-10.7
Dec-18	-9.2	-18.2	2.0	-2.3	-3.1	12.4
Mar-19	-0.3	-1.4	1.6	3.7	0.4	-4.7
Jun-19	-9.2	6.6	0.1	-10.5	-2.5	-3.0
Sep-19	-22.9	0.3	-1.3	-13.7	-8.6	0.3
Dec-19	-14.2	-7.7	-4.0	1.0	-6.3	2.8
Mar-20	-14.3	21.1	-16.3	-15.7	-12.7	9.3
Jun-20	-89.0	46.9	-25.8	-71.0	-26.0	-13.1
Sep-20	-110.8	42.4	0.1	-117.2	-30.5	-5.6
Dec-20	-44.9	-32.3	16.5	-23.0	-21.7	15.7
Mar-21	-14.6	-15.0	14.0	-21.9	-0.5	8.8
Jun-21	-9.8	1.1	4.6	-5.7	1.1	-11.0
Sep-21	-43.7	9.6	0.0	-23.9	-26.6	-2.8
Dec-21	-26.0	8.8	-5.2	-8.4	-5.8	-15.4
Mar-22	-1.8	3.1	3.5	-18.2	0.3	9.6
Jun-22	-30.1	34.2	-8.6	-26.0	-16.2	-13.5
Sep-22	-26.1	-6.6	1.3	8.8	-18.8	-10.8
Dec-22	-13.8	-14.1	-0.5	-1.8	-7.4	9.9
Mar-23	13.0	18.6	-4.9	-11.4	-2.2	12.9
Jun-23	6.4	11.5	10.0	14.9	-4.6	-25.5
Sep-23	-24.5	-10.9	-5.8	-7.2	-12.6	12.0
Dec-23	-28.7	-8.0	4.8	-15.4	-17.2	7.0
Mar-24	-1.1	11.0	-3.2	-4.2	-5.7	1.1
Jun-24	-19.3	3.8	-3.7	19.6	-18.4	-20.4
Sep-24	-38.9	11.9	0.6	-27.2	-22.1	-2.0
Dec-24	-38.2	-38.2	-8.1	24.3	-17.3	1.0
Mar-25	-19.0	38.3	-17.7	-26.4	-5.1	-8.0

General government's change in financial position

["","Net lending\/borrowing","Deposits","Notes","Bonds","Loans","Other"]

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[-13.199999999999999],[-30.100000000000001],[-24.300000000000001],[-12.4],[-15.5],[-14],[-20.199999999999999],[-10.9],[-11],[-10.199999999999999],[-18.399999999999999],[-10],[-3.6000000000000001],[-8.4000000000000004],[-15],[-7.2000000000000002],[-8.8000000000000007],[-6],[-22.100000000000001],[-24.100000000000001],[2.2000000000000002],[-12.800000000000001],[-18.699999999999999],[-2.6000000000000001],[-0.90000000000000002],[-0.20000000000000001],[-18.5],[-9.1999999999999993],[-0.29999999999999999],[-9.1999999999999993],[-22.899999999999999],[-14.199999999999999],[-14.300000000000001],[-89],[-110.8],[-44.899999999999999],[-14.6],[-9.8000000000000007],[-43.700000000000003],[-26],[-1.8],[-30.100000000000001],[-26.100000000000001],[-13.800000000000001],[13],[6.4000000000000004],[-24.5],[-28.699999999999999],[-1.1000000000000001],[-19.300000000000001],[-38.899999999999999],[-38.200000000000003],[-19]],[[3.3999999999999999],[-7.4000000000000004],[9.3000000000000007],[2.8999999999999999],[0.5],[1],[6],[5.5999999999999996],[13.5],[-8.4000000000000004],[6.5],[0.40000000000000002],[12.199999999999999],[-5.0999999999999996],[1.8999999999999999],[-7],[9.3000000000000007],[1.1000000000000001],[-3.1000000000000001],[11.5],[7.9000000000000004],[15.699999999999999],[-24.199999999999999],[8.5999999999999996],[-1],[5],[-3.2999999999999998],[-18.199999999999999],[-1.3999999999999999],[6.5999999999999996],[0.29999999999999999],[-7.7000000000000002],[21.100000000000001],[46.899999999999999],[42.399999999999999],[-32.299999999999997],[-15],[1.1000000000000001],[9.5999999999999996],[8.8000000000000007],[3.1000000000000001],[34.200000000000003],[-6.5999999999999996],[-14.1],[18.600000000000001],[11.5],[-10.9],[-8],[11],[3.7999999999999998],[11.9],[-38.200000000000003],[38.299999999999997]],[[-1.7],[1.3999999999999999],[-3.5],[-5.2999999999999998],[1.8],[14.300000000000001],[-1.5],[-0.40000000000000002],[8.5999999999999996],[-3.2999999999999998],[-1.7],[-1.1000000000000001],[3.5],[-0.20000000000000001],[-1.8999999999999999],[5.7999999999999998],[1.7],[0.5],[3.7000000000000002],[0.80000000000000004],[0.5],[6.9000000000000004],[0.5],[-5.5999999999999996],[-2.2000000000000002],[6.2000000000000002],[-0.29999999999999999],[2],[1.6000000000000001],[0.10000000000000001],[-1.3],[-4],[-16.300000000000001],[-25.800000000000001],[0.10000000000000001],[16.5],[14],[4.5999999999999996],[0],[-5.2000000000000002],[3.5],[-8.5999999999999996],[1.3],[-0.5],[-4.9000000000000004],[10],[-5.7999999999999998],[4.7999999999999998],[-3.2000000000000002],[-3.7000000000000002],[0.59999999999999998],[-8.0999999999999996],[-17.699999999999999]],[[-13.800000000000001],[-4.9000000000000004],[-15.199999999999999],[-10.800000000000001],[-13.300000000000001],[-8.6999999999999993],[-24.699999999999999],[-16.399999999999999],[-27.800000000000001],[-4.5999999999999996],[-18.399999999999999],[-10.800000000000001],[-16],[-7.2999999999999998],[-26.300000000000001],[-7.5999999999999996],[-22.100000000000001],[-4.7999999999999998],[-24],[-23.699999999999999],[-20.699999999999999],[-19.800000000000001],[-0.90000000000000002],[-14.699999999999999],[-5.0999999999999996],[-11.300000000000001],[-2.3999999999999999],[-2.2999999999999998],[3.7000000000000002],[-10.5],[-13.699999999999999],[1],[-15.699999999999999],[-71],[-117.2],[-23],[-21.899999999999999],[-5.7000000000000002],[-23.899999999999999],[-8.4000000000000004],[-18.199999999999999],[-26],[8.8000000000000007],[-1.8],[-11.4],[14.9],[-7.2000000000000002],[-15.4],[-4.2000000000000002],[19.600000000000001],[-27.199999999999999],[24.300000000000001],[-26.399999999999999]],[[-0.29999999999999999],[-5],[-15.5],[6.2999999999999998],[-2.1000000000000001],[0.59999999999999998],[-11.300000000000001],[-0.29999999999999999],[-2.5],[1],[-4.5],[3.2999999999999998],[0.40000000000000002],[2.1000000000000001],[-1.3],[6.7999999999999998],[1.5],[-0.40000000000000002],[-0.69999999999999996],[4.5999999999999996],[2.2000000000000002],[-0.5],[-4],[1.7],[1.6000000000000001],[6.2000000000000002],[-1.8],[-3.1000000000000001],[0.40000000000000002],[-2.5],[-8.5999999999999996],[-6.2999999999999998],[-12.699999999999999],[-26],[-30.5],[-21.699999999999999],[-0.5],[1.1000000000000001],[-26.600000000000001],[-5.7999999999999998],[0.29999999999999999],[-16.199999999999999],[-18.800000000000001],[-7.4000000000000004],[-2.2000000000000002],[-4.5999999999999996],[-12.6],[-17.199999999999999],[-5.7000000000000002],[-18.399999999999999],[-22.100000000000001],[-17.300000000000001],[-5.0999999999999996]],[[-0.69999999999999996],[-14.199999999999999],[0.5],[-5.5],[-2.3999999999999999],[-21.199999999999999],[11.4],[0.69999999999999996],[-2.7999999999999998],[5.0999999999999996],[-0.29999999999999999],[-1.8],[-3.7999999999999998],[2.2000000000000002],[12.6],[-5.2000000000000002],[0.80000000000000004],[-2.2999999999999998],[1.8999999999999999],[-17.300000000000001],[12.300000000000001],[-15.199999999999999],[9.8000000000000007],[7.4000000000000004],[5.7999999999999998],[-6.2999999999999998],[-10.699999999999999],[12.4],[-4.7000000000000002],[-3],[0.29999999999999999],[2.7999999999999998],[9.3000000000000007],[-13.1],[-5.5999999999999996],[15.699999999999999],[8.8000000000000007],[-11],[-2.7999999999999998],[-15.4],[9.5999999999999996],[-13.5],[-10.800000000000001],[9.9000000000000004],[12.9],[-25.5],[12],[7],[1.1000000000000001],[-20.399999999999999],[-2],[1],[-8]]]

[]

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[{"value":"0","axis_id":"0","axis_title":"$b","axis_units":"","tooltip_units":"($b)","table_units":"($b)","axis_min":"-200","axis_max":"100","tick_interval":"50","precision":"1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

"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 by $1.7b to $14.9b this quarter.

This was driven by a:

$3.8b increase in net savings

Partly offset by a:

$3.6b increase in change in inventories.

National net lending (+) / borrowing (-), relative to GDP, seasonally adjusted
	Net lending / net borrowing relative to GDP (%)
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	0.3
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	-3.0
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	-3.8
Dec-80	-3.3
Mar-81	-2.9
Jun-81	-4.2
Sep-81	-4.2
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	-2.8
Mar-84	-4.0
Jun-84	-3.5
Sep-84	-4.4
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	-3.2
Sep-87	-3.3
Dec-87	-3.3
Mar-88	-3.1
Jun-88	-2.9
Sep-88	-4.0
Dec-88	-4.8
Mar-89	-5.7
Jun-89	-5.9
Sep-89	-6.3
Dec-89	-6.2
Mar-90	-6.2
Jun-90	-4.4
Sep-90	-4.1
Dec-90	-4.9
Mar-91	-3.9
Jun-91	-3.3
Sep-91	-3.2
Dec-91	-3.0
Mar-92	-3.0
Jun-92	-3.3
Sep-92	-3.8
Dec-92	-3.2
Mar-93	-2.9
Jun-93	-3.2
Sep-93	-3.3
Dec-93	-3.0
Mar-94	-2.8
Jun-94	-4.4
Sep-94	-5.6
Dec-94	-5.3
Mar-95	-5.9
Jun-95	-5.1
Sep-95	-4.4
Dec-95	-4.8
Mar-96	-4.1
Jun-96	-2.8
Sep-96	-3.9
Dec-96	-3.5
Mar-97	-3.0
Jun-97	-2.0
Sep-97	-3.2
Dec-97	-3.7
Mar-98	-5.0
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	-5.0
Jun-00	-5.0
Sep-00	-3.2
Dec-00	-3.3
Mar-01	-2.6
Jun-01	-2.1
Sep-01	-1.7
Dec-01	-2.8
Mar-02	-2.6
Jun-02	-3.6
Sep-02	-4.0
Dec-02	-5.1
Mar-03	-5.0
Jun-03	-5.6
Sep-03	-5.4
Dec-03	-5.4
Mar-04	-5.8
Jun-04	-5.5
Sep-04	-6.6
Dec-04	-7.3
Mar-05	-6.5
Jun-05	-5.7
Sep-05	-6.0
Dec-05	-5.7
Mar-06	-5.6
Jun-06	-6.2
Sep-06	-5.7
Dec-06	-5.9
Mar-07	-6.2
Jun-07	-6.6
Sep-07	-6.8
Dec-07	-7.3
Mar-08	-6.8
Jun-08	-5.8
Sep-08	-4.0
Dec-08	-3.0
Mar-09	-1.5
Jun-09	-5.0
Sep-09	-5.3
Dec-09	-6.4
Mar-10	-5.5
Jun-10	-2.9
Sep-10	-3.0
Dec-10	-3.5
Mar-11	-3.4
Jun-11	-3.1
Sep-11	-2.7
Dec-11	-2.9
Mar-12	-4.7
Jun-12	-3.7
Sep-12	-4.3
Dec-12	-4.8
Mar-13	-3.5
Jun-13	-3.6
Sep-13	-3.7
Dec-13	-2.8
Mar-14	-2.7
Jun-14	-3.2
Sep-14	-3.4
Dec-14	-3.2
Mar-15	-3.3
Jun-15	-5.2
Sep-15	-5.0
Dec-15	-5.4
Mar-16	-4.5
Jun-16	-4.5
Sep-16	-3.6
Dec-16	-1.6
Mar-17	-2.3
Jun-17	-2.7
Sep-17	-2.9
Dec-17	-3.6
Mar-18	-3.1
Jun-18	-3.1
Sep-18	-2.4
Dec-18	-1.8
Mar-19	-1.3
Jun-19	0.3
Sep-19	0.9
Dec-19	-0.2
Mar-20	0.6
Jun-20	2.6
Sep-20	1.5
Dec-20	2.1
Mar-21	3.0
Jun-21	3.0
Sep-21	3.5
Dec-21	0.0
Mar-22	0.1
Jun-22	1.5
Sep-22	-0.6
Dec-22	0.4
Mar-23	0.4
Jun-23	-0.2
Sep-23	-1.1
Dec-23	-0.3
Mar-24	-1.3
Jun-24	-2.3
Sep-24	-2.1
Dec-24	-2.4
Mar-25	-2.1

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

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

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4000000000000004],[-5.5],[-2.8999999999999999],[-3],[-3.5],[-3.3999999999999999],[-3.1000000000000001],[-2.7000000000000002],[-2.8999999999999999],[-4.7000000000000002],[-3.7000000000000002],[-4.2999999999999998],[-4.7999999999999998],[-3.5],[-3.6000000000000001],[-3.7000000000000002],[-2.7999999999999998],[-2.7000000000000002],[-3.2000000000000002],[-3.3999999999999999],[-3.2000000000000002],[-3.2999999999999998],[-5.2000000000000002],[-5],[-5.4000000000000004],[-4.5],[-4.5],[-3.6000000000000001],[-1.6000000000000001],[-2.2999999999999998],[-2.7000000000000002],[-2.8999999999999999],[-3.6000000000000001],[-3.1000000000000001],[-3.1000000000000001],[-2.3999999999999999],[-1.8],[-1.3],[0.29999999999999999],[0.90000000000000002],[-0.20000000000000001],[0.59999999999999998],[2.6000000000000001],[1.5],[2.1000000000000001],[3],[3],[3.5],[0],[0.10000000000000001],[1.5],[-0.59999999999999998],[0.40000000000000002],[0.40000000000000002],[-0.20000000000000001],[-1.1000000000000001],[-0.29999999999999999],[-1.3],[-2.2999999999999998],[-2.1000000000000001],[-2.3999999999999999],[-2.1000000000000001]]]

[]

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National net borrowing as a proportion of GDP decreased this quarter, driven by a rise in net savings:

Financial corporations' net lending decreased by $3.5b to $14.5b.
Non-financial corporations' net borrowing decreased by $8.5b to $7.8b.
General government net borrowing increased by $4.2b to $31.2b.
Households' net lending increased by $5.6b to $12.1b

Notable drivers included the following:

Financial corporations' net lending was driven by a decrease in net savings due to an increase in non-life insurance claims and a decrease in dividends receivable.
Non-financial corporations' net borrowing was driven by an increase in net savings from private non-financial corporations due to a decrease in dividends payable.
General government net borrowing was driven by a decrease in net savings from both national and state and local general government, and a decrease in net capital transfers from national general government.
Households' net lending was driven by an increase in net savings due to increases in compensation of employees and social assistance benefits.

Net lending (+) / borrowing (-), by sector, seasonally adjusted
	Non-financial corporations ($b)	Financial corporations ($b)	General government ($b)	Households ($b)
Mar-12	-24.5	11.9	-14.2	11.0
Jun-12	-21.2	10.4	-19.0	13.3
Sep-12	-23.7	11.8	-13.6	6.7
Dec-12	-29.1	11.3	-11.6	9.8
Mar-13	-21.8	9.3	-14.1	12.0
Jun-13	-26.1	9.6	-4.3	10.8
Sep-13	-21.4	8.6	-12.0	9.8
Dec-13	-22.3	8.6	-11.4	11.5
Mar-14	-20.5	8.8	-12.3	11.7
Jun-14	-23.1	7.6	-8.6	13.6
Sep-14	-24.0	8.0	-10.2	10.8
Dec-14	-20.3	5.8	-10.6	10.3
Mar-15	-22.7	7.2	-8.3	9.0
Jun-15	-22.5	4.9	-7.0	10.7
Sep-15	-25.3	6.9	-7.3	7.4
Dec-15	-25.0	8.7	-7.2	3.4
Mar-16	-22.3	7.4	-10.8	3.1
Jun-16	-20.6	8.4	-11.6	4.0
Sep-16	-17.8	8.0	-11.2	3.8
Dec-16	-10.9	7.0	-5.8	1.8
Mar-17	-9.9	4.7	-2.9	1.8
Jun-17	-11.4	7.3	-8.0	0.4
Sep-17	-15.7	7.5	-5.9	0.5
Dec-17	-16.3	5.2	-6.7	2.9
Mar-18	-15.4	7.5	-6.2	1.7
Jun-18	-22.1	6.4	-4.4	0.7
Sep-18	-16.7	5.3	-5.7	2.8
Dec-18	-16.0	5.6	-7.6	6.2
Mar-19	-10.5	6.5	-8.1	9.4
Jun-19	-8.8	6.2	-5.3	8.2
Sep-19	-7.1	5.3	-11.7	15.8
Dec-19	-10.2	3.9	-11.9	13.4
Mar-20	-2.9	2.7	-14.7	22.3
Jun-20	23.6	12.1	-95.7	72.0
Sep-20	28.1	2.7	-85.8	62.0
Dec-20	14.4	0.8	-43.1	36.9
Mar-21	6.8	0.6	-26.5	37.0
Jun-21	1.6	1.2	-13.2	29.1
Sep-21	-6.2	4.0	-39.0	60.6
Dec-21	-7.3	-2.1	-26.9	33.6
Mar-22	0.3	-5.6	-20.3	29.5
Jun-22	5.2	1.1	-14.9	20.1
Sep-22	-7.0	6.7	-15.3	16.2
Dec-22	-24.6	9.0	-2.3	1.5
Mar-23	5.0	5.1	-5.1	0.2
Jun-23	-5.7	7.2	-8.4	-2.0
Sep-23	-8.3	10.5	-6.8	-3.3
Dec-23	-9.8	12.2	-12.5	4.0
Mar-24	-5.3	12.8	-14.3	0.7
Jun-24	-14.6	17.1	-19.7	1.3
Sep-24	-10.0	13.8	-23.1	5.3
Dec-24	-16.3	18.0	-27.0	6.5
Mar-25	-7.8	14.5	-31.2	12.1

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

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

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[]

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Capital Investment

National capital investment decreased to 24.5% as a proportion of GDP, while increasing 0.7% in current price seasonally adjusted terms.

Relative to GDP:

Household capital investment remained at 8.0%
Non-financial corporations' capital investment fell to 11.9%
Financial corporations' capital investment remained at 0.6%
General government capital investment remained at 4.1%

In current price seasonally adjusted terms:

Non-financial corporations' capital investment increased, driven by an increase in private non-financial corporations.
General government capital investment increased, driven by an increase in state and local general government.

Gross fixed capital formation, by sector, seasonally adjusted
	Non-financial corporations ($b)	Financial corporations ($b)	General government ($b)	Households ($b)
Mar-12	61.0	2.3	12.3	27.4
Jun-12	63.9	2.3	13.7	27.3
Sep-12	63.7	2.5	13.3	28.0
Dec-12	66.1	2.5	12.5	28.3
Mar-13	62.0	2.5	13.3	28.0
Jun-13	62.4	2.5	11.5	29.0
Sep-13	63.3	2.4	12.6	29.6
Dec-13	62.9	2.3	12.8	30.2
Mar-14	60.6	2.4	13.2	31.1
Jun-14	59.8	2.4	12.6	31.6
Sep-14	57.1	2.7	12.8	33.5
Dec-14	56.1	2.8	12.8	35.2
Mar-15	54.9	2.7	12.4	36.3
Jun-15	54.4	2.6	12.9	36.1
Sep-15	52.6	2.9	12.4	37.9
Dec-15	51.8	2.9	12.5	38.1
Mar-16	49.7	2.9	14.1	38.6
Jun-16	47.4	2.8	14.6	39.5
Sep-16	45.4	2.9	14.1	40.0
Dec-16	47.5	2.9	14.5	40.9
Mar-17	46.7	2.9	15.7	41.1
Jun-17	45.8	2.9	17.8	41.4
Sep-17	51.2	2.5	17.1	40.7
Dec-17	50.3	3.1	17.5	40.9
Mar-18	50.9	3.1	17.5	42.0
Jun-18	51.0	3.1	17.4	42.8
Sep-18	52.0	3.1	18.9	41.4
Dec-18	51.7	3.1	19.0	40.3
Mar-19	52.2	3.0	19.2	39.1
Jun-19	52.8	3.1	18.6	38.3
Sep-19	53.8	3.0	19.8	38.1
Dec-19	53.4	3.0	20.5	38.1
Mar-20	53.1	2.9	19.9	38.3
Jun-20	51.3	2.7	18.8	35.7
Sep-20	51.1	2.7	19.4	36.5
Dec-20	52.4	2.8	20.4	39.4
Mar-21	54.9	2.9	20.4	42.6
Jun-21	57.0	3.0	21.3	45.0
Sep-21	58.7	3.1	22.0	45.5
Dec-21	60.4	3.1	22.0	47.0
Mar-22	62.4	3.2	22.8	48.8
Jun-22	65.1	3.4	23.6	48.7
Sep-22	67.0	3.5	24.1	49.3
Dec-22	68.4	3.5	24.5	49.7
Mar-23	71.3	3.6	25.2	50.3
Jun-23	75.2	3.7	26.4	51.7
Sep-23	77.1	3.8	27.1	51.5
Dec-23	79.4	3.8	26.4	51.5
Mar-24	79.5	3.9	26.6	52.2
Jun-24	80.6	4.0	26.4	53.9
Sep-24	81.3	4.0	28.3	54.7
Dec-24	82.8	4.1	28.1	55.2
Mar-25	83.3	4.2	28.6	55.8

Gross fixed capital formation, by sector, seasonally adjusted

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

[["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","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25"],[[61],[63.899999999999999],[63.700000000000003],[66.099999999999994],[62],[62.399999999999999],[63.299999999999997],[62.899999999999999],[60.600000000000001],[59.799999999999997],[57.100000000000001],[56.100000000000001],[54.899999999999999],[54.399999999999999],[52.600000000000001],[51.799999999999997],[49.700000000000003],[47.399999999999999],[45.399999999999999],[47.5],[46.700000000000003],[45.799999999999997],[51.200000000000003],[50.299999999999997],[50.899999999999999],[51],[52],[51.700000000000003],[52.200000000000003],[52.799999999999997],[53.799999999999997],[53.399999999999999],[53.100000000000001],[51.299999999999997],[51.100000000000001],[52.399999999999999],[54.899999999999999],[57],[58.700000000000003],[60.399999999999999],[62.399999999999999],[65.099999999999994],[67],[68.400000000000006],[71.299999999999997],[75.200000000000003],[77.099999999999994],[79.400000000000006],[79.5],[80.599999999999994],[81.299999999999997],[82.799999999999997],[83.299999999999997]],[[2.2999999999999998],[2.2999999999999998],[2.5],[2.5],[2.5],[2.5],[2.3999999999999999],[2.2999999999999998],[2.3999999999999999],[2.3999999999999999],[2.7000000000000002],[2.7999999999999998],[2.7000000000000002],[2.6000000000000001],[2.8999999999999999],[2.8999999999999999],[2.8999999999999999],[2.7999999999999998],[2.8999999999999999],[2.8999999999999999],[2.8999999999999999],[2.8999999999999999],[2.5],[3.1000000000000001],[3.1000000000000001],[3.1000000000000001],[3.1000000000000001],[3.1000000000000001],[3],[3.1000000000000001],[3],[3],[2.8999999999999999],[2.7000000000000002],[2.7000000000000002],[2.7999999999999998],[2.8999999999999999],[3],[3.1000000000000001],[3.1000000000000001],[3.2000000000000002],[3.3999999999999999],[3.5],[3.5],[3.6000000000000001],[3.7000000000000002],[3.7999999999999998],[3.7999999999999998],[3.8999999999999999],[4],[4],[4.0999999999999996],[4.2000000000000002]],[[12.300000000000001],[13.699999999999999],[13.300000000000001],[12.5],[13.300000000000001],[11.5],[12.6],[12.800000000000001],[13.199999999999999],[12.6],[12.800000000000001],[12.800000000000001],[12.4],[12.9],[12.4],[12.5],[14.1],[14.6],[14.1],[14.5],[15.699999999999999],[17.800000000000001],[17.100000000000001],[17.5],[17.5],[17.399999999999999],[18.899999999999999],[19],[19.199999999999999],[18.600000000000001],[19.800000000000001],[20.5],[19.899999999999999],[18.800000000000001],[19.399999999999999],[20.399999999999999],[20.399999999999999],[21.300000000000001],[22],[22],[22.800000000000001],[23.600000000000001],[24.100000000000001],[24.5],[25.199999999999999],[26.399999999999999],[27.100000000000001],[26.399999999999999],[26.600000000000001],[26.399999999999999],[28.300000000000001],[28.100000000000001],[28.600000000000001]],[[27.399999999999999],[27.300000000000001],[28],[28.300000000000001],[28],[29],[29.600000000000001],[30.199999999999999],[31.100000000000001],[31.600000000000001],[33.5],[35.200000000000003],[36.299999999999997],[36.100000000000001],[37.899999999999999],[38.100000000000001],[38.600000000000001],[39.5],[40],[40.899999999999999],[41.100000000000001],[41.399999999999999],[40.700000000000003],[40.899999999999999],[42],[42.799999999999997],[41.399999999999999],[40.299999999999997],[39.100000000000001],[38.299999999999997],[38.100000000000001],[38.100000000000001],[38.299999999999997],[35.700000000000003],[36.5],[39.399999999999999],[42.600000000000001],[45],[45.5],[47],[48.799999999999997],[48.700000000000003],[49.299999999999997],[49.700000000000003],[50.299999999999997],[51.700000000000003],[51.5],[51.5],[52.200000000000003],[53.899999999999999],[54.700000000000003],[55.200000000000003],[55.799999999999997]]]

[]

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Data downloads

Download all (10.78 MB)

Time series spreadsheets

Data files

TABLE 1. Credit Market Outstandings ($ million)
Download xlsx [273.77 KB]
TABLE 2. Demand for Credit ($ million)
Download xlsx [255.49 KB]
TABLE 3. National Capital Account, Current prices ($ million)
Download xlsx [80.72 KB]
TABLE 4. National Financial Assets and Liabilities ($ million)
Download xlsx [105.62 KB]
TABLE 5. Non-Financial Corporations Capital Account, Current prices ($ million)
Download xlsx [78.55 KB]
TABLE 6. Financial Assets and Liabilities of Non-Financial Corporations ($ million)
Download xlsx [385.6 KB]
TABLE 7. Private Non-Financial Corporations Capital Account, Current prices ($ million)
Download xlsx [75.02 KB]
TABLE 8. Financial Assets and Liabilities of Private Non-Financial Corporations ($ million)
Download xlsx [381.1 KB]
TABLE 9. Financial Assets and Liabilities of Private Non-Financial Investment Funds ($ million)
Download xlsx [233.97 KB]
TABLE 10. Financial Assets and Liabilities of Other Private Non-Financial Corporations ($ million)
Download xlsx [386.08 KB]
TABLE 11. Public Non-Financial Corporations Capital Account, Current prices ($ million)
Download xlsx [73.94 KB]
TABLE 12. Financial Assets and Liabilities of Public Non-Financial Corporations ($ million)
Download xlsx [268.45 KB]
TABLE 13. Financial Corporations Capital Account, Current prices ($ million)
Download xlsx [73.78 KB]
TABLE 14. Financial Assets and Liabilities of Financial Corporations ($ million)
Download xlsx [357.52 KB]
TABLE 15. Financial Assets and Liabilities of the Central Bank ($ million)
Download xlsx [164.59 KB]
TABLE 16. Financial Assets and Liabilities of Authorised Deposit taking Institutions ($ million)
Download xlsx [493.22 KB]
TABLE 17. Financial Assets and Liabilities of Other Broad Money Institutions ($ million)
Download xlsx [321.78 KB]
TABLE 18. Financial Assets and Liabilities of Pension Funds ($ million)
Download xlsx [226.61 KB]
TABLE 19. Pension Funds - Self-Managed Superannuation Funds Balance Sheet ($ million)
Download xlsx [71.7 KB]
TABLE 20. Financial Assets and Liabilities of Life Insurance Corporations ($ million)
Download xlsx [301.43 KB]
TABLE 21. Financial Assets and Liabilities of Non-Life Insurance Corporations ($ million)
Download xlsx [299.11 KB]
TABLE 22. Financial Assets and Liabilities of Money Market Financial Investment Funds ($ million)
Download xlsx [144.81 KB]
TABLE 23. Financial Assets and Liabilities of Non-Money Market Financial Investment Funds ($ million)
Download xlsx [279.44 KB]
TABLE 24. Financial Assets and Liabilities of Central Borrowing Authorities ($ million)
Download xlsx [264.06 KB]
TABLE 25. Financial Assets and Liabilities of Securitisers ($ million)
Download xlsx [206.22 KB]
TABLE 26. Financial Assets and Liabilities of Other Financial Corporations ($ million)
Download xlsx [324.25 KB]
TABLE 27. General Government Capital Account, Current prices ($ million)
Download xlsx [77.97 KB]
TABLE 28. Financial Assets and Liabilities of General Government ($ million)
Download xlsx [307.2 KB]
TABLE 29. National General Government Capital Account, Current prices ($ million)
Download xlsx [77.26 KB]
TABLE 30. Financial Assets and Liabilities of National General Government ($ million)
Download xlsx [283.47 KB]
TABLE 31. State and Local General Government Capital Account, Current prices ($ million)
Download xlsx [77.37 KB]
TABLE 32. Financial Assets and Liabilities of State and Local General Government ($ million)
Download xlsx [193.56 KB]
TABLE 33. Household Capital Account, Current prices ($ million)
Download xlsx [77.37 KB]
TABLE 34. Financial Assets and Liabilities of Households ($ million)
Download xlsx [257.38 KB]
TABLE 35. Household Balance Sheet, Current prices ($ billion)
Download xlsx [80.63 KB]
TABLE 36. Analytical Measures of Household Income, Consumption, Saving and Wealth, Current prices ($ billion)
Download xlsx [67.33 KB]
TABLE 37. Rest of World Capital Account, Current prices ($ million)
Download xlsx [66.46 KB]
TABLE 38. Financial Assets and Liabilities of Rest of World ($ million)
Download xlsx [464.37 KB]
TABLE 39. The Currency Market ($ million)
Download xlsx [80.81 KB]
TABLE 40. The Transferable Deposits Market ($ million)
Download xlsx [116.22 KB]
TABLE 41. The Other Deposits Market ($ million)
Download xlsx [126.92 KB]
TABLE 42. The Bills of Exchange Market ($ million)
Download xlsx [106.36 KB]
TABLE 43. The One Name Paper Market ($ million)
Download xlsx [369.58 KB]
TABLE 44. The Bonds Market ($ million)
Download xlsx [470.45 KB]
TABLE 45. The Derivatives and Employee Stock Options Market ($ million)
Download xlsx [191.7 KB]
TABLE 46. The Short Term Loans and Placements Market ($ million)
Download xlsx [158.53 KB]
TABLE 47. The Long Term Loans and Placements Market ($ million)
Download xlsx [359.95 KB]
TABLE 48. The Listed Shares and Other Equity Market ($ million)
Download xlsx [259.33 KB]
TABLE 49. The Unlisted Shares and Other Equity Market ($ million)
Download xlsx [327.33 KB]
TABLE 50. Accounts Payable/Receivable ($ million)
Download xlsx [396 KB]
TABLE 51. Financial Accounts Summary of Authorised Deposit taking Institution Deposits and Lending Split by Household Subsectors ($ million)
Download xlsx [56.33 KB]
TABLE 52. Financial Accounts Summary of Loan Outstandings to Households for Housing by Type of Lending Institution ($ million)
Download xlsx [57.06 KB]
TABLE 53. Nominal Value of Short Term Loans and Placements Market ($ million)
Download xlsx [158.18 KB]
TABLE 54. Nominal Value of Long Term Loans and Placements Market ($ million)
Download xlsx [361.85 KB]

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 2023, 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.

AASB 17 accounting standard

The adoption of the AASB 17 accounting standard by the insurance industry has resulted in changes to reported data. Consequently, some of the estimates for life insurance corporations since the September quarter 2023 have been modelled. While these series continue to be published, users are advised to apply caution.

ABS Managed Funds publication

Following the conclusion of consultation with users and industry, the ABS has taken the decision to pause the ABS Managed Funds publication following the release of the December quarter 2023 issue. ABS survey data on public offer unit trusts will continue to be used in the compilation of associated sectors in the National Accounts: Finance and Wealth publication (tables 9 and 23). In this publication, adjustments are made to these sectors to account for scope and coverage, based on other counterparty information, though some underlying quality issues remain. Users are advised to apply caution when using these statistics and use the methodology and data quality notes when referencing any data points. For additional information please see the December quarter 2023 Managed Funds publication.

Methodology

Australian National Accounts: Finance and Wealth methodology, March 2025

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APA

Australian National Accounts: Finance and Wealth

APA

Key statistics

Main features

Financing resources and investment tables

Financial market summary table

Flow of funds diagrams

Net transactions during March quarter 2025

Amounts outstanding at end of March quarter 2025

National investment

Financial investment

Households

General government

Demand for credit

Demand for credit table

Other private non-financial corporations

General government

Households

Households

Balance sheet

Financial assets

Liabilities

Non-financial assets

Financial assets

Liabilities

Private non-financial corporations

Financial assets

Liabilities

Other private non-financial corporations demand for credit

Financial corporations

Financial assets and liabilities

Authorised deposit-taking institutions (ADIs)

Financial assets

Liabilities

Pension (superannuation) funds

Financial assets

Liabilities

Government

National general government financial assets

National general government liabilities

State and local general government financial assets

State and local general government liabilities

General government

Capital investment

Net lending (+) / borrowing (-)

Capital Investment

Data downloads

Time series spreadsheets

TABLE 1. Credit Market Outstandings ($ million)

TABLE 2. Demand for Credit ($ million)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TABLE 31. State and Local General Government Capital Account, Current prices ($ million)