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6 Statistics in this publication relating to the Life Insurance Offices are derived from returns from 24 of the 42 registered life insurance offices operating in Australia, representing approximately 98% of the total assets of statutory funds. Data have been extrapolated to provide 100% coverage.
7 For Superannuation Funds, the information in this publication is derived from:
8 Up to and including the March quarter 1995, data on superannuation funds and ADFs that directly invest their assets on their own behalf were collected by the ABS Survey of Financial Information. From the June quarter 1995 the information on these superannuation funds is from a survey of the largest funds, processed by the ABS on behalf of APRA. Currently there are 354 funds in the survey.
9 The statistics for superannuation funds in Table 3 include estimates, provided by APRA, for superannuation funds not currently surveyed.
10 The statistics on Public Unit Trusts do not include trusts which are exempted under Section 1069(3) of the Corporations Act 1974 from providing redemption facilities (e.g. film and agriculture trusts); trusts which do not seek funds from the general public and small trusts are also excluded. There are currently 708 public unit trusts included in the Survey of Financial Information.
11 The statistics on Friendly Societies are compiled from information obtained from the 25 largest friendly societies. This provides coverage of approximately 95% of the total assets of friendly societies. No estimate is included for the friendly societies not covered in the survey.
12 Common Funds are operated by Trustee Companies under relevant State Trustee Companies Acts. At the end of December 2002 there were 20 trustee companies managing 47common funds throughout Australia.
13 All Cash Management Trusts operating in Australia are included in the statistics, however, the number of trusts may vary from month to month due to the establishment or closure of individual trusts. There are currently 30 cash management trusts included in the Survey of Financial Information.
METHOD OF CONSOLIDATION
14 Estimates of the consolidated assets of managed funds are derived by eliminating any cross-investment that takes place between the various types of funds. For example, investments by superannuation funds in public unit trusts are excluded from the assets of superannuation funds in a consolidated presentation. It is not possible, however, to apportion cross-investment at the level of detail presented in the unconsolidated tables.
BASIS OF VALUATION
15 Respondents to the ABS Survey of Financial Information are requested to report assets at their market value.
ASSETS IN AUSTRALIA/OVERSEAS
16 Assets in Australia include land and buildings located in Australia and financial claims on residents; assets overseas include land and buildings located overseas and financial claims on non-residents. A resident is any person, corporation or other entity ordinarily domiciled in Australia, except foreign embassies, consulates and foreign controlled military establishments located in Australia, which are classified as non-resident. Non-residents include any persons, corporations or other entities ordinarily domiciled overseas. Entities located in Australia which are owned by non-residents are classified as residents of Australia (e.g. a branch or subsidiary of an overseas company). Overseas branches or subsidiaries of Australian companies are classified as non-residents.
17 The classification of financial instruments in this publication follows that contained in the ABS publication Australian National Accounts, Financial Accounts (5232.0). Definitions of the various types of instrument are given in the glossary.
REVISIONS AND CHANGES TO CONTENT
18 Revisions to previously published statistics are included in this publication. A special note on Page 2 of each publication highlights any major revisions to the statistics in certain tables.
19 Users may also wish to refer to the following ABS publication of related data which is available on request:
Australian National Accounts, Financial Accounts (5232.0)-issued quarterly
Cash Management Trusts, Australia (5635.0.40.001)-issued monthly
Common Funds, Australia (5657.0.40.001)-issued quarterly
Friendly Societies, Australia (5660.0.40.001)-issued quarterly
Public Unit Trusts, Australia (5645.0.40.001)-issued quarterly
SYMBOLS AND OTHER USAGES
20 Discrepancies may occur between sums of the component items and totals due to rounding.
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