5232.0 - Australian National Accounts: Financial Accounts, Dec 2012 
Quality Declaration
Quality Declaration ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 28/03/2013
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SECTORAL ANALYSIS During the December quarter 2012, private non-financial investment funds had net issuance of shares and other equity of $3.2b and net issuance of bonds of $1.8b. This was offset by net redemptions of $1.6b in loans and maturities of $0.2b in one name paper . Total liabilities of national public non-financial corporations increased by $0.4b to $21.0b. Total liabilities of state and local public non-financial corporations were $205.6b, with net transactions of $0.9b. PRIVATE NON-FINANCIAL CORPORATIONS DEBT TO EQUITY RATIO From the end of December 2010 to the end of December 2012, the value of equity on issue decreased by $103.4b and the value of debt outstanding increased by $95.2b. During the December quarter 2012, private non-financial corporation equity on issue increased by $60.2b and debt increased by $13.1b. The original debt to equity ratio decreased from 0.75% to 0.73% and the adjusted ratio increased from 0.95 to 0.96. The adjusted ratio reflects the removal of price change from the original series. FINANCIAL CORPORATIONS
Summary During the December quarter 2012, financial corporations had $28.6b of liability transactions on a consolidated basis. The positive liability transactions were pension funds $27.8b, banks $13.8b, central bank $11.2b, and central borrowing authorities $0.1b. These were offset by negative liability transactions in other depository corporations -$8.5b, securitisers -$7.1b, life insurance corporations -$6.6b, other financial corporations -$0.9b, general insurance -$0.9b, non-money market financial investment funds -$0.2b, and money market financial investment funds -$0.1b. Banks Transactions of financial assets of banks were net $22.3b during the December quarter 2012. Major transactions in bank assets were increases in loans and placements of $26.7b of which major borrowers were households 22.9b and rest of the world $13.3b. This was partially offset by derivative settlements of $12.7b, of which $8.4b were with rest of world and $2.9b with other depository corporations. There were also increases in bond holdings of $7.3b, currency holdings $2.9b, and equity holdings of $2.1b. During the quarter, net liability transactions of banks were $13.8b, of which deposits contributed $32.8b, one name paper issued offshore $13.6b and listed shares and equity $5.6b. This was mainly offset by derivative settlements of $20.4b and maturities in bonds of $12.2b. Other depository corporations Other depository corporations net transactions of financial assets were -$6.6b during the December quarter 2012. The main contributors to this decrease were derivative settlements of $7.4b and bond maturities of $2.5b. This was partially offset by transactions in loans and placements of $2.2b. The net liability transactions of other depository corporations were -$8.5b during the quarter. The main contributors to this decrease were derivatives of -$7.6b. This was partially offset by an increase in one name paper issuances of $1.7b. Pension funds Asset holdings increased by $45.1b to $1,394.3b, following net transactions of $26.0b and valuation increases of $19.1b during the December quarter 2012. The main contributor to this increase was equities holodings of $22.8b, of which $10.6b was issued by non-money market financial investment funds and $8.6b was issued by other private non-financial corporations. Net equity in reserves of pension funds was $1,484.7b at the end of the quarter, an increase of $46.4b from the previous quarter. This follows net transactions of $27.8b and valuation increases of $18.6b. Households' claims against the reserves of pension funds increased by $46.2b to $1,477.9b, following transactions of $29.2b and valuation increases of $17.0b. Life insurance corporations At the end of December quarter 2012, the financial assets outstanding of life insurance corporations were $246.5b, an increase of $2.2b from the previous quarter. Net asset transactions were -$6.1b, and valuation increases $8.3b. During the quarter, pension funds' claims against the reserves of life offices increased by $2.4b to $171.1b, following net transactions of -$3.7b and valuation increases of $6.1b. Households' claims against the reserves of life offices decreased by $1.4b to $54.9b, following net transactions of -$3.4b and valuation increases of $2.0b. Non-life insurance corporations Net transactions of financial assets of non-life insurance corporations were $2.0b during the December quarter 2012. During the quarter net liability transactions of non-life insurance corporations were -$0.9b. Money market investment funds Total assets of money market investment funds were $33.3b at the end of December quarter 2012, of which $20.0b was in holdings of one name paper (of which, $17.7b was issued by banks), and $9.2b were in deposits. During the quarter total unlisted equities issued by money market investment funds increased by $0.5b to $33.3b. Net transactions of total financial assets of money market investment funds were $0.4b for the quarter, driven by net transactions in one name paper of $0.8b, of which $0.5b was issued by banks. Non money market investment funds Total assets outstanding of non-money market investment funds increased by $7.3b to $240.6b with net transactions of -$3.2b and valuation changes of $10.5b. At the end of December quarter 2012, total liabilities of non-money market investment funds had increased by $3.5b to $383.5b, with net transactions of -$0.2b and $3.7b of valuation changes. Central borrowing authorities Total liabilities of central borrowing authorities was $330.7b at the end of December quarter 2012, a decrease of $1.3b from the previous quarter. During the quarter they had net issuance of $4.3b worth of bonds. Net asset transactions during the quarter were -$6.3b, driven by decreases in equities holdings of $6.3b. Securitisers At the end of December quarter 2012, securitisers had net liability transactions of -$7.1b and liabilities outstanding of $320.0b. This was mostly composed of bonds worth $301.2b, with -$7.1b worth of transactions. Net assets of securitisers were $323.6b at the end of the quarter, with net transactions of -$4.5b. Loans and placements decreased by $4.7b to $318.7b at the end of the quarter, driven by borrowing of household which decreased $6.3b. Net flow of deposits to banks Net transactions in transferable deposit liabilities of banks during the December quarter 2012 were $13.7b. The major deposit holdings came from rest of world $12.0b, households $4.1b, and banks $1.9b. These were offset by central borrowing authorities -$2.5b and state and local general government -$2.0b. Transactions in other deposit liabilities of banks during the quarter were $20.7b, of which $9.8 was with households, $7.5b with other private non-financial corporations, and $4.2b with rest of world. Financial asset portfolio of life insurance corporations and pension funds at end of quarter At the end of December quarter 2012, pension funds held $815.9b in shares and other equity (58.5% of their financial assets), of which $591.8b are resident and $224.1b non-resident. They held $171.1b of the net equity in life office reserves (12.3% of their financial assets) and $121.9b in bonds (8.7% of their financial assets), of which $70.3b were issued by domestic institutions and $51.6b were bonds issued by non-residents. At the end of the December quarter 2012, life insurance corporations held $184.2b in shares and other equity (74.7% of their financial assets), of which $153.7b are held in non-money market investment funds. They held $33.0b in bonds (13.4% of their financial assets), of which $25.4b were issued by domestic institutions and $7.6b were bonds issued by non-residents. Financial claims between households, pension funds, life insurance corporations, rest of world and investment managers at end of quarter At the end of December quarter 2012, households had claims against the reserves of pension funds of $1,477.9b and life insurance corporations of $54.9b. The rest of world had net equity in reserves of pension funds of $1.4b and life insurance corporations of $0.8b. Pension funds had claims against the reserves of life insurance corporations of $171.1b. Life insurance corporations invested $161.8b through investment managers, and pension funds invested $586.0b through investment managers. Financial asset portfolio of non-life insurance corporations at end of quarter The graph below shows that at the end of the December quarter 2012, non-life insurance corporations held $54.4b in bonds (33.5% of their financial assets), of which $48.9b was issued by residents and $5.5b was issued by non-residents. They also held $49.9b in equities (30.7% of their total financial assets), $33.8b of which was issued by residents and $16.1b issued by non-residents. They also held $16.7b in deposits (10.3% of total financial assets), and $14.5b in one name paper (8.9%). Central borrowing authorities net issue of debt securities During the December quarter 2012, central borrowing authorities had net issuances of $4.3b in bonds and net issuance of $2.0b in one name paper. Securitisers' net issue of debt securities During the December quarter 2012, securitisers had net maturities of $7.1b worth of bonds and net maturities of $1.0b worth of one name paper. GENERAL GOVERNMENT Summary During the December quarter 2012, consolidated general government transactions resulted in a net change in financial position of -$9.4b. The net change in financial position for national general government was -$1.8b. The liability transactions of national general government during the quarter was $13.3b. The main contributors being issuances of bonds in Australia of $8.6b, issuances of one name paper in Australia of $5.5b and increases in unfunded superannuation claims increasing $1.5b. These increases were partially offset by decreases in derivative settlements of $1.2b and accounts payable -$0.9b. During the quarter, transactions in financial assets were $11.5b. The main contributors being an increase in deposits of $6.8b and other accounts receivable of $7.1b. This was offset by derivative settlements of $2.3b and maturities of bonds of $0.9b. At the end of the quarter, the national general government had total financial assets outstanding of $273.2b and total financial liabilities outstanding worth $601.0b. The net change in financial position of state and local general government was -$7.6b. Transactions in state and local general government financial assets were -$3.8b during the quarter. The main contributors to this decrease were equities of $3.0b and deposits $2.8b. This decrease was offset by an increase in loans and placements of $3.0b. Net transactions in total liabilities was $3.8b. The main contributors being an increase in loans and placements of $2.3b and unfunded superannuation worth $1.2b. At the end of the quarter, state and local general government had total financial assets outstanding of $189.2b and financial liabilities outstanding of $251.1b. Change in financial position National government net issue of debt securities The graph below illustrates the national general government’s debt security issuance. The net issuance of treasury bonds was $8.5b during the quarter. HOUSEHOLDS Summary Households' change in financial position was $12.7b during December quarter 2012. During the quarter, households had liability transactions of $19.3b, of which $15.9b was borrowed in long-term loans and $3.1 was increases in accounts payable. On the asset side, net contributions to life insurance and pension fund reserves were $26.0b. Households' transactions in deposits were $13.4b and unfunded superannuation were $2.7b. These were offset by a decrease in equities of $5.3b and other accounts receivable of $4.6b. At the end of the quarter, households' stock of financial assets was $3,317.2b. This was an increase of $76.7b from the previous quarter following net transactions of $32.0b and valuation increases of $44.7b. Major asset holdings were net equity in reserves of $1,542.3b, deposits of $732.3b, equities of $537.2b and unfunded superannuation claims of $356.1b. Household net borrowing and debt to liquid asset ratio Of the net $16.6b loans borrowed by households during the quarter, $22.9b were borrowed from banks. This increase was offset by repayments of loans to securitisers of $6.3b. The graph below illustrates that the debt to liquid assets ratio at the end of December 2012 was at 129.1%, a decrease of 2.1 percentage points on revised September 2012 data. The ratio was influenced by an increase of 0.81% in total outstanding household debt, and offset by increases in total liquid assets of 2.4%. The major contributors to the increase in liquid assets was equities and currency which increased 3.3% and 3.2% respectively in the December quarter 2012. Insurance and pension claims During the quarter, households' net equity in reserves of pension funds increased by $46.2b, with $29.2b in transactions and a $17.0b valuation increase, bringing household net equity in pension funds to $1,477.9b. Net equity in reserves of life insurance corporations decreased by $1.4b, with -$3.4b in transactions and a $2.0b valuation increase, bringing the household net equity in life insurance to $54.9b for the December quarter. Net equity in household's unfunded superannuation claims were $356.1b, with net transactions of $2.7b. Prepayments of premiums and claims against reserves in non-life insurance corporations were $53.1b for the quarter, with net transactions of -$0.5b. REST OF THE WORLD Summary Non-residents made net transactions of $33.0b in Australian financial assets during the December quarter 2012 with a valuation increase of $9.5b, resulting in $2,204.8b worth of Australian financial assets held by non-residents, up $42.5b from the revised September quarter 2012. The main contributors were an increase of $15.2b in deposits of which $16.1b was accepted by Banks, a $15.2b increase in one name paper of which $12.6b were issued by banks, and an increase in equities of which $10.2b were issued by other private non-financial corporations. These were offset by a $15.2b decrease in net settlement of derivatives of which $13.5b was from banks. Australian residents had net transactions of $17.6b in foreign financial assets during the quarter. The main contributors were increase in loans and placement of $11.5b, holdings of unlisted shares and other equity of $10.0b, and holdings of bonds of $9.5b. These were offset by decreases in derivative settlements of $9.9b and holdings of deposits worth $3.1b. The total value of foreign assets held by Australian residents rose to $1,334.8b at the end of the quarter, $36.3b higher than in September 2012. This movement was driven by $17.6b in transactions and $18.7b worth of valuation increases. Net purchases of equities During the December quarter 2012, non-residents acquired a net $14.9b in equities, down $3.0b from $17.9b acquired during the September quarter 2012. Net purchases of bonds Non-residents increased Australian bond holdings by $2.3b during the December quarter 2012, a decrease of $20.3b from September quarter 2012 in which $22.6b of bonds were acquired. Document Selection These documents will be presented in a new window.
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