5232.0 - Australian National Accounts: Finance and Wealth, Sep 2016 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 15/12/2016   
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SEPTEMBER KEY FIGURES

FINANCING RESOURCES AND INVESTMENT, ORIGINAL, CURRENT PRICES

Non-financial corporations
Financial corporations
General government
Household
Total National
Rest of world
$b
$b
$b
$b
$b
$b

Financing resources
Net saving (a)
-13.5
14.9
-15.2
29.2
15.4
14.6
plus Consumption of fixed capital
37.9
2.8
9.4
28.0
78.0
-
Gross saving
24.4
17.7
-5.8
57.2
93.4
14.6
plus Net capital transfers
0.7
-
-0.9
0.1
-0.1
0.1
less Statistical discrepancy (b)
-
-
-
-
2.6
-
Total financing resources
25.1
17.7
-6.7
57.2
90.7
14.8
Uses of financing (Investment)
Capital formation
Gross fixed capital formation
47.5
2.8
11.8
40.5
102.6
-
plus Change in inventories
4.1
-
-0.2
-1.1
2.8
-
plus Net acquisition of non-produced non-financial assets
0.1
-
-0.1
-
-
-
Total capital formation
51.7
2.8
11.5
39.4
105.4
-
plus Financial investment
Acquisition of financial assets
12.5
2.2
10.0
38.7
-46.3
-30.5
less Incurrence of liabilities
35.6
-3.7
28.1
19.3
-30.5
-46.3
Net financial investment (Net lending (+) / net borrowing (-))
-23.1
5.9
-18.0
19.4
-15.9
15.9
less Net errors and omissions
3.5
-8.9
0.2
1.5
-1.1
1.1
Total investment
25.1
17.7
-6.7
57.2
90.7
14.8

- nil or rounded to zero (including null cells)
(a) Net saving for the Rest of world is the balance on the external income account.
(b) The statistical discrepancy is not able to be distributed amongst the sectors.

During September quarter 2016, non-financial corporations and households invested $47.5b and $40.5b respectively in capital formation. Non-financial corporations funded these investments through gross saving ($24.4b) and net borrowing ($23.1b). Households funded their investment through gross saving ($57.2b). The general government sector invested $11.8b in capital formation, funding it through net borrowing ($18.0b).

Graph 1. Total capital formation, current prices
Graph Image for Graph 1. Total capital formation, current prices.


In original terms, national capital investment decreased $5.0b from the June quarter 2016 estimate to $105.4b in September quarter 2016. The decrease was driven by a $9.8b decrease in gross fixed capital formation.

Private non-financial corporations gross fixed capital formation has decreased to $42.8b in September 2016 falling from its peak in June quarter 2013 ($61.7b). The fall since 2013 had been driven by declining non-dwelling construction investment. Conversely, household sector gross fixed capital formation has increased to $40.5b after continued growth since March quarter 2013. The growth has been driven by increased investment in dwellings.

Graph 2. Net financial investment (Net lending (+) / net borrowing (-))
Graph Image for Graph 2. Net financial investment, Net lending net borrowing.


During September quarter 2016, national net borrowing was $15.9b with non-financial corporations borrowing of $23.1b and general government borrowing of $18.0b. By contrast, households lent $19.4b to other sectors.

Net borrowing of $23.1b by non-financial corporations was a result of incurring $35.6b in liabilities while acquiring $12.5b in financial assets. Non-financial corporations net incurrence of liabilities was driven by issuance of equity ($28.4b) and loan borrowings ($8.9b). Non-financial corporations acquired assets through bank deposits ($6.2b) and other accounts receivables from rest of world ($4.5b).

Net borrowing of $18.0b by general government was due to incurring $28.1b in liabilities while acquiring $10.0b in financial assets. National general government incurred $21.9b in liabilities through $24.4b in net issuances of bonds and reducing accounts payable by $3.3b. National general government acquired $5.9b in financial assets during the quarter.

Financial corporations were net lenders ($5.9b), acquiring $2.2b in financial assets while reducing $3.7b in liabilities. Financial assets were acquired by increasing loans to households ($21.5b) coupled with purchasing long-term Commonwealth Government Securities ($19.1b). These asset acquisitions were partially offset by derivative settlements (-$44.7b). Financial corporations incurred liabilities by accepting deposits ($50.1b) and increasing net equity in reserves ($12.3b). The increase in liabilities was partially offset by derivative settlements (-$49.8b) and maturities of short-term debt securities issued offshore (-$6.8b).

Households remained net lenders ($19.4b) in September quarter 2016. Households acquired $38.7b in financial assets through bank deposits ($25.1b) and increases net equity in reserves of pension funds ($13.8b). Households incurred liabilities through loan borrowings ($22.4b).


NOTES

FORTHCOMING ISSUES


ISSUE (QUARTER)Release Date
December 201630 March 2017
March 201729 June 2017
June 201728 September 2017
September 201714 December 2017


CHANGES TO THIS ISSUE

There are no changes to this issue.


REVISIONS IN THIS ISSUE

There have been revisions to previously published aggregates due to:
  • Quality assurance reviews of compilation methodology (affecting the series after September quarter 2014) 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.
  • Revisions to the sectoral capital accounts are due to more up-to-date being incorporated and concurrent seasonal adjustment.


CHANGES IN FUTURE ISSUES

There are no changes to future issues.


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