NON-FINANCIAL DOMESTIC SECTORS

		Credit market outstandings at end	Demand for credit during	Other changes during	Credit market outstandings at end
		Dec Qtr 2014	Mar Qtr 2015	Mar Qtr 2015	Mar Qtr 2015
		$b	$b	$b	$b
Non-financial corporations
	Investment funds	214.3	4.3	12.1	230.7
	Other private	2 523.8	43.6	71.7	2 639.0
	Public	122.9	2.0	-	124.9
General government
	National	399.6	15.0	10.6	425.3
	State and local	151.8	2.4	0.1	154.3
Households		1896.0	22.7	6.7	1 925.4
Total		5 308.4	90.1	101.1	5 499.6
- nil or rounded to zero (including null cells)

Graph 1. Total demand for credit


Demand for credit during March quarter 2015 was $90.1b. Other private non-financial corporations raised a net $43.6b, households raised a net $22.7b, and national general government raised a net $15.0b. Other private non-financial corporations recorded the largest demand for credit during March quarter 2015 where credit was raised primarily through loans and placements ($26.2b), issuance of shares and other equity ($13.7b) and issuance of bonds ($7.3b) which was partially offset by the redemption of bills of exchange ($2.9b). The household sector raised credit through loans and placements ($23.7b). The national general government raised credit through bond issuance ($16.0b) partially offset by maturities in one name paper ($1.0b).

Graph 2. Credit market outstandings


Credit market outstandings of the domestic non-financial sectors at 31 March 2015 was $5,499.6b, an increase of $191.2b from the previous quarter. The demand for credit contributed $90.1b and valuation increases were $101.1b. The valuation increase is the largest recorded since September 2009 driven by other private non-financial corporations shares and other equity held by pension funds ($21.6b) and rest of the world ($17.4b). The other private non-financial corporations sector had the largest credit market outstanding recording $2,639.0b in the March quarter 2015, followed by the household sector and national general government, at $1925.4b and $425.3b respectively.