5232.0 - Australian National Accounts: Financial Accounts, Sep 2012 
Quality Declaration
Quality Declaration ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 20/12/2012
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SECTORAL ANALYSIS During the September quarter 2012, private non-financial investment funds repaid $0.7b in loans and had maturities of $0.4b in bonds. This was offset by net issuance of shares and other equity of $1.0b and net issuance of one name paper of $0.2b. Total liabilities of national public non-financial corporations increased by $3.4b to $19.8b. The largest contributor was an increase in unlisted shares and other equity of $2.8b. Total liabilities of state and local public non-financial corporations were $209.2b, with net transactions of $3.1b. PRIVATE NON-FINANCIAL CORPORATIONS DEBT TO EQUITY RATIO From the end of September 2010 to the end of September 2012, the value of equity on issue decreased by $64.4b and the value of debt outstanding increased by $83.7b. During the September quarter 2012, private non-financial corporation equity on issue increased by $51.7b and debt increased by $14.6b. The original debt to equity ratio decreased from 0.77% to 0.76% and the adjusted ratio remained steady at 0.94. The adjusted ratio reflects the removal of price change from the original series. FINANCIAL CORPORATIONS
Summary During the September quarter 2012, financial corporations had $68.7b of liability transactions on a consolidated basis. The positive liability transactions were pension funds $27.5b, securitisers $23.4b, banks $18.4b, central borrowing authorities $3.6b, non-life insurance corporations $2.5b, central bank $1.2b, other financial corporations $0.5b and life insurance corporations $0.2b. These were offset by negative liability transactions in other depository corporations -$7.0b and non-money market investment funds -$1.6b. Banks Transactions of financial assets of banks were net $14.4b during the quarter. Major transactions in bank assets were increases in bond holdings $40.6b of which major contributors were securitisers $28.4b, central borrowing authorities $8.9b and national general government $3.8b. This was partially offset by derivative settlements of -$18.2b, of which -$12.1b were with rest of world, -$4.1b with other depository corporations and -$1.0b with other private non-financial corporations. There were also decreases in loans and placements of $11.9b, of which $14.3b were households offset by an increase of loans to central borrowing authorities worth $5.3b. During the quarter, net liability transactions of banks were $18.4b, of which deposits contributed $45.3b and bonds issued offshore $16.3b. This was mainly offset by maturities of one name paper issued offshore of $18.4b, derivative settlements -$16.8b and maturities of bonds issued in Australia of $6.3b. Other depository corporations Other depository corporations net transactions of financial assets were -$6.7b in September quarter 2012. The main contributors to this decrease were derivative settlements by banks $3.8b and bond maturities of securitisers $2.7b. These decreases were offset by an increase in loans and placements by other private non-financial corporations up $1.1b and rest of world up $1.2b. The net liability transactions of other depository corporations were -$7.0b during September quarter 2012. The main contributors to this decrease were derivatives -$8.7b and loans and placements of -$1.7b This was partially offset by increases in deposits liabilities of $2.2b. Pension funds Net transactions of total financial assets of pension funds were $27.1b in September quarter 2012. The main contributor to this increase were equities issued, with net transactions of $11.2b, of which $11.4b was issued by rest of world. Another major contributor to this increase was deposits, with net transactions of $11.2b, of which $10.9b was accepted by banks. Net equity in reserves of pension funds was $1,437.4b at the end of September quarter 2012, an increase of $55.2b from the previous quarter. This follows net transactions of $26.9b and valuation increases of $28.3b. Asset holdings increased by $56.1b to $1,359.2b, following net transactions of $27.1b and valuation increases of $29.0b. Households' claims against the reserves of pension funds increased by $55.1b to $1,435.9b, following transactions of $26.8b and valuation increases of $28.3b. Life insurance corporations At the end of September quarter 2012, financial assets outstanding of life insurance corporations were $242.9b, an increase of $7.6b from the previous quarter. Net asset transactions were -$2.5b, and valuation increases $10.1b. During the quarter, pension funds' claims against the reserves of life offices increased by $5.0b to $168.7b, following net transactions of -$0.2b and valuation increases of $5.2b. Households' claims against the reserves of life offices increased by $2.0b to $55.7b, following net transactions of $0.3b and valuation increases of $1.7b. Non-life insurance corporations Net transactions of financial assets of non-life insurance corporations were $7.4b for September quarter 2012. During the quarter net liability transactions of non-life insurance corporations were $2.5b, driven by prepayments of premiums and reserves of $1.8b. Money market financial investment funds Total assets of money market investment funds were $25.7b at the end of September quarter 2012, of which $14.3b was in holdings of one name paper ($12.1b was issued by banks), and $7.4b of deposits. During the quarter total unlisted equities issued by money market investment funds increased by $0.1b to $25.6b. Net transactions of total financial assets of money market investment funds were $0.1b for the quarter, bolstered by an increase in net transactions in one name paper of $0.1b, of which $0.3b was issued by other private non-financial corporations. Non money market financial investment funds Total assets outstanding of non-money market investment funds increased by $9.4b to $231.6b with net transactions of $1.1b, of which $3.1b was in equities. At the end of September quarter 2012, total liabilities of non-money market investment funds had increased by $10.3b to $377.1b, with net transactions of -$1.6b and $11.9b of revaluation changes. Central borrowing authorities Total liabilities of central borrowing authorities was $331.9b at the end of September quarter 2012, an increase of $9.9b from the previous quarter. During the quarter they had net issuance of $6.9b worth of bonds. Net asset transactions during the quarter were $7.7b, predominately driven by loans and placements $10.2b (most of which was borrowed by state and local general government), which was offset by settlements of derivatives worth $2.0b. Securitisers At the end of September quarter 2012, securitisers had net liability transactions of $23.4b and liabilities outstanding of $324.4b. This was mostly composed of bonds worth $305.3b, with $22.8b worth of transactions. Net assets of securitisers were $329.2b at the end of the quarter, with net transactions of $25.0b. Loans and placements increased by $25.0b to $323.4b at the end of September quarter all of which were transactions. Net flow of deposits to banks Net transactions in transferable deposit liabilities of banks during the September quarter 2012 were $8.1b. The major deposit holdings came from households $6.0b, central borrowing authorities $2.1b, state and local general government $1.7b and both pension funds and rest or world $1.6b. These were offset by other private non-financial corporations -$7.1b and other depository corporations -$0.3b. Transactions in other deposit liabilities of banks during the quarter were $36.8b, of which $14.7b was by households, $9.3b by pension funds and $5.9 by other private non-financial corporations. Financial asset portfolio of life insurance corporations and pension funds at end of quarter At the end of September quarter 2012, pension funds held $778.9b in shares and other equity (57.3% of their financial assets), of which $560.7b are resident and $218.2b non-resident. They held $168.7b of the net equity in life office reserves (12.4% of their financial assets) and $120.3b in bonds (8.9% of their financial assets), of which $71.7b were issued by domestic institutions and $48.6 were bonds issued by non-residents. At the end of the September quarter 2012, life insurance corporations held $180.6b in shares and other equity (74.4% of their financial assets), of which $151.7b are held in non-money market investment funds. They held $31.6b in bonds (13.0% of their financial assets), of which $25.0b were issued by domestic institutions and $6.6b 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 September quarter 2012, households had claims against the reserves of pension funds of $1,435.9b and life insurance corporations of $55.7b. The rest of world had net equity in reserves of pension funds of $1.4b and life insurance corporations of $0.9b. Pension funds had claims against the reserves of life insurance corporations of $168.7b. Life insurance corporations invested $162.4b through investment managers, and pension funds invested $563.6b 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 September quarter 2012, non-life insurance corporations held $53.8b in bonds (32.6% of their financial assets), of which $49.3b was issued by residents and $4.5b was issued by non-residents. They also held $49.2b in equities (29.9% of their total financial assets), $33.1b of which was issued by residents and $16.1b issued by non-residents. They also held $16.6b in deposits (10.1% of total financial assets), and $13.4b in one name paper (8.1%).
Central borrowing authorities net issue of debt securities During the quarter, central borrowing authorities had net issuances of $6.9b in bonds and net redemption of $1.8b in one name paper. Securitisers' net issue of debt securities During the September quarter 2012, securitisers had net issuance of $22.8b worth of bonds and net redemption of $0.4b worth of one name paper. GENERAL GOVERNMENT Summary During the September quarter 2012, consolidated general government transactions resulted in a net change in financial position of -$19.1b. The net change in financial position of national general government was -$10.7b. The liability transactions of national general government during the quarter was $12.8b. The main contributor being issuances of bonds in Australia of $13.5b, issuances of one name paper in Australia of $3.5b and increases in unfunded superannuation claims of $1.7b. These increases were offset by decreases in accounts payable of $4.4b and derivative settlements $1.4b. During the quarter, transactions in financial assets were $2.1b. The main contributor being an increase in other accounts receivable of $5.9b. This was offset by redemptions in loans and placements of $2.4b and derivative settlements $2.0b. At the end of the September quarter 2012, the national general government had total financial assets outstanding of $255.3b and total financial liabilities outstanding worth $590.6b. The net change in financial position of state and local general government was -$8.4b. Transactions in state and local general government financial assets were -$0.8b during the quarter. The main contributor to this decrease was a decrease in loans and placements of $6.0b. This decrease was offset by an increase in holdings of deposits of $4.6b. Net transactions in total liabilities was $7.6b. The main contributor being an increase in loans and placements of $6.6b and unfunded superannuation worth $1.2b. At the end of the quarter, state and local general government had total financial assets outstanding of $189.3b and total financial liabilities outstanding of $247.9b. 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 $13.4b during the quarter. HOUSEHOLDS Summary Households' change in financial position was $27.3b during September quarter 2012. During the quarter, households had liability transactions of $16.9b, of which $11.6b was borrowed in long-term loans and $7.5b was increases in accounts payable. These increases were offset by repayments in short term loans and placements worth $2.6b. On the asset side, net contributions to life insurance and pension fund reserves were $27.4b. Households' transactions in deposits were $21.6b and unfunded superannuation were $2.9b, while net transactions on prepayment of premiums and reserves were $1.0b. These were offset by a decrease in other accounts receivable of $8.9b. At the end of the quarter, households' stock of financial assets was $3,261.4b. This was an increase of $100.2b from the previous quarter following net transactions of $44.2b and valuation increases of $56.0b. Major asset holdings were net equity in reserves of $1,501.0b, deposits of $722.9b, equities of $514.3b and unfunded superannuation claims of $353.4b. Household net borrowing and debt to liquid asset ratio Of the net $9.0b loans borrowed by households during the September quarter 2012, $25.8b were borrowed from securitisers. This increase was offset by repayments of loans to banks of $14.3b. The graph below illustrates that the debt to liquid assets ratio at the end of September 2012 was at 132.3%, a decrease of 3.5 percentage points on revised June 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 3.45%. The major contributors to the increase in liquid assets was equities and deposits which increased 4.09% and 3.11% respectively in the September quarter 2012. Insurance and pension claims During the September quarter 2012, households' net equity in reserves of pension funds increased by $55.1b, with $26.8b in transactions and a $28.3b valuation increase, bringing household net equity in pension funds to $1,435.9b. Net equity in reserves of life insurance corporations increased by $2.0b, with $0.3b in transactions and a $1.7b valuation increase, bringing the household net equity in life insurance to $55.7b for the September quarter. Net equity in household's unfunded superannuation claims were $353.4b, with net transactions of $2.9b. Prepayments of premiums and claims against reserves in non-life insurance corporations were $53.6b for the September quarter, with net transactions of $1.0b during the quarter. REST OF THE WORLD Summary Non-residents made net transactions of $18.6b in Australian financial assets during the September quarter 2012 with a valuation increase of $21.8b, resulting in $2,161.2b worth of Australian financial assets held by non-residents, up $40.4b from the revised June quarter 2012. The main contributors were an increase of $21.1b in bonds of which $14.1b was issued by banks, a $15.9b increase in equities of which $10.7b were issued by other private non-financial corporations, an increase of $5.4b in loans and placements of which $7.1b was borrowed by Other private non-financial corporations, and a $5.3b increase in deposits of which $4.3b was accepted by banks. These were offset by maturities of one name paper worth $16.3b of which $19.7b was from banks, and $12.1b in net settlement in derivatives of which $11.1b was from banks. Australian residents had net transactions of $2.2b in foreign financial liabilities during the September quarter 2012. The main contributors were issuance of unlisted shares and other equity of $7.1b, other accounts payable $5.2b, net issuance of bonds of $2.5b, and net issuance of loans and placements $2.4b. These were offset by decreases due to derivative settlements $13.2 and deposits of $2.6b. The total value of foreign assets held by Australian residents rose to $1,291.5b at the end of the quarter, $31.7b higher than in June 2012. This movement was driven by $2.2b in transactions and $29.5b worth of valuation increases. Net purchases of equities During the September quarter 2012, non-residents acquired a net $15.9b in equities, up $15.0b from $0.9b acquired during the June quarter 2012. Net purchases of bonds Non-residents increased Australian bond holdings by $21.1b during the September quarter 2012, an increase of $20.5b from June quarter 2012 in which $0.6b of bonds were acquired. Document Selection These documents will be presented in a new window.
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