5232.0 - Australian National Accounts: Financial Accounts, Mar 2013 
Quality Declaration
Quality Declaration ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 27/06/2013
Page tools:
 Print Page
 Print All
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECTORAL ANALYSIS During the March quarter 2013, private non–financial investment funds borrowed $0.5b in loans, had a net issuance of bonds of $0.3 and a net issuance of one name paper of $0.2b. This was offset by net buyback of shares and other equity of $1.0b. Total liabilities of national public non–financial corporations increased by $1.8b to $23.1b. Total liabilities of state and local public non–financial corporations were $205.1b, with net transactions of –$1.0b. PRIVATE NON–FINANCIAL CORPORATIONS DEBT TO EQUITY RATIO From the end of March 2011 to the end of March 2013, the value of equity on issue decreased by $63.1b and the value of debt outstanding increased by $103.4b. During the March quarter 2013, private non–financial corporation equity on issue increased by $34.3b and debt increased by $7.9b. The original debt to equity ratio decreased from 0.73% to 0.72% and the adjusted ratio increased from 0.92 to 0.93. The adjusted ratio reflects the removal of price change from the original series. FINANCIAL CORPORATIONS
Summary During the March quarter 2013, financial corporations had $21.3b of liability transactions on a consolidated basis. The positive liability transactions were pension funds $33.6b, non–life insurance corporations $1.7b, other financial corporations $1.6b, non–money market financial investment funds $1.5b, and central borrowing authorities $1.1b. These were offset by negative liability transactions in central bank –$5.8b, securitisers –$4.3b, other depository corporations –$3.7b, banks –$2.2b, life insurance corporations –$1.8b, and money market financial investment funds –$0.4b. Banks Transactions of financial assets of banks were net $17.8b during the quarter. Major transactions in bank assets were increases in loans and placements of $28.0b of which major borrowers were households $25.7b and other private non–financial corporations $2.2b. There were also increases in bond holdings of $9.2b, deposits of $2.3b, and other accounts receivable of $1.3b. This was partially offset by derivative settlements of $14.1b, of which $9.3b were with rest of world and $3.2b with other depository corporations. During the quarter, net liability transactions of banks were –$2.2b, of which derivatives settlements contributed $15.5b. This was mainly offset by issuance of one name paper offshore of $6.8b, $2.9b of other accounts payable, and $2.9b issuance of listed shares and other equity. Other depository corporations Other depository corporations net transactions of financial assets were –$2.1b in March quarter 2013. The main contributor to this decrease was derivative settlements of $7.0b. This was partially offset by bond issuances of $3.6b. The net liability transactions of other depository corporations were –$3.7b during March quarter 2013. The main contributors to this decrease were derivatives settlements of $6.8b. This was partially offset by an increase in deposit acceptances of $1.4b and in other accounts payable of $1.0b. Pension funds Asset holdings increased by $70.5b to $1,474.2b, following net transactions of $32.0b and valuation increases of $38.5b in March quarter 2013. The main contributors to this increase were equity holdings of $13.8b, bond holdings of $7.0b and one name paper holdings of $6.6b. Net equity in reserves of pension funds was $1,559.5b at the end of March quarter 2013, an increase of $71.5b from the previous quarter. This follows net transactions of $33.0b and valuation increases of $38.5b. Households' claims against the reserves of pension funds increased by $71.5b to $1,558.0b, following transactions of $32.9b and valuation increases of $38.6b. Life insurance corporations At the end of March quarter 2013, the financial assets outstanding of life insurance corporations were $251.4b, an increase of $4.2b from the previous quarter. Net asset transactions were –$1.9b, and valuation increases $6.1b. During the quarter, pension funds' claims against the reserves of life offices increased by $5.5b to $176.7b, following net transactions of $0.8b and valuation increases of $4.7b. Households' claims against the reserves of life offices decreased by $0.9b to $54.7b, following net transactions of –$2.4b and valuation increases of $1.9b. Non–life insurance corporations Net transactions of financial assets of non–life insurance corporations were –$2.0b for March quarter 2013. During the quarter net liability transactions of non–life insurance corporations were $1.7b. Money market investment funds Total assets of money market investment funds were $27.7b at the end of March quarter 2013, of which $13.5b was in holdings of one name paper (of which, $11.8b was issued by banks), and $10.1b were in deposits. During the quarter total unlisted equities issued by money market investment funds decreased by $1.7b to $27.6b. Net transactions of total financial assets of money market investment funds were –$1.6b for the quarter, driven by net transactions in one name paper of –$2.5b, of which $1.9b was issued by banks. Non money market investment funds Total assets outstanding of non–money market investment funds increased by $7.5b to $244.9b with net transactions of –$3.4b and revaluation changes of $10.9b. At the end of March quarter 2013, total liabilities of non–money market investment funds had increased by $13.4b to $398.9b, with net transactions of $1.5b and $11.9b of revaluation changes. Central borrowing authorities Total liabilities of central borrowing authorities was $332.5b at the end of March quarter 2013 an increase of $1.8b from the previous quarter. During the quarter they had net issuance of $4.2b worth of bonds. Net asset transactions during the quarter were $1.1b, driven by increases in other accounts receivable of $3.3b. This was partially offset by derivative settlements of $1.9b. Securitisers At the end of March quarter 2013, securitisers had net liability transactions of –$4.3b and liabilities outstanding of $311.2b. This was mostly composed of bonds worth $292.5b, with –$4.3b worth of net transactions. Net assets of securitisers were $315.2b at the end of the quarter, with net transactions of –$8.6b. Loans and placements decreased by $8.5b to $310.2b at the end of March quarter, driven by borrowing of household which decreased $7.8b. Net flow of deposits to banks Net transactions in transferable deposit liabilities of banks during the March quarter 2013 were $1.6b. The major deposit holdings came from households $5.1b, national general government $2.3b and central borrowing authorities $1.2b. These were offset by rest of world –$6.1b. Transactions in other deposit liabilities of banks during the quarter were $1.2b, of which $4.1b was with households, $2.2b with pension funds and $1.4b with national general government. These were offset by rest of world –$6.8b. Financial asset portfolio of life insurance corporations and pension funds at end of quarter At the end of March quarter 2013, pension funds held $868.3b in shares and other equity (58.9% of their financial assets), of which $630.4b are resident and $237.9b non–resident. They held $176.7b of the net equity in life office reserves (12.0% of their financial assets) and $128.1b in bonds (8.7% of their financial assets), of which $72.6b were issued by domestic institutions and $55.5 were bonds issued by non–residents. At the end of the March quarter 2013, life insurance corporations held $192.8b in shares and other equity (76.7% of their financial assets), of which $158.8b are held in non–money market investment funds. They held $31.6b in bonds (12.6% of their financial assets), of which $24.3b were issued by domestic institutions and $7.3b 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 March quarter 2013, households had claims against the reserves of pension funds of $1,558.0b and life insurance corporations of $54.7b. The rest of world had net equity in reserves of pension funds of $1.5b and life insurance corporations of $0.9b. Pension funds had claims against the reserves of life insurance corporations of $176.7b. Life insurance corporations invested $162.2b through investment managers, and pension funds invested $625.3b 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 March quarter 2013, non–life insurance corporations held $57.7b in bonds (33.3% of their financial assets), of which $52.1b was issued by residents and $5.6b was issued by non–residents. They also held $52.0b in equities (30.0% of their total financial assets), $35.9b of which was issued by residents and $16.1b issued by non–residents. They also held $15.8b in deposits (9.1% of total financial assets), and $12.1b in one name paper (7.0%). Central borrowing authorities net issue of debt securities During the March quarter, central borrowing authorities had net issuances of $4.2b in bonds and net maturities of $4.8b in one name paper. Securitisers' net issue of debt securities During the March quarter 2013, securitisers had net maturities of $4.3b worth of bonds and net maturities of $1.1b worth of one name paper. GENERAL GOVERNMENT Summary During the March quarter 2013, consolidated general government transactions resulted in a net change in financial position of –$12.9b. The net change in financial position for national general government was –$8.4b. The liability transactions of national general government during the quarter was $4.6b. The main contributors being issuance of bonds in Australia of $10.6b and an increase of $1.7b in unfunded superannuation claims. These increases were partially offset by maturities of one name paper of $4.5b, decreases in derivative settlements of $1.7b and accounts payable of $1.6b. During the quarter, transactions in financial assets were –$3.8b. The main contributors being maturities of one name paper worth $2.1b and maturities of bonds worth $1.4b. This was partially offset by an increase in other accounts receivable of $1.0b and holdings of equities of $0.6b. At the end of the March quarter, the national general government had total financial assets outstanding of $274.6b and total financial liabilities outstanding worth $602.6b. The net change in financial position of state and local general government was –$4.5b. Transactions in state and local general government financial assets were –$0.9b during the quarter. The main contributor to this decrease was transactions of –$0.9b in other accounts receivable. Net transactions in total liabilities was $3.5b. The main contributors being an increase in loans and placements of $1.9b and unfunded superannuation claims worth $1.5b. At the end of the quarter, state and local general government had total financial assets outstanding of $190.4b and total financial liabilities outstanding of $291.6b. Change in financial position National government net issue of debt securities The graph below illustrates the national general government’s debt security issuance. The main contributor to this net issuance was treasury bonds of $10.8b. HOUSEHOLDS Summary Households' change in financial position was $18.4b during March quarter 2013. During the quarter, households had liability transactions of $17.3b, of which $17.7b was borrowed in long–term loans and $0.7b increases in accounts payable. On the asset side, net contributions to life insurance and pension fund reserves were $30.6b. Households' transactions in deposits were $8.1b and unfunded superannuation claims were $3.2b. These were offset by a decrease in equities of $5.2b and maturities of one name paper of $0.6b. At the end of the quarter, households' stock of financial assets was $3,471.5b. This was an increase of $105.5b from the previous quarter following net transactions of $35.7b and valuation increases of $69.8b. Major asset holdings were net equity in reserves of $1,622.5b, deposits of $740.7b, equities of $557.3b and unfunded superannuation claims of $396.4b. Household net borrowing and debt to liquid asset ratio Of the net $17.1b loans borrowed by households during the March quarter 2013, $25.7b were borrowed from banks. This increase was offset by repayments of loans to securitisers of $7.8b. The graph below illustrates that the debt to liquid assets ratio at the end of March 2013 was at 128.1%, a decrease of 1.6 percentage points on revised December 2012 data. The ratio was influenced by an increase of 1.05% in total outstanding household debt, and offset by increases in total liquid assets of 2.0%. The major contributors to the increase in liquid assets was equities and deposits which increased 4.2% and 1.1% respectively in the March quarter 2013. Insurance and pension claims During the March quarter 2013, households' net equity in reserves of pension funds increased by $71.5b, with $32.9b in transactions and a $38.6b valuation increase, bringing household net equity in pension funds to $1,558.0b. Net equity in reserves of life insurance corporations decreased by $0.9b, with –$2.4b in transactions and a $1.5b valuation increase, bringing the household net equity in life insurance to $54.7b for the March quarter. Net equity in household's unfunded superannuation claims were $396.4b, with net transactions of $3.2b. Prepayments of premiums and claims against reserves in non–life insurance corporations were $53.4b for the March quarter, with net transactions of $0.4b during the quarter. REST OF THE WORLD Summary Non–residents made net transactions of $12.0b in Australian financial assets during the March quarter 2013 with a valuation increase of $8.9b, resulting in $2,224.2b worth of Australian financial assets held by non–residents, up $20.9b from the revised December quarter 2012. The main contributors were an increase of $10.2b in equities of which $6.6b was issued by other private non–financial corporations, a $9.7b increase in bonds of which $3.2b were issued by other private non–financial corporations, a $9.3b increase in loans and placements of which $7.7b were borrowed by other private non–financial corporations, and a $6.5b increase in one name paper of which $6.8b were issued by banks. These increases were partially offset by $11.9b net settlements of derivatives of which $10.3b was from banks, and a $12.9b decrease in deposits of which $12.9b was accepted by banks. Australian residents had net transactions of $2.3b in foreign financial liabilities during the March quarter 2013. The main contributors were increases in issuance of unlisted shares and other equities of $9.9b, and net issuances of bonds of $9.0b. These were offset by a decrease in derivative settlement of $9.8b and a repayment of loans and placements worth $5.6b. The total value of foreign assets held by Australian residents rose to $1,347.2b at the end of the quarter, $8.2b higher than in December 2012. This movement was driven by $2.3b in transactions and $5.9b worth of valuation increases. Net purchases of equities During the March quarter 2013, non–residents acquired a net $10.2b in equities, down $4.5b from $14.7b acquired during the December quarter 2012. Net purchases of bonds Non–residents increased Australian bond holdings by $9.7b during the March quarter 2013, an increase of $9.0b from December quarter 2012 in which $0.7b of bonds were acquired. Document Selection These documents will be presented in a new window.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
