SELECTED FINANCIAL INSTRUMENTS

		Outstanding at end	Transactions during	Other changes during	Outstanding at end
		Mar Qtr 2015	Jun Qtr 2015	Jun Qtr 2015	Jun Qtr 2015
		$b	$b	$b	$b
Currency and deposits
	Currency	70.0	-0.4	-0.1	69.6
	Transferable deposits	702.8	26.1	-0.3	728.5
	Other deposits	1 386.8	-19.8	-0.1	1 366.9
Short term debt securities
	Bills of exchange	82.0	-3.4	-	78.5
	One name paper	448.1	-12.4	-0.4	435.2
Long term debt securities
	Bonds, etc.	2 211.7	34.1	-39.7	2 206.1
Derivatives
	Derivatives	611.5	-107.6	-36.0	467.9
Loans and placements
	Short term	331.9	15.3	-0.2	347.0
	Long term	3 255.4	39.7	7.1	3 302.2
Shares and other equity
	Listed	1 723.3	22.1	-129.3	1 616.0
	Unlisted	2 914.2	29.1	-20.9	2 922.3
Insurance technical reserves
	Reserves of pension funds and life offices	1 996.0	27.7	-52.4	1 971.3
	General insurance prepayments and reserves	102.2	2.9	-	105.1
- nil or rounded to zero (including null cells)

The listed share market fell -$107.2b in June quarter 2015, with net transactions of $22.1b and a valuation decrease of -$129.3b. Bank shares recorded the largest valuation decrease (-$59.6b), undoing almost the whole increase recorded in the March quarter ($62.9b), followed by other private non-financial corporations shares (-$41.3b) which recorded the largest decrease since June quarter 2013.

Loan market transactions ($55.0b) were at a lower magnitude in the June quarter 2015 following near record large transactions recorded in the March quarter 2015 ($91.4b). June quarter 2015 transactions were driven by long term loans ($39.7b) where households ($40.7b) and rest of world ($12.1b) borrowing from banks were the main drivers.

The bond market fell by -$5.6b in the June quarter 2015 following steady increases in the December quarter 2014 and March quarter 2015. In the June quarter 2015 net transactions were $34.1b and valuation decreases were -$39.7b. The bond market had maintained an upward trend since the last decrease occurring in March quarter 2011.

Net transactions in bonds were driven by other private non-financial corporations ($10.2b) and banks ($9.9b) net issuances during June quarter 2015. The valuation decrease was driven by national general government bonds (-$16.3b) which was the largest valuation decrease since the series began, followed by rest of world bonds (-$10.3b) and banks bonds (-$3.8b).

Derivatives recorded a net settlements of -$107.6b and valuation decrease of -$36.0b. The large net settlements recorded during June quarter 2015 follows 9 quarters of valuation increases.