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MARCH KEY FIGURES

		Credit market outstandings at end	Demand for credit during	Other changes during	Credit market outstandings at end
		Dec Qtr 2006	Mar Qtr 2007	Mar Qtr 2007	Mar Qtr 2007
Non-financial domestic sectors		$b	$b	$b	$b
Non-financial corporations
	Private	1 702.4	39.9	90.6	1 832.8
	National public	58.9	-0.1	-57.4	1.4
	State and local public	49.4	1.0	0.0	50.4
General government
	National	59.5	-1.8	0.6	58.2
	State and local	33.3	-0.9	0.0	32.4
Households		1 070.3	21.9	0.0	1 092.2
Total		2 973.9	59.9	33.7	3 067.5

Total demand for credit

Credit market outstandings

MARCH KEY POINTS


SUMMARY

• Total demand for credit by the non-financial domestic sectors for the March quarter 2007 was $59.9b, a decrease of $18.5b on the previous quarter estimate.

• Private non-financial corporations raised a net $39.9b (down $0.6b), with equity raisings of $15.3b (up $2.9b) and loans of $13.4b (down $3.3b).

• National general government reduced their liabilities to the market during the March quarter by a net $1.8b, driven by the maturity of bonds worth $1.7b during the quarter. State and local general government also reduced their market liabilities during the quarter by a net $0.9b through the repayment of loans.

• Households raised a net $21.9b during the March quarter 2007, down from the December quarter estimate of $27.2b. Households borrowed $13.9b from banks (of which $5.2b was for owner-occupied housing and $3.0b for investment housing) and $5.2b from Financial intermediaries n.e.c. (up $2.6b).

As documented in the significant events for the December quarter 2006 release of this publication, as part of the privatisation process, investors in the Telstra 3 share offer were issued with a security known as an instalment receipt. The impacts that arise from the issuance of the instalment receipts by the trust, which are traded separately from Telstra shares, are reflected in the December quarter 2006 issue of this publication. Until payment of the final instalment, the shares will be held in trust with Telstra Sale Company Ltd being the trustee. The ABS treats the trust established to hold the Telstra shares as a statistical unit in its own right, until the final instalment payment in May 2008, and is classified to the financial intermediary n.e.c. subsector.

For more information please see ABS Information Paper 'Future Treatment of Telstra in ABS Statistics, 2007' (cat. no. 8102.0) released on 26 February 2007.

SIGNIFICANT EVENTS

With the exception of the privatisation of Telstra noted above, there were no other significant privatisations or structural changes impacting the aggregates this quarter.

REVISIONS IN THIS ISSUE

There have been significant revisions to previously published aggregates through:

• quality assurance work undertaken with providers of the ABS Survey of Financial Information, ABS Survey of International Investment and APRA administration data sets, these resulted in revisions back to March 2005
• reclassification of assets due to reporting changes by several registered financial corporations, this has resulted in breaks in series to currency assets and liabilities and loan assets of other depository corporations.