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DECEMBER KEY FIGURES

		Credit market outstandings at end	Demand for credit during	Other changes during	Credit market outstandings at end
		Sep Qtr 2006	Dec Qtr 2006	Dec Qtr 2006	Dec Qtr 2006
Non-financial domestic sectors		$b	$b	$b	$b
Non-financial corporations
	Private	1 577.4	37.2	86.4	1 701.0
	National public	38.5	16.0	4.6	59.1
	State and local public	47.8	1.6	-0.1	49.3
General government
	National	65.2	-5.8	0.1	59.5
	State and local	34.3	-1.4	0.0	32.9
Households		1 040.8	24.6	1.7	1 067.1
Total		2 804.0	72.1	92.7	2 968.9

Total demand for credit

Credit market outstandings

DECEMBER KEY POINTS


SUMMARY

• Total demand for credit by the non-financial domestic sectors for the December quarter 2006 was $72.1b, an increase of $14.2b on the previous quarter estimate.

• Private non-financial corporations raised a net $37.2b (up $8.5b), with loans of $17.2b (up $12.0b) and share raisings of $12.3b (up $2.0b).
• National public non-financial corporations showed raisings of $16.0b in December 2006.This mainly reflects the equity market impacts of the privatisation of a national public non financial corporation (see note on page 2).

• National general government reduced their liabilities to the market during the December quarter by a net $5.8b, driven by bonds worth $5.9b maturing during the quarter. State and local general government also reduced their market liabilities during the quarter by a net $1.4b through the repayment of loans.

• Households raised a net $24.6b during the December quarter 2006, down from the September quarter estimate of $25.5b. Households borrowed $23.5b from banks (of which $12.9b was for owner-occupied housing and $4.2b for investment housing) and $1.2b from Financial intermediaries n.e.c.

SIGNIFICANT EVENTS

During the December quarter 2006, the national general government completed its sale of the Telstra Corporation Limited with the Telstra 3 share offer (T3). T3 investors were issued with a security known as an instalment receipt. Until payment of the final instalment, the shares will be held in trust with Telstra Sale Company Ltd being the trustee. The ABS considers that the trust established to hold the Telstra shares until the final instalment payment in May 2008, be recognised as a statistical unit in its own right, and classified to the financial intermediary n.e.c. subsector. While ABS statistics will apply the change from public to private sector of Telstra from the March quarter 2007, the impacts that arise from the issuance of the instalment receipts by the trust which are traded separately from Telstra shares are reflected in this issue of the Australian National Accounts, Financial Accounts. 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.

Due to the privatisation of Telstra, users are cautioned to take care in interpreting the aggregates presented in Table 1 and Table 17 of this publication. These tables present a liabilities view only of the non-financial domestic sectors, and as such do not include the offsetting asset entries.

REVISIONS IN THIS ISSUE

There have been 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 September 2004
• 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.