RDP 9315: The Provision of Financial Services – Trends, Prospects and Implications Data Appendix

International Figures

Figure 1: Debt to Equity Ratios – Data are from the OECD Financial Statistics Part 3, Non-financial Enterprises Financial Statements, Table E.1. Total debt liabilities exclude trade credits and accounts payable (where independently identified). GDP data are taken from country sources accessed through Datastream.

Figure 2: Corporate Balance Sheet Liabilities (per cent to GDP) – OECD Financial Statistics Part 3, Non-financial Enterprises Financial Statements, Table E.1.

Figure 3: Composition of Household Assets (per cent to GDP) – OECD Financial Statistics Part 2, Financial Accounts of OECD Countries, Table 33B (Outstanding Financial Assets and Liabilities of Sectors, n.e.i.)

Figures 4 and 5: Bank Assets (per cent of GDP) and Bank Liabilities (per cent of GDP). US – Federal Reserve Bulletin (various issues), assets and liabilities of all commercial banks; UK – Bank of England Statistical Abstract Part 1, balance sheets of monthly reporting institutions; Canada – Bank of Canada Review, Chartered Bank Assets; Japan – Bank of Japan Economic Statistics Annual, Table 12, banking accounts of all banks.

International Tables

Table 1: Corporate Sources of Funds (per cent to GDP) – Data are from the OECD Financial Statistics Part 3, Non-financial Enterprises Financial Statements, Tables E.2 and E.3. Cash flow includes dividend payments where data are available.

Table 2: Bank profitability and sources of income. ‘Bank Profitability – Financial Statements of Banks’ OECD Statistical Supplement, various issues.

Domestic Figures

Figure 6: Household Sector Financial Assets (per cent of GDP). Data from Occasional Paper 8, Table 3.9, and Reserve Bank of Australia Bulletin, Tables C1, C2, C18, C19, and D5.

Figure 7: Household Sector Financial Liabilities (per cent of GDP) – this is a break adjusted series calculated as the sum of personal and housing credit. The data sources are ABS National Accounts ABS Catalogue No. 5206.0 and Reserve Bank of Australia Bulletin, Table D3.

Figure 8: Corporate Sector Liabilities – Data are a sample of 96 companies from the Australian Stock Exchange STATEX service. Total liabilities and equity are defined as the sum of the following items:

1. Total equity is calculated as the sum of ordinary equity, preference capital, minority interest, and intangibles.
2. Debt is calculated as the sum of both short and long-term securities and loans, and bank overdraft.
3. Trade creditors (or accounts payable to suppliers).
4. ‘Other’ includes all other liabilities not separately identified such as accruals, and tax payable.

Figure 9: Debt to Equity – Data are from the above STATEX sample and from the Reserve Bank of Australia Bulletin Company Finance Supplements. Debt to equity is defined as total debt (at book value) divided by total shareholders funds (at book value). Debt is defined as the sum of short and long-term securities and loans, and bank overdrafts. Total shareholders funds are defined as the sum of ordinary equity, preference capital, minority interest, and reserves.

Figure 10: Total Assets of Financial Institutions – Data are from Australian Economic Statistics 1949–50 to 1989–90, Reserve Bank of Australia Occasional Paper No. 8, Table 3.4a, and the Reserve Bank of Australia Bulletin, Table D5.

Figure 11: Interest Rates – data from Battellino and McMillan, in Reserve Bank of Australia Conference Volume Studies in Money and Credit, 1989, updated using Reserve Bank of Australia Bulletin. Bill rate – 90 day bank bill yield; fixed deposit rate – the interest rate on trading bank fixed deposits of maturity 3 months. Before 1976, the average rate on fixed deposits of maturities 3–6 months or 3–12 months is used.

Figure 12: Bank liabilities – data collected from Australian Economic Statistics 1949–50 to 1989–90, Reserve Bank of Australia Occasional Paper No. 8, Table 3.7a, Reserve Bank of Australia Bulletin, Tables B1 and D1, and Australian National Accounts, ABS Catalogue No. 5206.0.

Figure 13: Bank assets – data from Australian Economic Statistics 1949–50 to 1989–90, Reserve Bank of Australia Occasional Paper No. 8, Table 3.7b, Reserve Bank of Australia Bulletin, Tables B1, B7, B4, B5, B12, D2 and D3, and Australian National Accounts, ABS Catalogue No. 5206.0.

Figure 14: Bank profitability – Major banks' average return on shareholders' funds. Data are calculated as a weighted return for private major banks to 1980; includes the Commonwealth Bank from 1981. Calculated as the ratio of operating profit after tax and minorities, but before abnormals, relative to average shareholders' funds. Average shareholders' funds figures are generally as published or implied in annual reports up to 1988. From 1989 average shareholders' funds figures are from tables on average balance sheet and related interest.

Figure 15: Return on Shareholder's Funds by Industry – Data are from the Australian Stock Exchange STATEX service.

Figure 16: Breakdown of Consolidated Bank Assets – data are from Financial System Department, Reserve Bank of Australia.

Domestic Tables

Table 3: Corporate Sector Debt and Equity: Australian National Accounts: Financial Accounts, March Quarter 1993.

Table 4: Funds raised by the private sector. Pre 1978 data are from Australian Economic Statistics 1949–50 to 1989–90, Reserve Bank of Australia Occasional Paper No. 8. Bank loans, bills and NBFI lending post 1978 are from the Reserve Bank of Australia Bulletin. Overseas borrowings are calculated from the change in foreign borrowing domiciled abroad: ABS Catalogue no. 5305.0. Equity raisings are from the Australian stock exchange.

Table 5: Bank Non-Interest Income – All Banks. ‘Bank Profitability – Financial Statements of Banks’ OECD Statistical Supplement, 1982–1991.