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RESERVE BANK OF AUSTRALIA

Financial Stability Review – September 2009

List of tables

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Chapters

Table 1: Long-term Ratings of Australian Banks

Table 2: Financial Strength Ratings of Selected Large Insurers

Table 3: Funds under Management

Table 4: Superannuation Funds’ Assets

Table 5: Public Unit Trusts Assets

Boxes

Table C1: Equity Raisings by Listed Companies

Table 1: Long-term Ratings of Australian Banks(a) As at 22 September 2009
  Outlook Current Last change
      Direction Date
(a) Includes all Australian-owned banks, and foreign-owned banks operating in Australia that have an issuer rating from Standard & Poor’s
Source: Standard & Poor’s
AMP Bank Stable A April 2008
ANZ Banking Group Stable AA February 2007
Arab Bank Australia Stable A− -- January 2007
Bank of Queensland Stable BBB+ April 2005
Bankwest Stable AA December 2008
Bendigo and Adelaide Bank Stable BBB+ February 2005
Citigroup Stable A+ December 2008
Commonwealth Bank of Australia Stable AA February 2007
Rural Bank Stable BBB August 2007
HSBC Bank Australia Negative AA July 2006
ING Bank (Australia) Stable A+ September 2009
Macquarie Bank Negative A -- November 1994
ME Bank Negative BBB August 2006
National Australia Bank Stable AA Febraury 2007
Rabobank Stable AAA August 1998
St George Bank Stable AA November 2008
Suncorp-Metway Stable A January 2009
Westpac Banking Corporation Stable AA February 2007
Table 2: Financial Strength Ratings of Selected Large Insurers As at 22 September 2009
  Current Outlook
Source: Standard & Poor’s
Allianz Australia Insurance AA− Stable
Insurance Australia Group AA− Stable
QBE Insurance Australia A+ Stable
Suncorp-Metway Insurance A+ Stable
Table 3: Funds under Management Consolidated, June 2009
  Level
$b
Share of total
Per cent
Six-month-
ended annualised
percentage change
Dec 2008
Per cent
Jun 2009
Per cent
(a) Includes superannuation assets held in the statutory funds of life insurers
(b) Cash management trusts, common funds and friendly societies
(c) Superannuation funds plus an estimate of the superannuation assets held in the statutory funds of life insurers
Sources: ABS; RBA
Superannuation funds 739.8 61.3 −19.8 10.9
Life insurers(a) 162.7 13.5 −18.8 −2.6
Public unit trusts 249.2 20.7 −13.9 −5.1
Other managed funds(b) 54.7 4.5 −12.3 −14.2
Total 1,206.4 100.0 −18.0 4.1
Of which:
All superannuation assets(c) 882.3 73.1 −19.9 8.4
Table 4: Superannuation Funds’ Assets Unconsolidated(a), June 2009
  Level
$b
Share of total
Per cent
Six-month-
ended annualised
percentage change
Dec 2008
Per cent
Jun 2009
Per cent
(a) Not adjusted for cross-investments with other managed fund sectors
(b) Includes non-financial assets
Source: ABS
Cash and deposits 163.4 18.3 19.0 22.1
Loans and placements 8.6 1.0 5.7 17.4
Short-term securities 44.4 5.0 6.0 23.5
Long-term securities 49.2 5.5 −17.1 5.8
Equities 258.2 29.0 −40.6 24.0
Units in trusts 130.2 14.6 −26.9 18.3
Other assets in Australia(b) 92.0 10.3 −0.5 14.6
Assets overseas 145.5 16.3 −21.3 −17.7
Total 891.4 100 −20.3 12.2
Table 5: Public Unit Trusts’ Assets Unconsolidated (a), June 2009
  Level
$b
Share of total
Per cent
Six-month-
ended annualised
percentage change
Dec 2008
Per cent
Jun 2009
Per cent
(a) Not adjusted for cross-investments with other managed fund sectors
Source: ABS
Listed property trusts 122.9 44.5 0.5 −4.1
Listed equity trusts 49.0 17.7 −4.2 −10.3
Unlisted equity trusts 75.9 27.5 −37.4 −1.1
Other trusts 28.5 10.3 −20.9 −8.2
Total 276.4 100.0 −15.4 −4.9
Table C1: Equity Raisings by Listed Companies
Company Type Equity
raisings over
2009
$b
Number of companies Equity
raisings as
share of debt outstanding
at end 2008
Per cent
Gearing(a)
Dec 2008
Per cent
Sep 2009(b)
Per cent
(a) Gross debt/shareholders’ equity; book value
(b) Estimate based on company announcements
Sources: ASX; Morningstar; RBA
Resource 32.5 786 30 60 45
raised 32.5 367 42 120 55
did not raise 0 419 0 25 35
Non-resource 17.0 760 9 95 75
raised 17.0 230 22 100 65
did not raise 0 530 0 90 80
Real estate 13.9 97 14 105 85
raised 13.9 26 24 80 55
did not raise 0 71 0 185 215
Total 63.4 1,643 16 85 65
raised 63.4 623 30 100 60
did not raise 0 1,020 0 70 70