Document ID: chunk:federal_register_of_legislation:F2017L00724:body:0:p23
Version: federal_register_of_legislation:F2017L00724
Segment Type: other
Provision Reference: 
Character Range: 70947–74313

liabilities in an economic activity to the economic owner along with associated benefits. In return, the legal owner accepts another package of risks and benefits from the economic owner. In general within the SNA, when the expression "ownership" or "owner" is used and the legal and economic owners are different, the reference should be understood to be to the economic owner.

In the case of unitised investments, investors acquiring units in a trust spread their exposure across all the instruments in that trust. However, the unit holders cannot claim that they directly hold those underlying instruments as they do not directly claim the benefits (incomes and realised or unrealised gains on the trust assets) associated with the holdings of the trust. Instead they must await distributions, or sell their units to claim any benefits. Unit holders hence are not the economic owners of underlying assets but the economic owners of the trust while the trustee of the trust remains the legal owner. Unit holders hold an equity position (units) in the trust and would report units in trusts as the primary financial instrument.

Financial instruments

Financial assets and liabilities, as published in ABS macroeconomic statistics, are classified to financial instruments as follows:

    * Monetary gold and Special Drawing Rights (SDRs)
    * Currency
    * Deposits
             + Transferable deposits
             + Other deposits
    * Debt securities
             + Short-term debt securities
         Bills of exchange
         One name paper
         * Long-term debt securities
    * Loans and placements
             +  Short-term loans
             +  Long-term loans
    * Derivatives
    * Shares and other equity
             +  Listed shares and other equities
             +  Unlisted shares and other equities
    * Net equity in reserves
    * Trade credits and advances and other accounts receivable and payable

While some of the categories above are not directly applicable to RSEs, detailed definitions for these financial instruments where appropriate are below. Definitions for financial instruments apply to non-resident and resident institutional units.

Notes and coins             Represents holdings of physical currency.

                            Includes: foreign currencies (included as notes and coins denominated in a foreign currency) and Australian notes and coins (included as notes and coins denominated in Australian dollars).

                            Excludes: bills of exchange (included as short-term debt securities); units in cash management trusts.

Deposits                    Represents customers' account balances with institutions regarded as deposit-taking institutions.

                            Includes: account balances with resident banks; account balances with resident other deposit-taking institutions such as credit unions, building societies, merchant banks and registered financial corporations; deposits with non-resident banks (included as non-resident deposits)

                            Excludes: holdings of physical currency (included as holdings of notes and coins); certificates of deposit (included as debt securities).

Transferable deposits       Represents all deposits that are exchangeable for bank notes and coins on demand at par and without penalty or restriction; and