Basically the ABS stuffed up:
01/02/2018: This release incorporates amendments to the household and general government (national and state and local) accounts payable and total liability series; and household net worth. The amendments are due to a correction to the implementation of an update of the Australian Accounting Standards Board (AASB 1056 Superannuation Entities) which relates to superannuation funds recognising for the first time employer sponsor receivables for Public Sector defined benefit schemes. The household and superannuation assets were correctly reported; however the counterparty to the superannuation receivable asset had been reported as a payable from household rather than general government. The mis-allocation occurred from September quarter 2016 onwards, when the update to AASB 1056 occurred.
This has been corrected in 9 excel tables. The impacted tables are Table 14, Table 18, Table 27, Table 29, Table 31, Table 33, Table 34, Table 35 and Table 49. The household sector summary and the sectoral analysis have been updated accordingly. The correction will also be included in the RBA household debt to income ratio which is calculated using ABS data. This will be published on the RBA website.
