In the Guideline, we considered that the equity ownership approach supported a utilisation rate between 0.7 and 0.8. This range was based on: A 2007 feature article by the ABS, in which it was estimated using data from the National Accounts that domestic investors held 71 per cent of Australian equity. A graph in a September 2013 report by Hathaway, which suggested that the domestic ownership share of Australian equity had fluctuated between 75 and 81 per cent over the period 1988 to 2012. The data underlying this graph also came from the National Accounts. Since the Guideline's publication, we have examined more closely the relevant data from the National Accounts. This has allowed us to update and refine our estimates. Moreover, we now express estimates for both all equity and listed equity only, consistent with the approach set out in section A.8.1. Figure 4.2 shows the domestic ownership share of Australian equity on an end-quarter basis between June 1988 and June 2014. Although somewhat variable from quarter to quarter, the share has declined from above 80 per cent in 1988 to around 70 per cent in recent years. The domestic ownership share has been calculated as one minus the share of Australian equity held by the 'rest of world', with unlisted equity issued by 'rest of world' excluded. This calculation methodology is consistent with that employed by the ABS in its 2007 feature article. Figure Domestic ownership share of listed and unlisted Australian equity Source: Australian National Accounts: Financial Accounts (ABS cat. 5232.0), tables 32 and 33. We have considered also the domestic ownership share of just listed equity. Figure 4.3 shows the domestic ownership share of just listed Australian equity. This share has not exhibited a strong trend over time, and has varied mainly between 50 and 65 per cent. Since 2009, the share has tended to remain within the slightly narrower range of 50 to 60 per cent. Figure Domestic ownership share of listed Australian equity Source: Australian National Accounts: Financial Accounts (ABS cat. 5232.0), table 32.
In the Guideline, we considered that the equity ownership approach supported a utilisation rate between 0.7 and 0.8. This range was based on: A 2007 feature article by the ABS, in which it was estimated using data from the National Accounts that domestic investors held 71 per cent of Australian equity. A graph in a September 2013 report by Hathaway, which suggested that the domestic ownership share of Australian equity had fluctuated between 75 and 81 per cent over the period 1988 to 2012. The data underlying this graph also came from the National Accounts. Since the Guideline's publication, we have examined more closely the relevant data from the National Accounts. This has allowed us to update and refine our estimates. Moreover, we now express estimates for both all equity and listed equity only, consistent with the approach set out in section A.8.1. Figure 4.2 shows the domestic ownership share of Australian equity on an end-quarter basis between June 1988 and June 2014. Although somewhat variable from quarter to quarter, the share has declined from above 80 per cent in 1988 to around 70 per cent in recent years. The domestic ownership share has been calculated as one minus the share of Australian equity held by the 'rest of world', with unlisted equity issued by 'rest of world' excluded. This calculation methodology is consistent with that employed by the ABS in its 2007 feature article. Figure Domestic ownership share of listed and unlisted Australian equity Source: Australian National Accounts: Financial Accounts (ABS cat. 5232.0), tables 32 and 33. We have considered also the domestic ownership share of just listed equity. Figure 4.3 shows the domestic ownership share of just listed Australian equity. This share has not exhibited a strong trend over time, and has varied mainly between 50 and 65 per cent. Since 2009, the share has tended to remain within the slightly narrower range of 50 to 60 per cent. Figure Domestic ownership share of listed Australian equity Source: Australian National Accounts: Financial Accounts (ABS cat. 5232.0), table 32.
AER%20%E2%80%93%20Draft%20decision%20Ausgrid%20distribution%20determination%20%E2%80%93%20Attachment%204%20%E2%80%93%20Value%20of%20imputation%20credits%20%E2%80%93%20November%202014_0.DOCX