The new measure is based on security-level information from the quarterly Securities Holdings Statistics. These data are only available from the last quarter of 2009 but allow for a more granular analysis that also takes into account holdings by other less price-sensitive investors, such as insurance companies and pension funds. Total outstanding debt relates to general government debt and not to the central government.
Clearly what happens in the Australian economy is now more dependent upon what happens in China than has been the case at any time in our past. Graph 4  But as we think about the future, the story is broader than China.