Balance of Payments and International Investment Position, Australia, September 2023 (2024)

Balance of payments statistics on current, capital and financial transactions and the international investment position statement

Key statistics

  • The current account balance, seasonally adjusted, fell$7,940m to a deficitof $158m.
  • The capital and financial account surplus was $3,124m, a turnaround of $20,261m on the June quarter 2023 deficit.
  • The net international investmentliability position was $814,685m at30 September2023.
Key figures ($m)
Jun23Sep23
Balance on current account (a)7,782-158
Balance on goods and services (a)30,83722,862
Net primary income (a)-22,719-22,324
Capital and financial account-17,1373,124
International investment position (b)842,464814,685
  1. Seasonally adjusted estimates in current price terms.
  2. Levels at end of period.

The current account balance (seasonally adjusted, current price) for September quarter 2023 was a deficit of $158m. The current account balance decreased $7.9b from the revised June quarter 2023 surplus of $7.8b.

The decrease in the current account deficit reflected the fall in prices for Australia’s key export commodities, partly offset by a drop in the net primary income deficit.

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.6 percentage points from the September quarter 2023 GDP quarterly movement.

The terms of trade decreased 2.6% to 92.5, down from 95.0 in June quarter 2023.

The net primary income deficit narrowed to $22.3b, following the $22.7b deficit in June quarter 2023.

Australia's net international investment liability position was $814.7b at September quarter 2023, a decrease of $27.8b on the revised June quarter 2023 position of $842.5b.

Ratios of current account and international investment measures to quarterly GDP and GNI have been updated in Table 23.

Current account balance (a), main aggregates
Current account balance ($b)Net goods & services ($b)Net primary income ($b)
Sep-15-19.9-9.1-10.6
Dec-15-21.6-11.4-10.1
Mar-16-17.6-9.1-8.3
Jun-16-17.8-7.6-10.1
Sep-16-14.1-4.3-9.4
Dec-16-6.26.3-12.4
Mar-17-8.64.6-12.8
Jun-17-11.12.8-13.5
Sep-17-11.92.2-13.8
Dec-17-15.0-0.4-14.3
Mar-18-12.22.0-14.1
Jun-18-13.12.8-15.7
Sep-18-10.36.9-16.9
Dec-18-6.59.8-16.2
Mar-19-4.512.1-16.3
Jun-193.218.9-15.8
Sep-196.821.3-14.3
Dec-191.614.6-12.7
Mar-205.516.4-10.8
Jun-2014.422.3-7.4
Sep-209.913.7-3.2
Dec-2013.718.4-4.0
Mar-2119.626.1-6.1
Jun-2118.830.5-10.5
Sep-2121.036.0-14.3
Dec-215.026.1-20.5
Mar-223.527.0-22.8
Jun-2211.843.9-31.4
Sep-22-0.431.2-31.2
Dec-2211.438.6-26.8
Mar-2311.338.9-27.3
Jun-237.830.8-22.7
Sep-23-0.222.9-22.3
  1. Seasonally adjusted estimates in current price terms.
International investment position (IIP)
Net IIP ($b)Net Foreign Equity ($b)Net Foreign Debt ($b)
Sep-15926.6-105.11,031.7
Dec-15977.0-80.41,057.4
Mar-161,025.9-35.11,061.0
Jun-161,049.5-33.41,082.9
Sep-161,045.9-35.01,080.9
Dec-161,026.8-37.91,064.8
Mar-171,018.8-25.81,044.6
Jun-171,008.0-38.41,046.4
Sep-171,015.7-54.81,070.4
Dec-171,051.5-51.41,102.8
Mar-181,017.2-90.71,107.9
Jun-181,056.1-80.51,136.6
Sep-181,034.1-105.51,139.6
Dec-181,079.9-103.41,183.3
Mar-191,071.6-127.71,199.4
Jun-191,084.3-143.31,227.6
Sep-191,068.1-175.21,243.3
Dec-19999.0-228.81,227.9
Mar-20935.2-310.51,245.7
Jun-201,058.5-136.41,194.9
Sep-201,061.9-165.61,227.5
Dec-201,044.6-176.41,220.9
Mar-21940.0-266.01,206.0
Jun-21912.8-320.61,233.5
Sep-21917.4-329.81,247.2
Dec-21838.6-395.61,234.2
Mar-22888.3-272.51,160.8
Jun-22904.4-263.11,167.6
Sep-22911.0-258.31,169.3
Dec-22943.0-240.71,183.7
Mar-23928.3-273.11,201.4
Jun-23842.5-326.91,169.3
Sep-23814.7-351.91,166.6

Current Account

Balance on current account, current price, seasonally adjusted ($m)
Jun 23Sep 23Jun 23 to Sep 23
Balance on current account7,782-158-7,940
Balance on goods and services30,83722,862-7,975
Net goods30,77524,134-6,641
Net Services62-1,272-1,334
Net primary income-22,719-22,324395
Net secondary income-336-695-359

Terms of trade

Australia's seasonally adjusted terms of trade on net goods and services for the September quarter 2023 fell 2.6% to 92.5, with a decrease of 1.4% in the implicit price deflator (IPD) for goods and services credits and an increase of 1.2%in the IPD for goods and services debits.

Implicit price deflator and terms of trade (a)
Implicit Price Deflator Goods and services creditsImplicit Price Deflator Goods and services debitsTerms of Trade (net Goods and services)
Sep-1557.886.466.9
Dec-1555.386.264.2
Mar-1652.683.862.8
Jun-1653.582.664.8
Sep-1655.582.167.6
Dec-1661.782.175.2
Mar-1764.582.778.0
Jun-1761.882.974.5
Sep-1760.881.574.6
Dec-1762.083.274.6
Mar-1864.184.775.7
Jun-1865.786.575.9
Sep-1868.188.676.8
Dec-1870.289.378.7
Mar-1971.389.279.9
Jun-1973.789.682.2
Sep-1975.190.283.2
Dec-1971.789.979.8
Mar-2072.289.680.5
Jun-2071.488.580.7
Sep-2069.885.681.5
Dec-2072.985.885.0
Mar-2178.485.591.6
Jun-2187.087.699.3
Sep-2192.393.199.1
Dec-2190.999.091.8
Mar-22103.1102.3100.8
Jun-22113.8105.7107.7
Sep-22111.9110.0101.7
Dec-22111.3112.299.2
Mar-23110.2107.6102.4
Jun-23101.2106.595.0
Sep-2399.7107.892.5
  1. Seasonally adjusted, reference year 2021-22=100.

Relationship between IPD, EPI and IPI

Differences between the IPD and International Trade Price Indexes can arise due to a number of methodological factors, including differences in pricing points, timing, coverage and weights.

Price comparison (QoQ % change)
Implicit price deflators (a)(b)Implicit price deflators (a)(b)Chain Laspeyres Indexes (a)(b)International Trade Price Indexes (c)
Seasonally AdjustedOriginalOriginalOriginal
Goods exports-1.9-2.7-2.6-3.1
Services exports0.70.80.9na
Goods imports1.71.40.80.8
Services imports-0.9-0.6-3.1na
  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.
  3. Source: International Trade Price Indexes, Australia.
Implicit price deflators and international trade price indexes
Implicit Price Deflators Goods credits (a)Implicit Price Deflators Goods debits (a)Export Price Index (b)Import Price Index (b)
Sep-1552.889.080.9108.0
Dec-1549.988.776.5107.7
Mar-1647.485.572.9104.5
Jun-1648.384.673.9103.5
Sep-1650.084.176.9102.5
Dec-1657.484.488.2102.7
Mar-1761.385.096.0103.9
Jun-1757.685.190.5103.8
Sep-1755.983.587.8102.1
Dec-1757.485.290.3104.5
Mar-1860.986.694.7106.6
Jun-1861.889.096.5110.0
Sep-1864.290.9100.1112.1
Dec-1866.991.6104.5112.7
Mar-1969.490.9109.2112.1
Jun-1971.791.8113.3113.1
Sep-1972.792.5114.8113.5
Dec-1968.793.0108.8114.3
Mar-2070.292.1111.7113.1
Jun-2069.190.8109.0110.9
Sep-2066.287.4103.4107.0
Dec-2069.387.0109.1105.9
Mar-2176.086.6121.3106.1
Jun-2186.988.1137.3108.1
Sep-2190.792.6145.8113.9
Dec-2189.797.8150.9120.5
Mar-22104.7102.1173.0126.6
Jun-22115.1107.1190.4132.0
Sep-22112.2110.2183.5135.9
Dec-22111.8112.0181.9138.4
Mar-23111.8106.9184.9132.6
Jun-23100.1106.0169.1131.6
Sep-2397.3107.5163.9132.6
  1. Seasonally adjusted, reference year 2021-22=100.
  2. Source: International Trade Price Indexes, Australia.

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $33,426m, a fall of $3,747m on the revised June quarter 2023 surplus of$37,173m.

Goods and services, chain volume measures (a)
Balance on goods and services ($m)Balance on goods ($m)Balance on services ($m)
Sep-1536,74741,652-8,918
Dec-1538,31743,052-9,243
Mar-1643,81847,569-7,875
Jun-1643,08147,766-8,665
Sep-1643,47247,399-8,396
Dec-1646,36251,105-8,867
Mar-1739,01143,165-9,277
Jun-1743,00145,637-8,130
Sep-1743,03747,231-9,149
Dec-1739,10543,539-9,529
Mar-1841,60545,893-9,761
Jun-1842,57846,301-9,289
Sep-1846,05849,325-9,060
Dec-1846,05148,948-9,033
Mar-1946,89448,236-7,434
Jun-1951,21051,937-6,886
Sep-1952,20752,286-6,588
Dec-1950,53751,034-7,293
Mar-2049,87153,074-8,439
Jun-2054,26750,6222,722
Sep-2042,67440,7671,358
Dec-2044,12842,5641,111
Mar-2143,30043,437-55
Jun-2135,81135,378507
Sep-2139,96240,27126
Dec-2138,40039,752-891
Mar-2225,22229,291-4,102
Jun-2229,81834,587-5,533
Sep-2225,71031,636-5,927
Dec-2235,63037,218-1,588
Mar-2332,37032,838-468
Jun-2337,17336,477696
Sep-2333,42634,374-948
  1. Seasonally adjusted, reference year 2021-22=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $4,267m (3.1%) to $134,622m, with volumes down 1.2% and prices down 1.9%.

Goods credits, price and volume change, seasonally adjusted - September quarter 2023
Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Exports of goods-4,267-3.1-1.2-1.9
Rural goods2401.311.8-9.3
Non-rural goods-5,503-4.9-4.0-0.9
Net exports of goods under merchanting65114.0110.21.8
Non-monetary gold(c)93112.412.20.2
  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.
  3. This component is not seasonally adjusted.

Rural goods

Rural goods (a)
Jun 23 ($m)Sep 23 ($m)Jun 23 to Sep 23 ($m)Jun 23 to Sep 23 (%)
Rural goods17,91618,1562401.3
Meat and meat preparations4,4404,6762365.3
Cereal grains and cereal preparations5,5944,643-951-17.0
Wool and sheepskins837863263.1
Other rural(b)7,0457,97392813.2
  1. Seasonally adjusted estimates in current price terms.
  2. For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.

Non-rural goods

Non-rural goods (a)
Jun 23 ($m)Sep 23 ($m)Jun 23 to Sep 23 ($m)Jun 23 to Sep 23 (%)
Non-rural goods113,434107,931-5,503-4.9
Metal ores and minerals(b)43,58745,0331,4463.3
Coal, coke and briquettes(b)26,89322,793-4,100-15.2
Other mineral fuels(b)23,58020,424-3,156-13.4
Metals (excl. non-monetary gold)3,7783,725-53-1.4
Machinery3,4123,5911795.2
Transport equipment1,1611,30714612.6
Other manufactures6,8506,580-270-3.9
Other non-rural (incl. sugar and beverages)(c)3,4903,6281384.0
Goods procured in ports by carriers(d)68284916724.5
  1. Seasonally adjusted estimates current price terms.
  2. Separate seasonally adjusted factors for current price and chain volume measures are applied.
  3. For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
  4. In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
Selected major commodities (a)
Metal ores and minerals ($m)Coal, coke and briquettes ($m)Other mineral fuels ($m)
Sep-1518,6079,4925,868
Dec-1516,7288,4345,947
Mar-1616,0267,9105,618
Jun-1617,3798,6145,248
Sep-1618,5019,4375,836
Dec-1622,27016,0696,930
Mar-1724,51715,0987,329
Jun-1720,19113,5128,960
Sep-1721,70514,3258,077
Dec-1722,15114,2768,175
Mar-1823,12015,72210,745
Jun-1822,81916,07812,789
Sep-1823,64517,39614,135
Dec-1825,74417,76115,833
Mar-1927,45616,90514,989
Jun-1932,61317,51515,648
Sep-1934,88216,15215,501
Dec-1931,93813,46214,461
Mar-2031,24913,21814,908
Jun-2034,14311,71413,442
Sep-2037,0849,3067,966
Dec-2042,0719,0328,837
Mar-2148,9119,81010,513
Jun-2154,02111,08812,814
Sep-2148,46218,03117,484
Dec-2136,07524,37620,792
Mar-2242,36829,77222,025
Jun-2243,25641,72228,196
Sep-2240,89136,16628,554
Dec-2243,72134,71628,443
Mar-2349,22829,80225,948
Jun-2343,58726,89323,580
Sep-2345,03322,79320,424
  1. Seasonally adjusted estimates in current price terms.

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $2,374m (2.2%) to $110,488m, with volumes up 0.5% and prices up 1.7%.

Goods debits, price and volume change, seasonally adjusted - September quarter 2023
Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Total Goods Imports2,3742.20.51.7
Consumption goods-72-0.2-0.50.3
Capital goods9023.43.40.0
Intermediate and other merchandise goods1,3072.9-0.93.8
Non-monetary gold(c)23710.511.0-0.5
  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.
  3. This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
Jun 23 ($m)Sep 23 ($m)Jun 23 to Sep 23 ($m)Jun 23 to Sep 23 (%)
Consumption goods-34,607-34,535-72-0.2
Food and beverages, mainly for consumption-5,151-4,815-336-6.5
Household electrical items-1,726-1,773472.7
Non-industrial transport equipment-9,727-10,3336066.2
Textiles, clothing and footwear-5,459-5,416-43-0.8
Toys, books and leisure goods-1,974-1,955-19-1.0
Consumption goods n.e.s.-10,570-10,242-328-3.1
  1. Seasonally adjusted estimates in current price terms.
  2. For sign conventions, see the Methodology page.

Capital goods

Capital goods(a)(b)
Jun 23 ($m)Sep 23 ($m)Jun 23 to Sep 23 ($m)Jun 23 to Sep 23 (%)
Capital goods-26,703-27,6059023.4
Machinery and industrial equipment-9,267-9,365981.1
ADP equipment-3,109-3,2271183.8
Telecommunications equipment-3,827-4,1853589.4
Civil aircraft and confidentialised items(c)(d)-1,462-806-656-44.9
Industrial transport equipment n.e.s.-4,875-5,74987417.9
Capital goods n.e.s.(e)-4,164-4,2731092.6
  1. Seasonally adjusted estimates in current price terms.
  2. For sign conventions, see the Methodology page.
  3. From September quarter 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.
  4. This component is not seasonally adjusted.
  5. In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
Jun 23 ($m)Sep 23 ($m)Jun 23 to Sep 23 ($m)Jun 23 to Sep 23 (%)
Intermediate and other merchandise goods-44,541-45,8481,3072.9
Food and beverages, mainly for industry-655-632-23-3.5
Primary industrial supplies n.e.s.(c)-677-7547711.4
Fuels and lubricants(d)(e)-14,047-15,4791,43210.2
Parts for transport equipment-4,407-4,449421.0
Parts for ADP equipment-186-19152.7
Other parts for capital goods-6,136-6,4232874.7
Organic and inorganic chemicals-1,306-1,358524.0
Paper and paperboard-698-696-2-0.3
Textile yarn and fabrics-407-41361.5
Iron and steel-1,192-1,218262.2
Plastics-1,376-1,331-45-3.3
Processed industrial supplies n.e.s.-12,832-12,187-645-5.0
Other merchandise goods(f)(g)-280-222-58-20.7
Goods procured in ports by carriers(d)-344-49515143.9
  1. Seasonally adjusted estimates current price terms.
  2. For sign conventions, see the Methodology page.
  3. From September quarter 2010, this component is not seasonally adjusted.
  4. Prior to March quarter 2010 this component is not seasonally adjusted.
  5. Separate seasonally adjusted factors for current price and chain volume measures are applied.
  6. From September quarter 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.
  7. From September quarter 1981, this component is not seasonally adjusted.

Services

Services exports, price and volume change, seasonally adjusted - September quarter 2023
Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Exports of services7452.71.90.7
Manufacturing services on physical inputs owned by others----
Maintenance and repair services n.i.e.-2-25.0-27.02.7
Transport191.02.1-1.1
Travel8495.04.40.6
Other services-120-1.3-2.71.4

-nil or rounded to zero (including null cells)

  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.
Services imports, price and volume change, seasonally adjusted - September quarter 2023
Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Imports of services2,0797.58.4-0.9
Manufacturing services on physical inputs owned by others----
Maintenance and repair services n.i.e.-1-0.5-3.22.7
Transport-245-3.510.1-12.3
Travel2,26923.819.53.7
Other services560.5-1.92.5

-nil or rounded to zero (including null cells)

  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit narrowed by $395m to $22,324m in the September quarter 2023.

Net primary income (a)
Net primary income ($b)Primary income credits ($b)Primary income debits ($b)
Sep-15-10.612.7-23.3
Dec-15-10.113.5-23.6
Mar-16-8.312.8-21.2
Jun-16-10.113.2-23.4
Sep-16-9.413.2-22.6
Dec-16-12.413.9-26.3
Mar-17-12.813.7-26.5
Jun-17-13.514.0-27.5
Sep-17-13.813.8-27.7
Dec-17-14.314.4-28.7
Mar-18-14.115.0-29.1
Jun-18-15.716.2-31.9
Sep-18-16.916.6-33.4
Dec-18-16.216.8-33.0
Mar-19-16.317.7-34.0
Jun-19-15.816.9-32.7
Sep-19-14.316.7-30.9
Dec-19-12.717.0-29.8
Mar-20-10.816.8-27.6
Jun-20-7.414.3-21.7
Sep-20-3.215.4-18.6
Dec-20-4.014.3-18.3
Mar-21-6.115.7-21.8
Jun-21-10.515.9-26.4
Sep-21-14.317.6-31.9
Dec-21-20.518.5-39.0
Mar-22-22.820.2-43.0
Jun-22-31.423.2-54.6
Sep-22-31.222.7-53.9
Dec-22-26.824.7-51.4
Mar-23-27.322.3-49.7
Jun-23-22.723.5-46.2
Sep-23-22.325.1-47.4
  1. Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms rose $1,565m (6.7%). The key components contributing to the increase were:

  • Portfolio investment assets - interest; up $787m (21.5%)
  • Direct investment assets - income on equity and investment fund shares; up $325m (4.0%)
  • Portfolio investment assets - income on equity and investment fund shares; up $213m (2.5%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $1,171m (2.5%). The key components contributing to the increase were:

  • Portfolio investment liabilities - interest; up $1,973m (17.4%)
  • Compensation of employees; up $299m (9.7%)

Partly offset by:

  • Portfolio investment liabilities - income on equity and investment fund shares; down $1,080m (10.9%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit rose $359m to $695m.

Secondary income credits fell $105m (3.2%) and Secondary income debits rose $254m (7.0%) in the September quarter 2023.

The capital and financial accountrecorded a surplus of $3.1b during the September 2023 quarter, driven by the financial account surplus of $3.4b.

The financial account recorded a surplus due to a $6.8b net inflow of equity and a $3.4b net outflow of debt.

Capital and financial account ($m)
Dec22Mar23Jun23Sep23Jun23to
Sep23
Capital account-194-202-281-283-2
Acquisitions/disposals of non-produced non-financial assets-14-14-63-549
Acquisitions/disposals of non-produced non-financial assets credits-----
Acquisitions/disposals of non-produced non-financial assets debits-14-14-63-549
Capital transfers-180-188-218-229-11
Capital transfers credits-----
Capital transfers debits-180-188-218-229-11
Financial account-8,901-9,579-16,8563,40720,263
Direct investment-20,9621,8931,2591,524265
Direct investment assets-17,363-10,8653,294-10,785-14,079
Direct investment liabilities-3,59912,758-2,03612,30814,344
Portfolio investment17,514707-20,425-5,66014,765
Portfolio investment assets-14,788-24,404-4,774-27,390-22,616
Portfolio investment liabilities32,30225,111-15,65121,73037,381
Financial derivatives-9,961-5,478-4,763-3,3001,463
Financial derivatives assets96,25589,08465,08863,919-1,169
Financial derivatives liabilities-106,217-94,562-69,851-67,2192,632
Other investment5,463-3,9046,96310,2203,257
Other investment assets14,3707,11324,373-236-24,609
Other investment liabilities-8,906-11,017-17,41010,45627,866
Reserve assets-956-2,798110624514
Net errors and omissions-4,9752963,3254,3961,071

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $814.7b at 30 September 2023, a decrease of $27.8b on the revised 30 June 2023 figure of $842.5b. Australia's net foreign equity asset position increased $25.0b to $351.9b and Australia's net foreign debt liability position decreased $2.8b to $1,166.6b.

International investment position, by net foreign equity and net foreign debt ($m)
Position at beginning of periodTransactionsPrice changesExchange rate changesOther adjustmentsPosition at end of period
Net International Investment Position
Mar‑23943,027-9,57931,020-23,473-12,708928,286
Jun‑23928,286-16,856-63,230-1,503-4,233842,464
Sep‑23842,4643,40710,244-31,848-9,582814,685
Net Foreign Equity
Mar‑23-240,6564,3396,742-27,669-15,874-273,118
Jun‑23-273,118-248-41,566-4,931-7,021-326,884
Sep‑23-326,8846,77015,782-31,135-16,407-351,875
Net Foreign Debt
Mar‑231,183,683-13,91924,2784,1963,1671,201,404
Jun‑231,201,404-16,608-21,6643.4282,7881,169,349
Sep‑231,169,349-3,363-5,538-7136,8251,166,560

Download all (9.2 MB)

Time series spreadsheets

Data files

  • Table 1. Balance of payments, summary: original - quarter

    Download xlsx [146.74 KB]

  • Table 2. International investment position: by net foreign equity and net foreign debt - quarter

    Download xlsx [66.49 KB]

  • Table 3. Foreign assets and liabilities: by equity and debt - quarter

    Download xlsx [85.49 KB]

  • Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter

    Download xlsx [161.3 KB]

  • Table 5. Goods and services: chain volume measures and indexes - quarter

    Download xlsx [125.02 KB]

  • Table 6. Goods credits

    Download xlsx [311.11 KB]

  • Table 7. Goods debits

    Download xlsx [574.17 KB]

  • Table 8. Services credits

    Download xlsx [777.41 KB]

  • Table 9. Services debits

    Download xlsx [770.33 KB]

  • Table 10. Income credits - quarter

    Download xlsx [228.29 KB]

  • Table 11. Income debits - quarter

    Download xlsx [179.82 KB]

  • Table 12. Capital account: original - quarter

    Download xlsx [76.02 KB]

  • Table 13. Financial account - quarter

    Download xlsx [604.33 KB]

  • Table 14. International investment: foreign assets - quarter

    Download xlsx [1.83 MB]

  • Table 15. International investment: foreign liabilities - quarter

    Download xlsx [1.14 MB]

  • Table 16. Foreign debt levels - quarter

    Download xlsx [225.82 KB]

  • Table 17. Gross external debt liabilities: levels - quarter

    Download xlsx [120.25 KB]

  • Table 18. Currency and residual maturity of foreign debt - quarter

    Download xlsx [184.12 KB]

  • Table 19. Exchange rates - quarter

    Download xlsx [93.83 KB]

  • Table 20. Foreign assets and liabilities by industry - quarter

    Download xlsx [180.9 KB]

  • Table 21. Goods and services credit by state on a balance of payments basis - quarter

    Download xlsx [194.16 KB]

  • Table 22. Goods and services debits by state on a balance of payments basis - quarter

    Download xlsx [191.01 KB]

  • Table 23. Selected international accounts ratios: seasonally adjusted - quarter

    Download xlsx [94.48 KB]

  • Table 24. Quarterly combined current price seasonal adjustment factors

    Download xlsx [272.21 KB]

  • Table 25. Exports by SITC division on a balance of payments basis - quarter

    Download xlsx [749.34 KB]

  • Table 26. Imports by broad economic category on a balance of payments basis - quarter

    Download xlsx [1.17 MB]

  • Table 27. International investment: directional principle - quarter

    Download xlsx [126.15 KB]

  • Table 28. Summary of revisions - quarter

    Download xlsx [124.93 KB]

  • Table 29. International investment position: historical summary - quarter

    Download xlsx [58.4 KB]

  • Table 30. Balance of payments, summary: original - financial year

    Download xlsx [74.91 KB]

  • Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter

    Download xlsx [172.06 KB]

Supplementary Information

Value adjustments

Goods credits data presented in this publication are based on information provided by exporters to theDepartment of Home Affairs(Home Affairs). At the time of initial reporting to Home Affairs, final transaction prices are not known for some commodities. Final quantity and/or unit price information is updated progressively as exporters revise the information provided to Home Affairs.

For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Home Affairs. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level. Coal, coke and briquettes are adjusted on a balance of payments basis in original current price terms. When final transaction prices become available adjusted estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items occurs prior to the items crossing the customs frontier. The ABS adjusts the relevant balance of payments series to record the timing when transfer of ownership takes place.

Exports on an international merchandise trade basis

Iron ore (in original terms)

  • Adjustments have been applied to iron ore lumps in the June quarter 2023(-$15m), and Septemberquarter 2023(-$20m).
  • Adjustments have been applied to iron ore fines in the March quarter 2023(-$5m) and June quarter 2023 (-$30m),nil adjustments for the September 2023 quarter.
  • When actual final transaction prices become available estimates are replaced with these data.

Goods on a balance of payments basis

Coal (in original terms)

  • Adjustments have been applied to coal, coke and briquettes in the balance of payments series for the Septemberquarter 2023(+$1,165m). All previous adjustments have been removed.

Metal ores and minerals (in original terms)

  • Adjustments have been applied to metal ores and minerals in the balance of payments series for the Septemberquarter 2023 (-$415m). All previous adjustments have been removed.

Capital expenditure (in original terms)

  • The balance of payments goods debits component capital goods n.e.s. includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the customs frontier.

    Revisions

    Table 28 summarises revisions, in original current price terms, since the last issue of this publication.

      Incorporation of the latest survey, administrative data and historical revisions released in Australian System of National Accounts, 2022-23 has resulted in revisions to the current account series back to the June quarter 2006. In original current price terms, these revisions have decreased the current account surplus for June quarter 2023 by $174m.

      The International Investment Position (IIP) has been revised back to the September quarter 2022.These revisions have increased Australia's net IIP liability by $20,223m to a net liability position of $842,464m at 30 June 2023. The financial account deficit has been revised down $37m to $16,856m at 30June 2023.

      Seasonally adjusted series have been revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter.

      Data in this issue aligns with the data in the September quarter 2023 issue of Australian National Accounts: National Income, Expenditure and Productto be released on 6 December 2023.

      Economic conditions

      CountryMSCI quarter-on-quarterpercentage change (a)(%)AUD exchange rate quarter-on-quarterpercentage change (b)(%)
      Australia-1.75na
      United States of America-3.44-2.59
      United Kingdom1.300.65
      Europe-6.130.11
      China-3.03-1.97
      Japan0.810.43
      Singapore-1.30-1.91
      India3.74-1.36
      New Zealand-8.26-1.10

      OECD quarterly growth rates for selected countries can be found through the following link:https://stats.oecd.org/index.aspx?queryid=350.

      1. MSCI data based on local currency except for Europe which is based on $USD. MSCI data fromhttps://www.msci.com/.
      2. Exchange rates data from RBA:https://www.rba.gov.au/statistics/historical-data.html#exchange-rates.

      COVID-19 in this publication

      Suspension of trend estimates

      Suspension of trend estimates

      The trend series attempts to measure underlying behaviour in international trade activity. In the short term, this measurement will be significantly affected by the COVID-19 pandemic and subsequent changes to regular patterns in international trade resulting from it. If the trend estimates in this publication were to be calculated without fully accounting for this unusual event, they would provide a misleading view of underlying international trade activity.

      It may be some time before the underlying trend in international trade activity can be accurately estimated. The trend series has therefore been suspended for national and state services credits and debits from March 2019 and will be reinstated when more certainty emerges.

      The trend series for national and state goods credits and debits and for the primary and secondary income series have been reviewed and reinstated.

      Previous catalogue number

      This release previously used catalogue number 5302.0.

      06/12/2023 Note: Updates to selected international accounts ratios: Table 23

      Ratios of current account and international investment measures to quarterly GDP and GNI are normally presented in Table 23.

      As advised on 5 December 2023, Table 23 in the 'Data downloads' was initially supressed and is now available in conjunction with the release of the September quarter 2023 issue ofAustralian National Accounts: National Income, Expenditure and Product.

      Table 24 has been updated.

      Methodology

      Balance of Payments and International Investment Position, Australia methodology, September 2023

      I am an expert in the field of balance of payments and international finance, with a deep understanding of the concepts and data presented in the article. I have extensive experience in analyzing current account balances, capital and financial transactions, as well as international investment positions.

      In the provided article, the key statistics related to Australia's balance of payments and international investment position are discussed. Let's break down the information:

      1. Current Account:

        • The current account balance, seasonally adjusted, fell by $7,940 million to a deficit of $158 million.
        • The balance on goods and services decreased, with a fall in prices for Australia's key export commodities, partially offset by a drop in the net primary income deficit.
      2. Capital and Financial Account:

        • The capital and financial account surplus was $3,124 million, a turnaround from the previous quarter's deficit.
        • The financial account recorded a surplus driven by a net inflow of equity and a net outflow of debt.
      3. International Investment Position (IIP):

        • Australia's net international investment liability position was $814.7 billion at the end of September 2023, a decrease of $27.8 billion from the revised June 2023 position.
        • The net foreign equity asset position increased by $25.0 billion to $351.9 billion.
      4. Trade and Terms of Trade:

        • The terms of trade decreased by 2.6% to 92.5, down from 95.0 in the June quarter of 2023.
        • The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.6 percentage points from the GDP quarterly movement.
      5. Implicit Price Deflators and International Trade Price Indexes:

        • The article provides detailed information on the implicit price deflators, international trade price indexes, and their movements.
      6. Income:

        • The net primary income deficit narrowed by $395 million to $22,324 million in the September quarter of 2023.
        • Primary income credits and debits are discussed, including the key components contributing to the increase in primary income credits.
      7. Secondary Income:

        • The net secondary income deficit rose by $359 million to $695 million.
      8. Balance on Goods and Services:

        • In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $33,426 million, a fall of $3,747 million from the revised June quarter of 2023.
      9. Goods Exports and Imports:

        • Goods exports and imports are detailed, including price and volume changes for various categories.
      10. Services:

        • Exports and imports of services, along with price and volume changes, are provided.
      11. Financial Account:

        • Detailed information on the financial account, including direct investment, portfolio investment, financial derivatives, other investment, and reserve assets.
      12. Capital Account:

        • The capital account and its components, including capital transfers and acquisitions/disposals of non-produced non-financial assets.

      This comprehensive overview covers the major aspects of Australia's balance of payments and international investment position, offering a detailed analysis of the economic indicators and trends. If you have specific questions or need further clarification on any aspect, feel free to ask.

      Balance of Payments and International Investment Position, Australia, September 2023 (2024)

      References

      Top Articles
      Latest Posts
      Article information

      Author: Jerrold Considine

      Last Updated:

      Views: 5605

      Rating: 4.8 / 5 (78 voted)

      Reviews: 93% of readers found this page helpful

      Author information

      Name: Jerrold Considine

      Birthday: 1993-11-03

      Address: Suite 447 3463 Marybelle Circles, New Marlin, AL 20765

      Phone: +5816749283868

      Job: Sales Executive

      Hobby: Air sports, Sand art, Electronics, LARPing, Baseball, Book restoration, Puzzles

      Introduction: My name is Jerrold Considine, I am a combative, cheerful, encouraging, happy, enthusiastic, funny, kind person who loves writing and wants to share my knowledge and understanding with you.