Balance of Payments and International Investment Position, Australia

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

Reference period

March 2023

Released

6/06/2023

View all releases

Key statistics

The current account balance, seasonally adjusted, rose $581m to a surplus of $12,283m.
The capital and financial account deficit narrowed $4,645m to $5,789m.
The net international investment liability position was $862,315m at 31 March 2023.

International accounts overview

Key figures ($m)
	Dec 23	Mar 23
Balance on current account (a)	11,702	12,283
Balance on goods and services (a)	39,022	41,051
Net primary income (a)	-26,955	-28,534
Capital and financial account	-10,434	-5,789
International investment position (b)	881,149	862,315

a. Seasonally adjusted estimates in current price terms.
b. Levels at end of period.

The current account balance (seasonally adjusted current price) for March quarter 2023 was a surplus of $12.3b. The current account balance increased $581m from the revised December quarter 2022 surplus of $11.7b.

The increase in the current account reflected a higher trade surplus partly offset by a rise in the net primary income deficit.

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.2 percentage points from the March quarter 2023 GDP quarterly movement, assuming no significant revision to December quarter 2022 estimates of GDP.

The terms of trade increased 2.8% to 114.0, up from 110.9 in December quarter 2022.

The net primary income deficit increased to $28.5b, following the $27.0b deficit in December quarter 2022.

Australia's net international investment liability position was $862.3b at March quarter 2023, a decrease of $18.8b on the revised December quarter 2022 position of $881.1b.

Review of seasonal adjustment

An extraordinary annual seasonal review (EASR) was undertaken this quarter. The outcome of the review is that concurrent seasonal adjustment has been reinstated for all seasonally adjusted estimates in this publication. The review also assessed seasonal factors and appropriateness of any prior corrections in more detail than is possible in the quarterly cycle, resulting in larger revisions than usual.

Trend estimates for national and state goods credits and debits and for the primary and secondary income series have been reinstated (including for the entire COVID period in the data downloads spreadsheets). For further details, see COVID-19 in this publication under Supplementary information.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Mar-19	-4.1	12.5	-16.3
Jun-19	2.8	18.2	-15.6
Sep-19	6.6	20.9	-14.1
Dec-19	2.0	14.9	-12.6
Mar-20	5.8	16.9	-11.0
Jun-20	13.7	21.4	-7.2
Sep-20	10.1	13.6	-3.0
Dec-20	13.9	19.0	-4.3
Mar-21	20.4	27.3	-6.4
Jun-21	17.3	28.9	-10.4
Sep-21	21.8	36.3	-13.9
Dec-21	6.2	27.0	-20.1
Mar-22	4.5	29.0	-23.8
Jun-22	11.7	42.7	-30.4
Sep-22	-0.8	30.0	-30.4
Dec-22	11.7	39.0	-27.0
Mar-23	12.3	41.1	-28.5

Current account balance (a), main aggregates

["","Current account balance","Net goods & services","Net primary income"]

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23"],[[-4.0999999999999996],[2.7999999999999998],[6.5999999999999996],[2],[5.7999999999999998],[13.699999999999999],[10.1],[13.9],[20.399999999999999],[17.300000000000001],[21.800000000000001],[6.2000000000000002],[4.5],[11.699999999999999],[-0.80000000000000004],[11.699999999999999],[12.300000000000001]],[[12.5],[18.199999999999999],[20.899999999999999],[14.9],[16.899999999999999],[21.399999999999999],[13.6],[19],[27.300000000000001],[28.899999999999999],[36.299999999999997],[27],[29],[42.700000000000003],[30],[39],[41.100000000000001]],[[-16.300000000000001],[-15.6],[-14.1],[-12.6],[-11],[-7.2000000000000002],[-3],[-4.2999999999999998],[-6.4000000000000004],[-10.4],[-13.9],[-20.100000000000001],[-23.800000000000001],[-30.399999999999999],[-30.399999999999999],[-27],[-28.5]]]

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Seasonally adjusted estimates in current price terms.

International investment position
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Mar-19	1,026.4	-129.4	1,155.7
Jun-19	1,038.4	-145.0	1,183.4
Sep-19	1,025.1	-181.7	1,206.8
Dec-19	950.4	-237.3	1,187.7
Mar-20	885.8	-320.2	1,206.0
Jun-20	986.7	-159.5	1,146.1
Sep-20	1,001.4	-192.3	1,193.7
Dec-20	989.1	-204.6	1,193.7
Mar-21	879.3	-294.3	1,173.6
Jun-21	844.5	-350.7	1,195.2
Sep-21	846.2	-365.9	1,212.0
Dec-21	774.4	-433.6	1,208.0
Mar-22	825.0	-310.6	1,135.5
Jun-22	839.3	-301.1	1,140.4
Sep-22	861.6	-300.4	1,162.0
Dec-22	881.1	-286.9	1,168.1
Mar-23	862.3	-332.4	1,194.8

International investment position

["","Net IIP","Net Foreign Equity","Net Foreign Debt"]

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23"],[[1026.4000000000001],[1038.4000000000001],[1025.0999999999999],[950.39999999999998],[885.79999999999995],[986.70000000000005],[1001.4],[989.10000000000002],[879.29999999999995],[844.5],[846.20000000000005],[774.39999999999998],[825],[839.29999999999995],[861.60000000000002],[881.10000000000002],[862.29999999999995]],[[-129.40000000000001],[-145],[-181.69999999999999],[-237.30000000000001],[-320.19999999999999],[-159.5],[-192.30000000000001],[-204.59999999999999],[-294.30000000000001],[-350.69999999999999],[-365.89999999999998],[-433.60000000000002],[-310.60000000000002],[-301.10000000000002],[-300.39999999999998],[-286.89999999999998],[-332.39999999999998]],[[1155.7],[1183.4000000000001],[1206.8],[1187.7],[1206],[1146.0999999999999],[1193.7],[1193.7],[1173.5999999999999],[1195.2],[1212],[1208],[1135.5],[1140.4000000000001],[1162],[1168.0999999999999],[1194.8]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Dec 23	Mar 23	Dec 23 to Mar 23
Balance on current account	11,702	12,283	581
Balance on goods and services	39,022	41,051	2,029
Net goods	42,936	42,453	-483
Net Services	-3,914	-1,403	2,511
Net primary income	-26,955	-28,534	-1,579
Net secondary income	-366	-234	132

Terms of trade

Implicit price deflator and terms of trade (a)
	Implicit Price Deflator Goods and services credits	Implicit Price Deflator Goods and services debits	Terms of Trade (net Goods and services)
Mar-15	77.1	96.4	79.9
Jun-15	75.2	96.8	77.8
Sep-15	75.3	99.4	75.8
Dec-15	71.9	99.1	72.5
Mar-16	68.4	96.4	71.0
Jun-16	69.9	95.0	73.5
Sep-16	72.3	94.4	76.6
Dec-16	80.3	94.5	85.0
Mar-17	84.0	95.2	88.3
Jun-17	80.6	95.4	84.4
Sep-17	79.1	93.7	84.4
Dec-17	80.8	95.7	84.4
Mar-18	83.6	97.5	85.8
Jun-18	85.3	99.5	85.8
Sep-18	88.6	102.0	86.9
Dec-18	91.8	102.8	89.3
Mar-19	93.2	102.7	90.7
Jun-19	95.4	103.0	92.6
Sep-19	97.6	104.1	93.8
Dec-19	93.7	104.5	89.7
Mar-20	94.5	105.0	90.0
Jun-20	91.7	103.0	89.0
Sep-20	90.5	99.6	90.9
Dec-20	95.3	99.7	95.6
Mar-21	102.7	99.4	103.4
Jun-21	111.0	101.4	109.5
Sep-21	119.9	108.0	111.0
Dec-21	119.0	114.7	103.7
Mar-22	135.5	119.0	113.9
Jun-22	145.8	123.1	118.4
Sep-22	141.2	127.7	110.6
Dec-22	143.1	129.0	110.9
Mar-23	141.2	123.8	114.0

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 Adjusted	Original	Original	Original
Goods exports	-1.4	-0.3	-0.9	1.6
Services exports	1.2	1.3	1.3	na
Goods imports	-3.8	-3.9	-4.3	-4.2
Services imports	-5.0	-4.9	-3.0	na

na not available
a. Reference year 2020-21=100.
b. Movements in indexes are calculated from unrounded data.
c. 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)
Mar-15	74.3	98.7	84.6	105.0
Jun-15	71.1	99.9	80.9	106.5
Sep-15	70.9	102.0	80.9	108.0
Dec-15	66.9	101.7	76.5	107.7
Mar-16	63.6	97.9	72.9	104.5
Jun-16	64.8	96.9	73.9	103.5
Sep-16	67.2	96.4	76.9	102.5
Dec-16	77.0	96.7	88.2	102.7
Mar-17	82.3	97.4	96.0	103.9
Jun-17	77.3	97.5	90.5	103.8
Sep-17	75.0	95.7	87.8	102.1
Dec-17	77.1	97.6	90.3	104.5
Mar-18	81.8	99.2	94.7	106.6
Jun-18	83.0	102.0	96.5	110.0
Sep-18	86.1	104.1	100.1	112.1
Dec-18	89.8	104.9	104.5	112.7
Mar-19	93.2	104.2	109.2	112.1
Jun-19	96.2	105.2	113.3	113.1
Sep-19	97.6	106.0	114.8	113.5
Dec-19	92.2	106.5	108.8	114.3
Mar-20	94.2	105.5	111.7	113.1
Jun-20	92.6	104.0	109.0	110.9
Sep-20	88.7	100.2	103.4	107.0
Dec-20	92.9	99.7	109.1	105.9
Mar-21	101.9	99.3	121.3	106.1
Jun-21	116.4	100.9	137.3	108.1
Sep-21	121.5	106.1	145.8	113.9
Dec-21	120.4	111.9	150.9	120.5
Mar-22	140.4	116.9	173.0	126.6
Jun-22	154.3	122.6	190.4	132.0
Sep-22	147.2	125.8	183.5	135.9
Dec-22	148.9	127.6	181.9	138.4
Mar-23	148.4	122.6	184.9	132.6

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)"]

[["Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23"],[[74.299999999999997],[71.099999999999994],[70.900000000000006],[66.900000000000006],[63.600000000000001],[64.799999999999997],[67.200000000000003],[77],[82.299999999999997],[77.299999999999997],[75],[77.099999999999994],[81.799999999999997],[83],[86.099999999999994],[89.799999999999997],[93.200000000000003],[96.200000000000003],[97.599999999999994],[92.200000000000003],[94.200000000000003],[92.599999999999994],[88.700000000000003],[92.900000000000006],[101.90000000000001],[116.40000000000001],[121.5],[120.40000000000001],[140.40000000000001],[154.30000000000001],[147.19999999999999],[148.90000000000001],[148.40000000000001]],[[98.700000000000003],[99.900000000000006],[102],[101.7],[97.900000000000006],[96.900000000000006],[96.400000000000006],[96.700000000000003],[97.400000000000006],[97.5],[95.700000000000003],[97.599999999999994],[99.200000000000003],[102],[104.09999999999999],[104.90000000000001],[104.2],[105.2],[106],[106.5],[105.5],[104],[100.2],[99.700000000000003],[99.299999999999997],[100.90000000000001],[106.09999999999999],[111.90000000000001],[116.90000000000001],[122.59999999999999],[125.8],[127.59999999999999],[122.59999999999999]],[[84.599999999999994],[80.900000000000006],[80.900000000000006],[76.5],[72.900000000000006],[73.900000000000006],[76.900000000000006],[88.200000000000003],[96],[90.5],[87.799999999999997],[90.299999999999997],[94.700000000000003],[96.5],[100.09999999999999],[104.5],[109.2],[113.3],[114.8],[108.8],[111.7],[109],[103.40000000000001],[109.09999999999999],[121.3],[137.30000000000001],[145.80000000000001],[150.90000000000001],[173],[190.40000000000001],[183.5],[181.90000000000001],[184.90000000000001]],[[105],[106.5],[108],[107.7],[104.5],[103.5],[102.5],[102.7],[103.90000000000001],[103.8],[102.09999999999999],[104.5],[106.59999999999999],[110],[112.09999999999999],[112.7],[112.09999999999999],[113.09999999999999],[113.5],[114.3],[113.09999999999999],[110.90000000000001],[107],[105.90000000000001],[106.09999999999999],[108.09999999999999],[113.90000000000001],[120.5],[126.59999999999999],[132],[135.90000000000001],[138.40000000000001],[132.59999999999999]]]

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Reference year 2020-21=100.
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 $15,670m, a fall of $1,182m on the revised December quarter 2022 surplus of $16,852m.

The fall in the balance on goods and services surplus of $1.2 billion (seasonally adjusted, chain volume measure) is expected to detract 0.2 percentage points to the March quarter 2023 GDP quarterly movement.

Goods and services, chain volume measures (a)
	Balance on goods and services ($b)	Balance on goods ($b)	Balance on services ($b)
Mar-15	15.986	20.080	-5.058
Jun-15	11.991	16.372	-5.391
Sep-15	17.389	20.905	-4.359
Dec-15	18.637	22.083	-4.536
Mar-16	23.160	25.655	-3.392
Jun-16	22.340	25.575	-4.069
Sep-16	22.451	25.127	-3.722
Dec-16	24.443	27.681	-4.079
Mar-17	18.482	21.462	-4.302
Jun-17	21.542	23.303	-3.231
Sep-17	21.214	24.130	-4.144
Dec-17	18.144	21.316	-4.459
Mar-18	19.791	22.848	-4.463
Jun-18	20.427	23.049	-4.050
Sep-18	23.209	25.438	-3.789
Dec-18	23.289	25.299	-3.709
Mar-19	24.022	24.721	-2.296
Jun-19	27.290	27.542	-1.818
Sep-19	28.246	27.580	-0.860
Dec-19	27.726	26.801	-0.676
Mar-20	28.595	28.965	-1.660
Jun-20	33.575	27.963	5.774
Sep-20	23.825	19.641	4.259
Dec-20	24.092	20.195	3.868
Mar-21	23.467	20.818	2.628
Jun-21	17.664	14.650	2.990
Sep-21	21.121	18.666	2.454
Dec-21	19.289	17.687	1.602
Mar-22	8.728	9.076	-0.348
Jun-22	12.852	13.760	-0.909
Sep-22	10.675	12.768	-2.093
Dec-22	16.852	15.921	0.931
Mar-23	15.670	13.772	1.898

Goods and services, chain volume measures (a)

["","Balance on goods and services","Balance on goods","Balance on services"]

[["Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23"],[[15.986000000000001],[11.991],[17.388999999999999],[18.637],[23.16],[22.34],[22.451000000000001],[24.443000000000001],[18.481999999999999],[21.542000000000002],[21.213999999999999],[18.143999999999998],[19.791],[20.427],[23.209],[23.289000000000001],[24.021999999999998],[27.289999999999999],[28.245999999999999],[27.725999999999999],[28.594999999999999],[33.575000000000003],[23.824999999999999],[24.091999999999999],[23.466999999999999],[17.664000000000001],[21.120999999999999],[19.289000000000001],[8.7279999999999998],[12.852],[10.675000000000001],[16.852],[15.67]],[[20.079999999999998],[16.372],[20.905000000000001],[22.082999999999998],[25.655000000000001],[25.574999999999999],[25.126999999999999],[27.681000000000001],[21.462],[23.303000000000001],[24.129999999999999],[21.315999999999999],[22.847999999999999],[23.048999999999999],[25.437999999999999],[25.298999999999999],[24.721],[27.542000000000002],[27.579999999999998],[26.800999999999998],[28.965],[27.963000000000001],[19.640999999999998],[20.195],[20.818000000000001],[14.65],[18.666],[17.687000000000001],[9.0760000000000005],[13.76],[12.768000000000001],[15.920999999999999],[13.772]],[[-5.0579999999999998],[-5.391],[-4.359],[-4.5359999999999996],[-3.3919999999999999],[-4.069],[-3.722],[-4.0789999999999997],[-4.3019999999999996],[-3.2309999999999999],[-4.1440000000000001],[-4.4589999999999996],[-4.4630000000000001],[-4.0499999999999998],[-3.7890000000000001],[-3.7090000000000001],[-2.2959999999999998],[-1.8180000000000001],[-0.85999999999999999],[-0.67600000000000005],[-1.6599999999999999],[5.774],[4.2590000000000003],[3.8679999999999999],[2.6280000000000001],[2.9900000000000002],[2.4540000000000002],[1.6020000000000001],[-0.34799999999999998],[-0.90900000000000003],[-2.093],[0.93100000000000005],[1.8979999999999999]]]

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Seasonally adjusted, reference year 2020-21=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $1,210m (0.8%) to $152,072m, with volumes up 0.7% and prices down 1.4%.

Goods credits, price and volume change, seasonally adjusted - March quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		-1,210	-0.8	0.7	-1.4
	Rural goods	-762	-3.9	6.5	-9.8
	Non-rural goods	-1,177	-0.9	-0.8	-0.1
	Net exports of goods under merchanting	47	180.8	152.9	11.0
	Non-monetary gold(c)	683	11.6	6.4	4.9

a. Reference year 2020-21=100.
b. Movements in indexes are calculated from unrounded data.
c. This component is not seasonally adjusted.

Rural goods

Rural goods (a)
	Dec 23 ($m)	Mar 23 ($m)	Dec 23 to Mar 23 ($m)	Dec 23 to Mar 23 (%)
Rural goods	19,541	18,779	- 762	-3.9
	Meat and meat preparations	3,831	4,338	507	13.2
	Cereal grains and cereal preparations	6,422	5,840	- 582	-9.1
	Wool and sheepskins	707	773	66	9.3
	Other rural(b)	8,581	7,828	- 753	-8.8

Non-rural goods

Non-rural goods (a)
		Dec 23 ($m)	Mar 23 ($m)	Dec 23 to Mar 23 ($m)	Dec 23 to Mar 23 (%)
Non-rural goods		127,819	126,642	-1,177	-0.9
	Metal ores and minerals(b)	44,273	49,883	5,610	12.7
	Coal, coke and briquettes(b)	34,579	30,658	-3,921	-11.3
	Other mineral fuels(b)	28,982	27,016	-1,966	-6.8
	Metals (excl. non-monetary gold)	4,260	3,817	-443	-10.4
	Machinery	3,189	3,372	183	5.7
	Transport equipment	1,204	1,103	-101	-8.4
	Other manufactures	6,692	6,761	69	1.0
	Other non-rural (incl. sugar and beverages)(c)	3,835	3,203	-632	-16.5
	Goods procured in ports by carriers(d)	805	830	25	3.1

a. Seasonally adjusted estimates current price terms.
b. Separate seasonally adjusted factors for current price and chain volume measures are applied.
c. For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.
d. 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 ($b)	Coal, coke and briquettes ($b)	Other mineral fuels ($b)
Mar-15	19.130	10.152	6.534
Jun-15	17.877	9.154	5.319
Sep-15	18.691	9.492	5.871
Dec-15	16.556	8.431	5.963
Mar-16	15.889	7.910	5.626
Jun-16	17.619	8.618	5.214
Sep-16	18.524	9.438	5.837
Dec-16	22.098	16.055	6.962
Mar-17	24.467	15.103	7.351
Jun-17	20.321	13.521	8.865
Sep-17	21.671	14.324	8.068
Dec-17	22.099	14.255	8.241
Mar-18	23.213	15.737	10.808
Jun-18	22.755	16.097	12.589
Sep-18	23.550	17.384	14.088
Dec-18	25.889	17.717	15.999
Mar-19	27.674	16.945	15.169
Jun-19	32.201	17.549	15.294
Sep-19	34.751	16.117	15.415
Dec-19	32.254	13.419	14.661
Mar-20	31.544	13.281	15.216
Jun-20	33.370	11.768	13.110
Sep-20	36.984	9.252	7.935
Dec-20	42.644	8.988	8.912
Mar-21	49.511	9.871	10.814
Jun-21	52.219	11.153	12.380
Sep-21	49.124	17.820	17.153
Dec-21	36.459	24.225	21.135
Mar-22	42.703	29.902	22.861
Jun-22	41.838	42.071	27.181
Sep-22	41.151	35.764	27.833
Dec-22	44.273	34.579	28.982
Mar-23	49.883	30.658	27.016

Selected major commodities (a)

["","Metal ores and minerals","Coal, coke and briquettes","Other mineral fuels"]

[["Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23"],[[19.129999999999999],[17.876999999999999],[18.690999999999999],[16.556000000000001],[15.888999999999999],[17.619],[18.524000000000001],[22.097999999999999],[24.466999999999999],[20.321000000000002],[21.670999999999999],[22.099],[23.213000000000001],[22.754999999999999],[23.550000000000001],[25.888999999999999],[27.673999999999999],[32.201000000000001],[34.750999999999998],[32.253999999999998],[31.544],[33.369999999999997],[36.984000000000002],[42.643999999999998],[49.511000000000003],[52.219000000000001],[49.124000000000002],[36.459000000000003],[42.703000000000003],[41.838000000000001],[41.151000000000003],[44.273000000000003],[49.883000000000003]],[[10.151999999999999],[9.1539999999999999],[9.4920000000000009],[8.4309999999999992],[7.9100000000000001],[8.6180000000000003],[9.4380000000000006],[16.055],[15.103],[13.521000000000001],[14.324],[14.255000000000001],[15.737],[16.097000000000001],[17.384],[17.716999999999999],[16.945],[17.548999999999999],[16.117000000000001],[13.419],[13.281000000000001],[11.768000000000001],[9.2520000000000007],[8.9879999999999995],[9.8710000000000004],[11.153],[17.82],[24.225000000000001],[29.902000000000001],[42.070999999999998],[35.764000000000003],[34.579000000000001],[30.658000000000001]],[[6.5339999999999998],[5.319],[5.8710000000000004],[5.9630000000000001],[5.6260000000000003],[5.2140000000000004],[5.8369999999999997],[6.9619999999999997],[7.351],[8.8650000000000002],[8.0679999999999996],[8.2409999999999997],[10.808],[12.589],[14.087999999999999],[15.999000000000001],[15.169],[15.294],[15.414999999999999],[14.661],[15.215999999999999],[13.109999999999999],[7.9349999999999996],[8.9120000000000008],[10.814],[12.380000000000001],[17.152999999999999],[21.135000000000002],[22.861000000000001],[27.181000000000001],[27.832999999999998],[28.981999999999999],[27.015999999999998]]]

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Seasonally adjusted estimates in current price terms.

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits fell $727m (0.7%) to $109,619m, with volumes up 3.3% and prices down 3.8%.

Goods debits, price and volume change, seasonally adjusted - March quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		-727	-0.7	3.3	-3.8
	Consumption goods	791	2.3	4.9	-2.4
	Capital goods	1,231	4.8	5.3	-0.4
	Intermediate and other merchandise goods	-3,435	-7.0	-1.1	-5.9
	Non-monetary gold(c)	686	47.7	40.9	4.9

a. Reference year 2020-21=100.
b. Movements in indexes are calculated from unrounded data.
c. This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
	Dec 23 ($m)	Mar 23 ($m)	Dec 23 to Mar 23 ($m)	Dec 23 to Mar 23 (%)
Consumption goods	-34,091	-34,882	791	2.3
	Food and beverages, mainly for consumption	-4,877	-4,857	-20	-0.4
	Household electrical items	-1,887	-1,864	-23	-1.2
	Non-industrial transport equipment	-8,759	-9,816	1,057	12.1
	Textiles, clothing and footwear	-5,823	-5,739	-84	-1.4
	Toys, books and leisure goods	-2,024	-2,115	91	4.5
	Consumption goods n.e.s.	-10,721	-10,492	-229	-2.1

Capital goods

Capital goods (a)(b)
	Dec 23 ($m)	Mar 23 ($m)	Dec 23 to Mar 23 ($m)	Dec 23 to Mar 23 (%)
Capital goods	-25,553	-26,784	1,231	4.8
	Machinery and industrial equipment	-8,325	-9,010	685	8.2
	ADP equipment	-3,516	-3,193	-323	-9.2
	Telecommunications equipment	-3,955	-4,834	879	22.2
	Civil aircraft and confidentialised items(c)(d)	-1,568	-1,043	-525	-33.5
	Industrial transport equipment n.e.s.	-4,284	-4,628	344	8.0
	Capital goods n.e.s.(e)	-3,905	-4,076	171	4.4

Intermediate and other merchandise goods

Intermediate and other merchandise goods (a)(b)
	Dec 23 ($m)	Mar 23 ($m)	Dec 23 to Mar 23 ($m)	Dec 23 to Mar 23 (%)
Intermediate and other merchandise goods	-49,265	-45,830	-3,435	-7.0
	Food and beverages, mainly for industry	-747	-736	-11	-1.5
	Primary industrial supplies n.e.s.(c)	-686	-547	-139	-20.3
	Fuels and lubricants(d)(e)	-16,980	-15,459	-1,521	-9.0
	Parts for transport equipment	-4,523	-4,234	-289	-6.4
	Parts for ADP equipment	-227	-226	-1	-0.4
	Other parts for capital goods	-6,016	-5,977	-39	-0.6
	Organic and inorganic chemicals	-1,754	-1,569	-185	-10.5
	Paper and paperboard	-702	-674	-28	-4.0
	Textile yarn and fabrics	-453	-416	-37	-8.2
	Iron and steel	-1,251	-989	-262	-20.9
	Plastics	-1,392	-1,385	-7	-0.5
	Processed industrial supplies n.e.s.	-13,679	-13,161	-518	-3.8
	Other merchandise goods(f)(g)	-510	-171	-339	-66.5
	Goods procured in ports by carriers(d)	-343	-287	-56	-16.3

Services

Services exports, price and volume change, seasonally adjusted - March quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		1,987	9.0	7.7	1.2
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-8	-38.1	-38.4	0.5
	Transport	-76	-4.2	-3.3	-1.0
	Travel	2,316	19.8	17.5	2.0
	Other services	-246	-2.9	-3.4	0.5

- nil or rounded to zero (including null cells)
a. Reference year 2020-21=100.
b. Movements in indexes are calculated from unrounded data.

Services imports, price and volume change, seasonally adjusted - March quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Imports of services		-526	-2.0	3.1	-5.0
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-33	-21.2	-20.5	-0.9
	Transport	-1,391	-17.0	-5.8	-11.9
	Travel	537	7.0	7.1	-0.1
	Other services	362	3.6	4.5	-0.8

- nil or rounded to zero (including null cells)
a. Reference year 2020-21=100.
b. Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit widened by $1,579m to $28,534m in the March quarter 2023.

Net primary income (a)
	Net primary income	Primary income credits	Primary income debits
Mar-15	-7.8	13.3	-21.1
Jun-15	-8.9	13.1	-22.0
Sep-15	-10.5	12.7	-23.2
Dec-15	-10.0	13.5	-23.5
Mar-16	-8.2	12.9	-21.1
Jun-16	-10.0	13.3	-23.3
Sep-16	-9.3	13.2	-22.5
Dec-16	-12.3	14.0	-26.2
Mar-17	-12.7	13.8	-26.5
Jun-17	-13.4	14.0	-27.4
Sep-17	-13.7	13.9	-27.6
Dec-17	-14.2	14.4	-28.6
Mar-18	-14.0	15.0	-29.1
Jun-18	-15.6	16.2	-31.8
Sep-18	-16.7	16.6	-33.3
Dec-18	-16.1	16.8	-32.9
Mar-19	-16.3	17.7	-34.0
Jun-19	-15.6	16.9	-32.5
Sep-19	-14.1	16.8	-30.9
Dec-19	-12.6	17.1	-29.7
Mar-20	-11.0	16.8	-27.8
Jun-20	-7.2	14.3	-21.5
Sep-20	-3.0	15.6	-18.6
Dec-20	-4.3	14.3	-18.7
Mar-21	-6.4	15.7	-22.1
Jun-21	-10.4	16.0	-26.4
Sep-21	-13.9	17.7	-31.6
Dec-21	-20.1	18.7	-38.8
Mar-22	-23.8	20.1	-43.8
Jun-22	-30.4	23.1	-53.5
Sep-22	-30.4	22.5	-52.9
Dec-22	-27.0	24.4	-51.3
Mar-23	-28.5	21.5	-50.0

Net primary income (a)

["","Net primary income","Primary income credits","Primary income debits"]

[["Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23"],[[-7.7750000000000004],[-8.9329999999999998],[-10.494999999999999],[-9.9860000000000007],[-8.2210000000000001],[-10.029999999999999],[-9.3200000000000003],[-12.25],[-12.689],[-13.379],[-13.662000000000001],[-14.169],[-14.038],[-15.561],[-16.664000000000001],[-16.122],[-16.294],[-15.577],[-14.1],[-12.625],[-10.962999999999999],[-7.1660000000000004],[-2.976],[-4.3250000000000002],[-6.4329999999999998],[-10.382],[-13.872999999999999],[-20.064],[-23.763000000000002],[-30.407],[-30.431000000000001],[-26.954999999999998],[-28.533999999999999]],[[13.286],[13.108000000000001],[12.737],[13.516999999999999],[12.864000000000001],[13.262],[13.198],[13.967000000000001],[13.763],[14.048],[13.888],[14.444000000000001],[15.016],[16.238],[16.609000000000002],[16.751000000000001],[17.713999999999999],[16.943000000000001],[16.757000000000001],[17.122],[16.812000000000001],[14.343999999999999],[15.577999999999999],[14.334],[15.670999999999999],[15.989000000000001],[17.748000000000001],[18.725000000000001],[20.074000000000002],[23.058],[22.481999999999999],[24.390000000000001],[21.495000000000001]],[[-21.061],[-22.041],[-23.231000000000002],[-23.501999999999999],[-21.085000000000001],[-23.291],[-22.518000000000001],[-26.216000000000001],[-26.451000000000001],[-27.427],[-27.550000000000001],[-28.613],[-29.053999999999998],[-31.798999999999999],[-33.273000000000003],[-32.872999999999998],[-34.008000000000003],[-32.520000000000003],[-30.856000000000002],[-29.747],[-27.774999999999999],[-21.510000000000002],[-18.553999999999998],[-18.658999999999999],[-22.103000000000002],[-26.372],[-31.620999999999999],[-38.787999999999997],[-43.837000000000003],[-53.465000000000003],[-52.912999999999997],[-51.344000000000001],[-50.029000000000003]]]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms fell $2,895m (11.9%). The key components contributing to the decline were:

Direct investment assets – income on equity and investment fund shares; down by $3,180m (29.4%)
Portfolio investment assets – interest; down by $271m (7.4%)

Partly offset by:

Other investment assets; up by $253m (17.8%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms fell $1,315m (2.6%). The key components contributing to the decline were:

Direct investment liabilities – income on equity and investment fund shares; down $2,372m (9.4%)

Partly offset by:

Portfolio investment liabilities – investment income on equity and investment fund shares; up $597m (6.6%)
Compensation of employees; up $395m (14.7%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit fell $132m (36.1%) to $234m.

Secondary income credits fell $48m (1.5%) and Secondary income debits fell $180m (5.2%) in the March quarter 2023.

Capital and Financial Account

The capital and financial account recorded a deficit of $5.8b during the March 2023 quarter, mainly driven by the financial account deficit of $5.6b.

The financial account fell due to a $0.3b net outflow of equity and a $5.3b net outflow of debt.

Capital and financial account ($m)
			Jun 22	Sep 22	Dec 22	Mar 23	Dec 22 to Mar 23
Capital account			-211	-239	-194	-201	-7
	Acquisitions/disposals of non-produced non-financial assets		56	-11	-14	-14	-
		Acquisitions/disposals of non-produced non-financial assets credits	68	-	-	-	-
		Acquisitions/disposals of non-produced non-financial assets debits	-12	-11	-14	-14	-
	Capital transfers		-267	-228	-180	-187	-7
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-267	-228	-180	-187	-7
Financial account			-17,583	13,372	-10,240	-5,588	4,652
	Direct investment		-3,815	3,425	-15,850	8,092	23,942
		Direct investment assets	-12,116	-27,778	-13,741	-9,815	3,926
		Direct investment liabilities	8,301	31,203	-2,109	17,906	20,015
	Portfolio investment		39,369	5,171	19,657	4,841	-14,816
		Portfolio investment assets	15,101	-2,594	-18,361	-16,421	1,940
		Portfolio investment liabilities	24,267	7,765	38,019	21,262	-16,757
	Financial derivatives		-1,825	5,989	-10,994	-4,290	6,704
		Financial derivatives assets	75,658	117,830	95,805	89,007	-6,798
		Financial derivatives liabilities	-77,843	-111,840	-106,799	-93,298	13,501
	Other investment		-50,849	508	-2,098	-11,432	-9,334
		Other investment assets	-32,772	-2,055	7,866	6,838	-1,028
		Other investment liabilities	-18,077	2,563	-9,964	-18,270	-8,306
	Reserve assets		-462	-1,721	-956	-2,798	-1,842
	Net errors and omissions		-1,865	-4,377	-3,360	-3,697	-337

- nil or rounded to zero (including null cells)

International Investment Position

Australia's net IIP liability position was $862.3b at 31 March 2023, a decrease of $18.8b on the revised 31 December 2022 figure of $881.1b. Australia's net foreign equity asset position increased $45.5b to $332.4b at 31 March 2023. Australia's net foreign debt liability position increased $26.7b to $1,194.8b.

International investment position, by net foreign equity and net foreign debt ($m)
		Position at beginning of period	Transactions	Price changes	Exchange rate changes	Other adjustments	Position at end of period
Net International Investment Position
	Sep‑22	839,301	13,372	37,231	-22,170	-6,123	861,610
	Dec‑22	861,610	-10,240	16,591	17,041	-3,853	881,149
	Mar‑23	881,149	-5,588	10,381	-23,255	-372	862,315
Net Foreign Equity
	Sep‑22	-301,110	10,423	35,786	-36,184	-9,306	-300,391
	Dec‑22	-300,391	-28,207	21,727	27,471	-7,538	-286,938
	Mar‑23	-286,938	-331	-15,708	-27,678	-1,786	-332,440
Net Foreign Debt
	Sep‑22	1,140,411	2,949	1,445	14,014	3,183	1,162,002
	Dec‑22	1,162,002	17,967	-5,136	-10,430	3,685	1,168,087
	Mar‑23	1,168,087	-5,257	26,089	4,423	1,414	1,194,755

Data downloads

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Time series spreadsheets

Data files

Table 1. Balance of payments, summary: original - quarter
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Table 2. International investment position: by net foreign equity and net foreign debt - quarter
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Table 3. Foreign assets and liabilities: by equity and debt - quarter
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Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter
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Table 5. Goods and services: chain volume measures and indexes - quarter
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Table 6. Goods credits
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Table 7. Goods debits
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Table 8. Services credits
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Table 9. Services debits
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Table 10. Income credits - quarter
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Table 11. Income debits - quarter
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Table 12. Capital account: original - quarter
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Table 13. Financial account - quarter
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Table 14. International investment: foreign assets - quarter
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Table 15. International investment: foreign liabilities - quarter
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Table 16. Foreign debt levels - quarter
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Table 17. Gross external debt liabilities: levels - quarter
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Table 18. Currency and residual maturity of foreign debt - quarter
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Table 19. Exchange rates - quarter
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Table 20. Foreign assets and liabilities by industry - quarter
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Table 21. Goods and services credit by state on a balance of payments basis - quarter
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Table 22. Goods and services debits by state on a balance of payments basis - quarter
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Table 23. Selected international accounts ratios: seasonally adjusted - quarter
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Table 24. Quarterly combined current price seasonal adjustment factors
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Table 25. Exports by SITC division on a balance of payments basis - quarter
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Table 26. Imports by broad economic category on a balance of payments basis - quarter
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Table 27. International investment: directional principle - quarter
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Table 28. Summary of revisions - quarter
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Table 29. International investment position: historical summary - quarter
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Table 30. Balance of payments, summary: original - financial year
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Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter
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Supplementary Information

Value adjustments

Goods credits data presented in this publication are based on information provided by exporters to the Department 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 September quarter 2022 (-$10m), December quarter 2022 (+$35m) and March quarter 2023 (+$30m).
Adjustments have been applied to iron ore fines in the December quarter 2022 (+$30m) and March quarter 2023 (-$100m).
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 December quarter (+$45m) 2022 and the March quarter (+$1,595m) 2023. 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

Economic conditions

Country	MSCI quarter-on-quarter percentage change (a)(%)	AUD exchange rate quarter-on-quarter percentage change (b)(%)
Australia	2.67	na
United States of America	7.00	-0.93
United Kingdom	1.20	-3.73
Europe	10.01	-3.19
China	5.09	-2.31
Japan	5.77	-0.87
Singapore	5.93	-2.13
India	-7.54	-1.57
New Zealand	7.42	-0.26

COVID-19 in this publication

Seasonal adjustment and COVID-19

Extraordinary Annual Seasonal Review (EASR)

In early 2020, the ABS advised that the method used to produce seasonally adjusted estimates would be changed from the ‘concurrent adjustment’ method to the ‘forward factors’ method for series with significant and prolonged impacts from COVID-19. This process ensured that disruption to series caused by COVID-19 did not unduly affect estimates of the seasonal factors. Further information can be found here: Methods changes during COVID-19 period. Given the ongoing disruption during the COVID-19 period and continuing use of forward factors, extraordinary annual reviews of seasonally adjusted series were introduced across the ABS statistics programs.

The extraordinary annual review process assesses each series individually to determine how observations from 2020, 2021 and 2022 should be treated and determine the most appropriate approach (concurrent adjustment or forward factors) for estimating seasonal adjustment factors in the immediate future. For some series, reverting back to the concurrent seasonal adjustment method from forward factors may result in larger revisions as the forward factors are annually updated from previous year’s observations.

An extraordinary annual seasonal review process was undertaken this quarter resulting in the reinstatement of concurrent seasonal adjustment method for all monthly Balance of Payments series. Revisions arising from the annual seasonal review are relatively minor for most series.

From the March 2023 publication onwards, the forward factors method will no longer be used.

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.

Methodology

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

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APA

Balance of Payments and International Investment Position, Australia

APA

Key statistics

International accounts overview

Review of seasonal adjustment

Current Account

Terms of trade

Relationship between IPD, EPI and IPI

Balance on goods and services

Exports of goods (credits)

Rural goods

Non-rural goods

Imports of goods (debits)

Consumption goods

Capital goods

Intermediate and other merchandise goods

Services

Income

Primary income credits

Primary income debits

Secondary income

Capital and Financial Account

International Investment Position

Data downloads

Time series spreadsheets

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

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

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

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

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

Table 6. Goods credits

Table 7. Goods debits

Table 8. Services credits

Table 9. Services debits

Table 10. Income credits - quarter

Table 11. Income debits - quarter

Table 12. Capital account: original - quarter

Table 13. Financial account - quarter

Table 14. International investment: foreign assets - quarter

Table 15. International investment: foreign liabilities - quarter

Table 16. Foreign debt levels - quarter

Table 17. Gross external debt liabilities: levels - quarter

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

Table 19. Exchange rates - quarter

Table 20. Foreign assets and liabilities by industry - quarter

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

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

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

Table 24. Quarterly combined current price seasonal adjustment factors

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

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

Table 27. International investment: directional principle - quarter

Table 28. Summary of revisions - quarter

Table 29. International investment position: historical summary - quarter

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

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