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5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/03/2012   
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DECEMBER KEY FIGURES

Sep Qtr 2011
Dec Qtr 2011
Sep Qtr 2011 to Dec Qtr 2011
$m
$m
% change

BALANCE ON CURRENT ACCOUNT
Trend estimates
-7 017
-6 883
2
Seasonally adjusted
-5 824
-8 374
-44
BALANCE ON GOODS AND SERVICES
Trend estimates
5 121
4 957
-3
Seasonally adjusted
6 133
3 589
-41
NET PRIMARY INCOME
Trend estimates
-12 018
-11 708
3
Seasonally adjusted
-11 835
-11 819
-
LEVELS AT END OF PERIOD
International Investment Position
852 932
854 652
-
Net foreign equity
111 733
119 268
7
Net foreign debt
741 200
735 385
-1

- nil or rounded to zero (including null cells)

Current Account (a), Main aggregates
Graph: Current Account (a), Main aggregates

International Investment
Graph: International Investment




DECEMBER KEY POINTS


BALANCE OF PAYMENTS
  • The current account deficit, seasonally adjusted, rose $2,550m (44%) to $8,374m in the December quarter 2011. The surplus on the balance of goods and services fell $2,544m (41%) to $3,589m. The primary income deficit fell $16m to $11,819m.
  • In seasonally adjusted chain volume terms, the deficit on goods and services fell $861m (6%) from $14,089m in the September quarter 2011 to $13,228m in the December quarter 2011. This is expected to contribute 0.3 percentage points to growth in the December quarter 2011 volume measure of GDP.


INTERNATIONAL INVESTMENT POSITION (IIP)
  • Australia's net IIP liability position was $854.7b at 31 December 2011, an increase of $1.7b on 30 September 2011. Australia's net foreign debt liability decreased $5.8b to a liability position of $735.4b. Australia's net foreign equity liability increased $7.5b to a liability position of $119.3b.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2012 5 June 2012
June 2012 4 September 2012
September 2012 4 December 2012
December 2012 5 March 2013



REVISIONS

In original terms, data have been revised back to September quarter 2010.

The 'capital goods n.e.s.' component of the goods debits series has been revised from July 2011 onwards since the release of the December 2011 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0). The revised goods debits data aligns with the data to be published in the December quarter 2011 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 7 March 2012.

See Revisions for details.


FEATURE ARTICLE

A feature article ABS International Tourism Estimates has been released in conjunction with this publication. This feature article compares tourism related services estimates in the Balance of Payments and Tourism Satellite Account statistics.

See Feature article.


CHANGES IN THIS ISSUE

Changes in this issue:
  • Replacement of front cover graph, Current Account, Main aggregates
  • Series ID changes in time series spreadsheets Table 83.

See Changes in this issue for details.


COMMODITY VALUE ADJUSTMENTS

Iron ore and coal
  • a negative adjustment of $180m has been applied to the 'metal ores and minerals' component for December quarter 2011
  • a negative adjustment of $100m has been applied to the 'coal, coke and briquettes' component for December quarter 2011.

Capital expenditure
  • 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.


RELATED RELEASES

For related recent and upcoming releases see Related releases for details.


INQUIRIES

For further information contact Selvi Sekhar on Canberra (02) 6252 5540 for balance of payments estimates, and Val Tot on Canberra (02) 6252 5541 for international investment estimates.

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