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5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/03/2008   
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DECEMBER KEY FIGURES

Sep Qtr 2007
Dec Qtr 2007
Sep Qtr 2007 to Dec Qtr 2007
$m
$m
% change

TREND ESTIMATES

Balance on current account
-17 035
-18 470
-8
Balance on goods and services
-5 085
-6 327
-24
Net income
-11 880
-12 096
-2

SEASONALLY ADJUSTED

Balance on current account
-16 352
-19 349
-18
Balance on goods and services
-4 789
-6 860
-43
Net income
-11 527
-12 440
-8

ORIGINAL

Balance on current account
-18 054
-20 012
-11
Balance on capital and financial
account
18 309
19 449
6

Levels at end of period

Net international investment position
683 573
736 827
8
Net foreign equity
97 811
126 874
30
Net foreign debt
585 762
609 953
4

Current Account, Main aggregates -
Trend estimates at current prices (a)
Graph: Current Account Main aggregates Trend estimates at current prices (a)

International Investment
Graph: International Investment



DECEMBER KEY POINTS


BALANCE OF PAYMENTS

  • The current account deficit, seasonally adjusted, rose $2,997m (18%) to $19,349m. The deficit on the balance of goods and services rose $2,071m (43%) to $6,860m. The income deficit rose $913m (8%) to $12,440m.
  • In seasonally adjusted chain volume terms there was an increase of $2,502m (29%) in the deficit on goods and services. This could be expected to detract -1.0 percentage points to growth in the December quarter 2007 volume measures of GDP.


INTERNATIONAL INVESTMENT POSITION (IIP)
  • Australia's net IIP rose $53.3b to a net liability position of $736.8b. The increase was driven by a net price change of $35.8b, the highest value recorded for this series. Net foreign debt was $610.0b, an increase of $24.2b. Net foreign equity increased by $29.1b to a liability of $126.9b.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
March 2008 3 June 2008
June 2008 1 September 2008
September 2008 2 December 2008



REVISIONS

Table 36 summarises revisions, in original current price terms, since the last issue of this publication, for the last three years and six quarters.


Incorporation of the latest survey and administrative data has resulted in revisions to the current account back to September quarter 2006. In original terms, revisions have increased the 2006-07 current account deficit by $513m and increased the deficit for September quarter 2007 by $584m.


The financial account and international investment position have been revised back to September quarter 2006 increasing Australia's net IIP liability as at 30 September 2007 by $24,770m, to $683,573m.



CHANGES IN FORTHCOMING ISSUES

A new front page will be introduced in the March quarter 2008 issue of this publication. The 'key figures' section will continue to show the Balance on current account, Balance on goods and services and Net income in both trend and seasonally adjusted terms. The balances in original terms will not be shown. Presentation of the International investment position levels will remain unchanged. The 'key points' section will continue to be presented under the broad headings of Balance of Payments and International Investment Position. More information will be provided explaining reasons for movements in components and balances and unusual occurrences during the quarter. Please refer to page 68 for a sample of the proposed front page. Please contact Selvi Sekhar on (02) 6252 5540 or email <selvi.sekhar@abs.gov.au> if you have any comments on the changes to the front page.

INQUIRIES


For further information contact Selvi Sekhar on Canberra (02) 6252 5540 for balance of payments estimates, and Athol Maritz on Canberra (02) 6252 7107 for international investment estimates.


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