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DECEMBER KEY FIGURES

		Sep Qtr 2006	Dec Qtr 2006	Sep Qtr 2006 to Dec Qtr 2006
		$m	$m	% change
TREND ESTIMATES
Balance on current account		-13 483	-14 250	-6
Balance on goods and services		-2 618	-2 740	-5
Net income		-10 740	-11 372	-6
SEASONALLY ADJUSTED
Balance on current account		-12 603	-15 096	-20
Balance on goods and services		-1 465	-3 554	-143
Net income		-10 999	-11 406	-4
ORIGINAL
Balance on current account		-14 446	-14 716	-2
Balance on capital and financial account		14 192	15 073	6
Levels at end of period
Net international investment position		572 542	606 932	6
	Net equity	58 863	85 771	46
	Net debt	513 679	521 161	1

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

International Investment

DECEMBER KEY POINTS


BALANCE OF PAYMENTS

• The current account deficit, seasonally adjusted, rose $2,493m (20%) to $15,096m. The deficit on the balance of goods and services rose $2,089m (143%) to $3,554m. The income deficit rose $407m (4%) to $11,406m.
• In seasonally adjusted chain volume terms there was an increase of $2,993m (36%) in the deficit on goods and services. This could be expected to contribute -1.3 percentage points to growth in the December quarter 2006 volume measures of GDP.

• Australia's net IIP rose $34b to a net liability position of $607b. Net foreign debt was $521b, an increase of $7b. Net equity liabilities increased by $27b to $86b.

Incorporation of the latest survey and administrative data has resulted in revisions to the current account back to September quarter 2005. In original terms, revisions have decreased the 2005-06 current account deficit by $217m. The financial account and international investment position have also been revised back to September quarter 2005 decreasing Australia's net IIP liability as at 30 September 2006 by $1,842m.

CHANGES IN THIS ISSUE

Rounding

In both the seasonally adjusted and trend data presented in this publication, aggregate sub-totals and totals may not exactly equal the sum of the components due to rounding. The previous process was to generate sub-totals and totals as the sum of the rounded components.

Seasonal Adjustment - Sugar

For the seasonally adjusted sugar credits series a seasonal break correction has been inserted from March quarter 2004. The seasonal break, which is due to increased storage capacity, has removed residual seasonality detected in the series over the past six years.

INQUIRIES

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