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DECEMBER KEY FIGURES

			Sep Qtr 2013	Dec Qtr 2013	Sep Qtr 2013 to Dec Qtr 2013
			$m	$m	% change
BALANCE ON CURRENT ACCOUNT
	Trend estimates		-11 446	-11 054	3
	Seasonally adjusted		-12 539	-10 139	19
BALANCE ON GOODS AND SERVICES
	Trend estimates		-1 588	-806	49
	Seasonally adjusted		-2 672	247	(a). .
NET PRIMARY INCOME
	Trend estimates		-9 354	-9 763	-4
	Seasonally adjusted		-9 362	-9 898	-6
LEVELS AT END OF PERIOD
	International Investment Position		845 502	829 797	-2
		Net foreign equity	26 968	-23 074	(a). .
		Net foreign debt	818 534	852 871	4
. . not applicable
(a) See paragraph 5 of the Explanatory Notes.

Current Account Balance (a), Main aggregates

International Investment

• The current account deficit, seasonally adjusted, fell $2,400m (19%) to $10,139m in the December quarter 2013. There was a turnaround of $2,919m on the balance of goods and services, resulting in a surplus of $247m in the December quarter 2013. The primary income deficit rose $536m (6%) to $9,898m.
• In seasonally adjusted chain volume terms, the surplus on goods and services rose $2,505m (30%) from $8,248m in the September quarter 2013 to $10,753m in the December quarter 2013. This is expected to contribute 0.6 percentage points to growth in the December quarter 2013 volume measure of GDP.

• Australia's net IIP liability position was $829.8b at 31 December 2013, a decrease of $15.7b on 30 September 2013. Australia's net foreign debt liability increased $34.3b to a net liability position of $852.9b. Australia's net foreign equity had a turnaround of $50.0b from a net liability position of $27.0b on 30 September 2013 to a net asset position of $23.1b at 31 December 2013. This is the first time that an asset position has been recorded for net foreign equity (the quarterly series commenced in September quarter 1988).

• capital goods n.e.s. component of goods debits, revised back to September quarter 2012
• legal, accounting, management consulting, public relations and other professional services component of services debits, revised in December quarter 2013
• architectural, engineering and other technical services component of services debits, revised in December quarter 2013.