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DECEMBER KEY FIGURES

			Sep Qtr 2014	Dec Qtr 2014	Sep Qtr 2014 to Dec Qtr 2014
			$m	$m	% change
BALANCE ON CURRENT ACCOUNT
	Trend estimates		-11 757	-11 279	4
	Seasonally adjusted		-12 130	-9 588	21
BALANCE ON GOODS AND SERVICES
	Trend estimates		-3 526	-3 911	-11
	Seasonally adjusted		-3 899	-2 430	38
NET PRIMARY INCOME
	Trend estimates		-7 689	-6 832	11
	Seasonally adjusted		-7 688	-6 621	14
LEVELS AT END OF PERIOD
	International Investment Position		873 931	866 149	-1
		Net foreign equity	-12 866	-58 684	-356
		Net foreign debt	886 797	924 834	4

Current Account Balance (a), Main aggregates

International Investment

• The current account deficit, seasonally adjusted, fell $2,542m (21%) to $9,588m in the December quarter 2014. The deficit on the balance of goods and services fell $1,469m (38%) to $2,430m in the December quarter 2014. The primary income deficit fell $1,067m (14%) to $6,621m.
• In seasonally adjusted chain volume terms, the surplus on goods and services rose $2,814m (54%) from $5,177m in the September quarter 2014 to $7,991m in the December quarter 2014. This is expected to contribute 0.7 percentage points to growth in the December quarter 2014 volume measure of GDP.

• Australia's net IIP liability position was $866.1b at 31 December 2014, a decrease of $7.8b (1%) on the 30 September 2014 position of $873.9b. Australia's net foreign debt liability increased $38.0b (4%) to a net liability position of $924.8b. Australia's net foreign equity increased $45.8b (356%) to a net asset position of $58.7b at 31 December 2014.