JUNE KEY FIGURES
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | Mar Qtr 2007 | Jun Qtr 2007 | Mar Qtr 2007 to Jun Qtr 2007 |
![](/icons/ecblank.gif) | ![](/icons/ecblank.gif) | $m | $m | % change |
TREND ESTIMATES |
|
Balance on current account | -15 560 | -16 231 | -4 |
Balance on goods and services | -3 494 | -4 008 | -15 |
Net income | -11 959 | -12 123 | -1 |
SEASONALLY ADJUSTED |
|
Balance on current account | -15 545 | -15 998 | -3 |
Balance on goods and services | -3 534 | -3 798 | -7 |
Net income | -11 914 | -12 094 | -2 |
ORIGINAL |
|
Balance on current account | -15 299 | -14 303 | 7 |
Balance on capital and financial
account | 15 450 | 13 941 | -10 |
Levels at end of period |
|
Net international investment position | 626 774 | 642 438 | 2 |
![](/icons/ecblank.gif) | Net foreign equity | 91 565 | 98 364 | 7 |
![](/icons/ecblank.gif) | Net foreign debt | 535 209 | 544 075 | 2 |
|
Current Account, Main aggregates - Trend estimates at current prices (a)
![Graph: Current Account Main aggregates Trend estimates at current prices (a)](/ausstats/abs@.nsf/0/df0309297a60b2c9ca2573a200114167/Body/0.19A4!OpenElement&FieldElemFormat=gif)
| International Investment
![Graph: International Investment](/ausstats/abs@.nsf/0/df0309297a60b2c9ca2573a200114167/Body/0.289C!OpenElement&FieldElemFormat=gif)
|
JUNE KEY POINTS
BALANCE OF PAYMENTS
- The current account deficit, seasonally adjusted, rose $453m (3%) to $15,998m. The deficit on the balance of goods and services rose $264m (7%) to $3,798m. The income deficit rose $180m (2%) to $12,094m.
- In seasonally adjusted chain volume terms there was an increase of $292m (2%) in the deficit on goods and services. This could be expected to contribute -0.1 percentage points to growth in the June quarter 2007 volume measures of GDP.
- In original terms, the balance on current account for 2006-07 was a deficit of $59.2b, up $5.3b from the deficit of $53.9b in 2005-06.
INTERNATIONAL INVESTMENT POSITION (IIP)
- Australia's net IIP rose $15.7b to a net liability position of $642.4b. Net foreign debt was $544.1b, an increase of $8.9b. Net foreign equity increased by $6.8b to a liability of $98.4b.
NOTES
FORTHCOMING ISSUES
ISSUE (QUARTER) | Release Date |
September 2007 | 30 November 2007 |
December 2007 | 4 March 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 2003. In original terms, revisions have increased the 2005-06 current account deficit by $227m.
In addition, from September quarter 2006, goods debits (imports) on a balance of payments basis are valued using Customs value from the merchandise trade data rather than Free on Board, resulting in small upward revisions. For more detail, see the June 2007 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0). The net effect of all revisions increased the March quarter 2007 current account deficit by $170m.
The financial account and international investment position have been revised back to September quarter 2003 increasing Australia's net IIP liability as at 31 March 2007 by $2,845m.
The trend breaks applying to coal, coke and briquettes for June quarter 2004 and June quarter 2005 have been revised in this issue with consequential revisions to the seasonal factors and seasonally adjusted series. The trend break for June quarter 2004 has been revised from $500m to $888m and the trend break for June quarter 2005 from $1,000m to $1,659m. These trend breaks relate to the irregular price increases that were identified in June quarters 2004 and 2005 following contractual price increases at those times. The initial trend breaks were estimated by the ABS based on the information available at that time but from recent reanalysis combined with the availability of additional quarterly original data, these trend break corrections have been improved.
CONFIDENTIALITY OF FUTURE FUND
During the June quarter, the Future Fund commenced investment activity. The Future Fund has been classified as a General Government unit and thus the investment activity and associated holdings of assets are recorded as part of the General Government sector. In order to maximise the availability of information about the activities of the General Government sector, ABS legislation allows the publication of identifiable information about this sector except where a request for confidentiality has been received from the relevant Minister. A request has been received and the relevant estimates have been confidentialised in this publication. The estimates will remain confidentialised in all releases published up to and including 30 June 2008.
CHANGES IN THIS AND FUTURE ISSUES
Details of changes in this and future issues.
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.