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Table 30.15 and graph 30.16 show that the ratio of the current account deficit to gross domestic product (GDP) was 3.1% in 2001-02, an increase on the previous year, but below the average for the last 10 years (4.2%).

Graph 30.17 shows that the ratio of Australia's net foreign liabilities (Australia's net international investment position) to GDP has risen for most years since 1988 and reached its highest level of nearly 55.0% at 30 June 2002. The ratio of net foreign debt to GDP was 46.1% at 30 June 2002, slightly down on last year. The ratio of net foreign equity to GDP was 8.5% at 30 June 2002, up on the ratio at 30 June 2001, but below the average for the last 10 years (12.1%).

Table 30.15 shows that the net investment income payable on net foreign debt as a percentage of goods and services credits was 9.2% in 2001-02, down on the previous year. The ratio of net investment income payable on equity to goods and services credits was 4.0% in 2001-02, up from the previous year.

30.15 RATIOS
			Units	1996-97	1997-98	1998-99	1999-2000	2000-01	2001-02
Value
	GDP(a)		$m	529,886	561,229	591,592	629,212	672,232	715,973
Ratios to GDP
	Current account		%	-3.3	-4.1	-5.7	-5.1	-2.7	-3.1
	Goods and services		%	0.3	-0.8	-2.4	-2.3	0.1	-0.3
		Credits	%	19.8	20.3	18.9	20.0	22.8	21.3
		Debits	%	-19.5	-21.1	-21.4	-22.3	-22.7	-21.5
	Income		%	-3.6	-3.2	-3.1	-2.9	-2.8	-2.8
	Net international investment position(b)		%	54.8	52.9	54.4	51.9	53.7	54.5
		Net foreign equity	%	15.4	12.3	15.4	7.7	7.1	8.5
		Net foreign debt	%	39.4	40.6	39.0	44.2	46.6	46.1
Ratios to good and services credits
	Net investment income		%	-18.3	-15.9	-16.4	-14.3	-12.3	-13.2
		Net foreign equity	%	-7.1	-6.2	-7.0	-3.7	-2.7	-4.0
		Net foreign debt	%	-11.2	-9.7	-9.4	-10.6	-9.6	-9.2
(a) GDP at current prices. (b) These ratios are derived by expressing net foreign liabilities at end of year as a percentage of GDP at current prices for that year.
Source: Australian National Accounts: National Income, Expenditure and Product (5206.0); Balance of Payments and International Investment Position, Australia (5302.0).