Balance of Payments and International Investment Position, Australia

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Balance of payments statistics on current, capital and financial transactions and the international investment position statement

Reference period

December 2020

Released

2/03/2021

View all releases

Key statistics

The current account surplus, seasonally adjusted, rose $3,817m to $14,523m.
The capital and financial account deficit rose $4,270m to $9,999m.
Australia’s net IIP liability position was $947.2b at 31 December 2020.

Main features

Key figures (a)
	Sep Qtr 2020 ($m)	Dec Qtr 2020 ($m)
Balance on current account (b)	10,706	14,523
Balance on goods and services (b)	13,694	18,124
Net primary income (b)	-2,723	-3,167
Capital and financial account	-5,729	-9,999
International investment position (c)	949,660	947,218

- nil or rounded to zero (including null cells)
(a) Trend series is not published from June Quarter 2019
(b) Seasonally adjusted
(c) Levels at end of period

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Dec-16	-6.5	6.0	-12.4
Mar-17	-6.9	6.6	-12.9
Jun-17	-11.2	2.7	-13.4
Sep-17	-12.7	1.5	-13.9
Dec-17	-16.1	-1.4	-14.4
Mar-18	-10.7	3.9	-14.5
Jun-18	-13.0	2.9	-15.7
Sep-18	-9.7	6.8	-16.2
Dec-18	-6.6	9.1	-15.5
Mar-19	-2.4	14.1	-16.1
Jun-19	4.5	18.8	-14.3
Sep-19	8.1	21.5	-13.2
Dec-19	3.7	15.3	-11.2
Mar-20	7.5	18.4	-10.7
Jun-20	16.4	22.1	-5.3
Sep-20	10.7	13.7	-2.7
Dec-20	14.5	18.1	-3.2

Current account balance (a), main aggregates

["","Current account balance","Net goods & services","Net primary income"]

[["Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[-6.5],[-6.9000000000000004],[-11.199999999999999],[-12.699999999999999],[-16.100000000000001],[-10.699999999999999],[-13],[-9.6999999999999993],[-6.5999999999999996],[-2.3999999999999999],[4.5],[8.0999999999999996],[3.7000000000000002],[7.5],[16.399999999999999],[10.699999999999999],[14.5]],[[6],[6.5999999999999996],[2.7000000000000002],[1.5],[-1.3999999999999999],[3.8999999999999999],[2.8999999999999999],[6.7999999999999998],[9.0999999999999996],[14.1],[18.800000000000001],[21.5],[15.300000000000001],[18.399999999999999],[22.100000000000001],[13.699999999999999],[18.100000000000001]],[[-12.4],[-12.9],[-13.4],[-13.9],[-14.4],[-14.5],[-15.699999999999999],[-16.199999999999999],[-15.5],[-16.100000000000001],[-14.300000000000001],[-13.199999999999999],[-11.199999999999999],[-10.699999999999999],[-5.2999999999999998],[-2.7000000000000002],[-3.2000000000000002]]]

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(a) Seasonally adjusted estimates at current prices.

International investment
	Net IIP ($b) ($b)	Net foreign equity ($b) ($b)	Net foreign debt ($b) ($b)
Dec-16	970.4	-37.9	1,008.3
Mar-17	967.5	-25.8	993.3
Jun-17	946.2	-38.4	984.7
Sep-17	955.9	-54.5	1,010.4
Dec-17	988.7	-50.8	1,039.5
Mar-18	954.3	-90.3	1,044.5
Jun-18	984.1	-80.0	1,064.1
Sep-18	978.0	-103.3	1,081.3
Dec-18	1,027.1	-100.4	1,127.5
Mar-19	1,009.9	-124.6	1,134.5
Jun-19	1,016.7	-138.6	1,155.3
Sep-19	1,002.6	-172.4	1,175.0
Dec-19	934.4	-225.4	1,159.8
Mar-20	865.1	-314.5	1,179.6
Jun-20	934.8	-174.4	1,109.2
Sep-20	949.7	-213.0	1,162.6
Dec-20	947.2	-218.1	1,165.3

International investment

["","Net IIP ($b)","Net foreign equity ($b)","Net foreign debt ($b)"]

[["Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[970.36500000000001],[967.49900000000002],[946.23599999999999],[955.86199999999997],[988.72400000000005],[954.28200000000004],[984.07899999999995],[977.95899999999995],[1027.116],[1009.896],[1016.728],[1002.635],[934.40599999999995],[865.072],[934.75199999999995],[949.65999999999997],[947.21799999999996]],[[-37.927],[-25.832000000000001],[-38.435000000000002],[-54.542999999999999],[-50.780000000000001],[-90.260999999999996],[-80.013999999999996],[-103.309],[-100.34999999999999],[-124.622],[-138.56200000000001],[-172.374],[-225.41800000000001],[-314.50799999999998],[-174.40600000000001],[-212.95599999999999],[-218.12899999999999]],[[1008.292],[993.33199999999999],[984.67100000000005],[1010.405],[1039.5039999999999],[1044.5429999999999],[1064.0920000000001],[1081.268],[1127.4659999999999],[1134.519],[1155.2909999999999],[1175.009],[1159.8240000000001],[1179.5799999999999],[1109.1579999999999],[1162.616],[1165.347]]]

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COVID-19 in this publication

Suspension of trend estimates

The trend series attempts to measure underlying behaviour of international trade activity. In the short term, this measurement will be significantly affected by the current COVID-19 pandemic and subsequent changes to regular patterns in international trade that will occur during this time. If the trend estimates in this publication were to be calculated without fully accounting for this unusual event, they would provide a misleading view of underlying international trade activity.

It may be some time before the underlying trend in international trade activity can be accurately estimated. The trend series has therefore been suspended from June quarter 2019 and will be reinstated when more certainty emerges in the underlying trend in international trade.

Seasonal adjustment and COVID-19

International Accounts uses the concurrent seasonal adjustment method, meaning that seasonal factors are re-estimated each time new data becomes available. If not appropriately accounted for, unusual events, such as COVID-19, can distort estimates calculated using this method. From March quarter 2020, seasonal factors for series that have been notably impacted by COVID-19 will be calculated using data up to and including December quarter 2019, then projected from March quarter 2020 onwards. This approach, known as the forward factor method, ensures that the seasonal factors are not distorted by COVID-19 impacts.

The ABS has advised users that it had moved to using forward factors for seasonal analysis of a number of series, including Travel Services. Current ABS (and international practice) requires at least three years of data to assess whether a change in the seasonal pattern has occurred. Should COVID-19 result in a long-term change to the seasonal pattern then revisions to these series may occur in the future. The ABS will consult with users on any future methods changes to seasonal adjustment and potential revisions.

For more information on interpreting seasonally adjusted estimates of International travel services please see the May 2020 feature article International Travel Services time series which outlines the matter in greater detail.

Current Account

Balance on current account in current prices, seasonally adjusted (a) - December quarter 2020
	Current prices ($m)	Current prices change ($m)
Balance on current account	14,523	3,817
Balance on goods and services	18,124	4,430
Net goods	14,253	4,595
Net services	3,872	-164
Net primary income	-3,167	-444
Net secondary income	-434	-169

(a) For sign conventions, see the Concepts section in the Explanatory notes in the Methodology.

Terms of trade

Implicit price deflator and terms of trade (a)
	Implicit Price Deflator Goods and services credits	Implicit Price Deflator Goods and services debits	Terms of Trade (net Goods and services)
Dec-12	88.6	86.0	103.0
Mar-13	90.9	86.3	105.3
Jun-13	90.5	86.2	104.9
Sep-13	94.0	91.9	102.3
Dec-13	94.0	91.7	102.5
Mar-14	96.2	94.4	101.9
Jun-14	89.1	91.8	97.0
Sep-14	85.6	91.5	93.5
Dec-14	85.3	93.2	91.6
Mar-15	84.3	93.9	89.8
Jun-15	81.4	94.6	86.1
Sep-15	81.3	97.1	83.8
Dec-15	77.9	96.8	80.5
Mar-16	74.7	94.0	79.5
Jun-16	75.7	92.9	81.5
Sep-16	78.1	92.2	84.7
Dec-16	86.9	92.3	94.1
Mar-17	92.0	92.6	99.3
Jun-17	87.3	93.3	93.5
Sep-17	85.4	91.5	93.3
Dec-17	87.3	93.6	93.3
Mar-18	91.4	94.8	96.4
Jun-18	92.6	97.4	95.1
Sep-18	95.7	99.5	96.1
Dec-18	98.9	100.4	98.5
Mar-19	101.6	99.9	101.7
Jun-19	104.0	100.9	103.1
Sep-19	106.1	101.9	104.0
Dec-19	101.2	101.9	99.4
Mar-20	101.6	101.8	99.7
Jun-20	100.5	100.0	100.5
Sep-20	98.4	96.6	101.8
Dec-20	102.2	95.8	106.7

Relationship between IPD, EPI and IPI

Differences between the IPD and International Trade Price Indexes can arise due to a number of methodological factors including differences in pricing points, timing, coverage and weights.

Price comparison (QoQ % change)
	Implicit price deflators (a)	Implicit price deflators (a)	Chain Laspeyres Indexes (b)	International Trade Price Indexes (b)
	Seasonally Adjusted	Original	Original	Original
Goods exports	4.5	4.5	5.4	5.5
Services exports	0.4	0.4	0.4	na
Goods imports	-1	-0.6	-0.6	-1
Services imports	1	1.1	-0.7	na

na not available
(a) Reference year 2018-19 = 100.
(b) Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

Implicit price deflators and international trade price indexes
	Implicit Price Deflators Goods credits (a)	Implicit Price Deflators Goods debits (a)	Export Price Index (b)	Import Price Index (b)
Dec-12	87.3	89	88.3	99.7
Mar-13	90.4	89	90.8	99.7
Jun-13	89.7	88.8	90.5	99.4
Sep-13	93.8	94.6	94.3	105.5
Dec-13	93.5	94.2	93.8	104.9
Mar-14	96.1	97	96.4	108.3
Jun-14	87.3	94	88.8	105.1
Sep-14	83.1	93.4	85.3	104.3
Dec-14	82.6	94.8	85.3	105.2
Mar-15	81.4	94.4	84.6	105
Jun-15	77.8	95.4	80.9	106.5
Sep-15	77.7	97.5	80.9	108
Dec-15	73.3	97.2	76.5	107.7
Mar-16	69.6	93.6	72.9	104.5
Jun-16	70.9	92.6	73.9	103.5
Sep-16	73.6	92.1	76.9	102.5
Dec-16	84.4	92.4	88.2	102.7
Mar-17	90.2	93.1	96	103.9
Jun-17	84.6	93.2	90.5	103.8
Sep-17	82.2	91.4	87.8	102.1
Dec-17	84.4	93.3	90.3	104.5
Mar-18	89.5	94.9	94.7	106.6
Jun-18	90.9	97.5	96.5	110
Sep-18	94.3	99.5	100.1	112.1
Dec-18	98.3	100.3	104.5	112.7
Mar-19	102.1	99.6	109.2	112.1
Jun-19	105.3	100.5	113.3	113.1
Sep-19	106.8	101.4	114.8	113.5
Dec-19	100.9	101.8	108.8	114.3
Mar-20	103.1	100.8	111.7	113.1
Jun-20	101.6	99.4	109	110.9
Sep-20	97.5	96.1	103.4	107
Dec-20	101.9	95.5	109.1	105.9

Implicit price deflators and international trade price indexes

["","Implicit Price Deflators Goods credits (a)","Implicit Price Deflators Goods debits (a)","Export Price Index (b)","Import Price Index (b)"]

[["Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[87.299999999999997],[90.400000000000006],[89.700000000000003],[93.799999999999997],[93.5],[96.099999999999994],[87.299999999999997],[83.099999999999994],[82.599999999999994],[81.400000000000006],[77.799999999999997],[77.700000000000003],[73.299999999999997],[69.599999999999994],[70.900000000000006],[73.599999999999994],[84.400000000000006],[90.200000000000003],[84.599999999999994],[82.200000000000003],[84.400000000000006],[89.5],[90.900000000000006],[94.299999999999997],[98.299999999999997],[102.09999999999999],[105.3],[106.8],[100.90000000000001],[103.09999999999999],[101.59999999999999],[97.5],[101.90000000000001]],[[89],[89],[88.799999999999997],[94.599999999999994],[94.200000000000003],[97],[94],[93.400000000000006],[94.799999999999997],[94.400000000000006],[95.400000000000006],[97.5],[97.200000000000003],[93.599999999999994],[92.599999999999994],[92.099999999999994],[92.400000000000006],[93.099999999999994],[93.200000000000003],[91.400000000000006],[93.299999999999997],[94.900000000000006],[97.5],[99.5],[100.3],[99.599999999999994],[100.5],[101.40000000000001],[101.8],[100.8],[99.400000000000006],[96.099999999999994],[95.5]],[[88.299999999999997],[90.799999999999997],[90.5],[94.299999999999997],[93.799999999999997],[96.400000000000006],[88.799999999999997],[85.299999999999997],[85.299999999999997],[84.599999999999994],[80.900000000000006],[80.900000000000006],[76.5],[72.900000000000006],[73.900000000000006],[76.900000000000006],[88.200000000000003],[96],[90.5],[87.799999999999997],[90.299999999999997],[94.700000000000003],[96.5],[100.09999999999999],[104.5],[109.2],[113.3],[114.8],[108.8],[111.7],[109],[103.40000000000001],[109.09999999999999]],[[99.700000000000003],[99.700000000000003],[99.400000000000006],[105.5],[104.90000000000001],[108.3],[105.09999999999999],[104.3],[105.2],[105],[106.5],[108],[107.7],[104.5],[103.5],[102.5],[102.7],[103.90000000000001],[103.8],[102.09999999999999],[104.5],[106.59999999999999],[110],[112.09999999999999],[112.7],[112.09999999999999],[113.09999999999999],[113.5],[114.3],[113.09999999999999],[110.90000000000001],[107],[105.90000000000001]]]

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(a) Reference year 2018-19 = 100
(b) Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $11,837m, a fall of $458m on the September quarter 2020 surplus of $12,295m.

The fall in the balance on goods and services surplus, in seasonally adjusted chain volume terms, is expected to detract 0.1 percentage points from the change in the December quarter 2020 chain volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the September quarter 2020.

Goods and services, chain volume measures (a)
	Balance on goods and services	Balance on goods	Balance on services
Dec-12	-11.6	-2.7	-8.8
Mar-13	-8.1	0.4	-8.4
Jun-13	-7.5	1.6	-9
Sep-13	-5.9	1.8	-7.5
Dec-13	-3.9	3.6	-7.4
Mar-14	1	7.3	-6.1
Jun-14	-1.2	5	-5.9
Sep-14	0.5	6.4	-5.5
Dec-14	3.8	8.5	-4.4
Mar-15	5.2	9.4	-3.8
Jun-15	1.5	5.8	-3.9
Sep-15	6.9	9.9	-2.7
Dec-15	7.7	10.9	-3
Mar-16	12.2	14.7	-2.2
Jun-16	11.2	14.3	-2.7
Sep-16	11.7	13.8	-1.8
Dec-16	13.1	15.6	-2
Mar-17	7.8	10.1	-2.2
Jun-17	9.9	11.5	-1.6
Sep-17	9.1	12.1	-2.8
Dec-17	6.1	9.3	-3
Mar-18	8.3	10.8	-2.4
Jun-18	8.4	10.4	-1.9
Sep-18	11.4	13.2	-1.8
Dec-18	11.1	12.8	-1.8
Mar-19	12.1	12.7	-0.7
Jun-19	14.6	14.8	-0.3
Sep-19	16.2	15.8	0.5
Dec-19	15.8	14.9	0.9
Mar-20	18.4	17.3	1
Jun-20	21.5	15.4	6.1
Sep-20	12.3	8.2	4.1
Dec-20	11.8	7.8	4

Goods and services, chain volume measures (a)

["","Balance on goods and services","Balance on goods","Balance on services"]

[["Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[-11.6],[-8.0999999999999996],[-7.5],[-5.9000000000000004],[-3.8999999999999999],[1],[-1.2],[0.5],[3.7999999999999998],[5.2000000000000002],[1.5],[6.9000000000000004],[7.7000000000000002],[12.199999999999999],[11.199999999999999],[11.699999999999999],[13.1],[7.7999999999999998],[9.9000000000000004],[9.0999999999999996],[6.0999999999999996],[8.3000000000000007],[8.4000000000000004],[11.4],[11.1],[12.1],[14.6],[16.199999999999999],[15.800000000000001],[18.399999999999999],[21.5],[12.300000000000001],[11.800000000000001]],[[-2.7000000000000002],[0.40000000000000002],[1.6000000000000001],[1.8],[3.6000000000000001],[7.2999999999999998],[5],[6.4000000000000004],[8.5],[9.4000000000000004],[5.7999999999999998],[9.9000000000000004],[10.9],[14.699999999999999],[14.300000000000001],[13.800000000000001],[15.6],[10.1],[11.5],[12.1],[9.3000000000000007],[10.800000000000001],[10.4],[13.199999999999999],[12.800000000000001],[12.699999999999999],[14.800000000000001],[15.800000000000001],[14.9],[17.300000000000001],[15.4],[8.1999999999999993],[7.7999999999999998]],[[-8.8000000000000007],[-8.4000000000000004],[-9],[-7.5],[-7.4000000000000004],[-6.0999999999999996],[-5.9000000000000004],[-5.5],[-4.4000000000000004],[-3.7999999999999998],[-3.8999999999999999],[-2.7000000000000002],[-3],[-2.2000000000000002],[-2.7000000000000002],[-1.8],[-2],[-2.2000000000000002],[-1.6000000000000001],[-2.7999999999999998],[-3],[-2.3999999999999999],[-1.8999999999999999],[-1.8],[-1.8],[-0.69999999999999996],[-0.29999999999999999],[0.5],[0.90000000000000002],[1],[6.0999999999999996],[4.0999999999999996],[4]]]

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(a) Seasonally adjusted, reference year 2018-19.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits rose $7,688m (9%) to $93,005m, with volumes up 4% and prices up 5%.

Goods credits, price and volume change - seasonally adjusted - December quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of goods	7,688	9	4.3	4.5
Rural goods	2,031	22.1	23.5	-1.2
Non-rural goods	5,306	7.7	1.5	6.1
Net exports of goods under merchanting	51	40.2	27.6	9.8
Non-monetary gold	300	4.1	8.5	-4

(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Rural goods

Non-rural goods

Non-rural goods (seasonally adjusted)
			Change in:
	Sep-20	Dec-20	Current prices	Current prices
	$m	$m	$m	%
Non-rural goods	68,619	73,925	5,306	8
Metal ores and minerals(a)	36,668	40,375	3,707	10
Coal, coke and briquettes(a)	9,296	9,339	43	0
Other mineral fuels(a)(b)	8,202	9,067	865	11
Metals (excl. non-monetary gold)	2,633	2,704	71	3
Machinery	2,510	2,685	175	7
Transport equipment	875	1,000	125	14
Other manufactures	5,184	5,358	174	3
Other non-rural (incl. sugar and beverages)(c)	2,882	3,043	161	6
Goods procured in ports by carriers(b)	369	356	-13	-4

(a) From September quarter 2019 onwards, separate seasonally adjusted factors for current price and chain volume measures are applied.
(b) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(c) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.

Selected major commodities, current prices (a)(b)(c)
	Metal ores and minerals	Coal, coke and briquettes	Other mineral fuels
Dec-12	18.3	9.4	6.7
Mar-13	21.1	9.3	6
Jun-13	21.9	10	6.4
Sep-13	23.5	10.2	7
Dec-13	24.7	10.4	6.4
Mar-14	26.2	10.4	8
Jun-14	22.3	9.1	8
Sep-14	20.5	9.1	7.4
Dec-14	20	9.6	7.3
Mar-15	19.6	10.4	6.5
Jun-15	17.9	9	5.2
Sep-15	18.4	9.3	5.9
Dec-15	16.4	8.5	6.1
Mar-16	16.2	8.2	5.6
Jun-16	17.8	8.5	5.1
Sep-16	18.3	9.2	5.9
Dec-16	21.7	16.2	7.1
Mar-17	24.8	15.7	7.4
Jun-17	20.7	13.3	8.6
Sep-17	21.4	14	8.1
Dec-17	21.5	14.4	8.3
Mar-18	23.5	16.3	10.9
Jun-18	23.5	15.8	12.1
Sep-18	23.3	16.9	14.3
Dec-18	24.9	17.9	16.2
Mar-19	27.9	17.6	15.3
Jun-19	33.6	17.2	14.6
Sep-19	34.6	16.1	15.8
Dec-19	31.6	13.6	14.9
Mar-20	31.4	13.2	14.9
Jun-20	34.4	11.6	12.7
Sep-20	36.7	9.3	8.2
Dec-20	40.4	9.3	9.1

Selected major commodities, current prices (a)(b)(c)

["","Metal ores and minerals","Coal, coke and briquettes","Other mineral fuels"]

[["Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[18.300000000000001],[21.100000000000001],[21.899999999999999],[23.5],[24.699999999999999],[26.199999999999999],[22.300000000000001],[20.5],[20],[19.600000000000001],[17.899999999999999],[18.399999999999999],[16.399999999999999],[16.199999999999999],[17.800000000000001],[18.300000000000001],[21.699999999999999],[24.800000000000001],[20.699999999999999],[21.399999999999999],[21.5],[23.5],[23.5],[23.300000000000001],[24.899999999999999],[27.899999999999999],[33.600000000000001],[34.600000000000001],[31.600000000000001],[31.399999999999999],[34.399999999999999],[36.700000000000003],[40.399999999999999]],[[9.4000000000000004],[9.3000000000000007],[10],[10.199999999999999],[10.4],[10.4],[9.0999999999999996],[9.0999999999999996],[9.5999999999999996],[10.4],[9],[9.3000000000000007],[8.5],[8.1999999999999993],[8.5],[9.1999999999999993],[16.199999999999999],[15.699999999999999],[13.300000000000001],[14],[14.4],[16.300000000000001],[15.800000000000001],[16.899999999999999],[17.899999999999999],[17.600000000000001],[17.199999999999999],[16.100000000000001],[13.6],[13.199999999999999],[11.6],[9.3000000000000007],[9.3000000000000007]],[[6.7000000000000002],[6],[6.4000000000000004],[7],[6.4000000000000004],[8],[8],[7.4000000000000004],[7.2999999999999998],[6.5],[5.2000000000000002],[5.9000000000000004],[6.0999999999999996],[5.5999999999999996],[5.0999999999999996],[5.9000000000000004],[7.0999999999999996],[7.4000000000000004],[8.5999999999999996],[8.0999999999999996],[8.3000000000000007],[10.9],[12.1],[14.300000000000001],[16.199999999999999],[15.300000000000001],[14.6],[15.800000000000001],[14.9],[14.9],[12.699999999999999],[8.1999999999999993],[9.0999999999999996]]]

[]

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(a) Seasonally adjusted

(b) Between September quarter 2005 and September quarter 2019, seasonal factors were derived based on the corresponding chained volume measure.

(c) From September quarter 2019 onwards, separate seasonally adjusted factors for current price and chain volume measures are applied.

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $3,095m (4%) to $78,753m, with volumes up 5% and prices down 1%.

Goods debits, price and volume change - seasonally adjusted - December quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Imports of goods	3,095	4.1	5.2	-1
Consumption goods	2,594	9.7	10.1	-0.3
Capital goods	1,625	8.8	9.1	-0.2
Intermediate and other merchandise goods	317	1.2	1.9	-0.8
Non-monetary gold	-1,443	-47.7	-45.7	-3.8

(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Consumption goods

Capital goods

Intermediate and other merchandise goods

Services

Services exports, price and volume change - seasonally adjusted - December quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of services	247	2	1	-
Manufacturing services on physical inputs owned by others	1	-	-	-
Maintenance and repair services n.i.e.	-	-	-	-
Transport	20	2	1	1
Travel	135	2	1	-
Other services	90	1	1	-

- nil or rounded to zero (including null cells)
(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Services imports, price and volume change - seasonally adjusted - December quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Imports of services	411	4	3	1
Manufacturing services on physical inputs owned by others	-	-	-	-
Maintenance and repair services n.i.e.	31	32	33	-1
Transport	331	12	5	6
Travel	36	29	29	-
Other services	13	-	1	-1

- nil or rounded to zero (including null cells)
(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Income

Primary Income Deficit widened by $444m to $3,167m in the December quarter 2020.

Net primary income
	Trend ($b)	Seasonally adjusted ($b)
Dec-12	-9.403	-9.847
Mar-13	-9.536	-9.025
Jun-13	-9.92	-10.044
Sep-13	-10.586	-10.642
Dec-13	-10.98	-10.807
Mar-14	-10.536	-11.186
Jun-14	-9.51	-9.151
Sep-14	-8.383	-8.302
Dec-14	-7.801	-7.894
Mar-15	-8.22	-7.88
Jun-15	-9.267	-9.097
Sep-15	-9.923	-10.621
Dec-15	-9.873	-10.136
Mar-16	-9.327	-8.358
Jun-16	-9.348	-10.169
Sep-16	-10.353	-9.391
Dec-16	-11.728	-12.356
Mar-17	-12.833	-12.905
Jun-17	-13.583	-13.462
Sep-17	-13.857	-13.878
Dec-17	-14.295	-14.364
Mar-18	-14.949	-14.568
Jun-18	-15.536	-15.829
Sep-18	-15.94	-16.153
Dec-18	-15.985	-15.374
Mar-19	-15.574	-16.165
Jun-19		-14.485
Sep-19		-13.189
Dec-19		-11.219
Mar-20		-10.666
Jun-20		-5.267
Sep-20		-2.723
Dec-20		-3.167

Net primary income

["","Trend ($b)","Seasonally adjusted ($b)"]

[["Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[-9.4030000000000005],[-9.5359999999999996],[-9.9199999999999999],[-10.586],[-10.98],[-10.536],[-9.5099999999999998],[-8.3829999999999991],[-7.8010000000000002],[-8.2200000000000006],[-9.2669999999999995],[-9.923],[-9.8729999999999993],[-9.327],[-9.3480000000000008],[-10.353],[-11.728],[-12.833],[-13.583],[-13.856999999999999],[-14.295],[-14.949],[-15.536],[-15.94],[-15.984999999999999],[-15.574],[null],[null],[null],[null],[null],[null],[null]],[[-9.8469999999999995],[-9.0250000000000004],[-10.044],[-10.641999999999999],[-10.807],[-11.186],[-9.1509999999999998],[-8.3019999999999996],[-7.8940000000000001],[-7.8799999999999999],[-9.0969999999999995],[-10.621],[-10.135999999999999],[-8.3580000000000005],[-10.169],[-9.391],[-12.356],[-12.904999999999999],[-13.462],[-13.878],[-14.364000000000001],[-14.568],[-15.829000000000001],[-16.152999999999999],[-15.374000000000001],[-16.164999999999999],[-14.484999999999999],[-13.189],[-11.218999999999999],[-10.666],[-5.2670000000000003],[-2.7229999999999999],[-3.1669999999999998]]]

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Capital and Financial Account

The capital and financial accounts recorded a deficit of $10b, mainly driven by the financial account deficit of $9.8b.
This quarter financial account deficit was due to a net outflow of equity of $34.4b and a net inflow of debt of $24.6b.

Capital and financial account
	Mar-20	Jun-20	Sep-20	Dec-20	Qtr on Qtr
	($m)	($m)	($m)	($m)	($m)
Capital account	-534	-218	-165	-179	-14
Acquisitions/disposals of non-produced non-financial assets	-346	0	0	1	1
Acquisitions/disposals of non-produced non-financial assets credits	0	0	0	1	1
Acquisitions/disposals of non-produced non-financial assets debits	-346	0	0	0	0
Capital transfers	-188	-218	-165	-180	-15
Capital transfers credits	0	0	0	0	0
Capital transfers debits	-188	-218	-165	-180	-15
Financial account	-5,983	-21,192	-5,564	-9,820	-4,256
Direct investment	9,742	6,137	-5,648	5,716	11,364
Direct investment assets	-4,514	-662	-9,939	-2,511	7,428
Direct investment liabilities	14,256	6,800	4,291	8,226	3,935
Portfolio investment	-21,792	-9,722	12,201	-11,817	-24,018
Portfolio investment assets	23,924	14,766	-42,551	-71,281	-28,730
Portfolio investment liabilities	-45,716	-24,487	54,752	59,464	4,712
Financial derivatives	-4,364	-765	-4,985	-10,710	-5,725
Financial derivatives assets	10,661	101,168	50,018	26,773	-23,245
Financial derivatives liabilities	-15,025	-101,933	-55,004	-37,483	17,521
Other investment	9,397	-39,905	-6,890	6,209	13,099
Other investment assets	-68,744	15,754	15,366	24,708	9,342
Other investment liabilities	78,141	-55,659	-22,256	-18,499	3,757
Reserve assets	1,033	23,063	-242	781	1,023
Net errors and omissions	-2,743	2,285	-2,498	-2,751	-253

International Investment Position

Australia's net IIP liability position was $947.2b at 31 December 2020, a decrease of $2.4b on the revised 30 September 2020 position of $949.7b. Australia's net foreign debt liability position increased $2.7b to $1,165.3b. Australia's net foreign equity asset position increased $5.2b to $218.1b at 31 December 2020.

International investment position, by net foreign equity and net foreign debt
		Position at beginning of period	Transactions	Price changes	Exchange rate changes	Other adjustments	Position at end of period
		$m	$m	$m	$m	$m	$m
Net International Investment Position	Jun-20	865,072	-21,192	6,165	84,828	-122	934,752
Net International Investment Position	Sep-20	934,752	-5,564	-23,520	44,473	-480	949,660
Net International Investment Position	Dec-20	949,660	-9,820	-34,571	41,831	118	947,218

Net Foreign Equity	Jun-20	-314,508	29,500	-16,336	128,934	-1,997	-174,406
Net Foreign Equity	Sep-20	-174,406	-42,941	-28,914	32,493	813	-212,956
Net Foreign Equity	Dec-20	-212,956	-34,410	-33,975	63,883	-670	-218,129

Net Foreign Debt	Jun-20	1,179,580	-50,692	22,501	-44,106	1,875	1,109,158
Net Foreign Debt	Sep-20	1,109,158	37,377	5,394	11,980	-1,294	1,162,616
Net Foreign Debt	Dec-20	1,162,616	24,590	-595	-22,052	789	1,165,347

Economic conditions

Country	OECD quarterly GDP growth rate (a)(%)	MSCI quarterly percentage change (b) (%)	AUD exchange rate quarterly percentage change (c) (%)
AUS	na	14
USA	1	13	8
UK	1	10	2
Europe	0	15	3
China	3	11	4
Japan	3	13	6
South Korea	1	27	1
Indonesia	3	24	2
India	na	20	7
New Zealand	na	4	-1

Supplementary Information

Value adjustments

Goods credits data presented in this publication are based on information provided by exporters to the Department of Home Affairs (Home Affairs). At the time of initial reporting to Home Affairs, the final prices at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to Home Affairs.

For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Home Affairs. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level. Coal, coke and briquettes are adjusted on a balance of payments basis in original current price terms. When actual final transaction prices become available estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was effected.

Exports on an international merchandise trade basis

Iron ore (in original terms)

Adjustments have been applied to iron ore lump in the June quarter (+$10m), September quarter (-$30m) and December quarter (+$285m) 2020.
Adjustments have been applied to iron ore fines in the September quarter (+$15m) and December quarter (+$110m) 2020.
When actual final transaction prices become available estimates are replaced with these data.

Goods credits on a balance of payments basis

Coal (in original terms)

adjustments have been applied to coal, coke and briquettes in the balance of payments series for the December quarter (-$290m). All previous adjustments have been removed.

Capital expenditure (in original terms)

the balance of payments goods debits component capital goods n.e.s. includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the customs frontier.

Revisions

Data downloads

Download all (9.7 MB)

Time series spreadsheets

Data files

Table 1. Balance of payments, summary: original - quarter
Download xls [506.5 KB]
Table 2. International investment position: by net foreign equity and net foreign debt - quarter
Download xls [87 KB]
Table 3. Foreign assets and liabilities: by equity and debt - quarter
Download xls [113.5 KB]
Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter
Download xls [501 KB]
Table 5. Goods and services: chain volume measures and indexes - quarter
Download xls [325 KB]
Table 6. Goods credits
Download xls [1.41 MB]
Table 7. Goods debits
Download xls [3.55 MB]
Table 8. Services credits
Download xls [5.22 MB]
Table 9. Services debits
Download xls [5.11 MB]
Table 10. Income credits - quarter
Download xls [1.02 MB]
Table 11. Income debits - quarter
Download xls [490.5 KB]
Table 12. Capital account: original - quarter
Download xls [186 KB]
Table 13. Financial account - quarter
Download xls [4.08 MB]
Table 14. International investment: foreign assets - quarter
Download xls [14.6 MB]
Table 15. International investment: foreign liabilities - quarter
Download xls [6.96 MB]
Table 16. Foreign debt levels - quarter
Download xls [827 KB]
Table 17. Gross external debt liabilities: levels - quarter
Download xls [424.5 KB]
Table 18. Currency and residual maturity of foreign debt - quarter
Download xls [1.29 MB]
Table 19. Exchange rates - quarter
Download xls [348.5 KB]
Table 20. Foreign assets and liabilities by industry - quarter
Download xls [960.5 KB]
Table 21. Goods and services credit by state on a balance of payments basis - quarter
Download xls [821.5 KB]
Table 22. Goods and services debits by state on a balance of payments basis - quarter
Download xls [829.5 KB]
Table 23. Selected international accounts ratios: seasonally adjusted - quarter
Download xls [315 KB]
Table 24. Quarterly combined current price seasonal adjustment factors
Download xls [1.2 MB]
Table 25. Exports by SITC division on a balance of payments basis - quarter
Download xls [4.84 MB]
Table 26. Imports by broad economic category on a balance of payments basis - quarter
Download xls [8.18 MB]
Table 27. International investment: directional principle - quarter
Download xls [196.5 KB]
Table 28. Summary of revisions - quarter
Download xls [521 KB]
Table 29. International investment position: historical summary - quarter
Download xls [73 KB]
Table 30. Balance of payments, summary: original - financial year
Download xls [184 KB]
Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter
Download xls [963 KB]

Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

Balance of Payments and International Investment Position, Australia methodology, December 2020

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			Change in:
	Sep-20	Dec-20	Current prices	Current prices
	$m	$m	$m	%
Consumption goods	-26,660	-29,254	2,594	10
Food and beverages, mainly for consumption	-4,003	-4,388	385	10
Household electrical items	-2,007	-1,788	-219	-11
Non-industrial transport equipment	-4,833	-6,421	1,588	33
Textiles, clothing and footwear	-5,487	-5,398	-89	-2
Toys, books and leisure goods	-1,710	-2,032	322	19
Consumption goods n.e.s.	-8,620	-9,226	606	7

			Change in:
	Sep-20	Dec-20	Current prices	Current prices
	$m	$m	$m	%
Capital goods	-18,487	-20,112	1,625	9
Machinery and industrial equipment	-6,220	-6,629	409	7
ADP equipment	-3,028	-2,865	-163	-5
Telecommunications equipment	-3,216	-3,537	321	10
Civil aircraft and confidentialised items(a)(b)	-604	-445	-159	-26
Industrial transport equipment n.e.s.	-2,729	-3,712	983	36
Capital goods n.e.s.(c)	-2,689	-2,925	236	9

			Change in:
	Sep-20	Dec-20	Current prices	Current prices
	$m	$m	$m	%
Intermediate and other merchandise goods	-27,488	-27,805	317	1
Food and beverages, mainly for industry	-582	-523	-59	-10
Primary industrial supplies n.e.s.(b)	-484	-474	-10	-2
Fuels and lubricants(c)	-5,235	-5,003	-232	-4
Parts for transport equipment	-3,242	-3,394	152	5
Parts for ADP equipment	-214	-197	-17	-8
Other parts for capital goods	-4,683	-4,796	113	2
Organic and inorganic chemicals	-819	-832	13	2
Paper and paperboard	-524	-569	45	9
Textile yarn and fabrics	-407	-438	31	8
Iron and steel	-809	-755	-54	-7
Plastics	-994	-1,100	106	11
Processed industrial supplies n.e.s.	-9,249	-9,638	389	4
Other merchandise goods(d)(e)	-228	-65	-163	-71
Goods procured in ports by carriers(c)	-16	-20	4	25

Rural goods (seasonally adjusted)
			Change in:
	Sep-20	Dec-20	Current prices	Current prices
	$m	$m	$m	%
Rural goods	9,209	11,240	2,031	22
Meat and meat preparations	3,274	3,388	114	3
Cereal grains and cereal preparations	1,131	2,435	1,304	115
Wool and sheepskins	535	588	53	10
Other rural(a)	4,269	4,829	560	13

APA

Balance of Payments and International Investment Position, Australia

APA

Key statistics

Main features

COVID-19 in this publication

Suspension of trend estimates

Seasonal adjustment and COVID-19

Current Account

Terms of trade

Relationship between IPD, EPI and IPI

Balance on goods and services

Exports of goods (credits)

Rural goods

Non-rural goods

Imports of goods (debits)

Consumption goods

Capital goods

Intermediate and other merchandise goods

Services

Income

Read more

Primary income credits

Primary income debits

Secondary income

Capital and Financial Account

International Investment Position

Economic conditions

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods credits on a balance of payments basis

Revisions

Summary of revisions since the last issue of this publication

Data downloads

Time series spreadsheets

Table 1. Balance of payments, summary: original - quarter

Table 2. International investment position: by net foreign equity and net foreign debt - quarter

Table 3. Foreign assets and liabilities: by equity and debt - quarter

Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter

Table 5. Goods and services: chain volume measures and indexes - quarter

Table 6. Goods credits

Table 7. Goods debits

Table 8. Services credits

Table 9. Services debits

Table 10. Income credits - quarter

Table 11. Income debits - quarter

Table 12. Capital account: original - quarter

Table 13. Financial account - quarter

Table 14. International investment: foreign assets - quarter

Table 15. International investment: foreign liabilities - quarter

Table 16. Foreign debt levels - quarter

Table 17. Gross external debt liabilities: levels - quarter

Table 18. Currency and residual maturity of foreign debt - quarter

Table 19. Exchange rates - quarter

Table 20. Foreign assets and liabilities by industry - quarter

Table 21. Goods and services credit by state on a balance of payments basis - quarter

Table 22. Goods and services debits by state on a balance of payments basis - quarter

Table 23. Selected international accounts ratios: seasonally adjusted - quarter

Table 24. Quarterly combined current price seasonal adjustment factors

Table 25. Exports by SITC division on a balance of payments basis - quarter

Table 26. Imports by broad economic category on a balance of payments basis - quarter

Table 27. International investment: directional principle - quarter

Table 28. Summary of revisions - quarter

Table 29. International investment position: historical summary - quarter

Table 30. Balance of payments, summary: original - financial year

Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter

Previous catalogue number

Methodology

Media releases

Australia's current account surplus increased to $14.5b

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