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 2022

Released

28/02/2023

View all releases

Key statistics

The current account balance, seasonally adjusted, rose $13,361m to a surplus of $14,114m.
The capital and financial account deficit was $10,067m, a turnaround of $23,057m on the September quarter 2022 surplus.
The net international investment liability position was $856,794m at 31 December 2022.

International accounts overview

Key figures ($m)
	Sep 22	Dec 22
Balance on current account (a)	753	14,114
Balance on goods and services (a)	31,453	40,903
Net primary income (a)	-30,401	-26,407
Capital and financial account	12,990	-10,067
International investment position (b)	859,901	856,794

a. Seasonally adjusted estimates at current prices.
b. Levels at end of period

The current account balance (seasonally adjusted current price) for December quarter 2022 was a surplus of $14.1b. The current account balance increased $13.4b from the revised September quarter 2022 surplus of $0.8b.

The increase in the current account reflected a rise in the trade surplus and a decline in the net primary income deficit.

The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 1.1 percentage points to the December quarter 2022 GDP quarterly movement, assuming no significant revision to September quarter 2022 estimates of GDP.

The terms of trade increased 0.6% to 111.7, up from 111.1 in September quarter 2022.

The net primary income deficit fell to $26.4b, following the record high deficit of $30.4b in September quarter 2022.

Australia's net international investment liability position was $856.8b at December quarter 2022, a decrease of $3.1b on the revised September quarter 2022 position of $859.9b.

Annual seasonal re-analysis

The seasonally adjusted and trend estimates of goods, services, primary income and secondary income will be revised in the March quarter 2023 issue of this publication as a result of the annual seasonal re-analysis. This re-analysis reviews the seasonal and trading day factors in more detail than is possible in the quarterly processing cycle and assesses the appropriateness of any prior corrections. The suspension of trend estimates and use of the forward factor method for series with significant and prolonged impacts from COVID-19 will also be reviewed as part of this process.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Dec-18	-6.0	10.4	-16.1
Mar-19	-4.5	12.1	-16.2
Jun-19	2.3	17.8	-15.6
Sep-19	7.1	21.4	-14.1
Dec-19	2.4	15.3	-12.6
Mar-20	5.3	16.3	-10.8
Jun-20	13.4	21.1	-7.2
Sep-20	10.3	13.9	-3.0
Dec-20	14.3	19.4	-4.4
Mar-21	20.0	26.7	-6.3
Jun-21	17.0	28.7	-10.5
Sep-21	22.4	36.9	-13.8
Dec-21	7.3	28.3	-20.2
Mar-22	3.3	27.0	-23.0
Jun-22	11.2	41.6	-29.7
Sep-22	0.8	31.5	-30.4
Dec-22	14.1	40.9	-26.4

Current account balance (a), main aggregates

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

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22"],[[-6],[-4.5],[2.2999999999999998],[7.0999999999999996],[2.3999999999999999],[5.2999999999999998],[13.4],[10.300000000000001],[14.300000000000001],[20],[17],[22.399999999999999],[7.2999999999999998],[3.2999999999999998],[11.199999999999999],[0.80000000000000004],[14.1]],[[10.4],[12.1],[17.800000000000001],[21.399999999999999],[15.300000000000001],[16.300000000000001],[21.100000000000001],[13.9],[19.399999999999999],[26.699999999999999],[28.699999999999999],[36.899999999999999],[28.300000000000001],[27],[41.600000000000001],[31.5],[40.899999999999999]],[[-16.100000000000001],[-16.199999999999999],[-15.6],[-14.1],[-12.6],[-10.800000000000001],[-7.2000000000000002],[-3],[-4.4000000000000004],[-6.2999999999999998],[-10.5],[-13.800000000000001],[-20.199999999999999],[-23],[-29.699999999999999],[-30.399999999999999],[-26.399999999999999]]]

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Seasonally adjusted estimates at current prices.

International investment position
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Dec-18	1,036.5	-104.9	1,141.4
Mar-19	1,026.4	-129.4	1,155.7
Jun-19	1,038.4	-145.0	1,183.4
Sep-19	1,025.1	-181.7	1,206.8
Dec-19	950.4	-237.3	1,187.7
Mar-20	885.8	-320.2	1,206.0
Jun-20	986.7	-159.5	1,146.1
Sep-20	1,001.4	-192.3	1,193.7
Dec-20	989.1	-204.6	1,193.7
Mar-21	879.3	-294.3	1,173.6
Jun-21	844.5	-350.7	1,195.2
Sep-21	846.7	-365.0	1,211.8
Dec-21	775.1	-432.5	1,207.6
Mar-22	825.4	-309.5	1,134.9
Jun-22	837.8	-301.8	1,139.6
Sep-22	859.9	-299.4	1,159.3
Dec-22	856.8	-306.1	1,162.8

International investment position

["","Net IIP","Net Foreign Equity","Net Foreign Debt"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22"],[[1036.5],[1026.4000000000001],[1038.4000000000001],[1025.0999999999999],[950.39999999999998],[885.79999999999995],[986.70000000000005],[1001.4],[989.10000000000002],[879.29999999999995],[844.5],[846.70000000000005],[775.10000000000002],[825.39999999999998],[837.79999999999995],[859.89999999999998],[856.79999999999995]],[[-104.90000000000001],[-129.40000000000001],[-145],[-181.69999999999999],[-237.30000000000001],[-320.19999999999999],[-159.5],[-192.30000000000001],[-204.59999999999999],[-294.30000000000001],[-350.69999999999999],[-365],[-432.5],[-309.5],[-301.80000000000001],[-299.39999999999998],[-306.10000000000002]],[[1141.4000000000001],[1155.7],[1183.4000000000001],[1206.8],[1187.7],[1206],[1146.0999999999999],[1193.7],[1193.7],[1173.5999999999999],[1195.2],[1211.8],[1207.5999999999999],[1134.9000000000001],[1139.5999999999999],[1159.3],[1162.8]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Sep 22	Dec 22	Sep 22 to Dec 22
Balance on current account	753	14,114	13,361
Balance on goods and services	31,453	40,903	9,450
Net goods	39,266	44,626	5,360
Net Services	-7,813	-3,723	4,090
Net primary income	-30,401	-26,407	3,994
Net secondary income	-299	-382	-83

Terms of trade

Australia's seasonally adjusted terms of trade on net goods and services for the December quarter 2022 rose 0.6% to 111.7, with an increase of 1.8% in the implicit price deflator (IPD) for goods and services credits and an increase of 1.3% in the IPD for goods and services debits.

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-14	78.9	95.4	82.7
Mar-15	77.1	96.3	80.0
Jun-15	75.2	96.7	77.7
Sep-15	75.4	99.4	75.8
Dec-15	71.9	99.2	72.5
Mar-16	68.4	96.3	71.0
Jun-16	69.8	95.0	73.5
Sep-16	72.4	94.5	76.6
Dec-16	80.3	94.6	85.0
Mar-17	84.0	95.1	88.4
Jun-17	80.5	95.4	84.3
Sep-17	79.2	93.8	84.4
Dec-17	80.9	95.8	84.4
Mar-18	83.5	97.3	85.8
Jun-18	85.2	99.5	85.6
Sep-18	88.8	102.1	87.0
Dec-18	91.9	102.9	89.3
Mar-19	92.9	102.5	90.6
Jun-19	95.2	103.0	92.5
Sep-19	97.8	104.2	93.8
Dec-19	93.9	104.7	89.7
Mar-20	94.0	104.7	89.8
Jun-20	91.7	103.0	89.0
Sep-20	90.6	99.7	90.8
Dec-20	95.5	99.8	95.6
Mar-21	102.3	99.1	103.3
Jun-21	111.2	101.4	109.6
Sep-21	120.1	108.1	111.1
Dec-21	119.8	114.9	104.2
Mar-22	134.0	118.6	113.0
Jun-22	145.4	123.1	118.1
Sep-22	142.1	127.9	111.1
Dec-22	144.7	129.5	111.7

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-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","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22"],[[78.900000000000006],[77.099999999999994],[75.200000000000003],[75.400000000000006],[71.900000000000006],[68.400000000000006],[69.799999999999997],[72.400000000000006],[80.299999999999997],[84],[80.5],[79.200000000000003],[80.900000000000006],[83.5],[85.200000000000003],[88.799999999999997],[91.900000000000006],[92.900000000000006],[95.200000000000003],[97.799999999999997],[93.900000000000006],[94],[91.700000000000003],[90.599999999999994],[95.5],[102.3],[111.2],[120.09999999999999],[119.8],[134],[145.40000000000001],[142.09999999999999],[144.69999999999999]],[[95.400000000000006],[96.299999999999997],[96.700000000000003],[99.400000000000006],[99.200000000000003],[96.299999999999997],[95],[94.5],[94.599999999999994],[95.099999999999994],[95.400000000000006],[93.799999999999997],[95.799999999999997],[97.299999999999997],[99.5],[102.09999999999999],[102.90000000000001],[102.5],[103],[104.2],[104.7],[104.7],[103],[99.700000000000003],[99.799999999999997],[99.099999999999994],[101.40000000000001],[108.09999999999999],[114.90000000000001],[118.59999999999999],[123.09999999999999],[127.90000000000001],[129.5]],[[82.700000000000003],[80],[77.700000000000003],[75.799999999999997],[72.5],[71],[73.5],[76.599999999999994],[85],[88.400000000000006],[84.299999999999997],[84.400000000000006],[84.400000000000006],[85.799999999999997],[85.599999999999994],[87],[89.299999999999997],[90.599999999999994],[92.5],[93.799999999999997],[89.700000000000003],[89.799999999999997],[89],[90.799999999999997],[95.599999999999994],[103.3],[109.59999999999999],[111.09999999999999],[104.2],[113],[118.09999999999999],[111.09999999999999],[111.7]]]

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Seasonally adjusted, reference year 2020-21=100.

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) (b)	Implicit price deflators (a) (b)	Chain Laspeyres Indexes (a) (b)	International Trade Price Indexes (c)
	Seasonally Adjusted	Original	Original	Original
Goods exports	2.4	1.5	-1.2	-0.9
Services exports	1.5	1.4	1.0	na
Goods imports	1.6	1.5	1.8	1.8
Services imports	-0.2	1.5	1.0	na

na not available
a. Reference year 2020-21=100.
b. Movements in indexes are calculated from unrounded data.
c. Source: International Trade Price Indexes, Australia.

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-14	75.4	99.1	85.3	105.2
Mar-15	74.3	98.7	84.6	105.0
Jun-15	71.1	99.9	80.9	106.5
Sep-15	70.9	102.0	80.9	108.0
Dec-15	66.9	101.7	76.5	107.7
Mar-16	63.6	97.9	72.9	104.5
Jun-16	64.8	96.9	73.9	103.5
Sep-16	67.2	96.4	76.9	102.5
Dec-16	77.0	96.7	88.2	102.7
Mar-17	82.3	97.4	96.0	103.9
Jun-17	77.3	97.5	90.5	103.8
Sep-17	75.0	95.7	87.8	102.1
Dec-17	77.1	97.6	90.3	104.5
Mar-18	81.8	99.2	94.7	106.6
Jun-18	83.0	102.0	96.5	110.0
Sep-18	86.1	104.1	100.1	112.1
Dec-18	89.8	104.9	104.5	112.7
Mar-19	93.2	104.2	109.2	112.1
Jun-19	96.2	105.2	113.3	113.1
Sep-19	97.6	106.0	114.8	113.5
Dec-19	92.2	106.5	108.8	114.3
Mar-20	94.2	105.5	111.7	113.1
Jun-20	92.6	104.0	109.0	110.9
Sep-20	88.7	100.2	103.4	107.0
Dec-20	92.9	99.7	109.1	105.9
Mar-21	101.9	99.3	121.3	106.1
Jun-21	116.4	100.9	137.3	108.1
Sep-21	121.5	106.1	145.8	113.9
Dec-21	120.4	111.9	150.9	120.5
Mar-22	140.4	116.9	173.0	126.6
Jun-22	154.3	122.6	190.4	132.0
Sep-22	147.1	125.8	183.5	135.9
Dec-22	149.4	127.7	181.9	138.4

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-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","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22"],[[75.400000000000006],[74.299999999999997],[71.099999999999994],[70.900000000000006],[66.900000000000006],[63.600000000000001],[64.799999999999997],[67.200000000000003],[77],[82.299999999999997],[77.299999999999997],[75],[77.099999999999994],[81.799999999999997],[83],[86.099999999999994],[89.799999999999997],[93.200000000000003],[96.200000000000003],[97.599999999999994],[92.200000000000003],[94.200000000000003],[92.599999999999994],[88.700000000000003],[92.900000000000006],[101.90000000000001],[116.40000000000001],[121.5],[120.40000000000001],[140.40000000000001],[154.30000000000001],[147.09999999999999],[149.40000000000001]],[[99.099999999999994],[98.700000000000003],[99.900000000000006],[102],[101.7],[97.900000000000006],[96.900000000000006],[96.400000000000006],[96.700000000000003],[97.400000000000006],[97.5],[95.700000000000003],[97.599999999999994],[99.200000000000003],[102],[104.09999999999999],[104.90000000000001],[104.2],[105.2],[106],[106.5],[105.5],[104],[100.2],[99.700000000000003],[99.299999999999997],[100.90000000000001],[106.09999999999999],[111.90000000000001],[116.90000000000001],[122.59999999999999],[125.8],[127.7]],[[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],[121.3],[137.30000000000001],[145.80000000000001],[150.90000000000001],[173],[190.40000000000001],[183.5],[181.90000000000001]],[[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],[106.09999999999999],[108.09999999999999],[113.90000000000001],[120.5],[126.59999999999999],[132],[135.90000000000001],[138.40000000000001]]]

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Reference year 2020-21=100.
Source: International Trade Price Indexes, Australia.

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $17,245m, an increase of $6,066m on the revised September quarter 2022 surplus of $11,179m.

The rise in the balance on goods and services surplus of $6.1 billion (seasonally adjusted chain volume measure) is expected to contribute 1.1 percentage points to the December quarter 2022 GDP quarterly movement.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Dec-14	14,423	19,098	-5,677
Mar-15	15,936	20,030	-5,055
Jun-15	11,933	16,325	-5,402
Sep-15	17,471	20,974	-4,348
Dec-15	18,678	22,116	-4,531
Mar-16	23,104	25,603	-3,392
Jun-16	22,272	25,524	-4,087
Sep-16	22,585	25,235	-3,697
Dec-16	24,449	27,671	-4,064
Mar-17	18,478	21,455	-4,298
Jun-17	21,406	23,213	-3,277
Sep-17	21,418	24,283	-4,093
Dec-17	18,247	21,388	-4,429
Mar-18	19,616	22,681	-4,472
Jun-18	20,295	22,991	-4,124
Sep-18	23,499	25,639	-3,698
Dec-18	23,533	25,488	-3,655
Mar-19	23,741	24,457	-2,312
Jun-19	27,038	27,415	-1,950
Sep-19	28,618	27,876	-783
Dec-19	28,023	27,055	-640
Mar-20	28,240	28,690	-1,741
Jun-20	33,261	27,689	5,740
Sep-20	24,146	19,955	4,270
Dec-20	24,463	20,502	3,932
Mar-21	23,115	20,532	2,561
Jun-21	17,324	14,315	2,981
Sep-21	21,502	19,031	2,472
Dec-21	19,818	18,130	1,687
Mar-22	8,194	8,614	-420
Jun-22	12,478	13,401	-923
Sep-22	11,179	13,227	-2,048
Dec-22	17,245	16,148	1,097

Goods and services, chain volume measures (a)

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

[["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","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22"],[[14423],[15936],[11933],[17471],[18678],[23104],[22272],[22585],[24449],[18478],[21406],[21418],[18247],[19616],[20295],[23499],[23533],[23741],[27038],[28618],[28023],[28240],[33261],[24146],[24463],[23115],[17324],[21502],[19818],[8194],[12478],[11179],[17245]],[[19098],[20030],[16325],[20974],[22116],[25603],[25524],[25235],[27671],[21455],[23213],[24283],[21388],[22681],[22991],[25639],[25488],[24457],[27415],[27876],[27055],[28690],[27689],[19955],[20502],[20532],[14315],[19031],[18130],[8614],[13401],[13227],[16148]],[[-5677],[-5055],[-5402],[-4348],[-4531],[-3392],[-4087],[-3697],[-4064],[-4298],[-3277],[-4093],[-4429],[-4472],[-4124],[-3698],[-3655],[-2312],[-1950],[-783],[-640],[-1741],[5740],[4270],[3932],[2561],[2981],[2472],[1687],[-420],[-923],[-2048],[1097]]]

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Seasonally adjusted, reference year 2020-21=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits rose $2,832m (1.9%) to $155,116m, with volumes down 0.5% and prices up 2.4%.

Goods credits, price and volume change, seasonally adjusted - December quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		2,832	1.9	-0.5	2.4
	Rural goods	86	0.4	-3.5	4.1
	Non-rural goods	4,364	3.5	2.3	1.1
	Net exports of goods under merchanting	-102	-102.0	-102.0	0.4
	Non-monetary gold(c)	-1,517	-20.5	-23.7	4.3

a. Reference year 2020-21=100.
b. Movements are calculated from unrounded data.
c. This component is not seasonally adjusted.

Rural goods

Rural goods (a)
	Sep 22 ($m)	Dec 22 ($m)	Sep 22 to Dec 22 ($m)	Sep 22 to Dec 22 (%)
Rural goods	19,838	19,924	86	0.4
	Meat and meat preparations	4,401	3,865	-536	-12.2
	Cereal grains and cereal preparations	5,844	6,531	687	11.8
	Wool and sheepskins	1,177	709	-468	-39.8
	Other rural(b)	8,416	8,819	403	4.8

Non-rural goods

Non-rural goods (a)
	Sep 22 ($m)	Dec 22 ($m)	Sep 22 to Dec 22 ($m)	Sep 22 to Dec 22 (%)
Non-rural goods	124,933	129,297	4,364	3.5
	Metal ores and minerals(b)	40,823	43,616	2,793	6.8
	Coal, coke and briquettes(b)	36,456	35,977	-479	-1.3
	Other mineral fuels(b)	28,890	29,685	795	2.8
	Metals (excl. non-monetary gold)	3,546	4,135	589	16.6
	Machinery	3,130	3,179	49	1.6
	Transport equipment	1,103	1,247	144	13.1
	Other manufactures	6,382	6,726	344	5.4
	Other non-rural (incl. sugar and beverages)(c)	3,727	3,871	144	3.9
	Goods procured in ports by carriers(d)	875	861	-14	-1.6

Selected major commodities (a)
	Metal ores and minerals ($m) ($m)	Coal, coke and briquettes ($m) ($m)	Other mineral fuels ($m) ($m)
Dec-14	20,284	9,635	7,205
Mar-15	19,150	10,152	6,544
Jun-15	17,876	9,147	5,282
Sep-15	18,685	9,494	5,888
Dec-15	16,541	8,438	5,979
Mar-16	15,914	7,909	5,632
Jun-16	17,617	8,607	5,167
Sep-16	18,514	9,439	5,867
Dec-16	22,077	16,100	6,988
Mar-17	24,513	15,077	7,343
Jun-17	20,319	13,489	8,757
Sep-17	21,651	14,337	8,152
Dec-17	22,077	14,338	8,278
Mar-18	23,271	15,650	10,753
Jun-18	22,754	16,050	12,396
Sep-18	23,508	17,412	14,332
Dec-18	25,863	17,920	16,086
Mar-19	27,763	16,759	15,003
Jun-19	32,214	17,448	15,033
Sep-19	34,666	16,189	15,782
Dec-19	32,176	13,675	14,786
Mar-20	31,702	13,038	14,904
Jun-20	33,411	11,654	12,900
Sep-20	36,857	9,325	8,165
Dec-20	42,446	9,238	9,015
Mar-21	49,875	9,626	10,499
Jun-21	52,349	10,982	12,193
Sep-21	48,899	18,044	17,727
Dec-21	36,189	25,077	21,463
Mar-22	43,112	28,980	21,976
Jun-22	42,015	41,224	26,797
Sep-22	40,823	36,456	28,890
Dec-22	43,616	35,977	29,685

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits fell $2,529m (2.2%) to $110,489m, with volumes down 3.8% and prices up 1.6%.

Goods debits, price and volume change, seasonally adjusted - December quarter 22
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		-2,529	-2.2	-3.8	1.6
	Consumption goods	-237	-0.7	-3.0	2.4
	Capital goods	-417	-1.6	-5.3	3.8
	Intermediate and other merchandise goods	-1,474	-2.9	-2.4	-0.5
	Non-monetary gold(c)	-400	-21.8	-24.9	4.1

a. Reference year 2020-21=100.
b. Movements are calculated from unrounded data.
c. This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
	Sep 22 ($m)	Dec 22 ($m)	Sep 22 to Dec 22 ($m)	Sep 22 to Dec 22 (%)
Consumption goods	-34,245	-34,008	-237	-0.7
	Food and beverages, mainly for consumption	-5,069	-4,879	-190	-3.7
	Household electrical items	-2,088	-1,896	-192	-9.2
	Non-industrial transport equipment	-7,826	-8,629	803	10.3
	Textiles, clothing and footwear	-6,082	-5,835	-247	-4.1
	Toys, books and leisure goods	-2,172	-2,017	-155	-7.1
	Consumption goods n.e.s.	-11,008	-10,752	-256	-2.3

Capital goods

Capital goods (a)(b)
	Sep 22 ($m)	Dec 22 ($m)	Sep 22 to Dec 22 ($m)	Sep 22 to Dec 22 (%)
Capital goods	-25,763	-25,346	-417	-1.6
	Machinery and industrial equipment	-8,521	-8,305	-216	-2.5
	ADP equipment	-3,732	-3,547	-185	-5.0
	Telecommunications equipment	-4,219	-3,938	-281	-6.7
	Civil aircraft and confidentialised items(c)(d)	-1,450	-1,528	78	5.4
	Industrial transport equipment n.e.s.	-4,288	-4,239	-49	-1.1
	Capital goods n.e.s.(e)	-3,555	-3,790	235	6.6

Intermediate and other merchandise goods

Intermediate and other merchandise goods (a)(b)
	Sep 22 ($m)	Dec 22 ($m)	Sep 22 to Dec 22 ($m)	Sep 22 to Dec 22 (%)
Intermediate and other merchandise goods	-51,172	-49,698	-1,474	-2.9
	Food and beverages, mainly for industry	-726	-750	24	3.3
	Primary industrial supplies n.e.s.(c)	-591	-620	29	4.9
	Fuels and lubricants(d)(e)	-18,951	-17,375	-1,576	-8.3
	Parts for transport equipment	-4,118	-4,527	409	9.9
	Parts for ADP equipment	-199	-226	27	13.6
	Other parts for capital goods	-6,146	-6,025	-121	-2.0
	Organic and inorganic chemicals	-1,920	-1,770	-150	-7.8
	Paper and paperboard	-692	-707	15	2.2
	Textile yarn and fabrics	-483	-453	-30	-6.2
	Iron and steel	-1,293	-1,252	-41	-3.2
	Plastics	-1,511	-1,385	-126	-8.3
	Processed industrial supplies n.e.s.	-14,234	-13,753	-481	-3.4
	Other merchandise goods(f)(g)	-214	-510	296	138.3
	Goods procured in ports by carriers(d)	-94	-345	251	267.0

Services

Services credits, price and volume change, seasonally adjusted - December quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		2,253	11.4	9.8	1.5
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	11	110.0	107.9	1.0
	Transport(c)	365	24.8	20.6	3.5
	Travel(c)	1,896	20.3	18.9	1.2
	Other services	-17	-0.2	-1.5	1.3

- nil or rounded to zero (including null cells)
a. Reference year 2020-21=100.
b. Movements are calculated from unrounded data.
c. This component has been seasonally adjusted using the forward factor method since March 2020 due to the impacts of COVID-19.

Services debits, price and volume change, seasonally adjusted - December quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		-1,837	-6.7	-6.5	-0.2
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	23	18.5	16.7	1.6
	Transport(c)	-1,450	-15.0	-11.1	-4.4
	Travel(c)	-154	-2.0	-6.2	4.5
	Other services	-255	-2.6	-4.5	2.1

Income

Net primary income deficit remained elevated, narrowing to $26,407m in the December quarter 2022.

Net primary income (a)
	Net primary income	Primary income credits	Primary income debits
Dec-18	-16.1	16.7	-32.9
Mar-19	-16.2	17.7	-33.9
Jun-19	-15.6	16.9	-32.6
Sep-19	-14.1	16.8	-30.9
Dec-19	-12.6	17.1	-29.7
Mar-20	-10.8	16.8	-27.7
Jun-20	-7.2	14.3	-21.5
Sep-20	-3.0	15.6	-18.6
Dec-20	-4.4	14.3	-18.7
Mar-21	-6.3	15.7	-22.0
Jun-21	-10.5	15.9	-26.4
Sep-21	-13.8	17.9	-31.7
Dec-21	-20.2	18.6	-38.9
Mar-22	-23.0	20.1	-43.0
Jun-22	-29.7	22.9	-52.7
Sep-22	-30.4	22.7	-53.1
Dec-22	-26.4	25.2	-51.6

Net primary income (a)

["","Net primary income","Primary income credits","Primary income debits"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22"],[[-16.100000000000001],[-16.199999999999999],[-15.6],[-14.1],[-12.6],[-10.800000000000001],[-7.2000000000000002],[-3],[-4.4000000000000004],[-6.2999999999999998],[-10.5],[-13.800000000000001],[-20.199999999999999],[-23],[-29.699999999999999],[-30.399999999999999],[-26.399999999999999]],[[16.699999999999999],[17.699999999999999],[16.899999999999999],[16.800000000000001],[17.100000000000001],[16.800000000000001],[14.300000000000001],[15.6],[14.300000000000001],[15.699999999999999],[15.9],[17.899999999999999],[18.600000000000001],[20.100000000000001],[22.899999999999999],[22.699999999999999],[25.199999999999999]],[[-32.899999999999999],[-33.899999999999999],[-32.600000000000001],[-30.899999999999999],[-29.699999999999999],[-27.699999999999999],[-21.5],[-18.600000000000001],[-18.699999999999999],[-22],[-26.399999999999999],[-31.699999999999999],[-38.899999999999999],[-43],[-52.700000000000003],[-53.100000000000001],[-51.600000000000001]]]

[]

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Seasonally adjusted estimates at current prices.

Primary income credits

In seasonally adjusted terms at current prices, income to residents (credits) rose $2,470m (10.9%) to $25,165m. The main components contributing to this movement were:

Direct investment assets - investment income on equity and investment fund shares; up $1,536m (15.2%)
Portfolio investment assets - interest; up $589m (19.2%)
Other investment assets; up $325m (30.1%)

Primary income debits

In seasonally adjusted terms at current prices income to non-residents (debits) fell $1,524m (2.9%) to $51,572m. The main components contributing to this movement were:

Direct investment liabilities - income on equity and investment fund shares; down $2,559m (9.0%)
Portfolio investment liabilities - income on equity and investment fund shares; down $1,043m (10.3%)

Partly offset by:

Portfolio investment liabilities - interest; up $1,683m (17.4%)
Other investment income; up $386m (19.3%)

Secondary income

In seasonally adjusted terms at current prices, the net secondary income deficit rose $83m to $382m in the December quarter 2022.

Capital and Financial Account

The capital and financial account recorded a deficit of $10.1b during the December 2022 quarter, mainly driven by the financial account deficit of $9.9b.

The financial account fell due to a $28.2b net outflow of equity and a $18.3b net inflow of debt.

Capital and financial account ($m)
			Mar 22	Jun 22	Sep 22	Dec 22	Sep 22 to Dec 22
Capital account			-186	-211	-239	-194	45
	Acquisitions/disposals of non-produced non-financial assets		2	56	-11	-14	-3
		Acquisitions/disposals of non-produced non-financial assets credits	6	68	-	-	-
		Acquisitions/disposals of non-produced non-financial assets debits	-4	-12	-11	-14	-3
	Capital transfers		-188	-267	-228	-180	48
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-188	-267	-228	-180	48
Financial account			-5,646	-19,894	13,229	-9,873	-23,102
	Direct investment		-59,296	-6,228	3,307	-16,977	-20,284
		Direct investment assets	-118,300	-12,217	-28,076	-15,009	13,067
		Direct investment liabilities	59,005	5,989	31,383	-1,969	-33,352
	Portfolio investment		56,776	39,390	5,181	20,848	15,667
		Portfolio investment assets	-32,963	15,120	-2,583	-17,014	-14,431
		Portfolio investment liabilities	89,739	24,270	7,764	37,862	30,098
	Financial derivatives		-2,734	-1,825	5,989	-10,994	-16,983
		Financial derivatives assets	43,340	75,658	117,830	96,068	-21,762
		Financial derivatives liabilities	-46,074	-77,483	-111,840	-107,062	4,778
	Other investment		207	-50,770	474	-1,794	-2,268
		Other investment assets	-16,796	-32,784	-2,123	3,232	5,355
		Other investment liabilities	17,003	-17,986	2,597	-5,026	-7,623
	Reserve assets		-599	-462	-1,721	-956	765
	Net errors and omissions		3,887	-220	-4,385	-4,369	16

- nil or rounded to zero (including null cells)

International Investment Position

Australia's net IIP liability position was $856.8b at 31 December 2022, a decrease of $3.1b on the revised 30 September 2022 figure of $859.9b. Australia's net foreign equity asset position increased $6.7b to $306.1b at 31 December 2022. Australia's net foreign debt liability position increased $3.6b to $1,162.8b.

International investment position, by net foreign equity and net foreign debt ($m)
		Position at beginning of period	Transactions	Price changes	Exchange rate changes	Other adjustments	Position at end of period
Net International Investment Position
	Jun‑22	825,377	-19,894	70,044	-38,145	446	837,827
	Sep‑22	837,827	13,229	33,258	-22,448	-1,965	859,901
	Dec‑22	859,901	-9,873	-9,601	17,623	-1,256	856,794
Net Foreign Equity
	Jun‑22	-309,476	-1,097	84,948	-74,615	-1,579	-301,819
	Sep‑22	-301,819	10,339	31,779	-36,333	-3,325	-299,360
	Dec‑22	-299,360	-28,186	-3,951	29,195	-3,748	-306,051
Net Foreign Debt
	Jun‑22	1,134,853	-18,797	-14,905	36,470	2,025	1,139,646
	Sep‑22	1,139,646	2,891	1,479	13,886	1,361	1,159,262
	Dec‑22	1,159,262	18,313	-5,650	-11,572	2,492	1,162,845

Data downloads

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Time series spreadsheets

Data files

Table 1. Balance of payments, summary: original - quarter
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Table 2. International investment position: by net foreign equity and net foreign debt - quarter
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Table 3. Foreign assets and liabilities: by equity and debt - quarter
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Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter
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Table 5. Goods and services: chain volume measures and indexes - quarter
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Table 6. Goods credits
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Table 7. Goods debits
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Table 8. Services credits
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Table 9. Services debits
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Table 10. Income credits - quarter
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Table 11. Income debits - quarter
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Table 12. Capital account: original - quarter
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Table 13. Financial account - quarter
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Table 14. International investment: foreign assets - quarter
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Table 15. International investment: foreign liabilities - quarter
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Table 16. Foreign debt levels - quarter
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Table 17. Gross external debt liabilities: levels - quarter
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Table 18. Currency and residual maturity of foreign debt - quarter
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Table 19. Exchange rates - quarter
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Table 20. Foreign assets and liabilities by industry - quarter
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Table 21. Goods and services credit by state on a balance of payments basis - quarter
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Table 22. Goods and services debits by state on a balance of payments basis - quarter
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Table 23. Selected international accounts ratios: seasonally adjusted - quarter
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Table 24. Quarterly combined current price seasonal adjustment factors
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Table 25. Exports by SITC division on a balance of payments basis - quarter
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Table 26. Imports by broad economic category on a balance of payments basis - quarter
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Table 27. International investment: directional principle - quarter
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Table 28. Summary of revisions - quarter
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Table 29. International investment position: historical summary - quarter
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Table 30. Balance of payments, summary: original - financial year
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Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter
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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, final transaction prices are not known for some commodities. Final quantity and/or unit price information is updated progressively 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 final transaction prices become available adjusted 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 occurs prior to the items crossing the customs frontier. The ABS adjusts the relevant balance of payments series to record the timing when transfer of ownership takes place.

Exports on an international merchandise trade basis

Iron ore (in original terms)

Adjustments have been applied to iron ore lumps in the September quarter 2022 (-$40m) and December quarter 2022 (+$75m).
Adjustments have been applied to iron ore fines in the September quarter 2022 (-$45m) and December quarter (+$180m).
When actual final transaction prices become available estimates are replaced with these data.

Goods 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 September quarter (-$130m) and the December quarter (+$1,035m) 2022. All previous adjustments have been removed.

Other mineral fuels (in original terms)

Adjustments have been applied to other mineral fuels in the balance of payments series for the December quarter (-$370m) 2022.

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

Economic conditions

Country	MSCI quarterly percentage change (a)(%)	AUD exchange rate quarterly percentage change (b)(%)
Australia	8.81	na
United States of America	6.92	4.20
United Kingdom	8.85	-3.60
Europe	21.43	-3.91
China	12.26	2.30
Japan	3.28	-4.33
Singapore	3.45	-2.20
India	3.94	5.73
New Zealand	11.96	-5.74

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 with significant and prolonged impacts from COVID-19 will be calculated using the forward factor method.

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.

Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

Balance of Payments and International Investment Position, Australia methodology, December 2022

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APA

Balance of Payments and International Investment Position, Australia

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Key statistics

International accounts overview

Annual seasonal re-analysis

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

Primary income credits

Primary income debits

Secondary income

Capital and Financial Account

International Investment Position

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