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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 2023

Released

5/03/2024

View all releases

Key statistics

The current account balance, seasonally adjusted, rose $10,524m to a surplus of $11,800m.
The capital and financial account deficit was $9,730m, a turnaround of $13,214m on the September quarter 2023 surplus.
The net international investment liability position was $836,635m at 31 December 2023.

International accounts overview

Key figures ($m)
	Sep 23	Dec 23
Balance on current account (a)	1,276	11,800
Balance on goods and services (a)	24,172	32,363
Net primary income (a)	-22,073	-20,171
Capital and financial account	3,484	-9,730
International investment position (b)	811,171	836,635

Seasonally adjusted estimates in current price terms.
Levels at end of period.

The current account balance (seasonally adjusted, current price) for December quarter 2023 was a surplus of $11.8b. The current account balance increased $10.5b from the revised September quarter 2023 surplus of $1.3b.

The increase in the current account surplus 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 0.6 percentage points to the December quarter 2023 GDP quarterly movement.

The terms of trade increased 2.2% to 95.1, up from 93.0 in September quarter 2023.

The net primary income deficit narrowed to $20.2b, following the $22.1b deficit in September quarter 2023.

Australia's net international investment liability position was $836.6b at 31 December 2023, an increase of $25.5b on the revised September quarter 2023 position of $811.2b.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Dec-15	-21.6	-11.4	-10.1
Mar-16	-17.6	-9.1	-8.3
Jun-16	-17.8	-7.6	-10.1
Sep-16	-14.1	-4.3	-9.4
Dec-16	-6.2	6.3	-12.4
Mar-17	-8.6	4.6	-12.8
Jun-17	-11.0	2.8	-13.5
Sep-17	-11.9	2.2	-13.8
Dec-17	-15.0	-0.4	-14.3
Mar-18	-12.2	1.9	-14.1
Jun-18	-13.0	2.9	-15.7
Sep-18	-10.2	7.0	-16.9
Dec-18	-6.6	9.8	-16.2
Mar-19	-4.6	12.1	-16.3
Jun-19	3.3	18.9	-15.8
Sep-19	7.0	21.4	-14.3
Dec-19	1.6	14.5	-12.7
Mar-20	5.3	16.4	-10.8
Jun-20	14.4	22.3	-7.3
Sep-20	10.2	14.0	-3.2
Dec-20	13.4	18.1	-4.0
Mar-21	19.3	26.0	-6.2
Jun-21	19.0	30.6	-10.4
Sep-21	21.7	36.5	-14.2
Dec-21	4.5	25.8	-20.6
Mar-22	2.8	26.8	-23.1
Jun-22	12.3	44.0	-31.0
Sep-22	0.8	31.9	-30.7
Dec-22	10.4	38.1	-27.1
Mar-23	10.5	38.7	-27.7
Jun-23	8.3	30.8	-22.2
Sep-23	1.3	24.2	-22.1
Dec-23	11.8	32.4	-20.2

Current account balance (a), main aggregates

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

[["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","Mar-23","Jun-23","Sep-23","Dec-23"],[[-21.600000000000001],[-17.600000000000001],[-17.800000000000001],[-14.1],[-6.2000000000000002],[-8.5999999999999996],[-11],[-11.9],[-15],[-12.199999999999999],[-13],[-10.199999999999999],[-6.5999999999999996],[-4.5999999999999996],[3.2999999999999998],[7],[1.6000000000000001],[5.2999999999999998],[14.4],[10.199999999999999],[13.4],[19.300000000000001],[19],[21.699999999999999],[4.5],[2.7999999999999998],[12.300000000000001],[0.80000000000000004],[10.4],[10.5],[8.3000000000000007],[1.3],[11.800000000000001]],[[-11.4],[-9.0999999999999996],[-7.5999999999999996],[-4.2999999999999998],[6.2999999999999998],[4.5999999999999996],[2.7999999999999998],[2.2000000000000002],[-0.40000000000000002],[1.8999999999999999],[2.8999999999999999],[7],[9.8000000000000007],[12.1],[18.899999999999999],[21.399999999999999],[14.5],[16.399999999999999],[22.300000000000001],[14],[18.100000000000001],[26],[30.600000000000001],[36.5],[25.800000000000001],[26.800000000000001],[44],[31.899999999999999],[38.100000000000001],[38.700000000000003],[30.800000000000001],[24.199999999999999],[32.399999999999999]],[[-10.1],[-8.3000000000000007],[-10.1],[-9.4000000000000004],[-12.4],[-12.800000000000001],[-13.5],[-13.800000000000001],[-14.300000000000001],[-14.1],[-15.699999999999999],[-16.899999999999999],[-16.199999999999999],[-16.300000000000001],[-15.800000000000001],[-14.300000000000001],[-12.699999999999999],[-10.800000000000001],[-7.2999999999999998],[-3.2000000000000002],[-4],[-6.2000000000000002],[-10.4],[-14.199999999999999],[-20.600000000000001],[-23.100000000000001],[-31],[-30.699999999999999],[-27.100000000000001],[-27.699999999999999],[-22.199999999999999],[-22.100000000000001],[-20.199999999999999]]]

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Seasonally adjusted estimates in current price terms.

International investment position (IIP)
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Dec-15	977.0	-80.4	1,057.4
Mar-16	1,025.9	-35.1	1,061.0
Jun-16	1,049.5	-33.4	1,082.9
Sep-16	1,045.9	-35.0	1,080.9
Dec-16	1,026.8	-37.9	1,064.8
Mar-17	1,018.8	-25.8	1,044.6
Jun-17	1,008.0	-38.4	1,046.4
Sep-17	1,015.7	-54.8	1,070.4
Dec-17	1,051.5	-51.4	1,102.8
Mar-18	1,017.2	-90.7	1,107.9
Jun-18	1,056.1	-80.5	1,136.6
Sep-18	1,034.1	-105.5	1,139.6
Dec-18	1,079.9	-103.4	1,183.3
Mar-19	1,071.6	-127.7	1,199.4
Jun-19	1,084.3	-143.3	1,227.6
Sep-19	1,068.1	-175.2	1,243.3
Dec-19	999.0	-228.8	1,227.9
Mar-20	935.2	-310.5	1,245.7
Jun-20	1,058.5	-136.4	1,194.9
Sep-20	1,061.9	-165.6	1,227.5
Dec-20	1,044.6	-176.4	1,220.9
Mar-21	940.0	-266.0	1,206.0
Jun-21	912.8	-320.6	1,233.5
Sep-21	917.4	-329.8	1,247.2
Dec-21	838.6	-395.6	1,234.2
Mar-22	888.3	-272.5	1,160.8
Jun-22	904.4	-263.1	1,167.6
Sep-22	910.3	-258.9	1,169.3
Dec-22	944.1	-242.0	1,186.1
Mar-23	927.1	-275.4	1,202.5
Jun-23	842.0	-330.1	1,172.1
Sep-23	811.2	-356.3	1,167.5
Dec-23	836.6	-369.6	1,206.3

International investment position (IIP)

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

[["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","Mar-23","Jun-23","Sep-23","Dec-23"],[[977],[1025.9000000000001],[1049.5],[1045.9000000000001],[1026.8],[1018.8],[1008],[1015.7],[1051.5],[1017.2],[1056.0999999999999],[1034.0999999999999],[1079.9000000000001],[1071.5999999999999],[1084.3],[1068.0999999999999],[999],[935.20000000000005],[1058.5],[1061.9000000000001],[1044.5999999999999],[940],[912.79999999999995],[917.39999999999998],[838.60000000000002],[888.29999999999995],[904.39999999999998],[910.29999999999995],[944.10000000000002],[927.10000000000002],[842],[811.20000000000005],[836.60000000000002]],[[-80.400000000000006],[-35.100000000000001],[-33.399999999999999],[-35],[-37.899999999999999],[-25.800000000000001],[-38.399999999999999],[-54.799999999999997],[-51.399999999999999],[-90.700000000000003],[-80.5],[-105.5],[-103.40000000000001],[-127.7],[-143.30000000000001],[-175.19999999999999],[-228.80000000000001],[-310.5],[-136.40000000000001],[-165.59999999999999],[-176.40000000000001],[-266],[-320.60000000000002],[-329.80000000000001],[-395.60000000000002],[-272.5],[-263.10000000000002],[-258.89999999999998],[-242],[-275.39999999999998],[-330.10000000000002],[-356.30000000000001],[-369.60000000000002]],[[1057.4000000000001],[1061],[1082.9000000000001],[1080.9000000000001],[1064.8],[1044.5999999999999],[1046.4000000000001],[1070.4000000000001],[1102.8],[1107.9000000000001],[1136.5999999999999],[1139.5999999999999],[1183.3],[1199.4000000000001],[1227.5999999999999],[1243.3],[1227.9000000000001],[1245.7],[1194.9000000000001],[1227.5],[1220.9000000000001],[1206],[1233.5],[1247.2],[1234.2],[1160.8],[1167.5999999999999],[1169.3],[1186.0999999999999],[1202.5],[1172.0999999999999],[1167.5],[1206.3]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Sep 23	Dec 23	Sep 23 to Dec 23
Balance on current account	1,276	11,800	10,524
Balance on goods and services	24,172	32,363	8,191
Net goods	24,074	30,210	6,136
Net Services	98	2,153	2,055
Net primary income	-22,073	-20,171	1,902
Net secondary income	-823	-391	432

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-15	55.3	86.2	64.2
Mar-16	52.6	83.8	62.8
Jun-16	53.5	82.6	64.8
Sep-16	55.5	82.1	67.7
Dec-16	61.7	82.1	75.1
Mar-17	64.5	82.7	78.0
Jun-17	61.8	82.9	74.6
Sep-17	60.8	81.5	74.6
Dec-17	62.0	83.2	74.5
Mar-18	64.1	84.7	75.7
Jun-18	65.7	86.5	75.9
Sep-18	68.1	88.6	76.9
Dec-18	70.2	89.3	78.6
Mar-19	71.2	89.2	79.8
Jun-19	73.7	89.6	82.2
Sep-19	75.2	90.2	83.4
Dec-19	71.7	89.9	79.7
Mar-20	72.1	89.6	80.5
Jun-20	71.4	88.5	80.7
Sep-20	70.0	85.6	81.8
Dec-20	72.7	85.8	84.8
Mar-21	78.3	85.5	91.5
Jun-21	87.0	87.6	99.4
Sep-21	92.6	93.1	99.5
Dec-21	90.7	98.9	91.7
Mar-22	102.9	102.3	100.6
Jun-22	113.8	105.7	107.6
Sep-22	112.5	110.0	102.3
Dec-22	111.0	112.1	99.0
Mar-23	109.9	107.6	102.2
Jun-23	101.1	106.5	95.0
Sep-23	100.2	107.7	93.0
Dec-23	103.3	108.6	95.1

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	3.5	4.8	5.3	5.6
Services exports	0.8	0.8	0.6	na
Goods imports	1.1	1.1	1	1.1
Services imports	-0.2	-1.3	-1.3	na

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
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-15	49.9	88.7	76.5	107.7
Mar-16	47.4	85.5	72.9	104.5
Jun-16	48.3	84.6	73.9	103.5
Sep-16	50.0	84.1	76.9	102.5
Dec-16	57.4	84.4	88.2	102.7
Mar-17	61.3	85.0	96.0	103.9
Jun-17	57.6	85.1	90.5	103.8
Sep-17	55.9	83.5	87.8	102.1
Dec-17	57.4	85.2	90.3	104.5
Mar-18	60.9	86.6	94.7	106.6
Jun-18	61.8	89.0	96.5	110.0
Sep-18	64.2	90.9	100.1	112.1
Dec-18	66.9	91.6	104.5	112.7
Mar-19	69.4	90.9	109.2	112.1
Jun-19	71.7	91.8	113.3	113.1
Sep-19	72.7	92.5	114.8	113.5
Dec-19	68.7	93.0	108.8	114.3
Mar-20	70.2	92.1	111.7	113.1
Jun-20	69.1	90.8	109.0	110.9
Sep-20	66.2	87.4	103.4	107.0
Dec-20	69.3	87.0	109.1	105.9
Mar-21	76.0	86.6	121.3	106.1
Jun-21	86.9	88.1	137.3	108.1
Sep-21	90.7	92.6	145.8	113.9
Dec-21	89.7	97.8	150.9	120.5
Mar-22	104.7	102.1	173.0	126.6
Jun-22	115.1	107.1	190.4	132.0
Sep-22	112.2	110.2	183.5	135.9
Dec-22	111.8	112.0	181.9	138.4
Mar-23	111.8	106.9	184.9	132.6
Jun-23	100.1	106.0	169.1	131.6
Sep-23	97.2	107.5	163.9	132.6
Dec-23	101.9	108.7	173.1	134.1

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-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","Mar-23","Jun-23","Sep-23","Dec-23"],[[49.899999999999999],[47.399999999999999],[48.299999999999997],[50],[57.399999999999999],[61.299999999999997],[57.600000000000001],[55.899999999999999],[57.399999999999999],[60.899999999999999],[61.799999999999997],[64.200000000000003],[66.900000000000006],[69.400000000000006],[71.700000000000003],[72.700000000000003],[68.700000000000003],[70.200000000000003],[69.099999999999994],[66.200000000000003],[69.299999999999997],[76],[86.900000000000006],[90.700000000000003],[89.700000000000003],[104.7],[115.09999999999999],[112.2],[111.8],[111.8],[100.09999999999999],[97.200000000000003],[101.90000000000001]],[[88.700000000000003],[85.5],[84.599999999999994],[84.099999999999994],[84.400000000000006],[85],[85.099999999999994],[83.5],[85.200000000000003],[86.599999999999994],[89],[90.900000000000006],[91.599999999999994],[90.900000000000006],[91.799999999999997],[92.5],[93],[92.099999999999994],[90.799999999999997],[87.400000000000006],[87],[86.599999999999994],[88.099999999999994],[92.599999999999994],[97.799999999999997],[102.09999999999999],[107.09999999999999],[110.2],[112],[106.90000000000001],[106],[107.5],[108.7]],[[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],[184.90000000000001],[169.09999999999999],[163.90000000000001],[173.09999999999999]],[[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],[132.59999999999999],[131.59999999999999],[132.59999999999999],[134.09999999999999]]]

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Seasonally adjusted, reference year 2021-22=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 $37,809m, a rise of $3,931m on the revised September quarter 2023 surplus of $33,878m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Dec-15	38,323	43,060	-9,245
Mar-16	43,824	47,575	-7,875
Jun-16	43,078	47,761	-8,663
Sep-16	43,455	47,381	-8,397
Dec-16	46,378	51,125	-8,870
Mar-17	39,021	43,176	-9,277
Jun-17	42,991	45,624	-8,128
Sep-17	42,996	47,185	-9,147
Dec-17	39,126	43,568	-9,537
Mar-18	41,622	45,909	-9,759
Jun-18	42,581	46,301	-9,287
Sep-18	45,987	49,244	-9,053
Dec-18	46,087	48,998	-9,045
Mar-19	46,926	48,263	-7,430
Jun-19	51,214	51,941	-6,888
Sep-19	52,120	52,178	-6,568
Dec-19	50,571	51,092	-7,312
Mar-20	49,900	53,100	-8,437
Jun-20	54,291	50,646	2,718
Sep-20	42,593	40,650	1,399
Dec-20	44,112	42,589	1,076
Mar-21	43,341	43,485	-63
Jun-21	35,868	35,423	510
Sep-21	39,853	40,125	65
Dec-21	38,340	39,736	-929
Mar-22	25,275	29,361	-4,120
Jun-22	29,935	34,679	-5,516
Sep-22	25,513	31,444	-5,931
Dec-22	35,539	37,154	-1,615
Mar-23	32,483	32,927	-444
Jun-23	37,260	36,596	663
Sep-23	33,878	33,526	352
Dec-23	37,809	35,858	1,951

Goods and services, chain volume measures (a)

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

[["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","Mar-23","Jun-23","Sep-23","Dec-23"],[[38323],[43824],[43078],[43455],[46378],[39021],[42991],[42996],[39126],[41622],[42581],[45987],[46087],[46926],[51214],[52120],[50571],[49900],[54291],[42593],[44112],[43341],[35868],[39853],[38340],[25275],[29935],[25513],[35539],[32483],[37260],[33878],[37809]],[[43060],[47575],[47761],[47381],[51125],[43176],[45624],[47185],[43568],[45909],[46301],[49244],[48998],[48263],[51941],[52178],[51092],[53100],[50646],[40650],[42589],[43485],[35423],[40125],[39736],[29361],[34679],[31444],[37154],[32927],[36596],[33526],[35858]],[[-9245],[-7875],[-8663],[-8397],[-8870],[-9277],[-8128],[-9147],[-9537],[-9759],[-9287],[-9053],[-9045],[-7430],[-6888],[-6568],[-7312],[-8437],[2718],[1399],[1076],[-63],[510],[65],[-929],[-4120],[-5516],[-5931],[-1615],[-444],[663],[352],[1951]]]

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Seasonally adjusted, reference year 2021-22=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits rose $4,170m (3.1%) to $138,678m, with volumes down 0.4% and prices up 3.5%.

Goods credits, price and volume change, seasonally adjusted - December quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		4,170	3.1	-0.4	3.5
	Rural goods	-523	-2.9	-2.3	-0.6
	Non-rural goods	5,235	4.8	0.5	4.3
	Net exports of goods under merchanting	-21	-31.3	-36.6	8.3
	Non-monetary gold(c)	-521	-6.2	-8.8	2.9

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Rural goods

Rural goods (a)
	Sep 23 ($m)	Dec 23 ($m)	Sep 23 to Dec 23 ($m)	Sep 23 to Dec 23 (%)
Rural goods	17,970	17,447	-523	-2.9
	Meat and meat preparations	4,603	4,577	-26	-0.6
	Cereal grains and cereal preparations	4,618	4,420	-198	-4.3
	Wool and sheepskins	847	763	-84	-9.9
	Other rural(b)	7,902	7,686	-216	-2.7

Non-rural goods

Non-rural goods (a)
	Sep 23 ($m)	Dec 23 ($m)	Sep 23 to Dec 23 ($m)	Sep 23 to Dec 23 (%)
Non-rural goods	108,058	113,293	5,235	4.8
	Metal ores and minerals(b)	45,261	49,752	4,491	9.9
	Coal, coke and briquettes(b)	23,005	24,216	1,211	5.3
	Other mineral fuels(b)	20,314	20,026	-288	-1.4
	Metals (excl. non-monetary gold)	3,723	3,903	180	4.8
	Machinery	3,571	3,589	18	0.5
	Transport equipment	1,300	1,216	-84	-6.5
	Other manufactures	6,498	6,274	-224	-3.4
	Other non-rural (incl. sugar and beverages)(c)	3,506	3,495	-11	-0.3
	Goods procured in ports by carriers(d)	881	822	-59	-6.7

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Dec-15	16,723	8,433	5,947
Mar-16	16,014	7,910	5,617
Jun-16	17,393	8,615	5,249
Sep-16	18,510	9,439	5,836
Dec-16	22,255	16,066	6,930
Mar-17	24,492	15,098	7,328
Jun-17	20,217	13,512	8,961
Sep-17	21,721	14,332	8,077
Dec-17	22,125	14,269	8,175
Mar-18	23,089	15,721	10,743
Jun-18	22,853	16,076	12,790
Sep-18	23,689	17,416	14,136
Dec-18	25,681	17,743	15,838
Mar-19	27,415	16,897	14,982
Jun-19	32,661	17,515	15,648
Sep-19	35,004	16,187	15,498
Dec-19	31,814	13,446	14,476
Mar-20	31,198	13,198	14,901
Jun-20	34,188	11,712	13,435
Sep-20	37,283	9,349	7,958
Dec-20	41,844	9,014	8,861
Mar-21	48,826	9,777	10,504
Jun-21	54,090	11,081	12,793
Sep-21	48,791	18,185	17,455
Dec-21	35,840	24,293	20,887
Mar-22	42,287	29,613	22,003
Jun-22	43,310	41,678	28,109
Sep-22	41,221	36,636	28,495
Dec-22	43,388	34,534	28,620
Mar-23	49,127	29,591	25,915
Jun-23	43,637	26,861	23,479
Sep-23	45,261	23,005	20,314
Dec-23	49,752	24,216	20,026

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits fell $1,966m (1.8%) to $108,468m, with volumes down 2.8% and prices up 1.1%.

Goods debits, price and volume change, seasonally adjusted - December quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		-1,966	-1.8	-2.8	1.1
	Consumption goods	-1,176	-3.4	-5.4	2.1
	Capital goods	-969	-3.5	-3.4	-0.1
	Intermediate and other merchandise goods	426	0.9	-0.1	1.0
	Non-monetary gold(c)	-248	-9.9	-12.6	3.1

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
	Sep 23 ($m)	Dec 23 ($m)	Sep 23 to Dec 23 ($m)	Sep 23 to Dec 23 (%)
Consumption goods	-34,420	-33,244	-1,176	-3.4
	Food and beverages, mainly for consumption	-4,819	-4,744	-75	-1.6
	Household electrical items	-1,747	-1,664	-83	-4.8
	Non-industrial transport equipment	-10,353	-9,890	-463	-4.5
	Textiles, clothing and footwear	-5,371	-5,259	-112	-2.1
	Toys, books and leisure goods	-1,926	-1,810	-116	-6.0
	Consumption goods n.e.s.	-10,204	-9,878	-326	-3.2

Capital goods

Capital goods(a)(b)
	Sep 23 ($m)	Dec 23 ($m)	Sep 23 to Dec 23 ($m)	Sep 23 to Dec 23 (%)
Capital goods	-27,533	-26,564	-969	-3.5
	Machinery and industrial equipment	-9,304	-8,869	-435	-4.7
	ADP equipment	-3,184	-2,906	-278	-8.7
	Telecommunications equipment	-4,182	-3,810	-372	-8.9
	Civil aircraft and confidentialised items(c)(d)	-834	-939	105	12.6
	Industrial transport equipment n.e.s.	-5,773	-5,935	162	2.8
	Capital goods n.e.s.(e)	-4,257	-4,105	-152	-3.6

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Sep 23 ($m)	Dec 23 ($m)	Sep 23 to Dec 23 ($m)	Sep 23 to Dec 23 (%)
Intermediate and other merchandise goods	-45,982	-46,408	426	0.9
	Food and beverages, mainly for industry	-632	-624	-8	-1.3
	Primary industrial supplies n.e.s.(c)	-754	-570	-184	-24.4
	Fuels and lubricants(d)(e)	-15,572	-15,879	307	2.0
	Parts for transport equipment	-4,534	-5,058	524	11.6
	Parts for ADP equipment	-194	-211	17	8.8
	Other parts for capital goods	-6,390	-6,153	-237	-3.7
	Organic and inorganic chemicals	-1,356	-1,258	-98	-7.2
	Paper and paperboard	-691	-661	-30	-4.3
	Textile yarn and fabrics	-412	-386	-26	-6.3
	Iron and steel	-1,236	-1,381	145	11.7
	Plastics	-1,333	-1,416	83	6.2
	Processed industrial supplies n.e.s.	-12,156	-11,896	-260	-2.1
	Other merchandise goods(f)(g)	-222	-333	111	50.0
	Goods procured in ports by carriers(h)	-499	-583	84	16.8

Services

Services exports, price and volume change, seasonally adjusted - December quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		387	1.3	0.5	0.8
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	2	28.6	26.2	1.9
	Transport	146	8.0	5.1	2.7
	Travel	354	1.8	1.2	0.7
	Other services	-115	-1.3	-1.9	0.7

- nil or rounded to zero (including null cells)

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.

Services imports, price and volume change, seasonally adjusted - December quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		-1,668	-5.5	-5.3	-0.2
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	78	41.5	40.4	0.7
	Transport	-428	-6.3	-3.2	-3.2
	Travel	-925	-7.8	-9.0	1.2
	Other services	-393	-3.5	-3.8	0.4

- nil or rounded to zero (including null cells)

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit narrowed by $1,902m to $20,171m in the December quarter 2023.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Dec-15	-10.1	13.5	-23.6
Mar-16	-8.3	12.8	-21.2
Jun-16	-10.1	13.2	-23.4
Sep-16	-9.4	13.2	-22.6
Dec-16	-12.4	13.9	-26.3
Mar-17	-12.8	13.7	-26.5
Jun-17	-13.5	14.0	-27.5
Sep-17	-13.8	13.8	-27.6
Dec-17	-14.3	14.4	-28.7
Mar-18	-14.1	15.0	-29.1
Jun-18	-15.7	16.2	-31.9
Sep-18	-16.9	16.6	-33.4
Dec-18	-16.2	16.8	-33.0
Mar-19	-16.3	17.7	-34.1
Jun-19	-15.8	16.9	-32.7
Sep-19	-14.3	16.7	-30.9
Dec-19	-12.7	17.1	-29.8
Mar-20	-10.8	16.8	-27.7
Jun-20	-7.3	14.3	-21.6
Sep-20	-3.2	15.4	-18.6
Dec-20	-4.0	14.3	-18.3
Mar-21	-6.2	15.7	-21.9
Jun-21	-10.4	15.9	-26.3
Sep-21	-14.2	17.6	-31.7
Dec-21	-20.6	18.6	-39.3
Mar-22	-23.1	20.2	-43.3
Jun-22	-31.0	23.2	-54.2
Sep-22	-30.7	22.6	-53.4
Dec-22	-27.1	24.8	-51.9
Mar-23	-27.7	22.3	-50.0
Jun-23	-22.2	23.4	-45.5
Sep-23	-22.1	25.0	-47.0
Dec-23	-20.2	24.9	-45.0

Net primary income (a)

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

[["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","Mar-23","Jun-23","Sep-23","Dec-23"],[[-10.1],[-8.3000000000000007],[-10.1],[-9.4000000000000004],[-12.4],[-12.800000000000001],[-13.5],[-13.800000000000001],[-14.300000000000001],[-14.1],[-15.699999999999999],[-16.899999999999999],[-16.199999999999999],[-16.300000000000001],[-15.800000000000001],[-14.300000000000001],[-12.699999999999999],[-10.800000000000001],[-7.2999999999999998],[-3.2000000000000002],[-4],[-6.2000000000000002],[-10.4],[-14.199999999999999],[-20.600000000000001],[-23.100000000000001],[-31],[-30.699999999999999],[-27.100000000000001],[-27.699999999999999],[-22.199999999999999],[-22.100000000000001],[-20.199999999999999]],[[13.5],[12.800000000000001],[13.199999999999999],[13.199999999999999],[13.9],[13.699999999999999],[14],[13.800000000000001],[14.4],[15],[16.199999999999999],[16.600000000000001],[16.800000000000001],[17.699999999999999],[16.899999999999999],[16.699999999999999],[17.100000000000001],[16.800000000000001],[14.300000000000001],[15.4],[14.300000000000001],[15.699999999999999],[15.9],[17.600000000000001],[18.600000000000001],[20.199999999999999],[23.199999999999999],[22.600000000000001],[24.800000000000001],[22.300000000000001],[23.399999999999999],[25],[24.899999999999999]],[[-23.600000000000001],[-21.199999999999999],[-23.399999999999999],[-22.600000000000001],[-26.300000000000001],[-26.5],[-27.5],[-27.600000000000001],[-28.699999999999999],[-29.100000000000001],[-31.899999999999999],[-33.399999999999999],[-33],[-34.100000000000001],[-32.700000000000003],[-30.899999999999999],[-29.800000000000001],[-27.699999999999999],[-21.600000000000001],[-18.600000000000001],[-18.300000000000001],[-21.899999999999999],[-26.300000000000001],[-31.699999999999999],[-39.299999999999997],[-43.299999999999997],[-54.200000000000003],[-53.399999999999999],[-51.899999999999999],[-50],[-45.5],[-47],[-45]]]

[]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms fell $107m (0.4%). The key components contributing to the decline were:

Portfolio investment assets - income on equity and investment fund shares; down $249m (2.9%)
Direct investment assets - income on equity and investment fund shares; down $215m (2.5%)

Partly offset by:

Portfolio investment assets - interest; up $398m (9.0%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms fell $2,009m (4.3%). The key components contributing to the decline were:

Direct investment liabilities - income on equity and investment fund shares; down $2,459m (14.3%)
Other investment liabilities; down $326m (9.7%)

Partly offset by:

Compensation of employees; up $267m (7.8%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit fell $432m to $391m.

Secondary income credits rose $7m (0.2%) and Secondary income debits fell $424m (10.5%) in the December quarter 2023.

Capital and Financial Account

The capital and financial account recorded a deficit of $9.7b during the December 2023 quarter, driven by the financial account deficit of $9.6b.

The financial account recorded a deficit due to a $13.3b net outflow of equity and a $3.7b net inflow of debt.

Capital and financial account ($m)
			Mar 23	Jun 23	Sep 23	Dec 23	Sep 23 to Dec 23
Capital account			-202	-281	-171	-150	21
	Acquisitions/disposals of non-produced non-financial assets		-14	-63	-52	-20	32
		Acquisitions/disposals of non-produced non-financial assets credits	-	-	-	-	-
		Acquisitions/disposals of non-produced non-financial assets debits	-14	-63	-52	-20	32
	Capital transfers		-188	-218	-119	-130	-11
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-188	-218	-119	-130	-11
Financial account			-11,154	-16,138	3,655	-9,580	-13,235
	Direct investment		1,891	730	-161	27,721	27,882
		Direct investment assets	-10,840	3,298	-11,265	1,553	12,818
		Direct investment liabilities	12,731	-2,568	11,105	26,168	15,063
	Portfolio investment		117	-20,315	-6,576	574	7,150
		Portfolio investment assets	-24,993	-4,449	-27,993	-50,751	-22,758
		Portfolio investment liabilities	25,109	-15,866	21,417	51,326	29,909
	Financial derivatives		-5,472	-4,736	1,111	-35,891	-37,002
		Financial derivatives assets	89,084	65,113	68,460	151,988	83,528
		Financial derivatives liabilities	-94,556	-69,849	-67,349	-187,879	-120,530
	Other investment		-4,892	8,074	8,658	-2,225	-10,883
		Other investment assets	6,129	25,342	-1,663	12,450	14,113
		Other investment liabilities	-11,021	-17,268	10,321	-14,675	-24,996
	Reserve assets		-2,798	110	624	242	-382
Net errors and omissions			1,971	2,496	3,782	-6,270	-10,052

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $836.6b at 31 December 2023, an increase of $25.5b on the revised 30 September 2023 figure of $811.2b. Australia's net foreign equity asset position increased $13.3b to $369.6b and Australia's net foreign debt liability position increased $38.8b to $1,206.3b.

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‑23	927,059	-16,138	-62,908	-1,411	-4,608	841,993
	Sep‑23	841,993	3,655	8,981	-32,498	-10,960	811,171
	Dec‑23	811,171	-9,580	-19,572	61,676	-7,060	836,635
Net Foreign Equity	Jun‑23	-275,435	-989	-41,246	-4,930	-7,533	-330,132
	Sep‑23	-330,132	6,450	16,951	-31,250	-18,346	-356,327
	Dec‑23	-356,327	-13,294	-47,260	58,451	-11,195	-369,625
Net Foreign Debt	Jun‑23	1,202,494	-15,149	-21,663	3,519	2,925	1,172,125
	Sep‑23	1,172,125	-2,795	-7,970	-1,248	7,386	1,167,498
	Dec‑23	1,167,498	3,714	27,689	3,225	4,135	1,206,260

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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Seasonal adjustment for leap years

The extra leap year day in 2024 is unlikely to impact seasonally adjusted statistics released by the Australian Bureau of Statistics (ABS) for the month of February 2024 and the March quarter 2024. This is because the effect of an additional leap year day is analysed and accounted for as part of the seasonal adjustment process, which includes the impact of trading days. The impact of the extra leap year day will be evident in the original (non-seasonally adjusted) series. For more information please refer to this note.

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

On a merchandise trade basis, adjustments have been applied to iron ore lumps and iron ore fines. When final transaction information becomes available, the adjusted estimates are replaced with these data.

Goods on a balance of payments basis

Coal, coke and briquettes adjustment, BoP Basis
	Sep 23 ($m)	Dec 23 ($m)
Coal, coke and briquettes	+330	+1,370

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 quarter-on-quarter percentage change (a)(%)	AUD exchange rate quarter-on-quarter percentage change (b)(%)
Australia	8.27	na
United States of America	11.48	5.92
United Kingdom	1.61	1.55
Europe	12.12	1.23
China	-4.99	3.00
Japan	2.06	0.46
Singapore	0.67	2.27
India	11.87	6.00
New Zealand	8.60	0.05

COVID-19 in this publication

Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

Balance of Payments and International Investment Position, Australia methodology, December 2023

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Balance of Payments and International Investment Position, Australia

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Key statistics

International accounts overview

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

Seasonal adjustment for leap years

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods on a balance of payments basis

Revisions

Economic conditions

COVID-19 in this publication

Suspension of trend estimates

Previous catalogue number

Methodology

Media releases

Australia records a current account surplus of $11.8b

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