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Balance of Payments and International Investment Position, Australia

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Balance of payments on capital and financial transactions plus an international investment statement detailing level of investment and income

Reference period

June 2019

Released

3/09/2019

View all releases

Key statistics

Australia's net IIP liability position increased $9.2b.
Australia's net foreign debt liability position increased $19.4b.
Australia's net foreign equity asset position increased $10.2b.
The balance on goods and services surplus rose $5,060m.

Main features

Balance of payments

The current account, seasonally adjusted, was a surplus of $5,853m in the June quarter 2019. It was a turnaround of $6,973m on the March quarter 2019 deficit of $1,120m. The balance on goods and services surplus rose $5,060m to $19,896m. The primary income deficit fell $1,573m to $13,927m.
In seasonally adjusted chain volume terms, the surplus on goods and services rose $2,750m from $3,637m in the March quarter 2019 to $6,387m in the June quarter 2019. This is expected to contribute 0.6 percentage points to growth in the June quarter 2019 volume measure of GDP.

International investment position (IIP)

Australia's net IIP liability position was $1,001.6b at 30 June 2019, an increase of $9.2b on the revised 31 March 2019 position of $992.3b. Australia's net foreign debt liability position increased $19.4b to $1,143.5b. Australia's net foreign equity asset position increased $10.2b to $141.9b at 30 June 2019.

			Mar Qtr 2019 ($m)	Jun Qtr 2019 ($m)	Mar Qtr 2019 to Jun Qtr 2019 (% change)
Balance on current account
	Trend estimates		-640	4,758	(a) ..
	Seasonally adjusted		-1,120	5,853	(a) ..
Balance on goods and services
	Trend estimates		14,693	19,281	31
	Seasonally adjusted		14,836	19,896	34
Net primary income
	Trend estimates		-15,002	-14,273	5
	Seasonally adjusted		-15,500	-13,927	10
Levels at end of period
	International Investment Position		992,335	1,001,560	1
		Net foreign equity	-131,754	-141,904	-8
		Net foreign debt	1,124,089	1,143,464	2

.. not applicable

see paragraph 17 of the Methodology page.

Current account balance (a), main aggregates ($b)
	Current account balance ($b)	Net goods and services ($b)	Net primary income ($b)
Jun-2015	-20.703	-11.191	-9.108
Sep-2015	-20.178	-9.266	-10.636
Dec-2015	-22.240	-11.956	-10.093
Mar-2016	-17.109	-8.511	-8.365
Jun-2016	-18.009	-7.584	-10.227
Sep-2016	-14.173	-4.342	-9.374
Dec-2016	-6.419	6.046	-12.266
Mar-2017	-6.761	6.761	-12.956
Jun-2017	-11.037	3.031	-13.597
Sep-2017	-12.724	1.253	-13.650
Dec-2017	-15.865	-1.428	-14.093
Mar-2018	-10.112	4.531	-14.499
Jun-2018	-12.638	3.301	-15.670
Sep-2018	-10.331	6.450	-16.401
Dec-2018	-6.541	8.941	-15.137
Mar-2019	-1.120	14.836	-15.500
Jun-2019	5.853	19.896	-13.927

Current account balance (a), main aggregates ($b)

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

[["Jun-2015","Sep-2015","Dec-2015","Mar-2016","Jun-2016","Sep-2016","Dec-2016","Mar-2017","Jun-2017","Sep-2017","Dec-2017","Mar-2018","Jun-2018","Sep-2018","Dec-2018","Mar-2019","Jun-2019"],[[-20.702999999999999],[-20.178000000000001],[-22.239999999999998],[-17.109000000000002],[-18.009],[-14.173],[-6.4189999999999996],[-6.7610000000000001],[-11.037000000000001],[-12.724],[-15.865],[-10.112],[-12.638],[-10.331],[-6.5410000000000004],[-1.1200000000000001],[5.8529999999999998]],[[-11.191000000000001],[-9.266],[-11.956],[-8.5109999999999992],[-7.5839999999999996],[-4.3419999999999996],[6.0460000000000003],[6.7610000000000001],[3.0310000000000001],[1.2529999999999999],[-1.4279999999999999],[4.5309999999999997],[3.3010000000000002],[6.4500000000000002],[8.9410000000000007],[14.836],[19.896000000000001]],[[-9.1080000000000005],[-10.635999999999999],[-10.093],[-8.3650000000000002],[-10.227],[-9.3740000000000006],[-12.266],[-12.956],[-13.597],[-13.65],[-14.093],[-14.499000000000001],[-15.67],[-16.401],[-15.137],[-15.5],[-13.927]]]

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Seasonally adjusted estimates at current prices.

International investment ($b)
	Net IIP ($b)	Net foreign equity ($b)	Net foreign debt ($b)
Jun-2015	861.416	-95.889	957.305
Sep-2015	885.556	-104.950	990.506
Dec-2015	922.063	-80.318	1,002.381
Mar-2016	971.270	-34.952	1,006.222
Jun-2016	994.249	-33.282	1,027.530
Sep-2016	992.854	-34.899	1,027.753
Dec-2016	969.077	-37.856	1,006.934
Mar-2017	965.159	-25.588	990.747
Jun-2017	943.124	-38.256	981.380
Sep-2017	950.491	-54.190	1,004.681
Dec-2017	983.117	-49.904	1,033.021
Mar-2018	948.337	-89.815	1,038.152
Jun-2018	973.181	-80.240	1,053.421
Sep-2018	969.570	-104.255	1,073.826
Dec-2018	1,018.747	-100.310	1,119.058
Mar-2019	992.335	-131.754	1,124.089
Jun-2019	1,001.560	-141.904	1,143.464

International investment ($b)

["","Net IIP","Net foreign equity","Net foreign debt"]

[["Jun-2015","Sep-2015","Dec-2015","Mar-2016","Jun-2016","Sep-2016","Dec-2016","Mar-2017","Jun-2017","Sep-2017","Dec-2017","Mar-2018","Jun-2018","Sep-2018","Dec-2018","Mar-2019","Jun-2019"],[[861.41600000000005],[885.55600000000004],[922.06299999999999],[971.26999999999998],[994.24900000000002],[992.85400000000004],[969.077],[965.15899999999999],[943.12400000000002],[950.49099999999999],[983.11699999999996],[948.33699999999999],[973.18100000000004],[969.57000000000005],[1018.747],[992.33500000000004],[1001.5599999999999]],[[-95.888999999999996],[-104.95],[-80.317999999999998],[-34.951999999999998],[-33.281999999999996],[-34.899000000000001],[-37.856000000000002],[-25.588000000000001],[-38.256],[-54.189999999999998],[-49.904000000000003],[-89.814999999999998],[-80.239999999999995],[-104.255],[-100.31],[-131.75399999999999],[-141.904]],[[957.30499999999995],[990.50599999999997],[1002.381],[1006.222],[1027.53],[1027.7529999999999],[1006.934],[990.74699999999996],[981.38],[1004.681],[1033.021],[1038.152],[1053.421],[1073.826],[1119.058],[1124.0889999999999],[1143.4639999999999]]]

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Analysis and comments

Balance of payments

In original current price terms, the June quarter 2019 current account surplus was $7,494m, a turnaround of $7,546m on the March quarter 2019 deficit. In original current price terms, the balance on goods and services was a net surplus of $19,707m, primary income was a net deficit of $11,901m and secondary income was a net deficit of $312m.

In original current price terms, the June quarter 2019 capital and financial account deficit was $4,163m, a turnaround of $7,593m on the March quarter 2019 surplus. In original current price terms, the capital account was a net deficit of $234m and the financial account was a net deficit of $3,929m.

The contributors to the current account balances, in original terms at current prices, are shown in the following table.

Balance of payments, summary(a): original - current account
					Jun 2018 ($m)	Sep 2018 ($m)	Dec 2018 ($m)	Mar 2019 ($m)	Jun 2019 ($m)
Current account					-10,820	-12,763	-6,681	-52	7,494
	Goods and services				3,474	5,490	8,415	16,571	19,707
		Credits			105,581	111,936	118,109	116,801	123,045
		Debits			-102,107	-106,446	-109,694	-100,230	-103,338
			Goods		6,059	8,721	9,512	13,945	21,734
				Credits	84,557	89,043	93,487	90,290	100,284
				Debits	-78,498	-80,322	-83,975	-76,345	-78,550
			Services		-2,585	-3,231	-1,097	2,626	-2,027
				Credits	21,024	22,893	24,622	26,511	22,761
				Debits	-23,609	-26,124	-25,719	-23,885	-24,788
	Primary income				-13,792	-17,968	-15,178	-15,860	-11,901
		Credits			16,115	16,455	17,691	18,009	17,587
		Debits			-29,907	-34,422	-32,869	-33,869	-29,488
	Secondary income				-502	-285	82	-763	-312
		Credits			2,338	2,345	2,375	2,315	2,390
		Debits			-2,840	-2,630	-2,293	-3,078	-2,702

For sign conventions, see paragraphs 15-17 of the Methodology page.

Balance of payments, summary(a): original - capital and financial account
				Jun 2018 ($m)	Sep 2018 ($m)	Dec 2018 ($m)	Mar 2019 ($m)	Jun 2019 ($m)
Capital and financial account				13,616	15,480	8,845	3,430	-4,163
	Capital account			-134	-175	-162	-200	-234
		Acquisitions/disposals of non-produced non-financial assets		32	3	33	3	1
			Credits	80	3	63	3	1
			Debits	-48	-	-30	-	-
		Capital transfers		-166	-178	-195	-203	-235
			Credits	-	-	-	-	-
			Debits	-166	-178	-195	-203	-235
	Financial account			13,750	15,655	9,007	3,630	-3,929
		Direct investment		28,257	5,669	34,481	4,771	23,852
			Assets	-8,323	-10,247	23,254	-6,349	2,874
			Liabilities	36,580	15,916	11,227	11,120	20,979
		Portfolio investment		318	-16,497	-7,775	-21,873	-35,734
			Assets	-22,323	-4,267	-23,987	-11,928	-20,891
			Liabilities	22,641	-12,230	16,211	-9,945	-14,843
		Financial derivatives		-5,854	-877	-5,553	-655	-1,362
			Assets	19,875	29,693	10,375	18,167	17,162
			Liabilities	-25,729	-30,569	-15,928	-18,822	-18,524
		Other investment		-10,259	26,044	-13,469	23,233	6,321
			Assets	-3,127	27,422	-5,516	17,451	-3,905
			Liabilities	-7,132	-1,378	-7,954	5,782	10,226
		Reserve assets		1,289	1,315	1,324	-1,846	2,992
Net errors and omissions				-2,796	-2,717	-2,164	-3,378	-3,331

- nil or rounded to zero (including null cells)

For sign conventions, see paragraphs 15-17 of the Methodology page.

In seasonally adjusted current price terms, the June quarter 2019 current account surplus was $5,853m, a turnaround of $6,973m on the March quarter 2019 deficit.

In trend current price terms, the June quarter 2019 current account surplus was $4,758m, a turnaround of $5,398m on the March quarter 2019 deficit.

The contributors to the current account balance, in seasonally adjusted and trend terms at current prices, are shown in the following table.

Balance on current account in current prices - June quarter 2019
			Current prices ($m)	Change in: current prices ($m)	Change in: current prices (%)
Seasonally adjusted
Balance on current account			5,853	6,973	(a) ..
	Balance on goods and services		19,896	5,060	34.1
		Net goods	20,358	5,038	32.9
		Net services	-462	22	4.5
	Net primary income		-13,927	1,573	10.1
	Net secondary income		-116	340	74.6
Trend
Balance on current account			4,758	5,398	(a) ..
	Balance on goods and services		19,281	4,588	31.2
		Net goods	19,714	4,251	27.5
		Net services	-433	337	43.8
	Net primary income		-14,273	729	4.9
	Net secondary income		-249	82	24.8

.. not applicable

see paragraph 17 of the Methodology page.

Terms of trade (footnote 1)

Australia's seasonally adjusted terms of trade on net goods and services for the June quarter 2019 rose 1.4% to 111.6, with an increase of 2.5% in the implicit price deflator (IPD) for goods and services credits and an increase of 1.1% in the IPD for goods and services debits.

In trend terms, the terms of trade for net goods and services rose 2.2% to 112.0.

Implicit price deflator and terms of trade (a)
	Implicit Price Deflator goods and services credits (pts)	Implicit Price Deflator goods and services debits (pts)	Terms of Trade (net goods and services) (pts)
Jun-2011	119.4	91.1	131.1
Sep-2011	121.4	91.5	132.8
Dec-2011	117.3	93.5	125.4
Mar-2012	110.6	91.8	120.5
Jun-2012	112.3	94.1	119.3
Sep-2012	105	92.3	113.8
Dec-2012	103.1	92.9	111
Mar-2013	105.8	93.2	113.5
Jun-2013	105.3	93.1	113.1
Sep-2013	109.4	99.3	110.2
Dec-2013	109.3	99	110.4
Mar-2014	112	101.9	109.9
Jun-2014	103.7	99.1	104.6
Sep-2014	99.6	98.8	100.7
Dec-2014	99.3	100.6	98.7
Mar-2015	98.1	101.4	96.8
Jun-2015	94.7	102.1	92.8
Sep-2015	94.6	104.8	90.3
Dec-2015	90.6	104.5	86.7
Mar-2016	87	101.5	85.7
Jun-2016	88.1	100.3	87.9
Sep-2016	90.9	99.5	91.4
Dec-2016	101.2	99.7	101.5
Mar-2017	107	100.1	107
Jun-2017	101.5	100.9	100.6
Sep-2017	99.6	99	100.6
Dec-2017	101.6	101.1	100.5
Mar-2018	106.3	102.4	103.8
Jun-2018	107.8	105.2	102.5
Sep-2018	111.3	107.4	103.6
Dec-2018	115.6	108.3	106.7
Mar-2019	118.8	108	110
Jun-2019	121.8	109.1	111.6

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)"]

[["Jun-2011","Sep-2011","Dec-2011","Mar-2012","Jun-2012","Sep-2012","Dec-2012","Mar-2013","Jun-2013","Sep-2013","Dec-2013","Mar-2014","Jun-2014","Sep-2014","Dec-2014","Mar-2015","Jun-2015","Sep-2015","Dec-2015","Mar-2016","Jun-2016","Sep-2016","Dec-2016","Mar-2017","Jun-2017","Sep-2017","Dec-2017","Mar-2018","Jun-2018","Sep-2018","Dec-2018","Mar-2019","Jun-2019"],[[119.40000000000001],[121.40000000000001],[117.3],[110.59999999999999],[112.3],[105],[103.09999999999999],[105.8],[105.3],[109.40000000000001],[109.3],[112],[103.7],[99.599999999999994],[99.299999999999997],[98.099999999999994],[94.700000000000003],[94.599999999999994],[90.599999999999994],[87],[88.099999999999994],[90.900000000000006],[101.2],[107],[101.5],[99.599999999999994],[101.59999999999999],[106.3],[107.8],[111.3],[115.59999999999999],[118.8],[121.8]],[[91.099999999999994],[91.5],[93.5],[91.799999999999997],[94.099999999999994],[92.299999999999997],[92.900000000000006],[93.200000000000003],[93.099999999999994],[99.299999999999997],[99],[101.90000000000001],[99.099999999999994],[98.799999999999997],[100.59999999999999],[101.40000000000001],[102.09999999999999],[104.8],[104.5],[101.5],[100.3],[99.5],[99.700000000000003],[100.09999999999999],[100.90000000000001],[99],[101.09999999999999],[102.40000000000001],[105.2],[107.40000000000001],[108.3],[108],[109.09999999999999]],[[131.09999999999999],[132.80000000000001],[125.40000000000001],[120.5],[119.3],[113.8],[111],[113.5],[113.09999999999999],[110.2],[110.40000000000001],[109.90000000000001],[104.59999999999999],[100.7],[98.700000000000003],[96.799999999999997],[92.799999999999997],[90.299999999999997],[86.700000000000003],[85.700000000000003],[87.900000000000006],[91.400000000000006],[101.5],[107],[100.59999999999999],[100.59999999999999],[100.5],[103.8],[102.5],[103.59999999999999],[106.7],[110],[111.59999999999999]]]

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Seasonally adjusted, reference year 2016-17 = 100.

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $6,387m, a rise of $2,750m on the March quarter 2019 surplus of $3,637m.

The net surplus on goods rose $2,435m on the March quarter 2019 surplus of $2,883m. Goods credits rose $1,335m (2%) and goods debits fell $1,099m (1%). The net surplus on services rose $315m on the March quarter 2019 surplus of $754m.

The rise in the balance on goods and services surplus, in seasonally adjusted chain volume terms, is expected to contribute 0.6 percentage points to growth in the June quarter 2019 chain volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the March quarter 2019.

Goods and services , chain volume measures (a) ($b)
	Balance on goods and services ($b)	Balance on goods ($b)	Balance on services ($b)
Jun-2011	-16.096	-10.623	-5.056
Sep-2011	-18.228	-12.412	-5.500
Dec-2011	-17.224	-11.485	-5.523
Mar-2012	-20.174	-13.544	-6.420
Jun-2012	-17.150	-11.358	-5.603
Sep-2012	-16.687	-9.760	-6.995
Dec-2012	-16.425	-9.189	-7.357
Mar-2013	-13.084	-6.232	-7.005
Jun-2013	-12.789	-5.499	-7.569
Sep-2013	-11.294	-5.293	-6.126
Dec-2013	-9.603	-3.726	-6.021
Mar-2014	-5.218	-0.507	-4.818
Jun-2014	-7.223	-2.566	-4.681
Sep-2014	-5.797	-1.524	-4.288
Dec-2014	-2.926	0.308	-3.203
Mar-2015	-1.751	0.919	-2.612
Jun-2015	-4.977	-2.083	-2.801
Sep-2015	-0.376	1.260	-1.574
Dec-2015	0.222	2.056	-1.816
Mar-2016	4.397	5.554	-1.114
Jun-2016	3.411	5.109	-1.602
Sep-2016	3.529	4.278	-0.652
Dec-2016	4.641	5.607	-0.788
Mar-2017	0.271	1.159	-0.921
Jun-2017	2.410	2.588	-0.419
Sep-2017	0.662	2.090	-1.428
Dec-2017	-1.894	-0.155	-1.739
Mar-2018	0.704	1.855	-1.150
Jun-2018	0.691	1.297	-0.606
Sep-2018	2.446	2.808	-0.362
Dec-2018	1.599	1.990	-0.392
Mar-2019	3.637	2.882	0.754
Jun-2019	6.387	5.318	1.070

Goods and services , chain volume measures (a) ($b)

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

[["Jun-2011","Sep-2011","Dec-2011","Mar-2012","Jun-2012","Sep-2012","Dec-2012","Mar-2013","Jun-2013","Sep-2013","Dec-2013","Mar-2014","Jun-2014","Sep-2014","Dec-2014","Mar-2015","Jun-2015","Sep-2015","Dec-2015","Mar-2016","Jun-2016","Sep-2016","Dec-2016","Mar-2017","Jun-2017","Sep-2017","Dec-2017","Mar-2018","Jun-2018","Sep-2018","Dec-2018","Mar-2019","Jun-2019"],[[-16.096],[-18.228000000000002],[-17.224],[-20.173999999999999],[-17.149999999999999],[-16.687000000000001],[-16.425000000000001],[-13.084],[-12.789],[-11.294],[-9.6029999999999998],[-5.218],[-7.2229999999999999],[-5.7969999999999997],[-2.9260000000000002],[-1.7509999999999999],[-4.9770000000000003],[-0.376],[0.222],[4.3970000000000002],[3.411],[3.5289999999999999],[4.641],[0.27100000000000002],[2.4100000000000001],[0.66200000000000003],[-1.8939999999999999],[0.70399999999999996],[0.69099999999999995],[2.4460000000000002],[1.599],[3.637],[6.3869999999999996]],[[-10.622999999999999],[-12.412000000000001],[-11.484999999999999],[-13.544],[-11.358000000000001],[-9.7599999999999998],[-9.1890000000000001],[-6.2320000000000002],[-5.4989999999999997],[-5.2930000000000001],[-3.726],[-0.50700000000000001],[-2.5659999999999998],[-1.524],[0.308],[0.91900000000000004],[-2.0830000000000002],[1.26],[2.056],[5.5540000000000003],[5.109],[4.2779999999999996],[5.6070000000000002],[1.159],[2.5880000000000001],[2.0899999999999999],[-0.155],[1.855],[1.2969999999999999],[2.8079999999999998],[1.99],[2.8820000000000001],[5.3179999999999996]],[[-5.056],[-5.5],[-5.5229999999999997],[-6.4199999999999999],[-5.6029999999999998],[-6.9950000000000001],[-7.3570000000000002],[-7.0049999999999999],[-7.569],[-6.1260000000000003],[-6.0209999999999999],[-4.8179999999999996],[-4.681],[-4.2880000000000003],[-3.2029999999999998],[-2.6120000000000001],[-2.8010000000000002],[-1.5740000000000001],[-1.8160000000000001],[-1.1140000000000001],[-1.6020000000000001],[-0.65200000000000002],[-0.78800000000000003],[-0.92100000000000004],[-0.41899999999999998],[-1.4279999999999999],[-1.7390000000000001],[-1.1499999999999999],[-0.60599999999999998],[-0.36199999999999999],[-0.39200000000000002],[0.754],[1.0700000000000001]]]

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Seasonally adjusted, reference year 2016-17.

Goods

The trend estimate of net goods at current prices for the June quarter 2019 was a surplus of $19,714m, a rise of $4,251m on the March quarter 2019 surplus of $15,463m.

In seasonally adjusted terms at current prices, net goods was a surplus of $20,358m, a rise of $5,038m on the March quarter 2019 surplus of $15,320m.

Goods, price and volume analysis: seasonally adjusted - June quarter 2019
		Change in: current prices ($m)	Change in: current prices (%)	Change in: chain volume measures(a) (%)	Change in: implicit price deflators(a)(b) (%)

Exports		4,578	4.8	1.7	3.0
	Rural goods	-489	-4.0	-4.3	0.4
	Non-rural goods	5,655	7.3	4.0	3.2
	Net exports of goods under merchanting	-16	-22.9	-33.4	15.8
	Non-monetary gold	-573	-10.3	-12.0	2.0
Imports		-460	-0.6	-1.5	0.9
	Consumption goods	-529	-2.0	-2.9	0.9
	Capital goods	-47	-0.2	-0.5	0.3
	Intermediate and other merchandise goods	-48	-0.1	-1.4	1.2
	Non-monetary gold	165	12.4	10.0	2.1

Reference year 2016-17.
Movements in indexes are based on data to four decimal places.

Good credits

The trend estimate of goods credits at current prices rose $4,130m (4%) to $99,601m in the June quarter 2019.

In seasonally adjusted terms at current prices, goods credits rose $4,578m (5%) to $99,957m, with volumes up 2% and prices up 3%.

Rural goods

Exports of rural goods, in seasonally adjusted terms at current prices, fell $489m (4%) to $11,809m, with volumes down 4%.

The main components contributing to the fall were:

other rural, down $331m (6%), with volumes down 4% and prices down 1%
cereal grains and cereal preparations, down $128m (8%), with volumes down 3% and prices down 5%
wool and sheepskins, down $101m (9%), with volumes down 11% and prices up 2%.

Partly offsetting these falls was meat and meat preparations, up $69m (2%), with volumes down 3% and prices up 5%.

Non-rural goods

Exports of non-rural goods, in seasonally adjusted terms at current prices, rose $5,655m (7%) to $83,091m, with volumes up 4% and prices up 3%.

The main components contributing to the rise were:

metal ores and minerals, up $5,842m (21%), with volumes up 1% and prices up 20%
other non-rural (incl. sugar and beverages), up $311m (12%), with volumes up 11% and prices up 1%
other manufactures, up $232m (4%), with volumes up 4%
metals (excl. non-monetary gold), up $211m (6%), with volumes up 6%.

Partly offsetting these rises were:

other mineral fuels, down $748m (5%), with volumes up 11% and prices down 14%
coal, coke and briquettes, down $329m (2%), with volumes up 4% and prices down 5%.

Selected major commodities, current prices (a) ($m)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Jun-2011	21.6	11.4	6.6
Sep-2011	23.4	12.6	6.1
Dec-2011	21.6	12.9	6.3
Mar-2012	19.1	11.2	6.4
Jun-2012	21.2	10.8	6.8
Sep-2012	18.1	10.3	7.3
Dec-2012	18.3	9.4	6.7
Mar-2013	21.1	9.3	6.0
Jun-2013	21.9	10.0	6.4
Sep-2013	23.5	10.2	7.0
Dec-2013	24.6	10.4	6.4
Mar-2014	26.2	10.4	8.0
Jun-2014	22.3	9.1	8.0
Sep-2014	20.5	9.1	7.4
Dec-2014	20.0	9.6	7.3
Mar-2015	19.6	10.4	6.6
Jun-2015	17.9	9.1	5.2
Sep-2015	18.5	9.3	5.9
Dec-2015	16.3	8.4	6.0
Mar-2016	16.2	8.2	5.7
Jun-2016	17.8	8.5	5.1
Sep-2016	18.3	9.2	5.9
Dec-2016	21.7	16.1	7.0
Mar-2017	24.8	15.7	7.5
Jun-2017	20.8	13.4	8.6
Sep-2017	21.4	13.8	8.1
Dec-2017	21.6	14.2	8.2
Mar-2018	23.3	16.4	11.1
Jun-2018	23.6	16.0	12.1
Sep-2018	23.2	16.7	14.3
Dec-2018	25.1	17.7	15.9
Mar-2019	27.5	17.8	15.6
Jun-2019	33.4	17.4	14.9

Selected major commodities, current prices (a) ($m)

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

[["Jun-2011","Sep-2011","Dec-2011","Mar-2012","Jun-2012","Sep-2012","Dec-2012","Mar-2013","Jun-2013","Sep-2013","Dec-2013","Mar-2014","Jun-2014","Sep-2014","Dec-2014","Mar-2015","Jun-2015","Sep-2015","Dec-2015","Mar-2016","Jun-2016","Sep-2016","Dec-2016","Mar-2017","Jun-2017","Sep-2017","Dec-2017","Mar-2018","Jun-2018","Sep-2018","Dec-2018","Mar-2019","Jun-2019"],[[21.600000000000001],[23.399999999999999],[21.600000000000001],[19.100000000000001],[21.199999999999999],[18.100000000000001],[18.300000000000001],[21.100000000000001],[21.899999999999999],[23.5],[24.600000000000001],[26.199999999999999],[22.300000000000001],[20.5],[20],[19.600000000000001],[17.899999999999999],[18.5],[16.300000000000001],[16.199999999999999],[17.800000000000001],[18.300000000000001],[21.699999999999999],[24.800000000000001],[20.800000000000001],[21.399999999999999],[21.600000000000001],[23.300000000000001],[23.600000000000001],[23.199999999999999],[25.100000000000001],[27.5],[33.399999999999999]],[[11.4],[12.6],[12.9],[11.199999999999999],[10.800000000000001],[10.300000000000001],[9.4000000000000004],[9.3000000000000007],[10],[10.199999999999999],[10.4],[10.4],[9.0999999999999996],[9.0999999999999996],[9.5999999999999996],[10.4],[9.0999999999999996],[9.3000000000000007],[8.4000000000000004],[8.1999999999999993],[8.5],[9.1999999999999993],[16.100000000000001],[15.699999999999999],[13.4],[13.800000000000001],[14.199999999999999],[16.399999999999999],[16],[16.699999999999999],[17.699999999999999],[17.800000000000001],[17.399999999999999]],[[6.5999999999999996],[6.0999999999999996],[6.2999999999999998],[6.4000000000000004],[6.7999999999999998],[7.2999999999999998],[6.7000000000000002],[6],[6.4000000000000004],[7],[6.4000000000000004],[8],[8],[7.4000000000000004],[7.2999999999999998],[6.5999999999999996],[5.2000000000000002],[5.9000000000000004],[6],[5.7000000000000002],[5.0999999999999996],[5.9000000000000004],[7],[7.5],[8.5999999999999996],[8.0999999999999996],[8.1999999999999993],[11.1],[12.1],[14.300000000000001],[15.9],[15.6],[14.9]]]

[]

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Seasonally adjusted.

Net exports of goods under merchanting

Net exports of goods under merchanting, in seasonally adjusted terms at current prices, fell $16m (23%) to $54m, with volumes down 33% and prices up 16%.

Non-monetary gold

Exports of non-monetary gold, in original and seasonally adjusted terms at current prices, fell $573m (10%) to $5,002m, with volumes down 12% and prices up 2%.

Goods debits

The trend estimate of goods debits at current prices fell $121m to $79,887m in the June quarter 2019.

In seasonally adjusted terms at current prices, goods debits fell $460m (1%) to $79,599m, with volumes down 1% and prices up 1%.

Consumption goods

Imports of consumption goods, in seasonally adjusted terms at current prices, fell $529m (2%) to $25,946m, with volumes down 3% and prices up 1%.

The main component contributing to the fall was non-industrial transport equipment, down $658m (11%), with volumes down 11%.

Partly offsetting this fall was food and beverages, mainly for consumption, up $120m (3%), with prices up 3%.

Capital goods

Imports of capital goods, in seasonally adjusted terms at current prices, fell $47m to $19,618m.

The main components contributing to the fall were:

industrial transport equipment n.e.s., down $448m (12%), with volumes down 10% and prices down 2%
machinery and industrial equipment, down $139m (2%), with volumes down 3% and prices up 1%.

Partly offsetting these falls were:

civil aircraft and confidentialised items, up $382m (36%), with volumes up 33% and prices up 3%
capital goods n.e.s., up $250m (12%), with volumes up 11%.

Intermediate and other merchandise goods

Imports of intermediate and other merchandise goods, in seasonally adjusted terms at current prices, fell $48m to $32,538m, with volumes down 1% and prices up 1%.

The main components contributing to the fall were:

iron and steel, down $121m (13%), with volumes down 13%
primary industrial supplies n.e.s., down $119m (24%), with volumes down 22% and prices down 3%
processed industrial supplies n.e.s., down $117m (1%), with volumes down 1%.

Partly offsetting these falls was fuels and lubricants, up $231m (2%), with volumes down 1% and prices up 3%.

Non-monetary gold

Imports of non-monetary gold, in original and seasonally adjusted terms at current prices, rose $165m (12%) to $1,498m, with volumes up 10% and prices up 2%.

Services

The trend estimate of net services at current prices was a deficit of $433m, a fall of $337m on the March quarter 2019 deficit of $770m.

In seasonally adjusted terms at current prices, net services was a deficit of $462m, a fall of $22m on the March quarter 2019 deficit of $484m.

Services, price and volume analysis: seasonally adjusted - June quarter 2019
		Change in: current prices($m)	Change in: current prices (%)	Change in: chain volume measures(a)(%)	Change in: implicit price deflators(a)(b)(%)
Exports		202	0.8	0.4	0.4
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-3	-21.4	-21.4	-
	Transport	27	1.4	1.0	0.3
	Travel	338	2.1	1.7	0.5
	Other services	-160	-2.4	-2.5	0.2
Imports		180	0.7	-0.9	1.7
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-33	-10.8	-12.8	2.2
	Transport	13	0.3	-0.8	1.0
	Travel	67	0.5	-1.0	1.6
	Other services	132	1.8	-0.4	2.2

- nil or rounded to zero (including null cells)

Reference year 2016-17.
Movements in indexes are based on data to four decimal places.

Services credits

Services credits, in seasonally adjusted terms at current prices, rose $202m (1%) to $24,794m.

The main component contributing to the rise was travel, up $338m (2%), with volumes up 2%.

Partly offsetting this rise was other services, down $160m (2%), with volumes down 3%.

In seasonally adjusted terms, tourism related services credits rose $348m (2%) to $16,969m.

Services debits

Services debits, in seasonally adjusted terms at current prices, rose $180m (1%) to $25,256m, with volumes down 1% and prices up 2%.

The main component contributing to the rise was other services, up $132m (2%), with prices up 2%.

Partly offsetting this rise was maintenance and repair services n.i.e., down $33m (11%), with volumes down 13% and prices up 2%.

In seasonally adjusted terms, tourism related services debits rose $129m (1%) to $14,757m.

Primary income

The trend estimate of the net primary income deficit at current prices fell $729m to $14,273m in the June quarter 2019.

In seasonally adjusted terms at current prices, the net primary income deficit fell $1,573m to $13,927m in the June quarter 2019.

Net primary income ($b)
	Trend ($b)	Seasonally adjusted ($b)
Jun-2011	-14.027	-14.395
Sep-2011	-13.107	-12.750
Dec-2011	-11.965	-12.176
Mar-2012	-10.798	-10.800
Jun-2012	-10.020	-9.819
Sep-2012	-9.542	-9.477
Dec-2012	-9.401	-9.838
Mar-2013	-9.538	-9.026
Jun-2013	-9.924	-10.052
Sep-2013	-10.587	-10.650
Dec-2013	-10.976	-10.788
Mar-2014	-10.538	-11.193
Jun-2014	-9.517	-9.157
Sep-2014	-8.386	-8.324
Dec-2014	-7.796	-7.863
Mar-2015	-8.223	-7.891
Jun-2015	-9.274	-9.108
Sep-2015	-9.920	-10.637
Dec-2015	-9.866	-10.092
Mar-2016	-9.339	-8.365
Jun-2016	-9.357	-10.226
Sep-2016	-10.334	-9.373
Dec-2016	-11.725	-12.265
Mar-2017	-12.865	-12.956
Jun-2017	-13.571	-13.597
Sep-2017	-13.737	-13.650
Dec-2017	-14.077	-14.093
Mar-2018	-14.801	-14.499
Jun-2018	-15.545	-15.669
Sep-2018	-15.931	-16.401
Dec-2018	-15.651	-15.137
Mar-2019	-15.002	-15.499
Jun-2019	-14.273	-13.927

Net primary income ($b)

["","Trend","Seasonally adjusted"]

[["Jun-2011","Sep-2011","Dec-2011","Mar-2012","Jun-2012","Sep-2012","Dec-2012","Mar-2013","Jun-2013","Sep-2013","Dec-2013","Mar-2014","Jun-2014","Sep-2014","Dec-2014","Mar-2015","Jun-2015","Sep-2015","Dec-2015","Mar-2016","Jun-2016","Sep-2016","Dec-2016","Mar-2017","Jun-2017","Sep-2017","Dec-2017","Mar-2018","Jun-2018","Sep-2018","Dec-2018","Mar-2019","Jun-2019"],[[-14.026999999999999],[-13.106999999999999],[-11.965],[-10.798],[-10.02],[-9.5419999999999998],[-9.4009999999999998],[-9.5380000000000003],[-9.9239999999999995],[-10.587],[-10.976000000000001],[-10.538],[-9.5169999999999995],[-8.3859999999999992],[-7.7960000000000003],[-8.2230000000000008],[-9.2739999999999991],[-9.9199999999999999],[-9.8659999999999997],[-9.3390000000000004],[-9.3569999999999993],[-10.334],[-11.725],[-12.865],[-13.571],[-13.737],[-14.077],[-14.801],[-15.545],[-15.930999999999999],[-15.651],[-15.002000000000001],[-14.273]],[[-14.395],[-12.75],[-12.176],[-10.800000000000001],[-9.8190000000000008],[-9.4770000000000003],[-9.8379999999999992],[-9.0259999999999998],[-10.052],[-10.65],[-10.788],[-11.193],[-9.157],[-8.3239999999999998],[-7.8630000000000004],[-7.891],[-9.1080000000000005],[-10.637],[-10.092000000000001],[-8.3650000000000002],[-10.226000000000001],[-9.3729999999999993],[-12.265000000000001],[-12.956],[-13.597],[-13.65],[-14.093],[-14.499000000000001],[-15.669],[-16.401],[-15.137],[-15.499000000000001],[-13.927]]]

[]

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Primary income credits

Primary income credits, in seasonally adjusted terms at current prices, fell $868m (5%) to $17,373m. The main component of investment income contributing to the fall was direct investment assets, income on equity and investment fund shares, down $920m (14%).

Primary income debits

Primary income debits, in seasonally adjusted terms at current prices, fell $2,440m (7%) to $31,300m. The main components of investment income contributing to the fall were direct investment liabilities, income on equity and investment fund shares, down $1,621m (10%) and portfolio investment liabilities, interest, down $1,074m (16%).

Secondary income

The trend estimate of the net secondary income deficit at current prices fell $82m to $249m in the June quarter 2019.

In seasonally adjusted terms at current prices, the net secondary income deficit fell $340m to $116m in the June quarter 2019.

Capital account

In original terms, the capital account deficit was $234m, an increase of $34m on the March quarter 2019 deficit of $200m. Capital account credits decreased $2m (67%) and capital account debits increased $32m (16%) in the June quarter 2019.

Financial account

The balance on the financial account, in original terms, recorded a deficit of $3.9b in the June quarter 2019, a turnaround of $7.6b on the surplus of $3.6b in the March quarter 2019. The net outflow of $3.9b was driven by a net outflow of debt of $10.6b and a net inflow of equity of $6.7b.

Direct investment

Direct investment recorded a net inflow of $23.9b in the June quarter 2019, an increase of $19.1b on the net inflow of $4.8b in the March quarter 2019, where:

direct investment liabilities recorded an inflow of $21.0b, an increase of $9.9b on the inflow of $11.1b in the March quarter 2019
direct investment assets recorded an inflow of $2.9b, a turnaround of $9.2b on the outflow of $6.3b in the March quarter 2019.

Portfolio investment

Portfolio investment recorded a net outflow of $35.7b in the June quarter 2019, an increase of $13.9b on the net outflow of $21.9b in the March quarter 2019, where:

equity and investment fund shares recorded a net outflow of $14.8b in the June quarter 2019, a turnaround of $16.9b on the net inflow of $2.1b in the March quarter 2019
debt securities recorded a net outflow of $20.9b in the June quarter 2019, a decrease of $3.0b on the net outflow of $24.0b in the March quarter 2019.

Financial derivatives

Financial derivatives recorded a net outflow of $1.4b in the June quarter 2019, an increase of $0.7b on the net outflow of $0.7b in the March quarter 2019.

Other investment

Other investment recorded a net inflow of $6.3b in the June quarter 2019, a decrease of $16.9b on the net inflow of $23.2b in the March quarter 2019.

Reserve assets

Reserve assets recorded an inflow of $3.0b in the June quarter 2019, a turnaround of $4.8b on the outflow of $1.8b in the March quarter 2019.

International investment position (IIP)

Australia's net IIP liability position was $1,001.6b at 30 June 2019, an increase of $9.2b on the revised 31 March 2019 position of $992.3b. Australia's net foreign debt liability position increased $19.4b to $1,143.5b. Australia's net foreign equity asset position increased $10.2b to $141.9b at 30 June 2019.

The changes contributing to this result are shown in the following table.

International investment position, by net foreign equity and net foreign debt
			Changes in position reflecting	Changes in position reflecting	Changes in position reflecting	Changes in position reflecting
		Position at beginning of period ($m)	Transactions ($m)	Price changes ($m)	Exchange rate changes ($m)	Other adjustments ($m)	Position at end of period ($m)
Net International Investment Position
	Dec-2018	969,570	9,007	46,139	-3,303	-2,666	1,018,747
	Mar-2019	1,018,747	3,630	-27,599	2,846	-5,290	992,335
	Jun-2019	992,335	-3,929	5,383	10,253	-2,481	1,001,560
Net Foreign Equity
	Dec-2018	-104,255	-10,783	36,917	-17,366	-4,824	-100,310
	Mar-2019	-100,310	12,849	-40,741	3,075	-6,627	-131,754
	Jun-2019	-131,754	6,667	-3,989	-8,440	-4,388	-141,904
Net Foreign Debt
	Dec-2018	1,073,826	19,790	9,222	14,062	2,158	1,119,058
	Mar-2019	1,119,058	-9,218	13,142	-229	1,336	1,124,089
	Jun-2019	1,124,089	-10,596	9,372	18,692	1,907	1,143,464

Supplementary information

Conditions

The conditions in the global economy showed slower than expected growth in most of Australia’s major trading partner countries in the June quarter 2019. According to the Organisation for Economic Cooperation and Development (OECD) (footnote 2) preliminary growth rates compared to last quarter in seasonally adjusted terms showed quarterly growth for China (1.6%), Indonesia (1.3%), South Korea (1.1%), the USA (0.5%), Spain (0.5%), Japan (0.4%), the Euro 28 (0.2%), France (0.2%), Belgium (0.2%), Germany (-0.1%) and the UK (-0.2%).

Foreign asset transactions were -$1.8b in the June quarter 2019 compared to $15.5b in the March quarter 2019
Foreign liability transactions were -$2.2b in the June quarter 2019 compared to -$11.9b in the March quarter 2019.

The Australian share market, as measured by the MSCI global index (footnote 3), increased 7.7% in the June quarter 2019, compared to an increase of 8.4% in the March quarter 2019. Increases were recorded in New Zealand (5.3%), Switzerland (4.6%), Singapore (4.6%), the USA (3.8%), Germany (3.5%), France (3.2%), the UK (2.0%) and Canada (1.9%). Decreases were recorded in China (5.5%), Japan (1.8%) and Hong Kong (0.7%). A market price change of -$31.8b was recorded for foreign equity assets and $27.8b for foreign equity liabilities in the June quarter 2019.

According to Thomson Reuters (footnote 4), the composite corporate benchmark yields decreased in the USA from 3.68% to 3.24%, the UK from 2.33% to 2.15%, Germany from 0.90% to 0.64% and Japan from 0.35% to 0.31% over the June quarter 2019. The long-term 10 year government bond yields decreased in the USA from 2.41% to 2.00%, the UK from 1.00% to 0.83%, Germany from -0.07% to -0.32% and Japan from -0.09% to -0.16% over the June quarter 2019. A market price change of -$1.6b was recorded for portfolio investment debt securities assets and $10.3b in portfolio investment debt securities liabilities in the June quarter 2019.

The Australian dollar saw mixed movement against major currencies in the June quarter 2019. The Australian dollar depreciated 3.55% against the Canadian dollar, 3.39% against the Japanese yen, 3.03% against the Swiss franc, 2.14% against the European euro, 1.77% against the Indonesian rupiah, 1.57% against the Hong Kong dollar, 1.21% against the Singapore dollar, 1.21% against the Indian rupee and 1.18% against the US dollar. The Australian dollar appreciated 2.90% against the UK pound sterling, 1.10% against the Chinese renminbi, 0.62% against the South Korean won and 0.19% against the New Zealand dollar. The Trade Weighted Index (TWI)(footnote 5) fell 0.83% to 60.1 in the June quarter 2019. These movements were reflected in exchange rate changes for foreign assets of -$16.6b and foreign liabilities of $26.9b in the June quarter 2019.

Relationship between IPD, EPI and IPI (footnote 6)

In original terms, the IPD for total goods credits rose 2.7% and the chain Laspeyres price index for goods exports rose 3.9%. The Export Price Index (EPI)(footnote 7) rose 3.8% during the June quarter 2019.

In original terms, the IPD for total goods debits rose 0.8% and the chain Laspeyres price index for goods imports rose 0.9%. The Import Price Index (IPI)(footnote 7) rose 0.9% during the June quarter 2019.

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.

Goods and services, price comparison - June quarter 2019
		Change in: seasonally adjusted	Change in: original	Change in: original	Change in: original
		Implicit price deflators(a)(%)	Implicit price deflators(a)(%)	International Trade Price Indexes(b)(%)	Chain Laspeyres price indexes(a)(%)
Exports
	Goods	3.0	2.7	3.8	3.9
	Services	0.4	0.2	na	0.3
Imports
	Goods	0.9	0.8	0.9	0.9
	Services	1.7	1.7	na	1.7

na not available

Reference year 2016-17 = 100.
Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

Implicit price deflators and international trade price indexes
	Implicit Price Deflators goods credits(a) (pts)	Implicit Price Deflators goods debits(a) (pts)	Export Price Index(b) (pts)	Import Price Index(b) (pts)
Jun-2011	127.5	94.6	100.6	98.2
Sep-2011	129.9	94.6	104.5	98.2
Dec-2011	124.5	96.9	103.0	100.6
Mar-2012	115.8	95.9	95.8	99.4
Jun-2012	117.5	97.7	96.7	101.8
Sep-2012	108.1	95.5	90.5	99.4
Dec-2012	105.1	95.9	88.3	99.7
Mar-2013	108.8	96.0	90.8	99.7
Jun-2013	107.9	95.8	90.5	99.4
Sep-2013	112.9	102.0	94.3	105.5
Dec-2013	112.5	101.6	93.8	104.9
Mar-2014	115.6	104.6	96.4	108.3
Jun-2014	105.1	101.3	88.8	105.1
Sep-2014	100.0	100.7	85.3	104.3
Dec-2014	99.4	102.2	85.3	105.2
Mar-2015	97.9	101.8	84.6	105.0
Jun-2015	93.7	102.9	80.9	106.5
Sep-2015	93.4	105.2	80.9	108.0
Dec-2015	88.2	104.8	76.5	107.7
Mar-2016	83.8	100.9	72.9	104.5
Jun-2016	85.4	99.9	73.9	103.5
Sep-2016	88.5	99.3	76.9	102.5
Dec-2016	101.5	99.7	88.2	102.7
Mar-2017	108.5	100.5	96.0	103.9
Jun-2017	101.8	100.6	90.5	103.8
Sep-2017	99.1	98.8	87.8	102.1
Dec-2017	101.6	100.7	90.3	104.5
Mar-2018	107.6	102.4	94.7	106.6
Jun-2018	109.1	105.3	96.5	110.0
Sep-2018	113.6	107.5	100.1	112.1
Dec-2018	119.2	108.0	104.5	112.7
Mar-2019	123.7	107.7	109.2	112.1
Jun-2019	127.1	108.5	113.3	113.1

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)"]

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Reference year 2016-17 = 100.
Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

Commodity price indexes

The RBA Commodity Price Index (average monthly index) for rural commodities rose 1.6% between the March quarter 2019 and the June quarter 2019 while the EPI for rural goods rose 0.4%.

The RBA Commodity Price Index for non-rural commodities rose 3.4% between the March quarter 2019 and the June quarter 2019 while the EPI for non-rural goods (excluding non-monetary gold) rose 4.5%.

Differences between the RBA Commodity Price Index and ABS price measures are largely a consequence of methodological differences used in the construction of the respective indexes, including coverage of included commodities and timing of source data.

Financial year 2018-19 situation

Current account

In original terms, the balance on current account for 2018-19 was a deficit of $12.0b, a fall of $39.3b on the deficit of $51.3b recorded for 2017-18. The balance on goods and services was a surplus of $50.2b, a rise of $42.6b on the surplus of $7.6b recorded for 2017-18. Goods and services credits rose $66.6b (17%) and goods and services debits rose $23.9b (6%).

The low value threshold adjustments applied to goods debits for 2018-19, fell $3.0b to $7.5b.

The 2018-19 net primary income deficit rose $3.1b, with a rise in primary income debits of $13.9b (12%) and a rise in primary income credits of $10.8b (18%).

The 2018-19 net secondary income deficit rose by $0.2b, with a rise in secondary income debits of $0.5b (5%) and a rise in secondary income credits of $0.3b (3%).

Financial account

The balance on financial account recorded a net inflow of $24.4b, with a net inflow on equity of $18.6b and a net inflow on debt of $5.8b. This result was a decrease of $33.8b on the net inflow of $58.2b recorded for the previous financial year as a result of:

an increase of $7.0b on the net inflow on direct investment
a turnaround of $95.8b from a net inflow of $14.0b to a net outflow of $81.9b on portfolio investment
an increase of $2.8b on the net outflow on financial derivatives
a turnaround of $57.3b from a net outflow of $15.2b to a net inflow of $42.1b on other investment
a decrease of $5.2b on the net inflow on reserve assets.

International investment position

Australia's net international investment position as at 30 June 2019 was a net foreign liability of $1,001.6b. This was an increase of $28.4b on the position a year earlier as a result of:

transactions of $24.4b
price changes of $13.4b
exchange rate changes of $5.6b
other changes of -$15.0b.

During 2018-19, Australia's net foreign equity asset increased to $141.9b, an increase of $61.7b on the previous financial year, with exchange rate changes of $39.1b, price changes of $16.7b and other changes of $24.5b, offset by net transactions of $18.6b.

Australia's net foreign debt liability increased to $1,143.5b, an increase of $90.0b on the previous financial year, with exchange rate changes of $44.7b, price changes of $30.1b, net transactions of $5.8b and other changes of $9.5b.

At 30 June 2019, the ratio of Australia's net international investment position to GDP using the latest available GDP figure (for the year ended 31 March 2019 using current prices) was 52.2%. This compares with 52.7% one year ago.

Footnotes

Revisions

The following goods component has been revised since the release of the June 2019 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0).

capital goods n.e.s. component of goods debits, revised in the March quarter 2019.

Summary of revisions since the last issue of this publication

Table 28 summarises revisions, in original current price terms, since the last issue of this publication.

Incorporation of the latest survey and administrative data has resulted in revisions to the balance of payments series back to the September quarter 2015. In original current price terms, these revisions have:

decreased the 2015-16 current account deficit by $665m
decreased the 2016-17 current account deficit by $85m
increased the 2017-18 current account deficit by $565m
increased the current account deficit for the September quarter 2018 by $256m
increased the current account deficit for the December quarter 2018 by $152m
decreased the current account deficit for the March quarter 2019 by $1,044m.

The international investment position (IIP) has been revised back to the September quarter 2015. These revisions have revised Australia's net IIP liability up $26,189m to a net liability position of $992,335m at 31 March 2019. The financial account surplus has been revised up $2,628m to $3,630m in the March quarter 2019.

Seasonally adjusted and trend series have been revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter.

In seasonally adjusted terms, the revisions increased the volume surplus on goods and services by $1,041m for the March quarter 2019.

Data in this issue aligns with the data in the June quarter 2019 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 4 September 2019.

Changes in forthcoming issues

Annual seasonal re-analysis

The seasonally adjusted and trend estimates of goods, services, primary income and secondary income will be revised in the September quarter 2019 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.

New base year and re-referencing of chain volume estimates and implicit price deflators

A new base year 2017-18 will be introduced into chain volume estimates and implicit price deflators in the September quarter 2019 issue. As a result, the chain volume estimate series and implicit price deflators series will be re-referenced to 2017-18.

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 March quarter (+$10m) and the June quarter (+$315m) 2019. Adjustments have been applied to iron ore fines in the December quarter (+$5m) 2018, the March quarter (+$15m) and the June quarter (+$950m) 2019. 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 June quarter (+$250m) 2019. 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.