Mar 22 ($m) | Jun 22 ($m) | |
---|---|---|
Balance on current account (b) | 2,774 | 18,324 |
Balance on goods and services (b) | 26,746 | 43,085 |
Net primary income (b) | -23,241 | -23,950 |
Capital and financial account | -7,567 | -18,883 |
International investment position (c) | 853,488 | 834,393 |
(a) Trend series is not published from June Quarter 2019.
(b) Seasonally adjusted.
(c) Levels at end of period.
The Current account surplus increased by $18.3 billion in the June 2022 quarter, recording the 13th consecutive surplus. The increase was driven by an increase in the balance on goods and services which rose by $16.3 billion to $43.1 billion, the highest level on record.
Higher prices for Australian commodity exports resulted in a 4.6 per cent rise in the terms of trade, with the index reaching 130.7, the highest level on record.
Annual exports of Coal, coke and briquettes exceeded $100 billion for the first time over the 2021-22 financial year. The recovery of Travel services, following the reopening of Australia’s international border earlier in the year, also contributed to the rise in exports.
The net primary income deficit widened to $24.0 billion driven by high dividend payments to non-residents as profits remained strong on the back of higher commodity prices.
The capital and financial account recorded a deficit of $18.9b during the June 2022 quarter driven by a financial account deficit of $18.7b. The deficit was driven by a net outflow in both Currency and deposits and Loans following increased foreign demand for Australian currency.
Australia's net IIP liability decreased $19.1b to $834.4b at 30 June 2022 driven by a net foreign equity asset position increase of $34.3b and partly offset by a net foreign debt liability position increase of $15.2b.
(a) Seasonally adjusted estimates at current prices.