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

June 2023

Released

5/09/2023

View all releases

Key statistics

The current account balance, seasonally adjusted, fell $4,787m to a surplus of $7,721m.
The capital and financial account deficit increased $7,775m to $17,180m.
The net international investment liability position was $822,241m at 30 June 2023.

International accounts overview

Key figures ($m)
	Mar 23	Jun 23
Balance on current account (a)	12,508	7,721
Balance on goods and services (a)	39,374	31,422
Net primary income (a)	-26,663	-23,416
Capital and financial account	-9,405	-17,180
International investment position (b)	916,320	822,241

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

The current account balance (seasonally adjusted, current price) for June quarter 2023 was a surplus of $7.7b. The current account balance decreased $4.8b from the revised March quarter 2023 surplus of $12.5b.

The decrease in the current account surplus reflected the fall in prices for Australia’s key export commodities, partly offset by a drop in the net primary income deficit.

The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.8 percentage points to the June quarter 2023 GDP quarterly movement, assuming no significant revision to March quarter 2023 estimates of GDP.

The terms of trade decreased 7.9% to 104.7, down from 113.6 in March quarter 2023.

The net primary income deficit decreased to $23.4b, following the $26.7b deficit in March quarter 2023.

Australia's net international investment liability position was $822.2b at June quarter 2023, a decrease of $94.1b on the revised March quarter 2023 position of $916.3b.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Jun-15	-20.5	-10.9	-8.9
Sep-15	-19.8	-9.0	-10.5
Dec-15	-21.7	-11.6	-10.0
Mar-16	-17.6	-9.2	-8.2
Jun-16	-17.5	-7.4	-10.0
Sep-16	-14.0	-4.3	-9.3
Dec-16	-6.3	6.1	-12.2
Mar-17	-8.5	4.6	-12.7
Jun-17	-10.8	2.9	-13.4
Sep-17	-11.9	2.1	-13.7
Dec-17	-14.9	-0.5	-14.1
Mar-18	-12.0	2.1	-14.0
Jun-18	-12.9	2.8	-15.6
Sep-18	-10.3	6.8	-16.7
Dec-18	-6.3	9.9	-16.1
Mar-19	-4.2	12.3	-16.2
Jun-19	3.1	18.6	-15.7
Sep-19	6.7	21.0	-14.1
Dec-19	1.9	14.7	-12.5
Mar-20	5.7	16.6	-10.7
Jun-20	14.0	21.9	-7.4
Sep-20	10.1	13.8	-3.1
Dec-20	14.1	18.7	-3.9
Mar-21	20.2	26.8	-6.1
Jun-21	17.7	29.6	-10.6
Sep-21	21.8	36.7	-14.2
Dec-21	5.2	26.4	-20.5
Mar-22	4.2	27.9	-23.0
Jun-22	12.1	44.5	-31.8
Sep-22	-0.8	30.6	-31.0
Dec-22	10.9	38.2	-27.0
Mar-23	12.5	39.4	-26.7
Jun-23	7.7	31.4	-23.4

Current account balance (a), main aggregates

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

[["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","Mar-23","Jun-23"],[[-20.5],[-19.800000000000001],[-21.699999999999999],[-17.600000000000001],[-17.5],[-14],[-6.2999999999999998],[-8.5],[-10.800000000000001],[-11.9],[-14.9],[-12],[-12.9],[-10.300000000000001],[-6.2999999999999998],[-4.2000000000000002],[3.1000000000000001],[6.7000000000000002],[1.8999999999999999],[5.7000000000000002],[14],[10.1],[14.1],[20.199999999999999],[17.699999999999999],[21.800000000000001],[5.2000000000000002],[4.2000000000000002],[12.1],[-0.80000000000000004],[10.9],[12.5],[7.7000000000000002]],[[-10.9],[-9],[-11.6],[-9.1999999999999993],[-7.4000000000000004],[-4.2999999999999998],[6.0999999999999996],[4.5999999999999996],[2.8999999999999999],[2.1000000000000001],[-0.5],[2.1000000000000001],[2.7999999999999998],[6.7999999999999998],[9.9000000000000004],[12.300000000000001],[18.600000000000001],[21],[14.699999999999999],[16.600000000000001],[21.899999999999999],[13.800000000000001],[18.699999999999999],[26.800000000000001],[29.600000000000001],[36.700000000000003],[26.399999999999999],[27.899999999999999],[44.5],[30.600000000000001],[38.200000000000003],[39.399999999999999],[31.399999999999999]],[[-8.9000000000000004],[-10.5],[-10],[-8.1999999999999993],[-10],[-9.3000000000000007],[-12.199999999999999],[-12.699999999999999],[-13.4],[-13.699999999999999],[-14.1],[-14],[-15.6],[-16.699999999999999],[-16.100000000000001],[-16.199999999999999],[-15.699999999999999],[-14.1],[-12.5],[-10.699999999999999],[-7.4000000000000004],[-3.1000000000000001],[-3.8999999999999999],[-6.0999999999999996],[-10.6],[-14.199999999999999],[-20.5],[-23],[-31.800000000000001],[-31],[-27],[-26.699999999999999],[-23.399999999999999]]]

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Seasonally adjusted estimates in current price terms.

International investment position
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Jun-15	892.7	-96.0	988.7
Sep-15	926.6	-105.1	1,031.7
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	908.4	-260.1	1,168.5
Dec-22	935.7	-246.6	1,182.3
Mar-23	916.3	-283.2	1,199.5
Jun-23	822.2	-347.3	1,169.5

International investment position

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

[["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","Mar-23","Jun-23"],[[892.70000000000005],[926.60000000000002],[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],[908.39999999999998],[935.70000000000005],[916.29999999999995],[822.20000000000005]],[[-96],[-105.09999999999999],[-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],[-260.10000000000002],[-246.59999999999999],[-283.19999999999999],[-347.30000000000001]],[[988.70000000000005],[1031.7],[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],[1168.5],[1182.3],[1199.5],[1169.5]]]

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Current Account

Balance on current account, current prices, seasonally adjusted ($m)
	Mar 23	Jun 23	Mar 23 to Jun 23
Balance on current account	12,508	7,721	-4,787
Balance on goods and services	39,374	31,422	-7,952
Net goods	40,816	31,578	-9,238
Net Services	-1,442	-156	1,286
Net primary income	-26,663	-23,416	3,247
Net secondary income	-203	-284	-81

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)
Jun-15	75.3	96.8	77.8
Sep-15	75.3	99.4	75.8
Dec-15	71.9	99.1	72.5
Mar-16	68.4	96.4	71.0
Jun-16	69.9	95.1	73.6
Sep-16	72.3	94.4	76.6
Dec-16	80.3	94.5	84.9
Mar-17	84.0	95.2	88.3
Jun-17	80.7	95.4	84.5
Sep-17	79.2	93.8	84.4
Dec-17	80.8	95.7	84.3
Mar-18	83.6	97.4	85.8
Jun-18	85.6	99.5	86.0
Sep-18	88.6	102.0	86.9
Dec-18	91.6	102.8	89.1
Mar-19	93.0	102.7	90.6
Jun-19	95.8	103.0	92.9
Sep-19	97.7	104.2	93.8
Dec-19	93.5	104.5	89.5
Mar-20	94.1	104.9	89.7
Jun-20	92.3	103.1	89.5
Sep-20	90.6	99.6	91.0
Dec-20	95.1	99.7	95.4
Mar-21	102.3	99.3	103.0
Jun-21	111.9	101.5	110.2
Sep-21	120.1	108.0	111.1
Dec-21	118.4	114.7	103.2
Mar-22	134.4	118.9	113.1
Jun-22	147.7	123.2	119.9
Sep-22	141.7	127.5	111.2
Dec-22	142.3	128.6	110.6
Mar-23	139.8	123.0	113.6
Jun-23	128.4	122.7	104.7

Relationship between IPD, EPI and IPI

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

Price comparison (QoQ % change)
	Implicit price deflators (a)(b)	Implicit price deflators (a)(b)	Chain Laspeyres Indexes (a)(b)	International Trade Price Indexes (c)
	Seasonally Adjusted	Original	Original	Original
Goods exports	-9.3	-10.2	-9.8	-8.5
Services exports	0.6	0.6	0.7	na
Goods imports	-1.0	-0.3	-0.5	-0.8
Services imports	2.3	1.6	0.9	na

Reference year 2020-21 = 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)
Jun-15	71.2	99.6	80.9	106.5
Sep-15	71.3	101.5	80.9	108.0
Dec-15	66.9	101.1	76.5	107.7
Mar-16	62.8	98.0	72.9	104.5
Jun-16	64.7	96.5	73.9	103.5
Sep-16	67.5	96.2	76.9	102.5
Dec-16	77.0	96.6	88.2	102.7
Mar-17	81.7	97.8	96.0	103.9
Jun-17	77.6	97.4	90.5	103.8
Sep-17	75.7	95.8	87.8	102.1
Dec-17	77.5	97.8	90.3	104.5
Mar-18	80.8	99.7	94.7	106.6
Jun-18	83.2	101.9	96.5	110.0
Sep-18	86.9	104.6	100.1	112.1
Dec-18	90.4	105.3	104.5	112.7
Mar-19	92.2	104.8	109.2	112.1
Jun-19	95.6	104.7	113.3	113.1
Sep-19	98.1	105.8	114.8	113.5
Dec-19	92.7	106.0	108.8	114.3
Mar-20	93.4	105.7	111.7	113.1
Jun-20	91.2	103.3	109.0	110.9
Sep-20	89.2	100.0	103.4	107.0
Dec-20	94.3	99.7	109.1	105.9
Mar-21	102.5	99.7	121.3	106.1
Jun-21	113.5	100.8	137.3	108.1
Sep-21	122.7	106.5	145.8	113.9
Dec-21	120.5	112.5	150.9	120.5
Mar-22	139.1	117.1	173.0	126.6
Jun-22	154.8	121.9	190.4	132.0
Sep-22	148.3	126.3	183.5	135.9
Dec-22	149.4	127.9	181.9	138.4
Mar-23	146.7	122.6	184.9	132.6
Jun-23	133.0	121.4	169.1	131.6

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)"]

[["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","Mar-23","Jun-23"],[[71.200000000000003],[71.299999999999997],[66.900000000000006],[62.799999999999997],[64.700000000000003],[67.5],[77],[81.700000000000003],[77.599999999999994],[75.700000000000003],[77.5],[80.799999999999997],[83.200000000000003],[86.900000000000006],[90.400000000000006],[92.200000000000003],[95.599999999999994],[98.099999999999994],[92.700000000000003],[93.400000000000006],[91.200000000000003],[89.200000000000003],[94.299999999999997],[102.5],[113.5],[122.7],[120.5],[139.09999999999999],[154.80000000000001],[148.30000000000001],[149.40000000000001],[146.69999999999999],[133]],[[99.599999999999994],[101.5],[101.09999999999999],[98],[96.5],[96.200000000000003],[96.599999999999994],[97.799999999999997],[97.400000000000006],[95.799999999999997],[97.799999999999997],[99.700000000000003],[101.90000000000001],[104.59999999999999],[105.3],[104.8],[104.7],[105.8],[106],[105.7],[103.3],[100],[99.700000000000003],[99.700000000000003],[100.8],[106.5],[112.5],[117.09999999999999],[121.90000000000001],[126.3],[127.90000000000001],[122.59999999999999],[121.40000000000001]],[[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],[184.90000000000001],[169.09999999999999]],[[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],[132.59999999999999],[131.59999999999999]]]

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Seasonally adjusted, 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 $19,548m, a rise of $4,505m on the revised March quarter 2023 surplus of $15,043m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Jun-15	11,997	16,377	-5,391
Sep-15	17,391	20,907	-4,357
Dec-15	18,636	22,080	-4,534
Mar-16	23,154	25,654	-3,397
Jun-16	22,345	25,577	-4,067
Sep-16	22,451	25,127	-3,721
Dec-16	24,453	27,686	-4,074
Mar-17	18,469	21,459	-4,312
Jun-17	21,546	23,301	-3,226
Sep-17	21,218	24,134	-4,142
Dec-17	18,174	21,339	-4,451
Mar-18	19,779	22,852	-4,479
Jun-18	20,405	23,019	-4,042
Sep-18	23,240	25,469	-3,787
Dec-18	23,343	25,345	-3,702
Mar-19	24,001	24,716	-2,313
Jun-19	27,226	27,469	-1,809
Sep-19	28,311	27,640	-855
Dec-19	27,790	26,860	-672
Mar-20	28,577	28,957	-1,671
Jun-20	33,464	27,852	5,777
Sep-20	23,879	19,694	4,262
Dec-20	24,152	20,250	3,871
Mar-21	23,454	20,808	2,621
Jun-21	17,563	14,552	2,990
Sep-21	21,275	18,822	2,454
Dec-21	19,419	17,819	1,600
Mar-22	8,709	9,063	-354
Jun-22	12,586	13,485	-900
Sep-22	10,472	12,596	-2,124
Dec-22	16,713	15,825	888
Mar-23	15,043	13,226	1,817
Jun-23	19,548	15,969	3,579

Goods and services, chain volume measures (a)

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

[["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","Mar-23","Jun-23"],[[11997],[17391],[18636],[23154],[22345],[22451],[24453],[18469],[21546],[21218],[18174],[19779],[20405],[23240],[23343],[24001],[27226],[28311],[27790],[28577],[33464],[23879],[24152],[23454],[17563],[21275],[19419],[8709],[12586],[10472],[16713],[15043],[19548]],[[16377],[20907],[22080],[25654],[25577],[25127],[27686],[21459],[23301],[24134],[21339],[22852],[23019],[25469],[25345],[24716],[27469],[27640],[26860],[28957],[27852],[19694],[20250],[20808],[14552],[18822],[17819],[9063],[13485],[12596],[15825],[13226],[15969]],[[-5391],[-4357],[-4534],[-3397],[-4067],[-3721],[-4074],[-4312],[-3226],[-4142],[-4451],[-4479],[-4042],[-3787],[-3702],[-2313],[-1809],[-855],[-672],[-1671],[5777],[4262],[3871],[2621],[2990],[2454],[1600],[-354],[-900],[-2124],[888],[1817],[3579]]]

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Seasonally adjusted, reference year 2020-21=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $10,523m (7.0%) to $139,452m, with volumes up 2.5% and prices down 9.3%.

Goods credits, price and volume change, seasonally adjusted - June quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		-10,523	-7.0	2.5	-9.3
	Rural goods	-574	-3.1	0.9	-4.0
	Non-rural goods	-10,811	-8.7	2.6	-10.9
	Net exports of goods under merchanting	-45	-45.9	-42.8	-5.4
	Non-monetary gold(c)	907	13.8	6.9	6.4

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

Rural goods

Rural goods (a)
	Mar 23 ($m)	Jun 23 ($m)	Mar 23 to Jun 23 ($m)	Mar 23 to Jun 23 (%)
Rural goods	18,590	18,016	-574	-3.1
	Meat and meat preparations	4,320	4,468	148	3.4
	Cereal grains and cereal preparations	5,815	5,732	-83	-1.4
	Wool and sheepskins	786	834	48	6.1
	Other rural(b)	7,669	6,983	-686	-8.9

Non-rural goods

Non-rural goods (a)
	Mar 23 ($m)	Jun 23 ($m)	Mar 23 to Jun 23 ($m)	Mar 23 to Jun 23 (%)
Non-rural goods	124,710	113,899	-10,811	-8.7
	Metal ores and minerals(b)	49,598	42,577	-7,021	-14.2
	Coal, coke and briquettes(b)	30,076	27,547	-2,529	-8.4
	Other mineral fuels(b)	26,053	24,208	-1,845	-7.1
	Metals (excl. non-monetary gold)	3,807	3,794	-13	-0.3
	Machinery	3,365	3,424	59	1.8
	Transport equipment	1,119	1,150	31	2.8
	Other manufactures	6,714	6,875	161	2.4
	Other non-rural (incl. sugar and beverages)(c)	3,160	3,599	439	13.9
	Goods procured in ports by carriers(d)	819	727	-92	-11.2

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Jun-15	17,878	9,154	5,333
Sep-15	18,690	9,492	5,872
Dec-15	16,555	8,430	5,948
Mar-16	15,889	7,910	5,619
Jun-16	17,622	8,619	5,243
Sep-16	18,523	9,439	5,839
Dec-16	22,096	16,052	6,929
Mar-17	24,466	15,102	7,330
Jun-17	20,326	13,523	8,960
Sep-17	21,672	14,329	8,076
Dec-17	22,092	14,247	8,172
Mar-18	23,208	15,733	10,747
Jun-18	22,769	16,105	12,807
Sep-18	23,555	17,398	14,119
Dec-18	25,869	17,697	15,821
Mar-19	27,657	16,932	14,991
Jun-19	32,239	17,571	15,708
Sep-19	34,782	16,143	15,471
Dec-19	32,195	13,394	14,467
Mar-20	31,499	13,248	14,899
Jun-20	33,446	11,805	13,619
Sep-20	37,052	9,278	7,980
Dec-20	42,513	8,952	8,769
Mar-21	49,358	9,841	10,500
Jun-21	52,436	11,206	12,998
Sep-21	49,259	17,891	17,274
Dec-21	36,297	24,072	20,736
Mar-22	42,497	29,799	22,073
Jun-22	42,091	42,359	28,743
Sep-22	41,290	35,936	28,055
Dec-22	44,229	34,219	28,382
Mar-23	49,598	30,076	26,053
Jun-23	42,577	27,547	24,208

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits fell $1,284m (1.2%) to $107,875m, with volumes down 0.2% and prices down 1.0%.

Goods debits, price and volume change, seasonally adjusted - June quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		-1,284	-1.2	-0.2	-1.0
	Consumption goods	-312	-0.9	-1.1	0.2
	Capital goods	-274	-1.0	-3.3	2.3
	Intermediate and other merchandise goods	-841	-1.9	3.0	-4.7
	Non-monetary gold(c)	143	6.7	-0.4	7.2

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

Consumption goods

Consumption goods(a)(b)
	Mar 23 ($m)	Jun 23 ($m)	Mar 23 to Jun 23 ($m)	Mar 23 to Jun 23 (%)
Consumption goods	-34,870	-34,558	-312	-0.9
	Food and beverages, mainly for consumption	-4,884	-5,126	242	5.0
	Household electrical items	-1,844	-1,718	-126	-6.8
	Non-industrial transport equipment	-9,880	-9,657	-223	-2.3
	Textiles, clothing and footwear	-5,686	-5,492	-194	-3.4
	Toys, books and leisure goods	-2,108	-1,984	-124	-5.9
	Consumption goods n.e.s.	-10,468	-10,581	113	1.1

Capital goods

Capital goods(a)(b)
	Mar 23 ($m)	Jun 23 ($m)	Mar 23 to Jun 23 ($m)	Mar 23 to Jun 23 (%)
Capital goods	-26,844	-26,570	-274	-1.0
	Machinery and industrial equipment	-9,041	-9,264	223	2.5
	ADP equipment	-3,173	-3,085	-88	-2.8
	Telecommunications equipment	-4,805	-3,815	-990	-20.6
	Civil aircraft and confidentialised items(c)(d)	-1,043	-1,440	397	38.1
	Industrial transport equipment n.e.s.	-4,628	-4,781	153	3.3
	Capital goods n.e.s.(e)	-4,153	-4,185	32	0.8

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Mar 23 ($m)	Jun 23 ($m)	Mar 23 to Jun 23 ($m)	Mar 23 to Jun 23 (%)
Intermediate and other merchandise goods	-45,322	-44,481	-841	-1.9
	Food and beverages, mainly for industry	-727	-658	-69	-9.5
	Primary industrial supplies n.e.s.(c)	-555	-674	119	21.4
	Fuels and lubricants(d)(e)	-14,969	-13,952	-1,017	-6.8
	Parts for transport equipment	-4,244	-4,412	168	4.0
	Parts for ADP equipment	-221	-185	-36	-16.3
	Other parts for capital goods	-5,987	-6,103	116	1.9
	Organic and inorganic chemicals	-1,569	-1,309	-260	-16.6
	Paper and paperboard	-675	-696	21	3.1
	Textile yarn and fabrics	-415	-406	-9	-2.2
	Iron and steel	-1,001	-1,186	185	18.5
	Plastics	-1,378	-1,390	12	0.9
	Processed industrial supplies n.e.s.	-13,117	-12,906	-211	-1.6
	Other merchandise goods(f)(g)	-169	-280	111	65.7
	Goods procured in ports by carriers(d)	-295	-324	29	9.8

Services

Services exports, price and volume change, seasonally adjusted - June quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		3,128	12.8	12.1	0.6
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-5	-38.5	-38.8	0.6
	Transport	112	6.5	5.6	0.8
	Travel	2,693	19.2	18.5	0.6
	Other services	328	3.8	3.2	0.6

- nil or rounded to zero (including null cells)

Reference year 2020-21 = 100.
Movements in indexes are calculated from unrounded data.

Services imports, price and volume change, seasonally adjusted - June quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		1,842	7.1	4.7	2.3
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	67	57.3	51.1	4.1
	Transport	191	2.8	4.4	-1.5
	Travel	1,238	15.0	11.2	3.4
	Other services	345	3.3	-0.8	4.1

- nil or rounded to zero (including null cells)

Reference year 2020-21 = 100.
Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit narrowed by $3,247m to $23,416m in the June quarter 2023.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Jun-15	-8.9	13.1	-22.0
Sep-15	-10.5	12.7	-23.2
Dec-15	-10.0	13.5	-23.5
Mar-16	-8.2	12.9	-21.1
Jun-16	-10.0	13.3	-23.3
Sep-16	-9.3	13.2	-22.5
Dec-16	-12.2	14.0	-26.2
Mar-17	-12.7	13.8	-26.4
Jun-17	-13.4	14.0	-27.4
Sep-17	-13.7	13.9	-27.6
Dec-17	-14.1	14.4	-28.6
Mar-18	-14.0	15.0	-29.0
Jun-18	-15.6	16.2	-31.8
Sep-18	-16.7	16.6	-33.3
Dec-18	-16.1	16.8	-32.8
Mar-19	-16.2	17.7	-33.9
Jun-19	-15.7	16.9	-32.6
Sep-19	-14.1	16.7	-30.8
Dec-19	-12.5	17.1	-29.6
Mar-20	-10.7	16.8	-27.5
Jun-20	-7.4	14.2	-21.6
Sep-20	-3.1	15.4	-18.5
Dec-20	-3.9	14.2	-18.2
Mar-21	-6.1	15.7	-21.9
Jun-21	-10.6	15.8	-26.5
Sep-21	-14.2	17.6	-31.8
Dec-21	-20.5	18.4	-38.9
Mar-22	-23.0	20.2	-43.3
Jun-22	-31.8	23.0	-54.8
Sep-22	-31.0	22.6	-53.6
Dec-22	-27.0	24.4	-51.4
Mar-23	-26.7	22.1	-48.7
Jun-23	-23.4	22.9	-46.3

Net primary income (a)

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

[["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","Mar-23","Jun-23"],[[-8.9369999999999994],[-10.494999999999999],[-9.9870000000000001],[-8.2129999999999992],[-10.036],[-9.3260000000000005],[-12.247999999999999],[-12.667],[-13.395],[-13.691000000000001],[-14.141],[-13.997999999999999],[-15.603999999999999],[-16.747],[-16.062000000000001],[-16.164999999999999],[-15.696999999999999],[-14.105],[-12.512],[-10.673],[-7.3710000000000004],[-3.077],[-3.9470000000000001],[-6.1230000000000002],[-10.648],[-14.207000000000001],[-20.481000000000002],[-23.024000000000001],[-31.814],[-30.989000000000001],[-26.98],[-26.663],[-23.416]],[[13.105],[12.737],[13.513],[12.872],[13.257],[13.196999999999999],[13.964],[13.773999999999999],[14.039999999999999],[13.884],[14.445],[15.032999999999999],[16.224],[16.594000000000001],[16.756],[17.748999999999999],[16.917000000000002],[16.725999999999999],[17.085000000000001],[16.844000000000001],[14.233000000000001],[15.449],[14.234],[15.731999999999999],[15.824999999999999],[17.631],[18.433],[20.228999999999999],[23.001999999999999],[22.561],[24.402000000000001],[22.071000000000002],[22.881]],[[-22.042000000000002],[-23.231999999999999],[-23.501000000000001],[-21.085000000000001],[-23.292999999999999],[-22.523],[-26.212],[-26.440999999999999],[-27.434999999999999],[-27.574999999999999],[-28.585999999999999],[-29.030999999999999],[-31.827999999999999],[-33.341000000000001],[-32.817999999999998],[-33.914000000000001],[-32.613999999999997],[-30.831],[-29.597000000000001],[-27.516999999999999],[-21.603999999999999],[-18.527000000000001],[-18.181000000000001],[-21.855],[-26.472999999999999],[-31.838000000000001],[-38.914000000000001],[-43.253],[-54.816000000000003],[-53.551000000000002],[-51.381999999999998],[-48.734000000000002],[-46.296999999999997]]]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms increased $810m (3.7%). The key components contributing to the increase were:

Portfolio investment assets - income; up by $597m (7.6%)
Portfolio investment assets - interest; up by $168m (4.8%)

Partly offset by:

Direct investment assets – income on equity and investment fund shares; down by $155m (1.9%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms fell $2,437m (5.0%). The key components contributing to the decline were:

Direct investment liabilities – income on equity and investment fund shares; down $3,497m (16.4%)

Partly offset by:

Portfolio investment liabilities - income; up $329m (3.4%)
Portfolio investment liabilities - interest; up $332m (3.0%)
Other investment liabilities; up $313m (12.3%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit rose $81m (39.9%) to $284m.

Secondary income credits rose $54m (1.7%) and Secondary income debits rose $135m (4.0%) in the June quarter 2023.

Capital and Financial Account

The capital and financial account recorded a deficit of $17.2b during the June 2023 quarter, mainly driven by the financial account deficit of $16.9b.

The financial account fell due to a $2.7b net outflow of equity and a $14.2b net outflow of debt.

Capital and financial account ($m)
			Sep 22	Dec 22	Mar 23	Jun 23	Mar 23 to Jun 23
Capital account			-239	-194	-200	-286	-86
	Acquisitions/disposals of non-produced non-financial assets		-11	-14	-13	-70	-57
		Acquisitions/disposals of non-produced non-financial assets credits	-	-	-	-	-
		Acquisitions/disposals of non-produced non-financial assets debits	-14	-13	-70	-57	0
	Capital transfers		-228	-180	-187	-216	-29
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-228	-180	-187	-216	-29
Financial account			5,288	-8,614	-9,205	-16,894	-7,689
	Direct investment		4,413	-20,898	2,127	59	-2,068
		Direct investment assets	-27,879	-17,706	-10,771	1,579	12,350
		Direct investment liabilities	32,292	-3,192	12,898	-1,520	-14,418
	Portfolio investment		8,039	17,741	870	-19,673	-20,543
		Portfolio investment assets	3,729	-14,717	-24,234	-4,646	19,588
		Portfolio investment liabilities	4,310	32,458	25,104	-15,026	-40,130
	Financial derivatives		5,990	-9,970	-5,476	-4,612	864
		Financial derivatives assets	117,830	96,245	89,085	64,817	-24,268
		Financial derivatives liabilities	-111,840	-106,215	-94,561	-69,429	25,132
	Other investment		-11,433	5,468	-3,928	7,223	11,151
		Other investment assets	-5,554	14,366	7,081	24,467	17,386
		Other investment liabilities	-5,879	-8,898	-11,010	-17,244	-6,234
	Reserve assets		-1,721	-956	-2,798	110	2,908
	Net errors and omissions		3,810	-4,803	-750	3,193	3,943

- nil or rounded to zero (including null cells)

International Investment Position

Australia's net IIP liability position was $822.2b in June 2023, a decrease of $94.1b on the revised 31 March 2023 figure of $916.3b. Australia's net foreign equity asset position increased $64.1b to $347.3b at 30 June 2023. Australia's net foreign debt liability position decreased $30b to $1,169.5b.

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
	Dec‑22	908,376	-8,614	21,227	19,679	-4,961	935,707
	Mar‑23	935,707	-9,205	22,332	-23,543	-8,970	916,320
	Jun‑23	916,320	-16,894	-72,275	-1,952	-2,959	822,241
Net Foreign Equity
	Dec‑22	-260,102	-29,594	25,379	26,847	-9,127	-246,597
	Mar‑23	-246,597	4,300	-1,932	-27,673	-11,271	-283,173
	Jun‑23	-283,173	-2,688	-50,609	-5,335	-5,458	-347,264
Net Foreign Debt
	Dec‑22	1,168,479	20,980	-4,152	-7,168	4,166	1,182,304
	Mar‑23	1,182,304	-13,505	24,263	4,129	2,302	1,199,493
	Jun‑23	1,199,493	-14,205	-21,665	3,383	2,499	1,169,505

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 March quarter 2023 (+$20m), and June quarter 2023 (+$40m).
Adjustments have been applied to iron ore fines in the March quarter 2023 (-$75m) and June quarter 2023 (+$150m).
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 March quarter 2023 (+$30m) and the June quarter 2023 (+$800m). All previous adjustments have been removed.

Metal ores and minerals (in original terms)

Adjustments have been applied to metal ores and minerals in the balance of payments series for the June quarter 2023 (-$711m).

Other mineral fuels (in original terms)

Adjustments have been applied to other mineral fuels in the balance of payments series for the June quarter 2023 (-$473m).

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	0.22	na
United States of America	8.29	-1.22
United Kingdom	-1.63	-3.05
Europe	1.40	-0.93
China	-9.90	4.40
Japan	15.41	7.56
Singapore	-6.12	0.88
India	11.62	-1.41
New Zealand	-4.27	1.87

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, June 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

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

Export commodity prices lower the current account surplus

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