Balance of Payments and International Investment Position, Australia

Latest release

Balance of payments statistics on current, capital and financial transactions and the international investment position statement

Reference period
June 2024
Released
3/09/2024
  • Next Release 3/12/2024
    Balance of Payments and International Investment Position, Australia, September 2024
  • Next Release 4/03/2025
    Balance of Payments and International Investment Position, Australia, December 2024
  • Next Release 3/06/2025
    Balance of Payments and International Investment Position, Australia, March 2025
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Key statistics

  • The current account balance, seasonally adjusted, declined $4,436m to a deficit of $10,725m.
  • The capital and financial account surplus was $9,247m, a decrease of $437m on the March quarter 2024 surplus. 
  • The net international investment liability position was $719,994m at 30 June 2024.

International accounts overview

Key figures ($m)
 Mar 24Jun 24
Balance on current account (a)-6,289-10,725
Balance on goods and services (a)15,86111,979
Net primary income (a)-21,914-22,457
Capital and financial account9,6849,247
International investment position (b)741,311719,994
  1. Seasonally adjusted estimates in current price terms.
  2. Levels at end of period.

The current account balance (seasonally adjusted, current price) for June quarter 2024 was a deficit of $10.7b. This was an increase of $4.4b in the deficit, from the revised March quarter 2024 current account deficit of $6.3b.

The current account deficit for June quarter 2024 reflects a decrease on the balance of goods and services trade surplus, while the net primary income deficit increased.

The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.2 percentage points to the June quarter 2024 GDP quarterly movement. 

The terms of trade decreased 3.0% to 91.3, down from 94.2 in March quarter 2024. 

The net primary income deficit increased to $22.5b, following the $21.9b deficit in March quarter 2024.

Australia's net international investment liability position was $720.0b at 30 June 2024, a decrease of $21.3b on the revised March quarter 2024 position of $741.3b.

Review of seasonal adjustment

The annual seasonal review (ASR) for quarterly Balance of Payments series has been undertaken to quality assure seasonal adjustment treatments for seasonally adjusted estimates. From the review it has been determined that Goods procured in ports (exports) and Western Australia exports of goods are no longer seasonal. From the March 2014 reference quarter Goods procured in ports, exports will no longer be seasonally adjusted. From the June 2016 reference quarter Western Australia exports of goods will no longer be seasonally adjusted.  The review also assessed seasonal factors and appropriateness of any prior corrections in more detail than is possible in the monthly cycle, resulting in larger revisions than usual. 

  1. Seasonally adjusted estimates in current price terms.

Current Account

Balance on current account, current price, seasonally adjusted ($m)
 Mar 24Jun 24Mar 24 to Jun 24
Balance on current account-6,289-10,725-4,436
Balance on goods and services15,86211,979-3,883
Net goods21,27015,993-5,277
Net Services-5,409-4,0151,394
Net primary income-21,914-22,457-543
Net secondary income-236-247-11

Terms of trade

Relationship between IPD, EPI and IPI

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $25,458m, a rise of $1,148m on the revised March quarter 2024 surplus of $24,310m.

  1. Seasonally adjusted, reference year 2021-22=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $5,969m (-4.4%) to $129,355m, with volumes down 0.5% and prices down 3.9%.

 

Goods credits, price and volume change, seasonally adjusted - June quarter 2024
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Exports of goods-5,969-4.4-0.5-3.9
 Rural goods-367-2.2-1.7-0.5
 Non-rural goods-5,845-5.30.2-5.5
 Net exports of goods under merchanting55-275.0-290.9-8.3
 Non-monetary gold(c)1882.1-8.912.1
  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.
  3. This component is not seasonally adjusted.

Rural goods

Non-rural goods

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits fell $692m (-0.6%) to $113,361m, with volumes down 0.4% and prices down 0.2%. 

Goods debits, price and volume change, seasonally adjusted - June quarter 2024
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Total Goods Imports-692-0.6-0.4-0.2
 Consumption goods3771.00.50.6
 Capital goods-587-2.1-2.70.6
 Intermediate and other merchandise goods-327-0.70.8-1.4
 Non-monetary gold(c)-155-6.7-17.012.4
  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.
  3. This component is not seasonally adjusted.

Consumption goods

Capital goods

Intermediate and other merchandise goods

Services

Services exports, price and volume change, seasonally adjusted - June quarter 2024
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Exports of services1,7786.05.60.4
 Manufacturing services on physical inputs owned by others----
 Maintenance and repair services n.i.e.228.631.5-2.2
 Transport532.80.32.5
 Travel1,7989.89.9-0.1
 Other services-75-0.8-1.40.6

- nil or rounded to zero (including null cells)

  1. Reference year 2021-22=100.
  2. Movements in indexes are calculated from unrounded data.
Services imports, price and volume change, seasonally adjusted - June quarter 2024
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Imports of services3841.10.50.6
 Manufacturing services on physical inputs owned by others----
 Maintenance and repair services n.i.e.-72-29.8-29.5-0.4
 Transport-76-1.1-3.12.1
 Travel2421.51.50.0
 Other services2902.52.8-0.2

- nil or rounded to zero (including null cells)

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

Income

Net primary income deficit increased by $543m to $22,457m in the June quarter 2024. 

  1.  Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms rose $229m (0.9%). The key components contributing to the increase were:

  • Portfolio investment assets - interest; up $550m (11.4%)
  • Portfolio investment assets - income on equity and investment fund shares; up $134m (1.5%)

Partly offset by:

  • Direct investment assets - income on equity and investment fund shares; down $374m (-4.2%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $772m (1.6%). The key components contributing to the increase were:

  • Portfolio investment liabilities - income on equity and investment fund shares; up $1,580m (20.2%)
  • Portfolio investment liabilities - interest; up $962m (7.0%)

Partly offset by:

  • Direct investment liabilities - income on equity and investment fund shares; down $1,313m (-7.2%)
  • Compensation of employees; down $482m (-11.9%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit rose $11m to $247m.

Secondary income credits rose $47m (1.4%) while debits rose $58m (1.6%) in the June quarter 2024. 

Capital and Financial Account

The capital and financial account recorded a surplus of $9.2b during the June 2024 quarter, driven by the financial account surplus of $9.4b.

The financial account recorded a surplus due to a $0.2b net inflow of equity and a $9.1b net inflow of debt.

Capital and financial account ($m)
 Sep 23Dec 23Mar 24Jun 24Mar 24 to
Jun 24
Capital account-171-14646-105-151
 Acquisitions/disposals of non-produced non-financial assets-52-1618152-129
  Acquisitions/disposals of non-produced non-financial assets credits-420969-140
  Acquisitions/disposals of non-produced non-financial assets debits-52-20-28-1711
 Capital transfers-119-130-135-157-22
  Capital transfers credits-----
  Capital transfers debits-119-130-135-157-22
Financial account9,300-8,7729,6389,352-286
 Direct investment-2,43725,70116,86816,88719
  Direct investment assets-12,227-2,419-9,7955,55615,351
  Direct investment liabilities9,79028,12026,66311,332-15,331
 Portfolio investment-6,5035,020-5,76653,95359,719
  Portfolio investment assets-27,529-45,976-41,526-7,83033,696
  Portfolio investment liabilities21,02750,99635,76061,78326,023
 Financial derivatives8,186-36,136-8,664-32,411-23,747
  Financial derivatives assets75,846152,181156,463168,72112,258
  Financial derivatives liabilities-67,660-188,317-165,126-201,131-36,005
 Other investment9,430-3,5999,427-27,345-36,772
  Other investment assets-1,49810,9968,611-30,876-39,487
  Other investment liabilities10,928-14,5968163,5312,715
 Reserve assets624242-2,227-1,732495
Net errors and omissions4,4352,231-4,025-2,9891,036

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $720.0b at 30 June 2024, a decrease of $21.3b on the revised 31 March 2024 figure of $741.3b. Australia's net foreign equity asset position increased $35.1b to $546.5b and Australia's net foreign debt liability position increased $13.8b to $1,266.5b.

International investment position, by net foreign equity and net foreign debt ($m)
 Position at beginning of periodTransactionsPrice changesExchange rate changesOther adjustmentsPosition at end of period
Net International Investment PositionDec‑23810,765-8,772-22,04463,610-4,722838,837
Mar‑24838,8379,638-83,512-13,241-10,410741,311
Jun‑24741,3119,352-60,75234,119-4,036719,994
Net Foreign EquityDec‑23-370,506-12,341-49,36258,282-7,839-381,766
Mar‑24-381,76617,121-85,999-46,869-13,874-511,386
Jun‑24-511,386218-64,61735,055-5,803-546,533
Net Foreign DebtDec‑231,181,2703,56927,3185,3273,1171,220,602
Mar‑241,220,602-7,4832,48633,6283,4641,252,698
Jun‑241,252,6989,1343,865-9361,7671,266,528

Data downloads

Time series spreadsheets

Data files

Supplementary Information

Value adjustments

Revisions

Economic conditions

COVID-19 in this publication

Previous catalogue number

This release previously used catalogue number 5302.0.

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