Jun 22 ($m) | Sep 22 ($m) | |
---|---|---|
Balance on current account (b) | 14,745 | -2,278 |
Balance on goods and services (b) | 42,281 | 31,193 |
Net primary income (b) | -26,823 | -33,191 |
Capital and financial account | -19,551 | 7,868 |
International investment position (c) | 844,555 | 861,619 |
- Trend series is not published from June quarter 2019.
- Seasonally adjusted estimates at current prices.
- Levels at end of period.
The Current Account balance (seasonally adjusted current price) for September quarter 2022 was a deficit of $2.3b, following 13 consecutive quarters in surplus. The current account balance decreased $17.0b from the June quarter 2022 surplus of $14.7b.
The decrease in the Current Account was driven by both a narrowing of the trade surplus and a widened net primary income deficit.
The Balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.2 percentage points from the September quarter 2022 GDP quarterly movement, assuming no significant revision to June quarter 2022 estimates of GDP.
The Terms of Trade decreased 6.6% to 110.4, down from 118.2 in June quarter 2022. This is the largest fall in the terms of trade since June quarter 2009, coming off the record high in the previous quarter.
The net primary income deficit widened $6.4 billion to $33.2 billion, driven by strong dividend payments to non-residents on portfolio investment.
Australia's net international investment liability position was $861.6b at September quarter 2022, an increase of $17.1b on the revised June quarter 2022 position of $844.6b.
- Seasonally adjusted estimates at current prices.