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5302.0 - Balance of Payments and International Investment Position, Australia, Mar 2014 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/06/2014   
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MARCH KEY FIGURES

Dec Qtr 2013
Mar Qtr 2014
Dec Qtr 2013 to Mar Qtr 2014
$m
$m
% change

BALANCE ON CURRENT ACCOUNT
Trend estimates
-10 343
-7 524
27
Seasonally adjusted
-11 706
-5 672
52
BALANCE ON GOODS AND SERVICES
Trend estimates
9
2 588
28 656
Seasonally adjusted
-609
3 591
(a). .
NET PRIMARY INCOME
Trend estimates
-9 854
-9 622
2
Seasonally adjusted
-10 592
-8 781
17
LEVELS AT END OF PERIOD
International Investment Position
838 535
850 411
1
Net foreign equity
-20 361
-5 237
74
Net foreign debt
858 896
855 649
-

. . not applicable
- nil or rounded to zero (including null cells)
(a) See paragraph 5 of the Explanatory Notes.

Current Account Balance (a), Main aggregates
Graph: Current Account Balance (a), Main aggregates

International Investment
Graph: International Investment




MARCH KEY POINTS


BALANCE OF PAYMENTS
  • The current account deficit, seasonally adjusted, fell $6,034m (52%) to $5,672m in the March quarter 2014. There was a turnaround of $4,200m on the balance of goods and services, resulting in a surplus of $3,591m in the March quarter 2014. The primary income deficit fell $1,811m (17%) to $8,781m.
  • In seasonally adjusted chain volume terms, the surplus on goods and services rose $5,315m (54%) from $9,803m in the December quarter 2013 to $15,118m in the March quarter 2014. This is expected to contribute 1.4 percentage points to growth in the March quarter 2014 volume measure of GDP.


INTERNATIONAL INVESTMENT POSITION (IIP)
  • Australia's net IIP liability position was $850.4b at 31 March 2014, an increase of $11.9b on 31 December 2013. Australia's net foreign debt liability decreased $3.2b to a net liability position of $855.6b. Australia's net foreign equity decreased $15.1b to a net asset position of $5.2b at 31 March 2014.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
June 2014 2 September 2014
September 2014 2 December 2014
December 2014 3 March 2015
March 2015 2 June 2015



REVISIONS

Since the last issue of this publication data in original terms have been revised back to September quarter 2012. See the Revisions section for details.

The following goods and services debits components have been revised since the release of the March 2014 issue of International Trade in Goods and Services, Australia (cat. no. 5368.0):
  • capital goods n.e.s. component of goods debits, revised back to September quarter 2013
  • legal, accounting, management consulting, public relations and other professional services component of services debits, revised in March quarter 2014
  • architectural, engineering and other technical services component of services debits, revised in March quarter 2014.

Data in this issue aligns with the data in the March quarter 2014 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 4 June 2014.


CHANGES IN THIS ISSUE

As part of the ongoing improvement to the seasonal adjustment of the coal, coke and briquettes goods credits series, an abrupt change to the seasonal pattern has been identified at March quarter 2012 and taken into account. For further details on seasonally adjusted and trend estimates, please see paragraphs 11 to 15 of the Explanatory Notes.


VALUE ADJUSTMENTS

See the Value adjustments section for details.


RELATED RELEASES

See the Related releases section for details.


INQUIRIES

For further information contact Val Tot on Canberra (02) 6252 5540 for balance of payments estimates, and Charles Kauye on Canberra (02) 6252 5541 for international investment estimates.


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Commonwealth of Australia 2014

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