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5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2010 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 31/08/2010   
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JUNE KEY FIGURES

Mar Qtr 2010
Jun Qtr 2010
Mar Qtr 2010 to Jun Qtr 2010
$m
$m
% change

BALANCE ON CURRENT ACCOUNT
Trend estimates
-16 604
-7 141
57
Seasonally adjusted
-16 457
-5 640
66
BALANCE ON GOODS AND SERVICES
Trend estimates
-3 537
5 664
. .
Seasonally adjusted
-3 209
6 497
. .
NET PRIMARY INCOME
Trend estimates
-12 850
-12 588
2
Seasonally adjusted
-13 021
-11 909
9
LEVELS AT END OF PERIOD
International Investment Position
759 289
763 459
1
Net foreign equity
101 528
91 574
-10
Net foreign debt
657 761
671 885
2

. . not applicable

Current Account, Main aggregates - Trend estimates at current prices (a)
Graph: Current Account, Main aggregates—Trend estimates at current prices (a)

International Investment
Graph: International Investment




JUNE KEY POINTS


BALANCE OF PAYMENTS
  • The current account deficit, seasonally adjusted, fell $10,817m (66%) to $5,640m in the June quarter 2010. There was a turnaround of $9,706m on the balance of goods and services, resulting in a surplus of $6,497m in the June quarter 2010. The primary income deficit fell $1,112m (9%) to $11,909m.
  • In seasonally adjusted chain volume terms, the deficit on goods and services fell $1,260m (16%) from $7,694m in the March quarter 2010 to $6,434m in the June quarter 2010. This is expected to contribute 0.4 percentage points to growth in the June quarter 2010 volume measure of GDP.


INTERNATIONAL INVESTMENT POSITION (IIP)
  • Australia's net IIP rose $4.2b to a net liability position of $763.5b in the June quarter 2010. Australia's net foreign debt liability increased $14.1b to a liability position of $671.9b. Australia's net foreign equity liability decreased $10.0b to a liability position of $91.6b.


NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
September 2010 30 November 2010
December 2010 1 March 2011
March 2011 31 May 2011



REVISIONS

Table 36 summarises revisions, in original current price terms, since the last issue of this publication, for the last three years and six quarters.

Incorporation of the latest survey and administrative data has resulted in revisions to the current account back to September quarter 2006. In original terms, these revisions have:
  • increased the 2006-07 current account deficit by $1,556m
  • increased the 2007-08 current account deficit by $845m
  • increased the 2008-09 current account deficit by $3,068m
  • increased the deficit for September quarter 2009 by $652m
  • increased the deficit for December quarter 2009 by $671m
  • increased the deficit for March quarter 2010 by $17m.

The financial account and international investment position have been revised back to September quarter 2006, resulting in an increase of $2,083m in Australia's net IIP liability as at 31 March 2010 to a liability position of $759,289m.

Seasonally adjusted and trend series are revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter. In seasonally adjusted terms, these revisions decreased the volume deficit on goods and services by $289m for the March quarter 2010.


CHANGES IN THIS AND FORTHCOMING ISSUES

Changes in this issue (see Changes in this issue and forthcoming issues)
  • Change to the Civil aircraft and related components
  • Table 34 Foreign assets and liabilities: by industry.

Changes in forthcoming issues (see Changes in this issue and forthcoming issues)
  • Annual seasonal reanalysis
  • New format of analysis and comments
  • New base year and re-referencing of chain volume estimates and implicit price deflators
  • Re-order of components in time series tables 105 and 106.


IRON ORE AND COAL PRICES

Adjustments have been made to the value of the 'metal ores and minerals' and 'coal, coke and briquettes' components in the balance of payments series. See Commodity price adjustment, for details.


TREND ESTIMATES

Caution should be used when interpreting recent trend estimates as they may be affected by unusual economic factors. For more details on trend estimates, please see paragraph 14 of the explanatory notes.


INQUIRIES

For further information contact Selvi Sekhar 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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