5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/03/2016   
   Page tools: Print Print Page Print all pages in this productPrint All RSS Feed RSS Bookmark and Share Search this Product

ANALYSIS AND COMMENTS

BALANCE OF PAYMENTS

In original current price terms, the December quarter 2015 current account deficit was $22,057m, a decrease of $217m (1%) on the September quarter 2015 deficit. In original current price terms, the balance on goods and services contributed $11,594m, primary income contributed $9,960m and secondary income contributed $503m to the deficit.

The capital and financial account surplus was $20,866m, with the capital account contributing a net deficit of $128m and the financial account contributing $20,994m to the surplus.

BALANCE OF PAYMENTS, Summary(a): Original

Dec 2014
Mar 2015
Jun 2015
Sep 2015
Dec 2015
$m
$m
$m
$m
$m

CURRENT ACCOUNT
-12 804
-13 400
-17 343
-22 274
-22 057
Goods and services
-4 589
-3 674
-8 917
-9 328
-11 594
Credits
82 568
78 912
76 548
81 731
79 932
Debits
-87 157
-82 586
-85 465
-91 059
-91 526
Goods
-2 677
-2 511
-6 489
-6 806
-9 974
Credits
66 565
62 516
61 035
65 038
62 368
Debits
-69 242
-65 027
-67 524
-71 844
-72 342
Services
-1 912
-1 163
-2 428
-2 522
-1 620
Credits
16 003
16 396
15 513
16 693
17 564
Debits
-17 915
-17 559
-17 941
-19 215
-19 184
Primary income
-7 684
-8 968
-7 769
-12 427
-9 960
Credits
13 100
12 729
12 879
12 135
12 893
Debits
-20 784
-21 697
-20 648
-24 562
-22 852
Secondary income
-531
-758
-657
-519
-503
Credits
1 937
1 918
1 956
1 941
1 936
Debits
-2 468
-2 676
-2 613
-2 460
-2 439
CAPITAL AND FINANCIAL ACCOUNT
11 397
10 874
16 768
21 493
20 866
Capital account
-129
-134
-155
-121
-128
Acquisitions/disposals of non-produced non-financial assets
-2
-1
-1
-4
-1
Credits
-
1
-
4
-
Debits
-2
-2
-1
-8
-1
Capital transfers
-127
-133
-154
-117
-127
Credits
-
-
-
-
-
Debits
-127
-133
-154
-117
-127
Financial account
11 526
11 008
16 923
21 614
20 994
Direct investment
8 735
13 129
3 624
7 853
27 310
Assets
-1 096
-1 406
-12 158
-6 922
22 235
Liabilities
9 831
14 536
15 783
14 774
5 075
Portfolio investment
10 431
21 251
23 197
11 052
8 070
Assets
-14 251
-14 292
-1 276
-6 450
-6 840
Liabilities
24 682
35 543
24 473
17 502
14 910
Financial derivatives
1 002
-4 801
2 936
-1 038
-88
Assets
2 154
12 538
44 638
5 668
38 901
Liabilities
-1 152
-17 339
-41 701
-6 706
-38 989
Other investment
-5 941
-12 938
-19 552
2 556
-15 246
Assets
2 273
-28 635
-30 516
-12 509
-31 836
Liabilities
-8 214
15 697
10 964
15 065
16 590
Reserve assets
-2 701
-5 633
6 717
1 192
948
NET ERRORS AND OMISSIONS
1 407
2 526
575
781
1 190

- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraphs 15-17 of the Explanatory Notes.


In seasonally adjusted current price terms, the December quarter 2015 current account deficit was $21,106m, an increase of $2,258m (12%) on the September quarter 2015 deficit.

In trend current price terms, the December quarter 2015 current account deficit was $21,593m, an increase of $1,295m (6%) on the September quarter 2015 deficit.

The contributors to the current account balances, in seasonally adjusted and trend terms at current prices, are shown in the following table.

BALANCE ON CURRENT ACCOUNT IN CURRENT PRICES - December Quarter 2015

Change in:
Current prices
Current prices
Current prices
$m
$m
%

Seasonally Adjusted

Balance on current account
-21 106
-2 258
-12.0
Balance on goods and services
-9 929
-2 592
-35.3
Net goods
-8 465
-2 725
-47.5
Net services
-1 464
133
8.3
Net primary income
-10 564
331
3.0
Net secondary income
-613
3
0.5

Trend

Balance on current account
-21 593
-1 295
-6.4
Balance on goods and services
-10 160
-767
-8.2
Net goods
-8 720
-1 145
-15.1
Net services
-1 440
378
20.8
Net primary income
-10 815
-522
-5.1
Net secondary income
-617
-5
-0.8




TERMS OF TRADE(footnote 1)

Australia's seasonally adjusted terms of trade on net goods and services for the December quarter 2015 fell 3.2% to 80.6, with a decrease of 3.7% in the implicit price deflator (IPD) for goods and services credits and a decrease of 0.5% in the IPD for goods and services debits.

In trend terms, the terms of trade for net goods and services fell 3.0% to 80.5.

IMPLICIT PRICE DEFLATOR AND TERMS OF TRADE (a)
Graph: IMPLICIT PRICE DEFLATOR AND TERMS OF TRADE (a)



BALANCE ON GOODS AND SERVICES

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $8,510m, an increase of $19m on the September quarter 2015 surplus of $8,491m.

The net surplus on goods decreased $89m (1%) on the September quarter 2015 surplus of $8,197m. Goods credits rose $258m and goods debits rose $347m (1%). The net surplus on services increased $107m (36%) on the September quarter 2015 surplus of $294m.

The increase in the balance on goods and services surplus, in seasonally adjusted chain volume terms, is expected to contribute 0.0 percentage points to growth in the December quarter 2015 volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the September quarter 2015.

GOODS AND SERVICES, CHAIN VOLUME MEASURES (a)
Graph: GOODS AND SERVICES, CHAIN VOLUME MEASURES (a)



Goods

The trend estimate of net goods at current prices for the December quarter 2015 was a deficit of $8,720m, an increase of $1,145m (15%) on the September quarter 2015 deficit of $7,575m.

In seasonally adjusted terms at current prices, net goods was a deficit of $8,465m, an increase of $2,725m (47%) on the September quarter 2015 deficit of $5,740m.

GOODS, Price and volume analysis: Seasonally adjusted - December Quarter 2015

Change in:
Current prices
Current prices
Chain volume measures(a)
Implicit price deflators(a)(b)
$m
%
%
%

Exports
-2 901
-4.5
0.3
-4.9
Rural goods
526
4.7
10.0
-4.8
Non-rural goods
-2 662
-5.5
0.1
-5.6
Net exports of goods under merchanting
-51
-54.8
-51.0
-7.8
Non-monetary gold
-714
-15.6
-14.9
-0.8
Imports
-176
-0.3
0.5
-0.8
Consumption goods
-47
-0.2
-2.1
2.0
Capital goods
-164
-1.0
-1.2
0.3
Intermediate and other merchandise goods
125
0.5
3.7
-3.1
Non-monetary gold
-89
-7.5
-6.8
-0.8

(a) Reference year 2013-14.
(b) Movements in indexes are based on data to four decimal places.



GOODS CREDITS

The trend estimate of goods credits at current prices fell $885m (1%) to $61,082m in the December quarter 2015.

In seasonally adjusted terms at current prices, goods credits fell $2,901m (5%) to $61,048m, with prices down 5%.


Rural Goods

Exports of rural goods, in seasonally adjusted terms at current prices, rose $526m (5%) to $11,639m, with volumes up 10% and prices down 5%. The main component contributing to the rise was other rural, up $975m (21%), with volumes up 22%.

Partly offsetting this rise were:
  • meat and meat preparations, down $275m (8%), with volumes down 4% and prices down 5%
  • cereal grains and cereal preparations, down $106m (4%), with volumes up 5% and prices down 9%.


Non-rural Goods

Exports of non-rural goods, in seasonally adjusted terms at current prices, fell $2,662m (6%) to $45,507m, with prices down 6%.

The main components contributing to the fall were:
  • metal ores and minerals, down $1,917m (10%), with volumes down 3% and prices down 7%
  • coal, coke and briquettes, down $947m (10%), with volumes down 4% and prices down 7%.

Partly offsetting these falls was other mineral fuels, up $377m (6%), with volumes up 14% and prices down 7%.

SELECTED MAJOR COMMODITIES, CURRENT PRICES(a)
Graph: SELECTED MAJOR COMMODITIES, CURRENT PRICES(a)



Net Exports of Goods Under Merchanting

Net exports of goods under merchanting, in seasonally adjusted terms at current prices, fell $51m (55%), with volumes down 51% and prices down 8%.


Non-monetary Gold

Non-monetary gold, in original and seasonally adjusted terms at current prices, fell $714m (16%), with volumes down 15% and prices down 1%.


GOODS DEBITS

The trend estimate of goods debits at current prices rose $260m to $69,802m in the December quarter 2015.

In seasonally adjusted terms at current prices, goods debits fell $176m to $69,513m, with volumes up 1% and prices down 1%.


Consumption Goods

Imports of consumption goods, in seasonally adjusted terms at current prices fell $47m, with volumes down 2% and prices up 2%.

The main components contributing to the fall were:
  • non-industrial transport equipment, down $171m (3%), with volumes down 3%
  • toys, books and leisure goods, down $115m (7%), with volumes down 8% and prices up 1%.

Partly offsetting these falls was textiles, clothing and footwear, up $137m (3%), with volumes up 1% and prices up 2%.


Capital Goods

Imports of capital goods, in seasonally adjusted terms at current prices fell $164m (1%) to $16,661m, with volumes down 1%.

The main components contributing to the fall were:
  • civil aircraft and confidentialised items, down $776m (34%), with volumes down 36% and prices up 3%
  • capital goods n.e.s., down $489m (22%), with volumes down 21% and prices down 2%.

Partly offsetting these falls were:
  • industrial transport equipment n.e.s., up $672m (33%), with volumes up 29% and prices up 3%
  • machinery and industrial equipment, up $247m (5%), with volumes up 4% and prices up 1%
  • ADP equipment, up $101m (4%), with volumes up 4%.


Intermediate and Other Merchandise Goods

Imports of intermediate and other merchandise goods, in seasonally adjusted terms at current prices rose $125m to $27,575m, with volumes up 4% and prices down 3%.

The main components contributing to the rise were:
  • parts for transport equipment, up $386m (14%), with volumes up 9% and prices up 5%
  • processed industrial supplies n.e.s., up $216m (3%), with volumes up 3%.

Party offsetting these rises were:
  • fuels and lubricants, down $355m (5%), with volumes up 6% and prices down 10%
  • iron and steel, down $194m (16%), with volumes down 14% and prices down 3%.


Non-monetary Gold

Imports of non-monetary gold, in original and seasonally adjusted terms at current prices, fell $89m (7%), with volumes down 7% and prices down 1%.


SERVICES

The trend estimate of net services at current prices was a deficit of $1,440m, a decrease of $378m (21%) on the September quarter 2015 deficit of $1,818m.

In seasonally adjusted terms at current prices, net services was a deficit of $1,464m, a decrease of $133m (8%) on the September quarter 2015 deficit of $1,597m.

SERVICES, Price and volume analysis: Seasonally adjusted - December Quarter 2015

Change in:
Current prices
Current prices
Chain volume measures(a)
Implicit price deflators(a)(b)
$m
%
%
%

Exports
351
2.1
1.6
0.5
Manufacturing services on physical inputs owned by others
-3
-75.0
-74.9
-0.4
Maintenance and repair services n.i.e.
-6
-23.1
-22.8
-0.4
Transport
75
4.4
3.8
0.6
Travel
408
4.1
3.4
0.7
Other services
-124
-2.4
-2.2
-0.2
Imports
219
1.2
1.0
0.2
Manufacturing services on physical inputs owned by others
-
-
-
-
Maintenance and repair services n.i.e.
37
39.4
39.4
-
Transport
272
6.1
4.6
1.5
Travel
35
0.5
0.5
-
Other services
-125
-1.9
-1.8
-0.1

- nil or rounded to zero (including null cells)
(a) Reference year 2013-14.
(b) Movements in indexes are based on data to four decimal places.



Services Credits

Services credits, in seasonally adjusted terms at current prices, rose $351m (2%) to $17,171m, with volumes up 2%.

The main components contributing to the rise were:
  • travel, up $408m (4%), with volumes up 3% and prices up 1%
  • transport, up $75m (4%), with volumes up 4% and prices up 1%.

Partly offsetting these rises was other services, down $124m (2%), with volumes down 2%.

In seasonally adjusted terms, tourism related services credits rose $495m (5%) to $11,090m.


Services Debits

Services debits, in seasonally adjusted terms at current prices, rose $219m (1%) to $18,636m, with volumes up 1%. The main component contributing to the rise was transport, up $272m (6%) with volumes up 5% and prices up 2%.

Partly offsetting this rise was other services, down $125m (2%), with volumes down 2%.

In seasonally adjusted terms, tourism related services debits rose $47m (1%) to $9,209m.


PRIMARY INCOME

The trend estimate of the net primary income deficit at current prices increased $522m (5%) to $10,815m in the December quarter 2015.

The seasonally adjusted estimate of the net primary income deficit at current prices decreased $331m (3%) to $10,564m in the December quarter 2015.

NET PRIMARY INCOME
Graph: NET PRIMARY INCOME



Primary Income Credits

Primary income credits, in seasonally adjusted terms at current prices, increased $683m (6%) to $12,902m. The main component contributing to this increase was direct investment assets, income on equity and investment fund shares, which increased $297m (7%).


Primary Income Debits

Primary income debits, in seasonally adjusted terms at current prices, increased $352m (2%) to $23,466m. The main component contributing to this increase was investment income, direct investment liabilities, income on equity and investment fund shares, which increased $265m (4%).


SECONDARY INCOME

The trend estimate of the net secondary income deficit at current prices increased $5m (1%) to $617m in the December quarter 2015.

In seasonally adjusted terms, the net secondary income deficit at current prices decreased $3m to $613m in the December quarter 2015.


CAPITAL ACCOUNT

In original terms, the capital account deficit was $128m, an increase of $7m (6%) on the September quarter 2015 deficit of $121m. Capital account credits fell $4m (100%) and capital account debits rose $3m (2%) in the December quarter 2015.


FINANCIAL ACCOUNT

The balance of the financial account, in original terms, recorded a net inflow of $21.0b, which was driven by a net inflow of debt of $16.3b and a net inflow of equity of $4.7b.

The financial account surplus decreased $0.6b to $21.0b in the December quarter 2015, from $21.6b in the September quarter 2015.


Direct Investment

Direct investment recorded a net inflow of $27.3b in the December quarter 2015, an increase of $19.5b on the inflow of $7.9b in the September quarter 2015, where:
  • direct investment liabilities recorded an inflow of $5.1b, a decrease of $9.7b on the inflow of $14.8b in the September quarter 2015
  • direct investment assets recorded an inflow of $22.2b, a turnaround of $29.2b on the outflow of $6.9b in the September quarter 2015.


Portfolio Investment

Portfolio investment recorded a net inflow of $8.1b in the December quarter 2015, a decrease of $3.0b on the inflow of $11.1b in the September quarter 2015, where:
  • equity investment fund shares recorded a net inflow of $1.8b in the December quarter 2015, a decrease of $6.0b on the inflow of $7.9b in the September quarter 2015
  • debt securities recorded a net inflow of $6.3b in the December quarter 2015, an increase of $3.1b on the inflow of $3.2b in the September quarter 2015.


Financial Derivatives

Financial derivatives recorded a net outflow of $0.1b in the December quarter 2015, a decrease of $1.0b on the outflow of $1.0b in the September quarter 2015.


Other Investment

Other investment recorded a net outflow of $15.2b in the December quarter 2015, a turnaround of $17.8b on the inflow of $2.6b in the September quarter 2015. This was driven by a net outflow of loans of $14.4b and by a net outflow in currency and deposits of $2.8b.


Reserve Assets

Reserve assets recorded a net inflow of $0.9b in the December quarter 2015, a decrease of $0.2b on the inflow of $1.2b in the September quarter 2015.


INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP liability position was $943.6b at 31 December 2015, an increase of $19.2b (2%) on the revised 30 September 2015 position of $924.5b. Australia's net foreign debt liability increased $2.8b to a net liability position of $1,005.6b. Australia's net foreign equity asset decreased $16.4b (21%) to a net asset position of $61.9b at 31 December 2015.

The changes contributing to this result are shown in the following table.

INTERNATIONAL INVESTMENT POSITION, By Net Foreign Equity and Net Foreign Debt

CHANGES IN POSITION REFLECTING

Position at beginning of period
Transactions
Price changes
Exchange rate changes
Other adjustments
Position at end of period
$m
$m
$m
$m
$m
$m

Net International Investment Position

Jun 2015
904 811
16 923
-18 631
-1 056
-1 297
900 749
Sep 2015
900 749
21 614
33 068
-27 379
-3 592
924 460
Dec 2015
924 460
20 994
-13 569
13 885
-2 123
943 647

Net Foreign Equity

Jun 2015
-69 384
5 470
-3 739
-537
-2 489
-70 679
Sep 2015
-70 679
16 130
36 454
-54 114
-6 092
-78 299
Dec 2015
-78 299
4 698
-18 786
35 119
-4 651
-61 920

Net Foreign Debt

Jun 2015
974 194
11 453
-14 892
-519
1 192
971 428
Sep 2015
971 428
5 484
-3 386
26 734
2 500
1 002 759
Dec 2015
1 002 759
16 297
5 217
-21 235
2 528
1 005 567



SUPPLEMENTARY INFORMATION

CONDITIONS

The conditions in the global economy showed modest growth for most countries in the December quarter 2015. Growth in the US and the EU improved, while growth in Asia (including China and Japan) was weaker than expected. According to the Organisation for Economic Cooperation and Development (OECD)(footnote 2) , preliminary growth rate compared to last quarter in seasonally adjusted terms showed quarterly growth for China (1.6%), Indonesia (1.3%), Spain (0.8%), South Korea (0.6%), UK (0.5%), France (0.2%), Germany (0.3%), Euro area (0.3%), Netherlands (0.3%) and Italy (0.1%). Preliminary growth rates fell for Japan (0.4%) and Greece (0.6%).
  • foreign asset transactions were $23.4b in the December quarter 2015 compared to -$19.0b in the September quarter 2015
  • foreign liability transactions were -$2.4b in the December quarter 2015 compared to $40.6b in the September quarter 2015.

The Australian share market, as measured by the MSCI global index(footnote 3) , increased by 7.4% in the December quarter 2015, following a decrease of -10.7% in the September quarter 2015. Increases were recorded in Germany (13.1%), Japan (12.6%), New Zealand (10.0%), USA (8.3%), France (7.0%), Switzerland (6.9%), Hong Kong (6.8%), UK (5.4%), Singapore (3.7%) and Canada (0.0%). No decreases were recorded. A market price change of -$38.8b was recorded for foreign equity assets and $20.0b in foreign equity liabilities in the December quarter 2015.

According to Bloomberg(footnote 4) , the composite corporate benchmark yield increased in the UK from 3.16% to 3.23%, the USA from 3.45% to 3.70% and decreased in Germany from 1.58% to 1.45%, Japan from 0.34% to 0.31%. In Australia, the rate increased from 3.45% to 3.78%. The long-term 10 year government bond yields increased in the USA from 2.06% to 2.27%, the UK from 1.76% to 1.96% and Germany from 0.59% to 0.63%. The long-term 10 year government bond yields fell in Japan from 0.35% to 0.25%. In Australia, the rate increased from 2.70% to 2.85%. A market price change of $2.0b was recorded for portfolio debt securities assets and -$12.5b in portfolio debt securities liabilities in the December quarter 2015.

The Australian dollar appreciated against a number of the major currencies in the December quarter 2015. It increased 4.2% against the US Dollar, 6.5% against the Chinese renminbi, 4.7% against the Japanese yen, 7.2% against the European euro, 3.1% against the South Korean won, 6.6% against the UK pound sterling and 3.5% against the Singapore dollar. The Australian dollar depreciated 3.0% against the New Zealand dollar. The Trade Weighted Index (TWI)(footnote 4) (footnote 5) , recorded a rise of 4.7%. This is reflected in exchange rate changes for foreign assets of $52.3b and foreign liabilities of -$38.4b.


RELATIONSHIP BETWEEN IPD, EPI AND IPI(footnote 6)

In original terms, the IPD for total goods credits fell 5.3% and the chain Laspeyres price index for goods exports fell 5.5%. The Export Price Index (EPI)(footnote 7) fell 5.4% during the December quarter 2015.

In original terms, the IPD for total goods debits fell 0.6% and the chain Laspeyres price index for goods imports fell 0.1%. The Import Price Index (IPI) (footnote 7) fell 0.3% during the December quarter 2015.

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.

GOODS AND SERVICES, Price comparison - December Quarter 2015

Change in:
Seasonally adjusted
Original
Implicit price deflators(a)
Implicit price deflators(a)
International trade price indexes(b)
Chain Laspeyres price indexes(a)
%
%
%
%

Exports
Goods
-4.9
-5.3
-5.4
-5.5
Services
0.5
0.5
na
0.5
Imports
Goods
-0.8
-0.6
-0.3
-0.1
Services
0.2
0.2
na
0.3

na not available
(a) Reference year 2013-14 = 100.
(b) Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

IMPLICIT PRICE DEFLATORS AND INTERNATIONAL TRADE PRICE INDEXES
Graph: IMPLICIT PRICE DEFLATORS AND INTERNATIONAL TRADE PRICE INDEXES



Commodity Price Indexes

The RBA Commodity Price Index (average monthly index) for rural commodities decreased 2.2% between the September and December quarter 2015 while the EPI for rural goods decreased 3.5%.

The RBA Commodity Price Index for non-rural commodities decreased 6.5% while the EPI for non-rural goods total (excluding non-monetary gold) decreased 6.3%.

Differences between the RBA Commodity Price Index and ABS price measures are largely a consequence of methodological differences used in the construction of the respective indexes, including coverage of included commodities and timing of source data.


CALENDAR YEAR 2015 SITUATION

CURRENT ACCOUNT

In original terms, the balance on current account in 2015 was a deficit of $75.1b, an increase of $26.0b (53%) on the deficit of $49.0b recorded in 2014. The balance on goods and services was a deficit of $33.5b, an increase of $23.7b on the deficit of $9.8b recorded in 2014.

The 2015 goods deficit of $25.8b was a turnaround of $26.2b on the surplus of $0.4b in 2014.

The 2015 services deficit of $7.7b was a decrease of $2.5b (24%) on the deficit of $10.2b in 2014.

The 2015 net primary income deficit increased $2.1b (6%), with a decrease in primary income credits of $0.8b (1%) and an increase in primary income debits of $1.4b (2%).

The 2015 secondary income deficit increased $0.2b (8%), with an increase in secondary income credits of $0.04b and an increase in secondary income debits of $0.2b (2%).


FINANCIAL ACCOUNT

The balance on financial account recorded a net inflow of $70.5b, with a net inflow on equity of $37.3b and a net inflow on debt of $33.2b. This result was an increase of $25.7b on the net inflow of $44.8b recorded for the previous year as a result of:
  • an increase of $37.2b on the net inflow on portfolio investment
  • an increase of $30.2b on the net outflow on other investment
  • an increase of $8.0b on the net inflow on direct investment
  • a turnaround of $7.5b from the outflow to the inflow on reserve assets
  • a decrease of $3.3b on the net outflow on financial derivatives.


INTERNATIONAL INVESTMENT POSITION

Australia's net international investment position as at 31 December 2015 was a net foreign liability of $943.6b. This was an increase of $62.3b (7%) on the position a year earlier as a result of:
  • net transactions of $70.5b
  • price changes of $28.1b
  • exchange rate changes of -$25.4b
  • other changes of -$11.0b.

During 2015, Australia's net foreign equity increased $3.3b (6%) on the previous year, to a net asset position of $61.9b, with exchange rate changes of -$51.9b and other changes of -$18.6b, partly offset by net transactions of $37.3b and price changes of $29.9b.

Australia's net foreign debt liability increased by $65.6b (7%) on the previous year, to a net liability position of $1,005.6b, with net transactions of $33.2b, exchange rate changes of $26.5b and other changes of $7.6b, partly offset by price changes of -$1.8b.

At 31 December 2015, the ratio of Australia's net international investment position to GDP using the latest available GDP figure (for the year ended 30 September 2015 using current prices) was 58.3%. This compares with 55.1% one year ago.

1 In this commentary movements in indexes are based on data to four decimal places. <back
2 OECD Statistics Quarterly National Account, Organisation for Economic Cooperation and Development – Economic Department, viewed 19 February 2016. <back
3 MSCI Global Market Indexes 2015, Morgan Stanley Capital International, viewed 11 January 2016. <back
4 Bloomberg, Bloomberg Professional Service, viewed 12 January 2016. <back
5 Exchange Rates – Daily 2014 to Current, Reserve Bank of Australia – Statistical Tables, viewed 12 January 2016. <back
6 In this commentary movements in indexes are based on data to four decimal places. <back
7 Source: International Trade Price Indexes, Australia (cat. no. 6457.0). <back