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5302.0 - Balance of Payments and International Investment Position, Australia, March 2011 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 31/05/2011   
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MEDIA RELEASE
31 May, 2011
Embargo 11:30am (Canberra time)
65/2011

Increase in current account deficit

Latest ABS figures show that in seasonally adjusted, current price terms, the current account deficit rose $2,356m (29%) to $10,447m in the March quarter 2011. Exports of goods and services decreased $2,020m (3%) and imports of goods and services increased $1,316m (2%). The primary income deficit fell $935m (7%).

In seasonally adjusted chain volume terms, the net goods and services deficit rose $7,781m to $9,089m in the March quarter 2011. This is expected to detract 2.4% from growth in the March quarter 2011 volume measure of Gross Domestic Product.

Australia's net International Investment Position increased $6.3b to a net liability position of $780.6b in the March quarter 2011. Australia's net foreign debt liability increased $29.8b to a liability position of $677.3b. Australia's net foreign equity liability decreased $23.5b to a liability position of $103.3b.

Extensive flooding began in late December 2010 and continued in both Queensland and other states in January 2011. The collection and processing of data included in this publication were not disrupted.

Earthquake and tsunami events in Japan occurred in mid March 2011. These events do not appear to have significantly impacted the economic activity in this publication.

Further details can be found in Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).

Media notes:
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or ABS) as the source.
  • March quarter national accounts (Australian National Accounts: National Income and Expenditure (cat. no. 5206.0)) will be released on 1 June 2011.

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