5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/09/2016   
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MEDIA RELEASE
6 September 2016
Embargoed: 11:30 am (Canberra time)
98/2016
Current account deficit up $0.6 billion


The current account deficit increased $636 million (four per cent) to $15,535 million in the June quarter 2016 in seasonally adjusted, current price terms, according to latest figures from the Australian Bureau of Statistics (ABS).

Exports of goods and services rose $1,551 million (two per cent) and imports of goods and services rose $899 million (one per cent). The primary income deficit rose $1,351 million (23 per cent).

There has been a substantial revision to the primary income credits series of non-financial corporations and consequentially to the reinvested earnings series for the March quarter 2016. This is a result of revisions to data reported to the ABS in the March quarter 2016.

In seasonally adjusted chain volume terms, the net goods and services surplus fell $999 million (eight per cent) to $10,797 million in the June quarter 2016. This is expected to detract 0.2 percentage points from growth in the June quarter 2016 volume measure of Gross Domestic Product.

Australia's net International Investment Position was a liability of $1,035.9 billion at 30 June 2016. This was an increase of $28.1 billion (three per cent) on the revised 31 March 2016 position of $1,007.8 billion. Australia's net foreign debt liabilities increased $22.7 billion (two per cent) to a net liability position of $1,044.5 billion. Australia's net foreign equity assets decreased $5.4 billion (38 per cent) to a net asset position of $8.6 billion at 30 June 2016.

Further details can be found in Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) available for download from www.abs.gov.au.

Media notes: