5302.0 - Balance of Payments and International Investment Position, Australia, Sep 2016 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/12/2016   
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MEDIA RELEASE
6 December 2016
Embargoed: 11:30 am (Canberra time)

Current account deficit narrows to $11.4 billion
133/2016
Higher export commodity prices contributed to an improvement in the current account deficit in the September quarter 2016, according to latest figures from the Australian Bureau of Statistics (ABS).

The seasonally adjusted current account deficit fell $4,585 million (29 per cent) to $11,358 million in the September quarter 2016. Exports of goods and services rose $2,860 million (four per cent) and imports of goods and services rose $162 million. The primary income deficit fell $1,946 million (24 per cent).

In volume terms, however, imports grew faster than exports this quarter and so international trade is expected to detract 0.2 percentage points from growth in the September quarter 2016 Gross Domestic Product. In seasonally adjusted chain volume terms, the net goods and services surplus declined by $871 million (61 per cent) to $561 million.

Australia's net international investment position was a liability of $1,043.3 billion at 30 September 2016, increasing one per cent on the revised 30 June 2016 position of $1,037.9 billion.

Australia's net foreign debt liabilities increased $0.8 billion to a net liability position of $1,048.5 billion.

Australia's net foreign equity assets decreased $4.6 billion (47 per cent) to a net asset position of $5.2 billion.

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

Media notes: