5302.0 - Balance of Payments and International Investment Position, Australia, Mar 2014 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 03/06/2014   
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MEDIA RELEASE
3 June 2014
Embargo: 11.30 am (Canberra time)
67/2014
Decrease in current account deficit

Latest ABS figures show that in seasonally adjusted, current price terms, the current account deficit decreased $6,034m (52 per cent) to $5,672m in the March quarter 2014. Exports of goods and services rose $4,959m (6 per cent) and imports of goods and services rose $759m (1 per cent). The primary income deficit fell $1,811m (17 per cent).

In seasonally adjusted, chain volume terms, the net goods and services surplus rose $5,315m (54 per cent) to $15,118m in the March quarter 2014. This is expected to contribute 1.4 percentage points to growth in the March quarter 2014 volume measure of Gross Domestic Product.

Australia's net IIP liability position was $850.4b at 31 March 2014, an increase of $11.9b on 31 December 2013. Australia's net foreign debt liability decreased $3.2b to a net liability position of $855.6b. Australia's net foreign equity decreased $15.1b to a net asset position of $5.2b at 31 March 2014.

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

Media notes:
  • March quarter 2014, Australian National Accounts: National Income and Expenditure (cat. no. 5206.0) will be released on 4 June 2014.
  • Please ensure when reporting on ABS data that you attribute the Australian Bureau of Statistics (or the ABS) as the source.
  • Media requests and interviews - contact the ABS Communications Section on 1300 175 070