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1301.0 - Year Book Australia, 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/01/2003   
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Contents >> International Accounts and Trade >> International accounts - Statistical overview

As shown in table 30.2, the balance on current account for 2001-02 was a deficit of $22.2b, an increase of $4.0b (22%) on the previous year. The deficit on goods and services was $2.0b, a turnaround of $2.9b on the 2000-01 surplus of $0.9b. The main contributing factor was the decrease in services credits of $2.2b, down from $33.2b in 2000-01 to $31.0b in 2001-02, returning to historic levels following the effects of the Sydney Olympic Games during 2000-01. The net goods deficit rose $0.7b and the net income deficit rose $1.1b on the previous year.

The surplus on capital account decreased by $0.1b (6%) to $1.0b in 2001-02.

The balance on financial account recorded a net inflow of $20.3b, up $6.0b (42%) on the previous year. Direct investment recorded a net outflow of $0.9b, a turnaround from the net inflow of $4.4b in 2000-01. A rise in the net outflow on Australian direct investment abroad of $13.3b was partly offset by the rise of $8.0b in the inflow of direct investment into Australia. The net inflow on portfolio investment fell $2.8b and reserve assets fell $9.7b. Partly offsetting these movements was a rise of $3.5b in the net inflow on other investment.


30.2 BALANCE OF PAYMENTS, Summary

1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02
$m
$m
$m
$m
$m
$m

Current account
-17,602
-22,807
-33,607
-32,283
-18,170
-22,212
Goods and services
1,570
-4,738
-14,428
-14,351
875
-1,975
Credits
105,160
113,744
112,025
125,972
153,511
152,219
Debits
-103,590
-118,482
-126,453
-140,323
-152,636
-154,194
Goods
1,496
-3,546
-12,644
-12,955
-30
-757
Credits
80,934
88,538
85,783
97,655
120,307
121,180
Debits
-79,438
-92,084
-98,427
-110,610
-120,337
-121,937
Services
74
-1,192
-1,784
-1,396
905
-1,218
Credits
24,226
25,206
26,242
28,317
33,204
31,039
Debits
-24,152
-26,398
-28,026
-29,713
-32,299
-32,257
Income
-19,151
-18,091
-18,430
-18,150
-19,077
-20,220
Credits
8,563
10,384
10,288
13,773
16,179
14,913
Debits
-27,714
-28,475
-28,718
-31,923
-35,256
-35,133
Current transfers
-21
22
-749
218
32
-17
Credits
3,540
3,993
4,498
4,625
4,453
4,280
Debits
-3,561
-3,971
-5,247
-4,407
-4,421
-4,297
Capital and financial account
18,870
25,769
31,281
31,973
15,444
21,324
Capital account
1,317
1,127
1,167
1,053
1,109
1,038
Capital transfers
1,323
1,097
1,186
1,136
1,182
1,120
Credits
2,200
2,068
2,197
2,335
2,442
2,513
Debits
-877
-971
-1,011
-1,199
-1,260
-1,393
Net acquisition/disposal of non-produced, non-financial assets
-6
30
-19
-83
-73
-82
Financial account
17,553
24,642
30,114
30,920
14,335
20,286
Direct investment
4,895
2,852
4,747
9,641
4,368
-917
Abroad
-6,437
-7,435
-3,253
-2,927
-7,088
-20,346
In Australia
11,332
10,287
8,000
12,568
11,456
19,429
Portfolio investment
15,192
21,164
6,455
9,330
15,710
12,921
Financial derivatives
2,089
-2,828
2,748
431
-484
403
Other investment
580
2,996
16,558
14,140
3,621
7,102
Reserve assets
-5,203
458
-394
-2,622
-8,880
777
Net errors and omissions
-1,268
-2,962
2,326
310
2,726
888

Source: Balance of Payments and International Investment Position, Australia (5302.0).


Graph 30.3 illustrates the differing influences of the trade balance and the net income deficit on the balance on current account. The net income deficit rose from $7b in 1985-86 to $18-$20b each year from 1994-95 onwards. The underlying level of net income will continue to drive the level and direction of the current account deficit, as Australia continues to service its external liabilities. However, the trade deficit has fluctuated quite significantly over the past 16 years. While the deficit has averaged about $4b per year, it has moved from surpluses of $2b to deficits of $15b.

Graph - 30.3 Balance on current account compared to net income




Table 30.4 shows the annual levels of Australia's official reserve assets and both the end of year and period average exchange rates for the major currencies, special drawing rights, and the trade weighted index.


30.4 RESERVE ASSETS AND EXCHANGE RATES

1996-97
1997-98
1998-99
1999-2000
2000-01
2001-02

RESERVE ASSETS(a) ($m)

Total reserve assets
-22,791
-24,260
-23,954
-27,948
-37,951
-37,435
Monetary gold
-1,757
-1,236
-1,013
-1,233
-1,367
-1,445
Special drawing rights
-37
-25
-88
-141
-197
-216
Reserve position in IMF
-627
-1,449
-2,338
-2,225
-2,412
-2,992
Foreign exchange
-20,370
-21,550
-20,515
-24,349
-33,975
-32,782
Currency and deposits
-4,572
-11,675
-7,971
-9,148
-11,340
-11,761
Securities
-15,798
-9,875
-12,544
-15,143
-22,562
-21,137
Financial derivatives (net)
n.a.
n.a.
n.a.
-58
-73
116

EXCHANGE RATES

End of period
United States dollar
0.7455
0.6135
0.6596
0.5986
0.5075
0.5248
United Kingdom pound
0.4482
0.3681
0.4188
0.3941
0.3603
0.3537
Euro
. .
. .
0.6379
0.6282
0.6002
0.5737
Japanese yen
85.20
86.16
79.66
63.19
62.94
65.94
Special drawing right
0.5347
0.4617
0.4932
0.4481
0.4076
0.4105
Period average(b)
United States dollar
0.7828
0.6808
0.6276
0.6289
0.5379
0.5239
United Kingdom pound
0.4851
0.4138
0.3824
0.3948
0.3704
0.3632
Euro
. .
. .
. .
0.6278
0.6023
0.5850
Japanese yen
90.51
86.02
77.81
67.90
61.49
66.10
Special drawing right
0.5521
0.5026
0.4589
0.4642
0.4177
0.4135

TRADE-WEIGHTED INDEX OF VALUE OF THE AUSTRALIAN DOLLAR(c)

End of period
56.7
57.9
58.4
53.3
49.7
50.4
Period average(b)
58.7
58.3
56.0
55.2
50.3
50.8

(a) As at 30 June.
(b) These period average exchange rates and index numbers are derived by averaging figures for each trading day.
(c) May 1970 = 100.0. The trade weighted index is reweighted annually and on special occasions as required.

Source: Reserve Bank of Australia for reserve assets, daily exchange rates and the trade-weighted index.


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