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1301.0 - Year Book Australia, 2002  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 25/01/2002   
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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 2000-01 is a deficit of $18.7b, a decrease of $14.8b (44%) on the previous year. The surplus on goods and services of $0.7b is the first surplus since 1996-97. The main contributing factor is the increase of $22.7b in exported goods, which outstripped the rise of $9.6b in imported goods. The services surplus of $0.6b is a turnaround of $2.0b on the deficit of $1.4b in 1999-2000, with the improvement mainly due to the direct effects of the Sydney Olympic Games. The net income deficit is little changed, rising $0.2b (1%) on the previous year.

The surplus on capital account increased by $22m (2%) to $1.1b in 2000-01.

The balance on financial account recorded a net inflow of $15.5b, down $18.1b (54%) on the previous year. Direct investment recorded a net outflow of $2.5b, a turnaround from the net inflow of $9.8b in 1999-2000. A rise in the net outflow on Australian direct investment abroad of $15.4b, was partly offset by the rise of $3.2b in the inflow of direct investment into Australia. The net inflow on portfolio investment rose $9.6b. Partly offsetting these movements is a fall of $8.7b in the net inflow on other investment and a rise of $6.3b in the net outflow on reserve assets.

30.2 BALANCE OF PAYMENTS, Summary

1995-96

$m
1996-97

$m
1997-98

$m
1998-99

$m
1999-2000

$m
2000-01

$m

Current account
-21,452
-17,602
-22,807
-33,366
-33,479
-18,686
Goods and services
-1,983
1,570
-4,738
-14,428
-14,351
707
- Credits
99,095
105,160
113,744
112,025
125,972
153,131
- Debits
-101,078
-103,590
-118,482
-126,453
-140,323
-152,424
Goods
-1,583
1,496
-3,546
-12,644
-12,955
146
- Credits
76,146
80,934
88,538
85,783
97,655
120,337
- Debits
-77,729
-79,438
-92,084
-98,427
-110,610
-120,191
Services
-400
74
-1,192
-1,784
-1,396
561
- Credits
22,949
24,226
25,206
26,242
28,317
32,794
- Debits
-23,349
-24,152
-26,398
-28,026
-29,713
-32,233
Income
-19,533
-19,151
-18,091
-18,189
-19,346
-19,571
- Credits
7,140
8,563
10,384
10,263
12,802
15,469
- Debits
-26,673
-27,714
-28,475
-28,452
-32,148
-35,040
Current transfers
64
-21
22
-749
218
178
- Credits
3,292
3,540
3,993
4,498
4,625
4,565
- Debits
-3,228
-3,561
-3,971
-5,247
-4,407
-4,387
Capital and financial account
18,885
18,870
25,769
30,613
34,597
16,560
Capital account
1,070
1,317
1,127
1,167
1,053
1,075
Capital transfers
1,045
1,323
1,097
1,186
1,136
1,182
- Credits
1,952
2,200
2,068
2,197
2,335
2,442
- Debits
-907
-877
-971
-1,011
-1,199
-1,260
Net acquisition/disposal of non-produced, non-financial assets
25
-6
30
-19
-83
-107
Financial account
17,815
17,553
24,642
29,446
33,544
15,485
Direct investment
4,150
4,895
2,852
9,038
9,767
-2,510
- Abroad
-8,340
-6,437
-7,435
-2,361
-1,935
-17,366
- In Australia
12,490
11,332
10,287
11,399
11,702
14,856
Portfolio investment
Financial derivatives
21,622
-213
15,192
2,089
21,164
-2,828
6,527
2,748
13,832
362
23,409
5
Other investment
-6,927
580
2,996
11,527
12,205
3,461
Reserve assets
-817
5,203
458
-394
-2,622
-8,880
Net errors and omissions
2,567
-1,268
-2,962
2,753
-1,118
2,126

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. With both increasing levels of debt and higher interest rates in the late 1980s and early 1990s, the net income deficit rose from about $7b in 1985-86 to $18-19b 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 $5b per year it has swung from surpluses of $2b to deficits of $14b.







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

1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01

RESERVE ASSETS ($m)

Total reserve assets
-19,059
-22,791
-24,260
-23,954
-27,948
-37,951
Monetary gold
-3,826
-1,757
-1,236
-1,013
-1,233
-1,367
Special drawing rights
-57
-37
-25
-88
-141
-197
Reserve position in IMF
-615
-627
-1,449
-2,338
-2,225
-2,412
Foreign exchange
-14,562
-20,370
-21,550
-20,515
-24,349
-33,975
- Currency and deposits
n.a.
-4,572
-11,675
-7,971
-9,148
-11,340
- Securities
- Financial derivatives (net)
-14,562
n.a.
-15,798
n.a.
-9,875
n.a.
-12,544
n.a.
-15,143
-58
-22,562
-73

EXCHANGE RATES

End of period
- United States dollar
0.7890
0.7455
0.6135
0.6596
0.5986
0.5075
- United Kingdom pound
0.5099
0.4482
0.3681
0.4188
0.3941
0.3603
- Euro
. .
. .
. .
0.6379
0.6282
0.6002
- Japanese yen
86.48
85.20
86.16
79.66
63.19
62.94
- Special drawing right
0.5476
0.5347
0.4617
0.4932
0.4481
0.4076
Period average(a)
- United States dollar
0.7593
0.7828
0.6808
0.6276
0.6289
0.5379
- United Kingdom pound
0.4909
0.4851
0.4138
0.3824
0.3948
0.3704
- Euro
. .
. .
. .
. .
0.6278
0.6023
- Japanese yen
77.66
90.51
86.02
77.81
67.90
61.49
- Special drawing right
0.5156
0.5521
0.5026
0.4589
0.4642
0.4177

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

End of period
58.1
56.7
57.9
58.4
53.3
49.7
Period average(a)
54.8
58.7
58.3
56.0
55.2
50.3

(a) These period average exchange rates and index numbers are derived by averaging figures for each trading day.
(b) 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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