Mar 24 | Jun 24 | |
---|---|---|
Balance on current account (a) | -6,289 | -10,725 |
Balance on goods and services (a) | 15,861 | 11,979 |
Net primary income (a) | -21,914 | -22,457 |
Capital and financial account | 9,684 | 9,247 |
International investment position (b) | 741,311 | 719,994 |
- Seasonally adjusted estimates in current price terms.
- Levels at end of period.
The current account balance (seasonally adjusted, current price) for June quarter 2024 was a deficit of $10.7b. This was an increase of $4.4b in the deficit, from the revised March quarter 2024 current account deficit of $6.3b.
The current account deficit for June quarter 2024 reflects a decrease on the balance of goods and services trade surplus, while the net primary income deficit increased.
The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.2 percentage points to the June quarter 2024 GDP quarterly movement.
The terms of trade decreased 3.0% to 91.3, down from 94.2 in March quarter 2024.
The net primary income deficit increased to $22.5b, following the $21.9b deficit in March quarter 2024.
Australia's net international investment liability position was $720.0b at 30 June 2024, a decrease of $21.3b on the revised March quarter 2024 position of $741.3b.
Review of seasonal adjustment
The annual seasonal review (ASR) for quarterly Balance of Payments series has been undertaken to quality assure seasonal adjustment treatments for seasonally adjusted estimates. From the review it has been determined that Goods procured in ports (exports) and Western Australia exports of goods are no longer seasonal. From the March 2014 reference quarter Goods procured in ports, exports will no longer be seasonally adjusted. From the June 2016 reference quarter Western Australia exports of goods will no longer be seasonally adjusted. The review also assessed seasonal factors and appropriateness of any prior corrections in more detail than is possible in the monthly cycle, resulting in larger revisions than usual.
- Seasonally adjusted estimates in current price terms.