Balance of Payments and International Investment Position, Australia

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Balance of payments statistics on current, capital and financial transactions and the international investment position statement

Reference period

September 2020

Released

1/12/2020

View all releases

Key statistics

The current account surplus, seasonally adjusted, fell $6,321m to $10,024m.
The capital and financial account deficit fell $7,750m to $9,296m.
Australia's net IIP liability position was $942.8b at 30 September 2020.

Main features

Key figures (a)
	Jun Qtr 2020 ($m)	Sep Qtr 2020 ($m)	Jun Qtr 2020 to Sep Qtr 2020 (% change)
Balance on current account (b)	16,345	10,024	-39
Balance on goods and services (b)	22,340	13,625	-39
Net primary income (b)	-5,591	-3,331	-40
Capital and financial account	-17,046	-9,296	-45
International investment position (c)	939,131	942,776	-

- nil or rounded to zero (including null cells)
(a) Trend series is not published from June Quarter 2019
(b) Seasonally adjusted
(c) Levels at end of period

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Sep 2016	-14.2	-4.3	-9.4
Dec 2016	-6.5	6.0	-12.4
Mar 2017	-6.9	6.6	-12.9
Jun 2017	-11.2	2.7	-13.4
Sep 2017	-12.7	1.5	-13.9
Dec 2017	-16.1	-1.4	-14.4
Mar 2018	-10.7	3.9	-14.5
Jun 2018	-13.0	2.9	-15.7
Sep 2018	-9.7	6.8	-16.2
Dec 2018	-6.6	9.1	-15.5
Mar 2019	-2.4	14.1	-16.1
Jun 2019	4.5	18.8	-14.3
Sep 2019	7.8	21.4	-13.2
Dec 2019	3.5	15.2	-11.3
Mar 2020	7.2	18.0	-10.5
Jun 2020	16.3	22.3	-5.6
Sep 2020	10.0	13.6	-3.3

Current account balance (a), main aggregates

["","Current account balance","Net goods & services","Net primary income"]

[["Sep 2016","Dec 2016","Mar 2017","Jun 2017","Sep 2017","Dec 2017","Mar 2018","Jun 2018","Sep 2018","Dec 2018","Mar 2019","Jun 2019","Sep 2019","Dec 2019","Mar 2020","Jun 2020","Sep 2020"],[[-14.199999999999999],[-6.5],[-6.9000000000000004],[-11.199999999999999],[-12.699999999999999],[-16.100000000000001],[-10.699999999999999],[-13],[-9.6999999999999993],[-6.5999999999999996],[-2.3999999999999999],[4.5],[7.7999999999999998],[3.5],[7.2000000000000002],[16.300000000000001],[10]],[[-4.2999999999999998],[6],[6.5999999999999996],[2.7000000000000002],[1.5],[-1.3999999999999999],[3.8999999999999999],[2.8999999999999999],[6.7999999999999998],[9.0999999999999996],[14.1],[18.800000000000001],[21.399999999999999],[15.199999999999999],[18],[22.300000000000001],[13.6]],[[-9.4000000000000004],[-12.4],[-12.9],[-13.4],[-13.9],[-14.4],[-14.5],[-15.699999999999999],[-16.199999999999999],[-15.5],[-16.100000000000001],[-14.300000000000001],[-13.199999999999999],[-11.300000000000001],[-10.5],[-5.5999999999999996],[-3.2999999999999998]]]

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(a) Seasonally adjusted estimates at current prices.

International investment
	Net IIP ($b)	Net foreign equity ($b)	Net foreign debt ($b)
Sep-16	993.4	-34.9	1,028.4
Dec-16	970.4	-37.9	1,008.3
Mar-17	967.5	-25.8	993.3
Jun-17	946.2	-38.4	984.7
Sep-17	955.9	-54.5	1,010.4
Dec-17	988.7	-50.8	1,039.5
Mar-18	954.3	-90.3	1,044.5
Jun-18	984.1	-80.0	1,064.1
Sep-18	978.0	-103.3	1,081.3
Dec-18	1,027.1	-100.4	1,127.5
Mar-19	1,009.9	-124.6	1,134.5
Jun-19	1,016.7	-138.6	1,155.3
Sep-19	1,002.6	-172.7	1,175.2
Dec-19	934.4	-224.1	1,158.5
Mar-20	865.4	-313.4	1,178.8
Jun-20	939.1	-171.2	1,110.3
Sep-20	942.8	-215.0	1,157.8

International investment

["","Net IIP","Net foreign equity","Net foreign debt"]

[["Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20"],[[993.39999999999998],[970.39999999999998],[967.5],[946.20000000000005],[955.89999999999998],[988.70000000000005],[954.29999999999995],[984.10000000000002],[978],[1027.0999999999999],[1009.9],[1016.7],[1002.6],[934.39999999999998],[865.39999999999998],[939.10000000000002],[942.79999999999995]],[[-34.899999999999999],[-37.899999999999999],[-25.800000000000001],[-38.399999999999999],[-54.5],[-50.799999999999997],[-90.299999999999997],[-80],[-103.3],[-100.40000000000001],[-124.59999999999999],[-138.59999999999999],[-172.69999999999999],[-224.09999999999999],[-313.39999999999998],[-171.19999999999999],[-215]],[[1028.4000000000001],[1008.3],[993.29999999999995],[984.70000000000005],[1010.4],[1039.5],[1044.5],[1064.0999999999999],[1081.3],[1127.5],[1134.5],[1155.3],[1175.2],[1158.5],[1178.8],[1110.3],[1157.8]]]

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COVID-19 in this publication

COVID-19 in September quarter 2020

Quality assurance undertaken by the ABS confirmed that COVID-19 did not result in quality impacts to Balance of Payments and International Investment Position statistics for September quarter 2020. For information on the expected economic impacts of COVID-19, please see the ABS Chief Economist Series paper Measuring natural disasters in the Australian economy.

Suspension of trend estimates

The trend series attempts to measure underlying behaviour of international trade activity. In the short term, this measurement will be significantly affected by the current COVID-19 pandemic and subsequent changes to regular patterns in international trade that will occur during this time. If the trend estimates in this publication were to be calculated without fully accounting for this unusual event, they would provide a misleading view of underlying international trade activity.

It may be some time before the underlying trend in international trade activity can be accurately estimated. The trend series has therefore been suspended from June quarter 2019 and will be reinstated when more certainty emerges in the underlying trend in international trade.

Seasonal adjustment and COVID-19

International Accounts uses the concurrent seasonal adjustment method, meaning that seasonal factors are re-estimated each time new data becomes available. If not appropriately accounted for, unusual events, such as COVID-19, can distort estimates calculated using this method. From March quarter 2020, seasonal factors for series that have been notably impacted by COVID-19 will be calculated using data up to and including December quarter 2019, then projected from March quarter 2020 onwards. This approach, known as the forward factor method, ensures that the seasonal factors are not distorted by COVID-19 impacts.

The ABS has advised users that it had moved to using forward factors for seasonal analysis of a number of series, including Travel Services. Current ABS (and international practice) requires at least three years of data to assess whether a change in the seasonal pattern has occurred. Should COVID-19 result in a long-term change to the seasonal pattern then revisions to these series may occur in the future. The ABS will consult with users on any future methods changes to seasonal adjustment and potential revisions.

For more information on interpreting seasonally adjusted estimates of International travel services please see the May 2020 feature article International Travel Services time series which outlines the matter in greater detail.

Selected international accounts ratios - table 23

The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts (cat. no. 5204.0) on 30 October 2020 will be revised and incorporated into the quarterly national accounts with the September quarter 2020 issue of Australian National Accounts: National Income Expenditure and Product (cat. no. 5206.0) to be released on 2 December 2020. The revised benchmarks will change the level of the quarterly and annual GDP and GNI used in the ratios for table 23 of this publication. As the ratios using the currently available GDP and GNI would be inconsistent with the revised data, they have been suppressed in this issue. Table 23 in the time series spreadsheets released in conjunction with this publication will be updated with the release of the quarterly Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) on 2 December 2020.

Current Account

Balance on current account in current prices, seasonally adjusted (a) - September quarter 2020
	Current prices ($m)	Current prices change ($m)	Current Prices (%)
Balance on current account	10,024	-6,321	-39
Balance on goods and services	13,625	-8,715	-39
Net goods	9,244	-7,417	-45
Net services	4,381	-1,297	-23
Net primary income	-3,331	2,260	-40
Net secondary income	-270	133	-33

(a) For sign conventions, see the Concepts section in the Explanatory notes in the Methodology.

Terms of trade

Australia's seasonally adjusted terms of trade on net goods and services for the September quarter 2020 rose 0.7% to 101.3, with a decrease of 3.0% in the implicit price deflator (IPD) for goods and services credits and a decrease of 3.6% in the IPD for goods and services debits.

Implicit price deflator and terms of trade (a)
	Implicit Price Deflator Goods and services credits	Implicit Price Deflator Goods and services debits	Terms of Trade (net Goods and services)
Sep-12	90.2	85.4	105.6
Dec-12	88.6	86	103
Mar-13	90.9	86.3	105.3
Jun-13	90.5	86.2	105
Sep-13	94	91.9	102.3
Dec-13	93.9	91.7	102.5
Mar-14	96.2	94.4	102
Jun-14	89.1	91.8	97.1
Sep-14	85.6	91.5	93.5
Dec-14	85.3	93.2	91.6
Mar-15	84.3	93.9	89.8
Jun-15	81.4	94.6	86.1
Sep-15	81.3	97	83.8
Dec-15	77.9	96.8	80.4
Mar-16	74.8	94	79.5
Jun-16	75.7	92.9	81.5
Sep-16	78.1	92.2	84.7
Dec-16	86.9	92.3	94.1
Mar-17	92	92.6	99.3
Jun-17	87.3	93.3	93.6
Sep-17	85.4	91.5	93.3
Dec-17	87.2	93.5	93.3
Mar-18	91.4	94.8	96.4
Jun-18	92.7	97.3	95.2
Sep-18	95.6	99.5	96.1
Dec-18	98.8	100.4	98.5
Mar-19	101.6	99.9	101.7
Jun-19	104.2	100.9	103.3
Sep-19	105.9	101.9	103.9
Dec-19	101.2	101.8	99.4
Mar-20	101.6	101.8	99.8
Jun-20	100.7	100.1	100.6
Sep-20	97.7	96.4	101.3

Implicit price deflator and terms of trade (a)

["","Implicit Price Deflator Goods and services credits","Implicit Price Deflator Goods and services debits","Terms of Trade (net Goods and services)"]

[["Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20"],[[90.200000000000003],[88.599999999999994],[90.900000000000006],[90.5],[94],[93.900000000000006],[96.200000000000003],[89.099999999999994],[85.599999999999994],[85.299999999999997],[84.299999999999997],[81.400000000000006],[81.299999999999997],[77.900000000000006],[74.799999999999997],[75.700000000000003],[78.099999999999994],[86.900000000000006],[92],[87.299999999999997],[85.400000000000006],[87.200000000000003],[91.400000000000006],[92.700000000000003],[95.599999999999994],[98.799999999999997],[101.59999999999999],[104.2],[105.90000000000001],[101.2],[101.59999999999999],[100.7],[97.700000000000003]],[[85.400000000000006],[86],[86.299999999999997],[86.200000000000003],[91.900000000000006],[91.700000000000003],[94.400000000000006],[91.799999999999997],[91.5],[93.200000000000003],[93.900000000000006],[94.599999999999994],[97],[96.799999999999997],[94],[92.900000000000006],[92.200000000000003],[92.299999999999997],[92.599999999999994],[93.299999999999997],[91.5],[93.5],[94.799999999999997],[97.299999999999997],[99.5],[100.40000000000001],[99.900000000000006],[100.90000000000001],[101.90000000000001],[101.8],[101.8],[100.09999999999999],[96.400000000000006]],[[105.59999999999999],[103],[105.3],[105],[102.3],[102.5],[102],[97.099999999999994],[93.5],[91.599999999999994],[89.799999999999997],[86.099999999999994],[83.799999999999997],[80.400000000000006],[79.5],[81.5],[84.700000000000003],[94.099999999999994],[99.299999999999997],[93.599999999999994],[93.299999999999997],[93.299999999999997],[96.400000000000006],[95.200000000000003],[96.099999999999994],[98.5],[101.7],[103.3],[103.90000000000001],[99.400000000000006],[99.799999999999997],[100.59999999999999],[101.3]]]

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(a) Seasonally adjusted, reference year 2018-19 = 100.

Relationship between IPD, EPI and IPI

Differences between the IPD and International Trade Price Indexes can arise due to a number of methodological factors including differences in pricing points, timing, coverage and weights.

Price comparison (QoQ % change)
	Implicit price deflators (a)	Implicit price deflators (a)	Chain Laspeyres Indexes (b)	International Trade Price Indexes (b)
	Seasonally Adjusted	Original	Original	Original
Goods exports	-3.5	-4.5	-4.8	-5.1
Services exports	-	-	-0.1	na
Goods imports	-3.3	-3.6	-3.7	-3.5
Services imports	-5.8	-5.8	-5.4	na

na not available
(a) Reference year 2018-19 = 100.
(b) Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

Implicit price deflators and international trade price indexes
	Implicit Price Deflators Goods credits (a)	Implicit Price Deflators Goods debits (a)	Export Price Index (b)	Import Price Index (b)
Sep-12	89.8	88.6	90.5	99.4
Dec-12	87.3	89	88.3	99.7
Mar-13	90.4	89	90.8	99.7
Jun-13	89.7	88.8	90.5	99.4
Sep-13	93.8	94.6	94.3	105.5
Dec-13	93.5	94.2	93.8	104.9
Mar-14	96.1	97	96.4	108.3
Jun-14	87.3	94	88.8	105.1
Sep-14	83.1	93.4	85.3	104.3
Dec-14	82.6	94.8	85.3	105.2
Mar-15	81.4	94.4	84.6	105
Jun-15	77.8	95.4	80.9	106.5
Sep-15	77.7	97.5	80.9	108
Dec-15	73.3	97.2	76.5	107.7
Mar-16	69.6	93.6	72.9	104.5
Jun-16	70.9	92.6	73.9	103.5
Sep-16	73.6	92.1	76.9	102.5
Dec-16	84.4	92.4	88.2	102.7
Mar-17	90.2	93.1	96	103.9
Jun-17	84.6	93.2	90.5	103.8
Sep-17	82.2	91.4	87.8	102.1
Dec-17	84.4	93.3	90.3	104.5
Mar-18	89.5	94.9	94.7	106.6
Jun-18	90.9	97.5	96.5	110
Sep-18	94.3	99.5	100.1	112.1
Dec-18	98.3	100.3	104.5	112.7
Mar-19	102.1	99.6	109.2	112.1
Jun-19	105.3	100.5	113.3	113.1
Sep-19	106.8	101.4	114.8	113.5
Dec-19	100.9	101.8	108.8	114.3
Mar-20	103.1	100.8	111.7	113.1
Jun-20	101.5	99.5	109	110.9
Sep-20	97	95.9	103.4	107

Implicit price deflators and international trade price indexes

["","Implicit Price Deflators Goods credits (a)","Implicit Price Deflators Goods debits (a)","Export Price Index (b)","Import Price Index (b)"]

[["Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20"],[[89.799999999999997],[87.299999999999997],[90.400000000000006],[89.700000000000003],[93.799999999999997],[93.5],[96.099999999999994],[87.299999999999997],[83.099999999999994],[82.599999999999994],[81.400000000000006],[77.799999999999997],[77.700000000000003],[73.299999999999997],[69.599999999999994],[70.900000000000006],[73.599999999999994],[84.400000000000006],[90.200000000000003],[84.599999999999994],[82.200000000000003],[84.400000000000006],[89.5],[90.900000000000006],[94.299999999999997],[98.299999999999997],[102.09999999999999],[105.3],[106.8],[100.90000000000001],[103.09999999999999],[101.5],[97]],[[88.599999999999994],[89],[89],[88.799999999999997],[94.599999999999994],[94.200000000000003],[97],[94],[93.400000000000006],[94.799999999999997],[94.400000000000006],[95.400000000000006],[97.5],[97.200000000000003],[93.599999999999994],[92.599999999999994],[92.099999999999994],[92.400000000000006],[93.099999999999994],[93.200000000000003],[91.400000000000006],[93.299999999999997],[94.900000000000006],[97.5],[99.5],[100.3],[99.599999999999994],[100.5],[101.40000000000001],[101.8],[100.8],[99.5],[95.900000000000006]],[[90.5],[88.299999999999997],[90.799999999999997],[90.5],[94.299999999999997],[93.799999999999997],[96.400000000000006],[88.799999999999997],[85.299999999999997],[85.299999999999997],[84.599999999999994],[80.900000000000006],[80.900000000000006],[76.5],[72.900000000000006],[73.900000000000006],[76.900000000000006],[88.200000000000003],[96],[90.5],[87.799999999999997],[90.299999999999997],[94.700000000000003],[96.5],[100.09999999999999],[104.5],[109.2],[113.3],[114.8],[108.8],[111.7],[109],[103.40000000000001]],[[99.400000000000006],[99.700000000000003],[99.700000000000003],[99.400000000000006],[105.5],[104.90000000000001],[108.3],[105.09999999999999],[104.3],[105.2],[105],[106.5],[108],[107.7],[104.5],[103.5],[102.5],[102.7],[103.90000000000001],[103.8],[102.09999999999999],[104.5],[106.59999999999999],[110],[112.09999999999999],[112.7],[112.09999999999999],[113.09999999999999],[113.5],[114.3],[113.09999999999999],[110.90000000000001],[107]]]

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(a) Reference year 2018-19 = 100
(b) Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

Commodity price indexes

The RBA Commodity Price Index (average monthly index) for rural commodities fell 9.3% between the June quarter 2020 and the September quarter 2020 while the EPI for rural goods fell 6.8%.

The RBA Commodity Price Index for non-rural commodities fell 4.5% between the June quarter 2020 and the September quarter 2020 while the EPI for non-rural goods (excluding non-monetary gold) fell 5.4%.

Differences between the RBA Commodity Price Index and ABS price measures are largely a consequence of methodological differences used in the construction of the respective indexes, including coverage of included commodities and timing of source data.

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $12,766, a fall of $8,887m on the June quarter 2020 surplus of $21,653m.

The fall in the balance on goods and services surplus, in seasonally adjusted chain volume terms, is expected to detract 2.0 percentage points in the September quarter 2020 chain volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the June quarter 2020.

Goods and services, chain volume measures (a)
	Balance on goods and services ($b)	Balance on goods ($b)	Balance on services ($b)
Sep-12	-12.0	-3.4	-8.4
Dec-12	-11.6	-2.7	-8.8
Mar-13	-8.1	0.4	-8.4
Jun-13	-7.5	1.6	-9.0
Sep-13	-5.9	1.7	-7.5
Dec-13	-3.9	3.6	-7.4
Mar-14	1.0	7.3	-6.1
Jun-14	-1.2	5.0	-5.9
Sep-14	0.5	6.3	-5.5
Dec-14	3.8	8.5	-4.4
Mar-15	5.2	9.4	-3.8
Jun-15	1.5	5.8	-3.9
Sep-15	6.9	10.0	-2.7
Dec-15	7.6	10.9	-3.0
Mar-16	12.2	14.7	-2.2
Jun-16	11.2	14.3	-2.7
Sep-16	11.7	13.8	-1.8
Dec-16	13.1	15.5	-2.0
Mar-17	7.8	10.1	-2.2
Jun-17	10.0	11.6	-1.6
Sep-17	9.2	12.2	-2.8
Dec-17	5.9	9.1	-3.0
Mar-18	8.3	10.8	-2.5
Jun-18	8.5	10.4	-1.8
Sep-18	11.4	13.2	-1.8
Dec-18	10.9	12.6	-1.8
Mar-19	12.1	12.7	-0.7
Jun-19	14.7	15.0	-0.2
Sep-19	16.2	15.8	0.5
Dec-19	15.7	14.8	0.9
Mar-20	17.9	17.3	0.6
Jun-20	21.7	15.3	6.4
Sep-20	12.8	8.3	4.4

Goods and services, chain volume measures (a)

["","Balance on goods and services ($b)","Balance on goods ($b)","Balance on services ($b)"]

[["Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20"],[[-12],[-11.6],[-8.0999999999999996],[-7.5],[-5.9000000000000004],[-3.8999999999999999],[1],[-1.2],[0.5],[3.7999999999999998],[5.2000000000000002],[1.5],[6.9000000000000004],[7.5999999999999996],[12.199999999999999],[11.199999999999999],[11.699999999999999],[13.1],[7.7999999999999998],[10],[9.1999999999999993],[5.9000000000000004],[8.3000000000000007],[8.5],[11.4],[10.9],[12.1],[14.699999999999999],[16.199999999999999],[15.699999999999999],[17.899999999999999],[21.699999999999999],[12.800000000000001]],[[-3.3999999999999999],[-2.7000000000000002],[0.40000000000000002],[1.6000000000000001],[1.7],[3.6000000000000001],[7.2999999999999998],[5],[6.2999999999999998],[8.5],[9.4000000000000004],[5.7999999999999998],[10],[10.9],[14.699999999999999],[14.300000000000001],[13.800000000000001],[15.5],[10.1],[11.6],[12.199999999999999],[9.0999999999999996],[10.800000000000001],[10.4],[13.199999999999999],[12.6],[12.699999999999999],[15],[15.800000000000001],[14.800000000000001],[17.300000000000001],[15.300000000000001],[8.3000000000000007]],[[-8.4000000000000004],[-8.8000000000000007],[-8.4000000000000004],[-9],[-7.5],[-7.4000000000000004],[-6.0999999999999996],[-5.9000000000000004],[-5.5],[-4.4000000000000004],[-3.7999999999999998],[-3.8999999999999999],[-2.7000000000000002],[-3],[-2.2000000000000002],[-2.7000000000000002],[-1.8],[-2],[-2.2000000000000002],[-1.6000000000000001],[-2.7999999999999998],[-3],[-2.5],[-1.8],[-1.8],[-1.8],[-0.69999999999999996],[-0.20000000000000001],[0.5],[0.90000000000000002],[0.59999999999999998],[6.4000000000000004],[4.4000000000000004]]]

[]

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(a) Seasonally adjusted, reference year 2018-19.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $4,983m (6%) to $84,990m, with volumes down 2% and prices down 3%.

Goods credits, price and volume change - seasonally adjusted - September quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of goods	-4,983	-5.5	-2.1	-3.5
Rural goods	-1,499	-13.8	-7.3	-7.1
Non-rural goods	-4,853	-6.6	-2.6	-4.1
Net exports of goods under merchanting	-60	-54.5	-57.2	6.3
Non-monetary gold	1,430	24.1	21.3	2.3

(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Rural goods

Rural goods (seasonally adjusted)
			Change in:
	Jun-20	Sep-20	Current prices	Current prices
	$m	$m	$m	%
Rural goods	10,832	9,333	-1,499	-13.8
Meat and meat preparations	3,785	3,314	-471	-12.4
Cereal grains and cereal preparations	1,485	1,158	-327	-22
Wool and sheepskins	563	523	-40	-7.1
Other rural(a)	4,999	4,338	-661	-13.2

(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.

Non-rural goods

Non-rural goods (seasonally adjusted)
			Change in:
	Jun-20	Sep-20	Current prices	Current prices
	$m	$m	$m	%
Non-rural goods	73,098	68,245	-4,853	-6.6
Metal ores and minerals(a)	34,229	35,874	1,645	4.8
Coal, coke and briquettes(a)	11,679	9,417	-2,262	-19.4
Other mineral fuels(a)(b)	12,801	8,480	-4,321	-33.8
Metals (excl. non-monetary gold)	2,655	2,637	-18	-0.7
Machinery	2,538	2,489	-49	-1.9
Transport equipment	847	855	8	0.9
Other manufactures	5,282	5,188	-94	-1.8
Other non-rural (incl. sugar and beverages)(c)	2,718	2,935	217	8
Goods procured in ports by carriers(b)	349	371	22	6.3

(a) From September quarter 2019 onwards, separate seasonally adjusted factors for current price and chain volume measures are applied.
(b) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(c) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.

Selected major commodities, current prices (a)(b)(c)
	Metal ores and minerals	Coal, coke and briquettes	Other mineral fuels
Sep-12	18.1	10.3	7.3
Dec-12	18.3	9.4	6.7
Mar-13	21.1	9.3	6
Jun-13	21.9	10	6.4
Sep-13	23.5	10.2	7
Dec-13	24.7	10.4	6.4
Mar-14	26.2	10.4	8
Jun-14	22.3	9.1	8
Sep-14	20.5	9.1	7.4
Dec-14	20	9.6	7.3
Mar-15	19.6	10.4	6.5
Jun-15	17.9	9	5.2
Sep-15	18.4	9.3	5.9
Dec-15	16.3	8.5	6.1
Mar-16	16.2	8.2	5.7
Jun-16	17.8	8.5	5.1
Sep-16	18.3	9.2	5.9
Dec-16	21.7	16.2	7.1
Mar-17	24.8	15.6	7.4
Jun-17	20.7	13.3	8.6
Sep-17	21.4	14	8.1
Dec-17	21.5	14.4	8.3
Mar-18	23.5	16.3	10.9
Jun-18	23.5	15.8	12.1
Sep-18	23.3	16.9	14.3
Dec-18	25	17.8	16.2
Mar-19	27.9	17.6	15.3
Jun-19	33.7	17.2	14.6
Sep-19	34.4	16.1	15.9
Dec-19	31.7	13.6	14.8
Mar-20	31.4	13.2	14.9
Jun-20	34.2	11.7	12.8
Sep-20	35.9	9.4	8.5

Selected major commodities, current prices (a)(b)(c)

["","Metal ores and minerals","Coal, coke and briquettes","Other mineral fuels"]

[["Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20"],[[18.100000000000001],[18.300000000000001],[21.100000000000001],[21.899999999999999],[23.5],[24.699999999999999],[26.199999999999999],[22.300000000000001],[20.5],[20],[19.600000000000001],[17.899999999999999],[18.399999999999999],[16.300000000000001],[16.199999999999999],[17.800000000000001],[18.300000000000001],[21.699999999999999],[24.800000000000001],[20.699999999999999],[21.399999999999999],[21.5],[23.5],[23.5],[23.300000000000001],[25],[27.899999999999999],[33.700000000000003],[34.399999999999999],[31.699999999999999],[31.399999999999999],[34.200000000000003],[35.899999999999999]],[[10.300000000000001],[9.4000000000000004],[9.3000000000000007],[10],[10.199999999999999],[10.4],[10.4],[9.0999999999999996],[9.0999999999999996],[9.5999999999999996],[10.4],[9],[9.3000000000000007],[8.5],[8.1999999999999993],[8.5],[9.1999999999999993],[16.199999999999999],[15.6],[13.300000000000001],[14],[14.4],[16.300000000000001],[15.800000000000001],[16.899999999999999],[17.800000000000001],[17.600000000000001],[17.199999999999999],[16.100000000000001],[13.6],[13.199999999999999],[11.699999999999999],[9.4000000000000004]],[[7.2999999999999998],[6.7000000000000002],[6],[6.4000000000000004],[7],[6.4000000000000004],[8],[8],[7.4000000000000004],[7.2999999999999998],[6.5],[5.2000000000000002],[5.9000000000000004],[6.0999999999999996],[5.7000000000000002],[5.0999999999999996],[5.9000000000000004],[7.0999999999999996],[7.4000000000000004],[8.5999999999999996],[8.0999999999999996],[8.3000000000000007],[10.9],[12.1],[14.300000000000001],[16.199999999999999],[15.300000000000001],[14.6],[15.9],[14.800000000000001],[14.9],[12.800000000000001],[8.5]]]

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(a) Seasonally adjusted

(b) Between September quarter 2005 and September quarter 2019, seasonal factors were derived based on the corresponding chained volume measure.

(c) From September quarter 2019 onwards, separate seasonally adjusted factors for current price and chain volume measures are applied.

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $2,435m (3%) to $75,747m, with volumes up 7% and prices down 3%.

Goods debits, price and volume change - seasonally adjusted - September quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Imports of goods	2,435	3.3	6.8	-3.3
Consumption goods	2,048	8.3	13.1	-4.2
Capital goods	1,038	6	11.5	-4.9
Intermediate and other merchandise goods	-939	-3.3	-0.3	-3
Non-monetary gold	287	10.5	8	2.3

(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Consumption goods

Consumption goods (seasonally adjusted)
			Change in:
	Jun-20	Sep-20	Current prices	Current prices
	$m	$m	$m	%
Consumption goods	-24,588	-26,636	2,048	8.3
Food and beverages, mainly for consumption	-4,537	-4,027	-510	-11.2
Household electrical items	-1,603	-1,964	361	22.5
Non-industrial transport equipment	-3,283	-4,882	1,599	48.7
Textiles, clothing and footwear	-5,040	-5,486	446	8.8
Toys, books and leisure goods	-1,609	-1,704	95	5.9
Consumption goods n.e.s.	-8,517	-8,572	55	0.6

Capital goods

Capital goods (seasonally adjusted)
			Change in:
	Jun-20	Sep-20	Current prices	Current prices
	$m	$m	$m	%
Capital goods	-17,240	-18,278	1,038	6
Machinery and industrial equipment	-5,783	-6,156	373	6.4
ADP equipment	-3,620	-3,103	-517	-14.3
Telecommunications equipment	-3,434	-3,187	-247	-7.2
Civil aircraft and confidentialised items(a)(b)	-678	-570	-108	-15.9
Industrial transport equipment n.e.s.	-1,918	-2,620	702	36.6
Capital goods n.e.s.(c)	-1,806	-2,642	836	46.3

(a) From July 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.

(b) This component is not seasonally adjusted.

(c) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.

Intermediate and other merchandise goods

Intermediate and other merchandise goods (seasonally adjusted) (a)
			Change in:
	Jun-20	Sep-20	Current prices	Current prices
	$m	$m	$m	%
Intermediate and other merchandise goods	-28,747	-27,808	-939	-3.3
Food and beverages, mainly for industry	-581	-590	9	1.5
Primary industrial supplies n.e.s.(b)	-507	-487	-20	-3.9
Fuels and lubricants(c)	-4,749	-5,530	781	16.4
Parts for transport equipment	-3,063	-3,223	160	5.2
Parts for ADP equipment	-234	-215	-19	-8.1
Other parts for capital goods	-4,720	-4,728	8	0.2
Organic and inorganic chemicals	-1,164	-817	-347	-29.8
Paper and paperboard	-643	-523	-120	-18.7
Textile yarn and fabrics	-348	-404	56	16.1
Iron and steel	-787	-815	28	3.6
Plastics	-1,233	-1,009	-224	-18.2
Processed industrial supplies n.e.s.	-10,598	-9,203	-1,395	-13.2
Other merchandise goods(d)(e)	-83	-228	145	174.7
Goods procured in ports by carriers(c)	-35	-37	2	5.7

(a) For sign conventions, see the Explanatory Notes

(b) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.

(d) From July 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.

(e) From July 1981, this component is not seasonally adjusted.

Services

Services exports, price and volume change - seasonally adjusted - September quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of services	-1,483	-8.7	-8.8	-
Manufacturing services on physical inputs owned by others	-	-	-	-
Maintenance and repair services n.i.e.	-	-	-0.1	0.1
Transport	13	1.3	2.3	-0.9
Travel	-1,493	-16.6	-16.7	0.2
Other services	-3	-	-0.1	-

- nil or rounded to zero (including null cells)
(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Services imports, price and volume change - seasonally adjusted - September quarter 2020
	Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Imports of services	-185	-1.6	4.4	-5.8
Manufacturing services on physical inputs owned by others	-	-	-	-
Maintenance and repair services n.i.e.	-18	-16.2	-11.1	-5.8
Transport	-303	-9.7	-3.9	-6
Travel	11	8.9	15.7	-5.9
Other services	123	1.5	7.8	-5.8

- nil or rounded to zero (including null cells)
(a) Reference year 2018-19 = 100
(b) Movements in indexes are based on data to four decimal places

Income

Primary Income Deficit narrowed by $2,260m to $3,331m in the September quarter 2020.

Net primary income
	Trend ($b)	Seasonally adjusted ($b)
Sep 2012	-9.5	-9.5
Dec 2012	-9.4	-9.9
Mar 2013	-9.5	-9.0
Jun 2013	-9.9	-10.1
Sep 2013	-10.6	-10.6
Dec 2013	-11.0	-10.8
Mar 2014	-10.5	-11.2
Jun 2014	-9.5	-9.2
Sep 2014	-8.4	-8.3
Dec 2014	-7.8	-7.9
Mar 2015	-8.2	-7.9
Jun 2015	-9.3	-9.1
Sep 2015	-9.9	-10.6
Dec 2015	-9.9	-10.2
Mar 2016	-9.3	-8.3
Jun 2016	-9.3	-10.2
Sep 2016	-10.4	-9.4
Dec 2016	-11.7	-12.4
Mar 2017	-12.8	-12.9
Jun 2017	-13.6	-13.4
Sep 2017	-13.9	-13.9
Dec 2017	-14.3	-14.4
Mar 2018	-14.9	-14.5
Jun 2018	-15.5	-15.7
Sep 2018	-16.0	-16.2
Dec 2018	-16.0	-15.5
Mar 2019	-15.5	-16.1
Jun 2019		-14.3
Sep 2019		-13.2
Dec 2019		-11.3
Mar 2020		-10.5
Jun 2020		-5.6
Sep 2020		-3.3

Net primary income

["","Trend ($b)","Seasonally adjusted ($b)"]

[["Sep 2012","Dec 2012","Mar 2013","Jun 2013","Sep 2013","Dec 2013","Mar 2014","Jun 2014","Sep 2014","Dec 2014","Mar 2015","Jun 2015","Sep 2015","Dec 2015","Mar 2016","Jun 2016","Sep 2016","Dec 2016","Mar 2017","Jun 2017","Sep 2017","Dec 2017","Mar 2018","Jun 2018","Sep 2018","Dec 2018","Mar 2019","Jun 2019","Sep 2019","Dec 2019","Mar 2020","Jun 2020","Sep 2020",""],[[-9.5],[-9.4000000000000004],[-9.5],[-9.9000000000000004],[-10.6],[-11],[-10.5],[-9.5],[-8.4000000000000004],[-7.7999999999999998],[-8.1999999999999993],[-9.3000000000000007],[-9.9000000000000004],[-9.9000000000000004],[-9.3000000000000007],[-9.3000000000000007],[-10.4],[-11.699999999999999],[-12.800000000000001],[-13.6],[-13.9],[-14.300000000000001],[-14.9],[-15.5],[-16],[-16],[-15.5],[null],[null],[null],[null],[null],[null],[null]],[[-9.5],[-9.9000000000000004],[-9],[-10.1],[-10.6],[-10.800000000000001],[-11.199999999999999],[-9.1999999999999993],[-8.3000000000000007],[-7.9000000000000004],[-7.9000000000000004],[-9.0999999999999996],[-10.6],[-10.199999999999999],[-8.3000000000000007],[-10.199999999999999],[-9.4000000000000004],[-12.4],[-12.9],[-13.4],[-13.9],[-14.4],[-14.5],[-15.699999999999999],[-16.199999999999999],[-15.5],[-16.100000000000001],[-14.300000000000001],[-13.199999999999999],[-11.300000000000001],[-10.5],[-5.5999999999999996],[-3.2999999999999998],[null]]]

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Primary income credits

Income to residents (credits) rose $2,146m (14%) to $17,385m. The main components contributing to this rise were:
· direct investment assets, income on equity and investment fund shares, up $1,631m (36%);
· portfolio investment assets, investment income on equity and investment fund shares, up $923m (12%).

Primary income debits

Income to non-residents (debits) fell $114m (1%) to $20,716m. The main components contributing to this fall were:
· direct investment liabilities, income on equity and investment fund shares, down $1,186m (12%);
· portfolio investment liabilities, interest, down $969m (22%).

Partly offset by portfolio investment liabilities, income on equity and investment fund shares, up $2,264m (81%).

Secondary income

In seasonally adjusted terms at current prices, the net secondary income deficit fell $133m to $270m in the September quarter 2020.

Capital and Financial Account

The capital and financial accounts recorded a deficit of $9.3b, mainly driven by the financial account deficit of $9.1b.

This quarter financial account deficit was due to a net outflow of equity of $43.3b and a net inflow of debt of $34.2b.

Capital and financial account
	Sep-19	Dec-19	Mar-20	Jun-20	Sep-20	Qtr on Qtr
	$m	$m	$m	$m	$m	$m
Capital account	-189	-174	-534	-218	-169	49
Acquisitions/disposals of non-produced non-financial assets	-24	6	-346	-	-4	-4
Acquisitions/disposals of non-produced non-financial assets credits	-	7	-	-	-	-
Acquisitions/disposals of non-produced non-financial assets debits	-24	-1	-346	-	-4	-4
Capital transfers	-165	-180	-188	-218	-165	53
Capital transfers credits	-	-	-	-	-	-
Capital transfers debits	-165	-180	-188	-218	-165	53
Financial account	-5,068	-1,078	-5,434	-16,828	-9,127	7,701
Direct investment	17,378	-2,572	9,794	7,469	-4,942	-12,411
Direct investment assets	4,429	-10,569	-4,743	-68	-9,941	-9,873
Direct investment liabilities	12,949	7,997	14,537	7,537	5,000	-2,537
Portfolio investment	-7,202	20,911	-21,818	-6,802	6,452	13,254
Portfolio investment assets	-27,466	-18,297	23,935	17,662	-48,094	-65,756
Portfolio investment liabilities	20,265	39,208	-45,753	-24,465	54,546	79,011
Financial derivatives	2,003	-5,832	-4,366	-803	-3,879	-3,076
Financial derivatives assets	27,385	37,158	10,661	101,196	50,123	-51,073
Financial derivatives liabilities	-25,382	-42,990	-15,027	-101,999	-54,002	47,997
Other investment	-20,785	-4,474	9,923	-39,754	-6,516	33,238
Other investment assets	-22,877	4,192	-68,160	16,041	15,777	-264
Other investment liabilities	2,093	-8,666	78,083	-55,795	-22,293	33,502
Reserve assets	3,538	-9,111	1,033	23,063	-242	-23,305
Net errors and omissions	1,379	-1,502	-2,902	-1,515	1,495	3,010

International Investment Position

Australia's net IIP liability position was $942.8b at 30 September 2020, an increase of $3.6b on the revised 30 June 2020 position of $939.1b. Australia's net foreign debt liability position increased $47.5b to $1,157.8b. Australia's net foreign equity asset position increased $43.8b to $215.0b at 30 September 2020.

International investment position, by net foreign equity and net foreign debt
		Position at beginning of period	Transactions	Price changes	Exchange rate changes	Other adjustments	Position at end of period
		$m	$m	$m	$m	$m	$m

Net International Investment Position	Mar-20	934,442	-5,434	7,251	-66,304	-4,544	865,411
Net International Investment Position	Jun-20	865,411	-16,828	5,935	84,735	-122	939,131
Net International Investment Position	Sep-20	939,131	-9,127	-30,106	43,349	-471	942,776

Net Foreign Equity	Mar-20	-224,086	31,119	14,678	-128,665	-6,439	-313,394
Net Foreign Equity	Jun-20	-313,394	31,678	-16,551	129,054	-1,997	-171,209
Net Foreign Equity	Sep-20	-171,209	-43,299	-34,299	32,708	1,085	-215,015

Net Foreign Debt	Mar-20	1,158,528	-36,553	-7,427	62,360	1,896	1,178,805
Net Foreign Debt	Jun-20	1,178,805	-48,506	22,486	-44,319	1,875	1,110,341
Net Foreign Debt	Sep-20	1,110,341	34,172	4,193	10,641	-1,556	1,157,791

Economic conditions

Country	OECD Quarterly growth rate	MSCI Quarterly percentage change	AUD Exchange Rate Quarterly percentage change
USA	7.4	9.2	3.6
UK	15.5	-5.6	-0.9
Europe	11.6	5.6**	-0.9
China	2.7	11.2	-0.2
Japan	5	3.8	1.4
South Korea	1.9*	9.5	0.8
Indonesia	3.1	-3.2	8.3
India	na	11.9	1.2
New Zealand	na	-4.4	0.9

*OECD Qtrly Economic Growth data not available for India and New Zealand as at 26/11/2020. South Korea figure based on a provisional estimate.
OECD data from https://stats.oecd.org/index.aspx?queryid=350
MSCI data from https://www.msci.com/
**MSCI data based on local currency except for Europe which is based on $USD
Exchange Rates Data from RBA: https://www.rba.gov.au/statistics/historical-data.html#exchange-rates

Supplementary Information

Value adjustments

Goods credits data presented in this publication are based on information provided by exporters to the Department of Home Affairs (Home Affairs). At the time of initial reporting to Home Affairs, the final prices at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in international merchandise trade data as exporters revise the information provided to Home Affairs.

For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Home Affairs. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level. Coal, coke and briquettes are adjusted on a balance of payments basis in original current price terms. When actual final transaction prices become available estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was effected.

Exports on an international merchandise trade basis

Iron ore (in original terms)

adjustments have been applied to iron ore lump in the March quarter (-$5m) 2019, the June quarter (-$45m) 2020 and the September quarter (+$115m). Adjustments have been applied to iron ore fines in the March quarter (+$40m) 2019, the June quarter (+$160m) and the September quarter (+$505m) 2020, When actual final transaction prices become available estimates are replaced with these data.

Goods credits on a balance of payments basis

Coal (in original terms)

adjustments have been applied to coal, coke and briquettes in the balance of payments series for the September quarter (-$500m). All previous adjustments have been removed.

Capital expenditure (in original terms)

the balance of payments goods debits component capital goods n.e.s. includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the customs frontier.

Revisions

The following goods component has been revised since the release of the September 2020 issue of International Trade in Goods and Services, Australia.

capital goods n.e.s. component of goods debits, revised in the September quarter 2020.

Summary of revisions since the last issue of this publication

Table 28 summarises revisions, in original current price terms, since the last issue of this publication.

Incorporation of the latest survey and administrative data has resulted in revisions to the balance of payments series back to the September quarter 2016. In original current price terms, these revisions have:

increased the current account deficit for September quarter 2016 by $61m
increased the current account deficit for December quarter 2016 by $139m
increased the current account deficit for March quarter 2017 by $116m
increased the current account deficit for June quarter 2017 by $108m
increased the current account deficit for September quarter 2017 by $126m
increased the current account deficit for December quarter 2017 by $103m
increased the current account deficit for March quarter 2018 by $363m
increased the current account deficit for June quarter 2018 by $77m
increased the current account deficit for September quarter 2018 by $21m
increased the current account deficit for December quarter 2018 by $20m
decreased the current account deficit for March quarter 2019 by $17m
decreased the current account surplus for June quarter 2019 by $4m
decreased the current account surplus for September quarter 2019 by $167m
decreased the current account surplus for December quarter 2019 by $278m
decreased the current account surplus for March quarter 2020 by $615m.
decreased the current account surplus for June quarter 2020 by $685m

The International Investment Position (IIP) has been revised back to the September quarter 2019. These revisions have increased Australia's net IIP liability $28,541m to a net liability position of $939,131m at 30 June 2020. The financial account deficit has been revised down $1,589m to $16,828m at 30 June 2020.

Seasonally adjusted and trend series have been revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter.

In seasonally adjusted terms, the revisions decreased the volume surplus on goods and services by $687m for the June quarter 2020.

Data in this issue aligns with the data in the September quarter 2020 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 2 December 2020.

Changes in this and forthcoming issues

Annual seasonal re-analysis

The seasonally adjusted and trend estimates of goods, services, primary income and secondary income are revised for the September quarter 2020 issue of this publication as a result of the annual seasonal re-analysis. This re-analysis reviews the seasonal and trading day factors in more detail than is possible in the quarterly processing cycle and assesses the appropriateness of any prior corrections.

As a result of the re-analysis, both Goods procured in port by carriers (debits) and Fuels and lubricants (debits) will be seasonally adjusted from September quarter 2019. Current price value and chain volume measure series for Fuels and lubricants will be independently seasonally adjusted.

New base year and re-referencing of chain volume estimates and implicit price deflators

A new base year 2018-19 will be introduced into chain volume estimates and implicit price deflators in the September quarter 2020 issue. As a result, the chain volume estimate series and implicit price deflators series will be re-referenced to 2018-19.

Changes to seasonal adjustment method of current price values of: coal, coke and briquettes, metal ores and minerals, and other mineral fuels

As part of an ongoing improvement program within the International Accounts, from the September 2020 release of this publication, independent seasonal adjustment will be applied when calculating the seasonal patterns for the following export commodities:
·   Metal, ores & minerals
·   Coal, coke & briquettes
·   Other mineral fuels.

Independent seasonal adjustment derives separate seasonal adjustment factors for the current price and chain volume measure series. The change is applied from September quarter 2019 onwards. Previously for these series, seasonal factors derived from the corresponding chain volume measures were used to seasonally adjust the current price value series.

Selected international accout ratios - table 23

The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts, 2019-20 on 30 October 2020 will be revised and incorporated into the quarterly national accounts with the September quarter 2020 issue of Australian National Accounts: National Income Expenditure and Product to be released on 2 December 2020. The revised benchmarks will change the level of the quarterly and annual GDP and GNI used in the ratios for table 23 of this publication. As the ratios using the currently available GDP and GNI would be inconsistent with the revised data, they have been suppressed in this issue. Table 23 in the time series spreadsheets released in conjunction with this publication will be updated with the release of the quarterly Australian National Accounts: National Income, Expenditure and Product on 2 December 2020.

History of changes

02/12/2020 Note: Selected international accounts ratios table 23

Ratios of current account and international investment measures to quarterly GDP and GNI are normally presented in Table 23.

As advised in the Changes in this issue section of this publication published on 1 December 2020, table 23 in the Time Series data will be updated on 2 December 2020 and released in conjunction with the release of the September quarter 2020 issue of Australian National Accounts: National Income and Expenditure

Data downloads

Time series spreadsheets

Data files

All time series files
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Table 1. Balance of payments, summary: original - quarter
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Table 2. International investment position: by net foreign equity and net foreign debt - quarter
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Table 3. Foreign assets and liabilities: by equity and debt - quarter
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Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter
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Table 5. Goods and services: chain volume measures and indexes - quarter
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Table 6. Goods credits
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Table 7. Goods debits
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Table 8. Services credits
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Table 9. Services debits
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Table 10. Income credits - quarter
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Table 11. Income debits - quarter
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Table 12. Capital account: original - quarter
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Table 13. Financial account - quarter
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Table 14. International investment: foreign assets - quarter
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Table 15. International investment: foreign liabilities - quarter
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Table 16. Foreign debt levels - quarter
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Table 17. Gross external debt liabilities: levels - quarter
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Table 18. Currency and residual maturity of foreign debt - quarter
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Table 19. Exchange rates - quarter
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Table 20. Foreign assets and liabilities by industry - quarter
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Table 21. Goods and services credit by state on a balance of payments basis - quarter
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Table 22. Goods and services debits by state on a balance of payments basis - quarter
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Table 23. Selected international accounts ratios: seasonally adjusted - quarter
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Table 24. Quarterly combined current price seasonal adjustment factors
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Table 25. Exports by SITC division on a balance of payments basis - quarter
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Table 26. Imports by broad economic category on a balance of payments basis - quarter
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Table 27. International investment: directional principle - quarter
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Table 28. Summary of revisions - quarter
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Table 29. International investment position: historical summary - quarter
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Table 30. Balance of payments, summary: original - financial year
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Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter
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Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

Balance of Payments and International Investment Position, Australia methodology, September 2020

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APA

Balance of Payments and International Investment Position, Australia

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Key statistics

Main features

COVID-19 in this publication

COVID-19 in September quarter 2020

Suspension of trend estimates

Seasonal adjustment and COVID-19

Selected international accounts ratios - table 23

Current Account

Terms of trade

Relationship between IPD, EPI and IPI

Commodity price indexes

Balance on goods and services

Exports of goods (credits)

Rural goods

Non-rural goods

Imports of goods (debits)

Consumption goods

Capital goods

Intermediate and other merchandise goods

Services

Income

Read more

Primary income credits

Primary income debits

Secondary income

Capital and Financial Account

International Investment Position

Economic conditions

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods credits on a balance of payments basis

Revisions

Summary of revisions since the last issue of this publication

Changes in this and forthcoming issues

Annual seasonal re-analysis

New base year and re-referencing of chain volume estimates and implicit price deflators

Changes to seasonal adjustment method of current price values of: coal, coke and briquettes, metal ores and minerals, and other mineral fuels

Selected international accout ratios - table 23

History of changes

02/12/2020 Note: Selected international accounts ratios table 23

Data downloads

Time series spreadsheets

All time series files

Table 1. Balance of payments, summary: original - quarter

Table 2. International investment position: by net foreign equity and net foreign debt - quarter

Table 3. Foreign assets and liabilities: by equity and debt - quarter

Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter

Table 5. Goods and services: chain volume measures and indexes - quarter

Table 6. Goods credits

Table 7. Goods debits

Table 8. Services credits

Table 9. Services debits

Table 10. Income credits - quarter

Table 11. Income debits - quarter

Table 12. Capital account: original - quarter

Table 13. Financial account - quarter

Table 14. International investment: foreign assets - quarter

Table 15. International investment: foreign liabilities - quarter

Table 16. Foreign debt levels - quarter

Table 17. Gross external debt liabilities: levels - quarter

Table 18. Currency and residual maturity of foreign debt - quarter

Table 19. Exchange rates - quarter

Table 20. Foreign assets and liabilities by industry - quarter

Table 21. Goods and services credit by state on a balance of payments basis - quarter

Table 22. Goods and services debits by state on a balance of payments basis - quarter

Table 23. Selected international accounts ratios: seasonally adjusted - quarter

Table 24. Quarterly combined current price seasonal adjustment factors

Table 25. Exports by SITC division on a balance of payments basis - quarter

Table 26. Imports by broad economic category on a balance of payments basis - quarter

Table 27. International investment: directional principle - quarter

Table 28. Summary of revisions - quarter

Table 29. International investment position: historical summary - quarter

Table 30. Balance of payments, summary: original - financial year

Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter

Previous catalogue number

Methodology