Balance of Payments and International Investment Position, Australia

Latest release

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

Reference period

September 2025

Released

2/12/2025

Release date and time

03/12/2025 11:30am AEDT

Key statistics

The current account balance, seasonally adjusted, fell $493m to a deficit of $16,646m.
The capital and financial account surplus was $31,062m, an increase of $13,642m on the June quarter 2025 surplus.
The net international investment liability position was $665,156m at 30 September 2025.

International accounts overview

Key figures ($m)
	Jun 25	Sep 25
Balance on current account (a)	-16,153	-16,646
Balance on goods and services (a)	2,779	2,489
Net primary income (a)	-18,989	-18,690
Secondary income (a)	57	-445
Capital and financial account	17,420	31,062
International investment position (b)	646,390	665,156

Seasonally adjusted estimates in current price terms.
Levels at end of period.

The current account balance (seasonally adjusted, current price) for September quarter 2025 was a deficit of $16.6b. This was an increase of $493m, from the revised June quarter 2025 current account deficit of $16.2b.

The fall in Australia's current account was led by the net secondary income deficit widening and partially offset by net primary income.

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.1 percentage points from the September quarter 2025 GDP quarterly movement.

The terms of trade increased 0.3% to 95.5, up from 95.2 in June quarter 2025.

The net primary income deficit decreased to $18.7b, following the $19.0b deficit in June quarter 2025.

Australia's net international investment liability position was $665.2b at 30 September 2025 an increase of $18.8b on the revised June quarter 2025 position of $646.4b.

International investment position (IIP)
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Sep-17	1,015.7	-54.8	1,070.4
Dec-17	1,051.5	-51.4	1,102.8
Mar-18	1,017.2	-90.7	1,107.9
Jun-18	1,056.1	-80.5	1,136.6
Sep-18	1,034.1	-105.5	1,139.6
Dec-18	1,079.9	-103.4	1,183.3
Mar-19	1,071.6	-127.7	1,199.4
Jun-19	1,084.3	-143.3	1,227.6
Sep-19	1,068.1	-175.2	1,243.3
Dec-19	999.0	-228.8	1,227.9
Mar-20	935.2	-310.5	1,245.7
Jun-20	1,058.5	-136.4	1,194.9
Sep-20	1,065.6	-163.8	1,229.4
Dec-20	1,051.4	-173.6	1,225.0
Mar-21	949.0	-262.8	1,211.8
Jun-21	923.1	-318.7	1,241.8
Sep-21	909.0	-340.6	1,249.6
Dec-21	831.4	-411.0	1,242.4
Mar-22	879.6	-292.2	1,171.8
Jun-22	895.7	-290.0	1,185.6
Sep-22	903.7	-287.9	1,191.6
Dec-22	927.7	-274.6	1,202.3
Mar-23	906.0	-312.1	1,218.1
Jun-23	832.5	-350.4	1,183.0
Sep-23	765.8	-399.9	1,165.7
Dec-23	788.6	-416.0	1,204.5
Mar-24	675.1	-551.6	1,226.8
Jun-24	660.9	-588.3	1,249.2
Sep-24	659.2	-630.1	1,289.4
Dec-24	626.7	-778.8	1,405.5
Mar-25	616.5	-776.3	1,392.8
Jun-25	646.4	-773.4	1,419.7
Sep-25	665.2	-769.3	1,434.5

International investment position (IIP)

["","Net IIP","Net Foreign Equity","Net Foreign Debt"]

[["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","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25"],[[1015.7],[1051.5],[1017.2],[1056.1],[1034.1],[1079.9],[1071.6],[1084.3],[1068.1],[999],[935.2],[1058.5],[1065.6],[1051.4],[949],[923.1],[909],[831.4],[879.6],[895.7],[903.7],[927.7],[906],[832.5],[765.8],[788.6],[675.1],[660.9],[659.2],[626.7],[616.5],[646.4],[665.2]],[[-54.8],[-51.4],[-90.7],[-80.5],[-105.5],[-103.4],[-127.7],[-143.3],[-175.2],[-228.8],[-310.5],[-136.4],[-163.8],[-173.6],[-262.8],[-318.7],[-340.6],[-411],[-292.2],[-290],[-287.9],[-274.6],[-312.1],[-350.4],[-399.9],[-416],[-551.6],[-588.3],[-630.1],[-778.8],[-776.3],[-773.4],[-769.3]],[[1070.4],[1102.8],[1107.9],[1136.6],[1139.6],[1183.3],[1199.4],[1227.6],[1243.3],[1227.9],[1245.7],[1194.9],[1229.4],[1225],[1211.8],[1241.8],[1249.6],[1242.4],[1171.8],[1185.6],[1191.6],[1202.3],[1218.1],[1183],[1165.7],[1204.5],[1226.8],[1249.2],[1289.4],[1405.5],[1392.8],[1419.7],[1434.5]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Jun 25	Sep 25	Jun 25 to Sep 25
Balance on current account	-16,153	-16,646	-493
Balance on goods and services	2,779	2,489	-290
Net goods	11,562	11,152	-410
Net services	-8,782	-8,663	119
Net primary income	-18,989	-18,690	299
Net secondary income	57	-445	-502

Terms of trade

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-17	60.8	75.3	80.7
Dec-17	61.9	76.9	80.5
Mar-18	64.0	78.3	81.7
Jun-18	65.6	79.9	82.1
Sep-18	68.1	81.7	83.3
Dec-18	70.1	82.4	85.1
Mar-19	71.0	82.5	86.1
Jun-19	73.6	82.8	89.0
Sep-19	75.3	83.9	89.8
Dec-19	71.8	84.4	85.1
Mar-20	72.0	84.7	85.0
Jun-20	71.7	83.0	86.4
Sep-20	70.0	80.2	87.3
Dec-20	72.7	80.4	90.4
Mar-21	77.5	80.3	96.6
Jun-21	87.3	82.0	106.4
Sep-21	92.6	86.9	106.5
Dec-21	91.0	92.3	98.6
Mar-22	102.0	95.5	106.8
Jun-22	114.0	98.6	115.6
Sep-22	112.2	102.0	109.9
Dec-22	110.9	104.2	106.4
Mar-23	108.8	100.5	108.3
Jun-23	101.6	99.5	102.2
Sep-23	99.8	100.5	99.3
Dec-23	102.7	101.0	101.7
Mar-24	100.1	99.3	100.8
Jun-24	97.7	99.4	98.3
Sep-24	95.1	99.4	95.7
Dec-24	97.2	100.4	96.8
Mar-25	98.9	103.0	96.1
Jun-25	97.3	102.2	95.2
Sep-25	97.2	101.8	95.5

Relationship between IPD, EPI and IPI

Price comparison (QoQ % change)
	Implicit price deflators (a)(b)	Implicit price deflators (a)(b)	Chain Laspeyres Indexes (a)(b)	International Trade Price Indexes (c)
Goods exports	-0.4	-1.0	-0.9	-0.9
Services exports	0.9	1.0	1.0	na
Goods imports	-0.7	-1.0	-0.4	-0.4
Services imports	0.7	0.7	0.7	na

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-17	57.5	77.7	87.8	102.1
Dec-17	58.8	79.3	90.3	104.5
Mar-18	61.1	81.0	94.7	106.6
Jun-18	63.1	82.7	96.5	110.0
Sep-18	66.1	84.6	100.1	112.1
Dec-18	68.4	85.3	104.5	112.7
Mar-19	69.6	85.2	109.2	112.1
Jun-19	72.8	85.2	113.3	113.1
Sep-19	74.8	86.0	114.8	113.5
Dec-19	70.3	86.4	108.8	114.3
Mar-20	70.5	86.4	111.7	113.1
Jun-20	70.1	84.4	109.0	110.9
Sep-20	68.1	81.3	103.4	107.0
Dec-20	71.1	81.1	109.1	105.9
Mar-21	76.6	81.1	121.3	106.1
Jun-21	87.7	82.0	137.3	108.1
Sep-21	93.6	86.4	145.8	113.9
Dec-21	91.7	91.3	150.9	120.5
Mar-22	104.2	95.5	173.0	126.6
Jun-22	118.2	99.3	190.4	132.0
Sep-22	115.9	102.6	183.5	135.9
Dec-22	114.0	104.3	181.9	138.4
Mar-23	111.4	100.3	184.9	132.6
Jun-23	102.6	98.4	169.1	131.6
Sep-23	100.1	100.0	163.9	132.6
Dec-23	103.4	101.2	173.1	134.1
Mar-24	100.0	99.6	169.5	131.7
Jun-24	96.8	99.4	159.5	133.0
Sep-24	93.4	98.8	152.7	131.2
Dec-24	95.6	99.2	158.2	131.5
Mar-25	97.4	103.0	161.6	135.9
Jun-25	95.3	101.7	154.3	134.8
Sep-25	94.9	100.9	152.9	134.2

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $10,150m, a fall of $614m on the revised June quarter 2025 surplus of $10,763m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Sep-17	32,432	38,677	-10,931
Dec-17	28,422	35,047	-11,471
Mar-18	29,575	36,468	-11,991
Jun-18	30,962	37,141	-11,438
Sep-18	34,585	40,357	-11,239
Dec-18	34,053	39,482	-11,213
Mar-19	35,707	39,894	-9,870
Jun-19	39,484	42,884	-9,269
Sep-19	40,244	42,645	-8,273
Dec-19	39,999	41,893	-7,956
Mar-20	41,243	45,463	-9,168
Jun-20	45,200	42,119	1,621
Sep-20	32,558	31,786	-440
Dec-20	34,151	33,467	-688
Mar-21	33,579	34,423	-2,043
Jun-21	25,778	25,862	-1,333
Sep-21	30,090	31,656	-2,626
Dec-21	25,930	28,622	-3,731
Mar-22	15,394	21,141	-6,998
Jun-22	18,041	24,655	-8,161
Sep-22	12,579	21,785	-10,262
Dec-22	19,323	27,293	-8,580
Mar-23	17,214	24,172	-7,250
Jun-23	18,828	26,544	-7,775
Sep-23	16,906	25,260	-8,251
Dec-23	17,370	25,987	-8,591
Mar-24	11,654	20,892	-9,353
Jun-24	10,288	20,020	-9,746
Sep-24	10,757	21,426	-10,669
Dec-24	11,102	20,314	-9,212
Mar-25	10,611	20,198	-9,587
Jun-25	10,763	19,892	-9,128
Sep-25	10,150	19,176	-9,026

Goods and services, chain volume measures (a)

["","Balance on goods and services","Balance on goods","Balance on services"]

[["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","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25"],[[32432],[28422],[29575],[30962],[34585],[34053],[35707],[39484],[40244],[39999],[41243],[45200],[32558],[34151],[33579],[25778],[30090],[25930],[15394],[18041],[12579],[19323],[17214],[18828],[16906],[17370],[11654],[10288],[10757],[11102],[10611],[10763],[10150]],[[38677],[35047],[36468],[37141],[40357],[39482],[39894],[42884],[42645],[41893],[45463],[42119],[31786],[33467],[34423],[25862],[31656],[28622],[21141],[24655],[21785],[27293],[24172],[26544],[25260],[25987],[20892],[20020],[21426],[20314],[20198],[19892],[19176]],[[-10931],[-11471],[-11991],[-11438],[-11239],[-11213],[-9870],[-9269],[-8273],[-7956],[-9168],[1621],[-440],[-688],[-2043],[-1333],[-2626],[-3731],[-6998],[-8161],[-10262],[-8580],[-7250],[-7775],[-8251],[-8591],[-9353],[-9746],[-10669],[-9212],[-9587],[-9128],[-9026]]]

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Seasonally adjusted, reference year 2023-24=100.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Sep-17	-12.8	1.3	-13.8
Dec-17	-16.2	-1.5	-14.4
Mar-18	-14.4	0.0	-14.3
Jun-18	-15.2	1.3	-16.3
Sep-18	-11.4	5.8	-16.9
Dec-18	-8.9	7.8	-16.6
Mar-19	-6.5	10.5	-16.6
Jun-19	0.3	17.2	-17.0
Sep-19	4.9	19.3	-14.2
Dec-19	-1.3	12.5	-13.5
Mar-20	2.8	14.2	-11.2
Jun-20	11.7	20.6	-8.3
Sep-20	6.0	11.4	-4.8
Dec-20	10.3	15.7	-4.6
Mar-21	14.4	22.8	-7.8
Jun-21	16.7	28.9	-10.8
Sep-21	18.4	34.6	-15.5
Dec-21	0.7	22.1	-20.5
Mar-22	-1.2	24.2	-24.7
Jun-22	9.8	41.4	-30.8
Sep-22	-4.3	28.4	-32.6
Dec-22	3.1	30.6	-27.2
Mar-23	1.4	30.6	-29.0
Jun-23	-1.6	22.3	-23.7
Sep-23	-8.3	15.8	-23.6
Dec-23	-2.8	20.4	-22.9
Mar-24	-10.5	13.0	-23.4
Jun-24	-16.3	7.5	-23.7
Sep-24	-15.6	3.7	-19.2
Dec-24	-17.1	5.8	-22.8
Mar-25	-15.9	4.2	-19.7
Jun-25	-16.2	2.8	-19.0
Sep-25	-16.6	2.5	-18.7

Current account balance (a), main aggregates

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

[["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","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25"],[[-12.8],[-16.2],[-14.4],[-15.2],[-11.4],[-8.9],[-6.5],[0.3],[4.9],[-1.3],[2.8],[11.7],[6],[10.3],[14.4],[16.7],[18.4],[0.7],[-1.2],[9.8],[-4.3],[3.1],[1.4],[-1.6],[-8.3],[-2.8],[-10.5],[-16.3],[-15.6],[-17.1],[-15.9],[-16.2],[-16.6]],[[1.3],[-1.5],[0],[1.3],[5.8],[7.8],[10.5],[17.2],[19.3],[12.5],[14.2],[20.6],[11.4],[15.7],[22.8],[28.9],[34.6],[22.1],[24.2],[41.4],[28.4],[30.6],[30.6],[22.3],[15.8],[20.4],[13],[7.5],[3.7],[5.8],[4.2],[2.8],[2.5]],[[-13.8],[-14.4],[-14.3],[-16.3],[-16.9],[-16.6],[-16.6],[-17],[-14.2],[-13.5],[-11.2],[-8.3],[-4.8],[-4.6],[-7.8],[-10.8],[-15.5],[-20.5],[-24.7],[-30.8],[-32.6],[-27.2],[-29],[-23.7],[-23.6],[-22.9],[-23.4],[-23.7],[-19.2],[-22.8],[-19.7],[-19],[-18.7]]]

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Seasonally adjusted estimates in current price terms.

Exports of goods (credits)

In seasonally adjusted current price terms, goods credits rose $1,199m (0.9%) to $130,210m, with volumes up 1.3% and prices down 0.4%.

Goods credits, price and volume change, seasonally adjusted - September quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		1,199	0.9	1.3	-0.4
	Rural goods	343	1.8	1.9	-0.1
	Non-rural goods	322	0.3	1.3	-0.9
	Net exports of goods under merchanting	11	4.5	5.1	-0.6
	Non-monetary gold(c)	523	3.6	0.4	3.2

Reference year 2023-24=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Rural goods

Rural goods (a)
	Jun 25 ($m)	Sep 25 ($m)	Jun 25 to Sep 25 ($m)	Jun 25 to Sep 25 (%)
Rural goods	18,889	19,232	343	1.8
	Meat and meat preparations	6,616	6,844	228	3.4
	Cereal grains and cereal preparations	4,376	4,209	-167	-3.8
	Wool and sheepskins	659	685	26	3.9
	Other rural(b)	7,238	7,494	256	3.5

Non-rural goods

Non-rural goods (a)
	Jun 25 ($m)	Sep 25 ($m)	Jun 25 to Sep 25 ($m)	Jun 25 to Sep 25 (%)
Non-rural goods	95,518	95,840	322	0.3
	Metal ores and minerals(b)	39,882	41,692	1,810	4.5
	Coal, coke and briquettes(b)	15,213	16,316	1,103	7.3
	Other mineral fuels(b)	20,084	17,846	-2,238	-11.1
	Metals (excl. non-monetary gold)	4,879	4,674	-205	-4.2
	Machinery	3,853	4,059	206	5.3
	Transport equipment	1,330	1,585	255	19.2
	Other manufactures	7,219	6,815	-404	-5.6
	Other non-rural (incl. sugar and beverages)(c)	2,216	1,975	-241	-10.9
	Goods procured in ports by carriers(d)	842	878	36	4.3

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Sep-17	21,753	14,353	8,050
Dec-17	21,930	14,331	8,232
Mar-18	23,099	15,683	10,646
Jun-18	22,947	15,925	12,769
Sep-18	23,651	17,457	14,195
Dec-18	25,591	17,904	15,776
Mar-19	27,222	16,874	15,000
Jun-19	32,828	17,239	15,581
Sep-19	35,246	16,232	15,444
Dec-19	31,549	13,625	14,713
Mar-20	31,354	13,347	14,956
Jun-20	34,448	11,477	13,318
Sep-20	37,386	9,368	8,016
Dec-20	42,076	9,145	8,831
Mar-21	47,643	9,796	10,522
Jun-21	54,640	10,882	12,610
Sep-21	49,928	18,153	17,477
Dec-21	35,006	24,546	21,315
Mar-22	42,317	29,802	21,541
Jun-22	43,910	41,203	27,467
Sep-22	41,060	36,333	29,337
Dec-22	42,743	34,655	28,900
Mar-23	48,557	29,913	25,670
Jun-23	44,373	26,834	22,735
Sep-23	45,739	22,665	20,755
Dec-23	48,777	24,087	20,113
Mar-24	44,565	23,673	21,639
Jun-24	40,888	21,615	21,185
Sep-24	39,165	20,896	19,522
Dec-24	40,746	19,245	19,643
Mar-25	41,763	16,213	18,768
Jun-25	39,882	15,213	20,084
Sep-25	41,692	16,316	17,846

Imports of goods (debits)

In seasonally adjusted current price terms, goods debits rose $1,607m (1.4%) to $119,057m, with volumes up 2.1% and prices down 0.7%.

Goods debits, price and volume change, seasonally adjusted - September quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		1,607	1.4	2.1	-0.7
	Consumption goods	-791	-2.1	-1.7	-0.4
	Capital goods	1,498	5.2	6.7	-1.3
	Intermediate and other merchandise goods	2,015	4.4	4.2	0.2
	Non-monetary gold(c)	-1,113	-21.2	-23.5	3.1

Reference year 2023-24=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
	Jun 25 ($m)	Sep 25 ($m)	Jun 25 to Sep 25 ($m)	Jun 25 to Sep 25 (%)
Consumption goods	-37,751	-36,960	-791	-2.1
	Food and beverages, mainly for consumption	-5,629	-5,838	209	3.7
	Household electrical items	-2,125	-2,023	-102	-4.8
	Non-industrial transport equipment	-9,649	-9,027	-622	-6.4
	Textiles, clothing and footwear	-6,362	-6,037	-325	-5.1
	Toys, books and leisure goods	-2,340	-2,322	-18	-0.8
	Consumption goods n.e.s.	-11,645	-11,713	68	0.6

Capital goods

Capital goods(a)(b)
	Jun 25 ($m)	Sep 25 ($m)	Jun 25 to Sep 25 ($m)	Jun 25 to Sep 25 (%)
Capital goods	-28,543	-30,041	1,498	5.2
	Machinery and industrial equipment	-8,546	-8,945	399	4.7
	ADP equipment	-4,804	-5,385	581	12.1
	Telecommunications equipment	-4,223	-4,241	18	0.4
	Civil aircraft and confidentialised items(c)(d)	-671	-2,221	1,550	231.0
	Industrial transport equipment n.e.s.	-5,137	-4,646	-491	-9.6
	Capital goods n.e.s.(e)	-5,162	-4,603	-559	-10.8

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Jun 25 ($m)	Sep 25 ($m)	Jun 25 to Sep 25 ($m)	Jun 25 to Sep 25 (%)
Intermediate and other merchandise goods	-45,898	-47,913	2,015	4.4
	Food and beverages, mainly for industry	-1,112	-1,121	9	0.8
	Primary industrial supplies n.e.s.(c)	-681	-884	203	29.8
	Fuels and lubricants(d)(e)	-11,772	-13,577	1,805	15.3
	Parts for transport equipment	-5,324	-5,806	482	9.1
	Parts for ADP equipment	-334	-348	14	4.2
	Other parts for capital goods	-6,440	-6,362	-78	-1.2
	Organic and inorganic chemicals	-1,428	-1,357	-71	-5.0
	Paper and paperboard	-725	-703	-22	-3.0
	Textile yarn and fabrics	-448	-444	-4	-0.9
	Iron and steel	-1,386	-1,259	-127	-9.2
	Plastics	-1,473	-1,407	-66	-4.5
	Processed industrial supplies n.e.s.	-13,697	-13,741	44	0.3
	Other merchandise goods(f)(g)	-487	-350	-137	-28.1
	Goods procured in ports by carriers(h)	-591	-553	-38	-6.4

Services

In seasonally adjusted current price terms, services credits rose $342m (1.0%) to $36,056m, with volumes steady and prices up 0.9%.

Services exports, price and volume change, seasonally adjusted - September quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		342	1.0	0.0	0.9
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	3	13.6	12.8	0.8
	Transport	111	5.3	2.4	2.9
	Travel	29	0.1	-0.6	0.7
	Other services	199	1.7	0.7	1.0

- nil or rounded to zero (including null cells)

Reference year 2023-24=100.
Movements in indexes are calculated from unrounded data.

In seasonally adjusted current price terms, services debits rose $224m (0.5%) to $44,720m, with volumes down 0.2% and prices up 0.7%.

Services imports, price and volume change, seasonally adjusted - September quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		224	0.5	-0.2	0.7
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-117	-24.5	-23.8	-1.0
	Transport	-38	-0.5	0.7	-1.2
	Travel	202	1.1	-0.3	1.4
	Other services	175	0.9	0.1	0.9

- nil or rounded to zero (including null cells)

Reference year 2023-24=100.
Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit decreased by $299m to $18,690m in the September quarter 2025.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Sep-17	-13.8	13.8	-27.6
Dec-17	-14.4	14.5	-28.9
Mar-18	-14.3	15.0	-29.3
Jun-18	-16.3	16.1	-32.4
Sep-18	-16.9	16.5	-33.4
Dec-18	-16.6	16.9	-33.4
Mar-19	-16.6	17.7	-34.3
Jun-19	-17.0	16.8	-33.8
Sep-19	-14.2	16.5	-30.7
Dec-19	-13.5	17.2	-30.7
Mar-20	-11.2	16.8	-28.0
Jun-20	-8.3	14.2	-22.4
Sep-20	-4.8	15.3	-20.1
Dec-20	-4.6	14.5	-19.1
Mar-21	-7.8	15.6	-23.4
Jun-21	-10.8	15.8	-26.6
Sep-21	-15.5	17.6	-33.1
Dec-21	-20.5	18.9	-39.4
Mar-22	-24.7	20.0	-44.7
Jun-22	-30.8	23.2	-54.0
Sep-22	-32.6	22.3	-54.9
Dec-22	-27.2	25.1	-52.3
Mar-23	-29.0	22.4	-51.3
Jun-23	-23.7	23.7	-47.4
Sep-23	-23.6	24.9	-48.5
Dec-23	-22.9	24.7	-47.6
Mar-24	-23.4	26.0	-49.4
Jun-24	-23.7	26.3	-50.0
Sep-24	-19.2	27.3	-46.6
Dec-24	-22.8	26.7	-49.4
Mar-25	-19.7	27.3	-47.1
Jun-25	-19.0	28.2	-47.1
Sep-25	-18.7	29.8	-48.5

Net primary income (a)

["","Net primary income","Primary income credits","Primary income debits"]

[["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","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25"],[[-13.8],[-14.4],[-14.3],[-16.3],[-16.9],[-16.6],[-16.6],[-17],[-14.2],[-13.5],[-11.2],[-8.3],[-4.8],[-4.6],[-7.8],[-10.8],[-15.5],[-20.5],[-24.7],[-30.8],[-32.6],[-27.2],[-29],[-23.7],[-23.6],[-22.9],[-23.4],[-23.7],[-19.2],[-22.8],[-19.7],[-19],[-18.7]],[[13.8],[14.5],[15],[16.1],[16.5],[16.9],[17.7],[16.8],[16.5],[17.2],[16.8],[14.2],[15.3],[14.5],[15.6],[15.8],[17.6],[18.9],[20],[23.2],[22.3],[25.1],[22.4],[23.7],[24.9],[24.7],[26],[26.3],[27.3],[26.7],[27.3],[28.2],[29.8]],[[-27.6],[-28.9],[-29.3],[-32.4],[-33.4],[-33.4],[-34.3],[-33.8],[-30.7],[-30.7],[-28],[-22.4],[-20.1],[-19.1],[-23.4],[-26.6],[-33.1],[-39.4],[-44.7],[-54],[-54.9],[-52.3],[-51.3],[-47.4],[-48.5],[-47.6],[-49.4],[-50],[-46.6],[-49.4],[-47.1],[-47.1],[-48.5]]]

[]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms rose $1,684m (6.0%). The key components contributing to the increase were:

Direct investment assets - income on equity and investment fund shares; up $1,816m (18.6%)
Portfolio investment assets - income on equity and investment fund shares; up $68m (0.7%)
Reserve assets; up $27m (7.4%)

Partly offset by:

Other investment assets; down $210m (-11.9%)
Portfolio investment assets; down $53m (-1.0%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $1,385m (2.9%). The key components contributing to the increase were:

Direct investment liabilities - income on equity and investment fund shares; up $1,950m (12.9%)
Portfolio investment liabilities - interest; up $336m (2.2%)

Partially Offset by:

Portfolio investment liabilities - income on equity and investment fund shares; down $655m (-9.3%)
Compensation of employees; down $138m (-2.5%)
Other investment liabilities; down $57m (-1.7%)
Direct investment liabilities; down $50m (-8.0%)

Secondary income

In current price seasonally adjusted terms, net secondary income fell to a deficit of $445m from a $57m surplus in the June quarter 2025.

Secondary income credits fell $16m (-0.4%) while debits rose $486m (13.2%) in the September quarter 2025.

Capital and Financial Account

The capital and financial account recorded a surplus of $31.1b during the September 2025 quarter, driven by the financial account surplus of $31.2b.

The financial account recorded a deficit due to a $2.8b net outflow of equity and a $28.4b net inflow of debt.

Capital and financial account ($m)
			Dec 24	Mar 25	Jun 25	Sep 25	Jun 25 to Sep 25
Capital account			-252	-200	160	-181	-341
	Acquisitions/disposals of non-produced non-financial assets		114	-6	385	-	-385
		Acquisitions/disposals of non-produced non-financial assets credits	118	-	412	5	-407
		Acquisitions/disposals of non-produced non-financial assets debits	-4	-6	-27	-5	22
	Capital transfers		-366	-194	-225	-181	44
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-366	-194	-225	-181	44
Financial account			19,630	12,684	17,260	31,243	13,983
	Direct investment		1,086	15,200	17,158	15,519	-1,639
		Direct investment assets	-18,004	4,075	86	3,025	2,939
		Direct investment liabilities	19,089	11,125	17,072	12,494	-4,578
	Portfolio investment		31,400	9,968	3,842	34,537	30,695
		Portfolio investment assets	-41,704	-16,387	-9,376	-43,600	-34,224
		Portfolio investment liabilities	73,104	26,355	13,219	78,137	64,918
	Financial derivatives		-21,837	4,262	-16,368	-8,434	7,934
		Financial derivatives assets	214,298	112,025	190,421	78,574	-111,847
		Financial derivatives liabilities	-236,135	-107,763	-206,788	-87,008	119,780
	Other investment		11,012	-16,719	9,419	-6,222	-15,641
		Other investment assets	-38,070	2,224	1,588	4,805	3,217
		Other investment liabilities	49,082	-18,943	7,831	-11,027	-18,858
	Reserve assets		-2,031	-26	3,209	-4,157	-7,366
Net errors and omissions			-6,407	1,048	-3,778	-5,588	-1,810

- nil or rounded to zero (including null cells)

np - not published

International Investment Position

Australia's international investment liability position was $665.2b at 30 September 2025, an increase of $18.8b on the revised 30 June 2025 figure of $646.4b. Australia's net foreign equity asset position decreased $4.0b to $769.3b and Australia's net foreign debt liability position increased $14.7b to $1,434.5b.

International investment position, by net foreign equity and net foreign debt ($m)
		Position at beginning of period	Transactions	Price changes	Exchange rate changes	Other adjustments	Position at end of period
Net International Investment Position	Mar‑25	626,696	12,684	6,285	-13,325	-15,887	616,453
	Jun‑25	616,453	17,260	-23,972	37,680	-1,033	646,389
	Sep‑25	646,389	31,243	-29,773	21,247	-3,951	665,156
Net Foreign Equity	Mar‑25	-778,787	10,478	13,212	-7,366	-13,842	-776,304
	Jun‑25	-776,304	17,340	-49,789	45,036	-9,640	-773,357
	Sep‑25	-773,357	2,809	-21,904	32,168	-9,038	-769,322
Net Foreign Debt	Mar‑25	1,405,484	2,206	-6,927	-5,960	-2,045	1,392,757
	Jun‑25	1,392,757	-79	25,817	-7,356	8,607	1,419,746
	Sep‑25	1,419,746	28,435	-7,869	-10,921	5,087	1,434,478

Data downloads

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Time series spreadsheets

Data files

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 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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Changes in this issue

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, final transaction prices are not known for some commodities. Final quantity and/or unit price information is updated progressively 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 final transaction prices become available adjusted 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 occurs prior to the items crossing the customs frontier. The ABS adjusts the relevant balance of payments series to record the timing when transfer of ownership takes place.

Exports on an international merchandise trade basis

On a merchandise trade basis, adjustments have been applied to iron ore lumps and iron ore fines. When final transaction information becomes available, the adjusted estimates are replaced with these data.

Goods on a balance of payments basis

Coal, coke and briquettes adjustment, BoP Basis
	Mar 25 ($m)	Jun 25 ($m)	Sep 25 ($m)
Coal, coke and briquettes	-	-10	-430

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

Economic conditions

Country	MSCI quarter-on-quarter percentage change (a)(%)	AUD exchange rate quarter-on-quarter percentage change (b)(%)
Australia	2.63	na
United States of America	13.22	0.79
United Kingdom	6.56	3.02
Europe	2.79	0.72
China	22.83	0.24
Japan	11.43	3.87
Singapore	9.38	2.18
India	-0.45	4.68
New Zealand	4.44	5.96

Previous catalogue number

This release previously used catalogue number 5302.0.

Post release changes

3/12/2025 Note: Updates to 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 on 2 December 2025, Table 23 in the 'Data downloads' was initially supressed. This data is now available in conjunction with the release of the September quarter 2025 issue of Australian National Accounts: National Income, Expenditure and Product.

Methodology

Balance of Payments and International Investment Position, Australia methodology, September 2025

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	Implicit price deflators (a)(b)	Implicit price deflators (a)(b)	Chain Laspeyres Indexes (a)(b)	International Trade Price Indexes (c)
	Seasonally Adjusted	Original	Original	Original
Goods exports	-0.4	-1.0	-0.9	-0.9
Services exports	0.9	1.0	1.0	na
Goods imports	-0.7	-1.0	-0.4	-0.4
Services imports	0.7	0.7	0.7	na

APA

Balance of Payments and International Investment Position, Australia

APA

Key statistics

International accounts overview

Current Account

Terms of trade

Relationship between IPD, EPI and IPI

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

Primary income credits

Primary income debits

Secondary income

Capital and Financial Account

International Investment Position

Data downloads

Time series spreadsheets

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 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

Changes in this issue

Changes in this issue

Updated estimation of compensation of employees in the Balance of Payments

Updates regarding Table 18

Reinstatement of trend estimates for trade in services

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods on a balance of payments basis

Revisions

Economic conditions

Previous catalogue number

Post release changes

Methodology

Media releases

Terms of trade rise for the first time in 2025

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