5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2017 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/03/2018   
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ANALYSIS AND COMMENTS


BALANCE OF PAYMENTS

In original current price terms, the December quarter 2017 current account deficit was $14,605m, a rise of $1,348m on the September quarter 2017 deficit. In original current price terms, the balance on goods and services was a net deficit of $471m, primary income was a net deficit of $14,228m and secondary income was a net surplus of $94m.

In original current price terms, the December quarter 2017 capital and financial account surplus was $13,577m, a rise of $935m on the September quarter 2017 surplus. In original current price terms, the capital account was a net deficit of $413m and the financial account was a net surplus of $13,990m.

The contributors to the current account balances, in original terms at current prices, are shown in the following table.

BALANCE OF PAYMENTS, Summary(a): Original

Dec 2016
Mar 2017
Jun 2017
Sep 2017
Dec 2017
$m
$m
$m
$m
$m

CURRENT ACCOUNT
-5 951
-5 077
-9 475
-13 257
-14 605
Goods and services
6 008
8 315
2 761
991
-471
Credits
98 175
96 889
94 747
97 090
98 947
Debits
-92 167
-88 574
-91 986
-96 099
-99 418
Goods
6 262
6 305
4 775
3 247
-367
Credits
77 419
74 671
74 949
75 927
76 590
Debits
-71 157
-68 366
-70 174
-72 680
-76 957
Services
-254
2 010
-2 014
-2 256
-104
Credits
20 756
22 218
19 798
21 163
22 357
Debits
-21 010
-20 208
-21 812
-23 419
-22 461
Primary income
-12 226
-12 893
-11 904
-14 160
-14 228
Credits
13 591
13 170
13 541
13 945
14 384
Debits
-25 818
-26 063
-25 445
-28 105
-28 611
Secondary income
267
-499
-332
-88
94
Credits
2 204
2 196
2 271
2 219
2 208
Debits
-1 937
-2 695
-2 603
-2 307
-2 114
CAPITAL AND FINANCIAL ACCOUNT
4 791
6 887
10 155
12 642
13 577
Capital account
-367
-144
171
-123
-413
Acquisitions/disposals of non-produced non-financial assets
-228
1
339
3
1
Credits
8
2
340
5
2
Debits
-236
-1
-1
-2
-1
Capital transfers
-139
-145
-168
-126
-414
Credits
-
-
-
-
-
Debits
-139
-145
-168
-126
-414
Financial account
5 158
7 031
9 984
12 765
13 990
Direct investment
21 478
17 588
28 594
6 028
1 920
Assets
2 773
6 210
-128
-11 044
-4 693
Liabilities
18 704
11 377
28 722
17 073
6 614
Portfolio investment
12 310
-5 911
3 441
-812
12 040
Assets
-4 420
-10 612
-8 821
-28 333
-22 186
Liabilities
16 731
4 701
12 262
27 521
34 226
Financial derivatives
5 354
-2 664
-592
-5 686
-3 916
Assets
24 437
34 425
10 258
25 437
15 154
Liabilities
-19 083
-37 089
-10 850
-31 123
-19 070
Other investment
-22 639
1 663
-16 057
3 152
16 788
Assets
-20 083
12 200
-17 043
20 565
4 344
Liabilities
-2 555
-10 537
986
-17 413
12 444
Reserve assets
-11 346
-3 646
-5 402
10 082
-12 843
NET ERRORS AND OMISSIONS
1 160
-1 809
-681
615
1 028

- nil or rounded to zero (including null cells)
(a) For sign conventions, see paragraphs 15-17 of the Explanatory Notes.


In seasonally adjusted current price terms, the December quarter 2017 current account deficit was $14,024m, a rise of $3,011m on the September quarter 2017 deficit.

In trend current price terms, the December quarter 2017 current account deficit was $13,672m, a rise of $2,072m on the September quarter 2017 deficit.

The contributors to the current account balance, in seasonally adjusted and trend terms at current prices, are shown in the following table.

BALANCE ON CURRENT ACCOUNT IN CURRENT PRICES - December Quarter 2017

Change in:
Current prices
Current prices
Current prices
$m
$m
%

Seasonally Adjusted

Balance on current account
-14 024
-3 011
-27.3
Balance on goods and services
-117
-2 094
(a) . .
Net goods
553
-1 922
-77.7
Net services
-669
-171
-34.3
Net primary income
-13 666
-899
-7.0
Net secondary income
-241
-17
-7.6

Trend

Balance on current account
-13 672
-2 072
-17.9
Balance on goods and services
-151
-2 092
(a) . .
Net goods
459
-2 027
-81.5
Net services
-610
-65
-11.9
Net primary income
-13 306
34
0.3
Net secondary income
-215
-14
-7.0

. . not applicable
(a) See paragraph 17 of the Explanatory Notes.



TERMS OF TRADE(footnote 1)

Australia's seasonally adjusted terms of trade on net goods and services for the December quarter 2017 rose 0.1% to 115.1, with an increase of 1.6% in the implicit price deflator (IPD) for goods and services credits and an increase of 1.5% in the IPD for goods and services debits.

In trend terms, the terms of trade for net goods and services fell 1.5% to 114.

IMPLICIT PRICE DEFLATOR AND TERMS OF TRADE (a)
Graph: IMPLICIT PRICE DEFLATOR AND TERMS OF TRADE (a)



BALANCE ON GOODS AND SERVICES

In seasonally adjusted chain volume terms, the balance on goods and services was a deficit of $13,081m, a rise of $2,064m on the September quarter 2017 deficit of $11,017m.

The net deficit on goods rose $2,290m on the September quarter 2017 deficit of $9,019m. Goods credits fell $1,117m (2%) and goods debits rose $1,173m (2%). The net deficit on services fell $226m on the September quarter 2017 deficit of $1,998m.

The rise in the balance on goods and services deficit, in seasonally adjusted chain volume terms, is expected to detract 0.5 percentage points from growth in the December quarter 2017 chain volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the September quarter 2017.

GOODS AND SERVICES, CHAIN VOLUME MEASURES (a)
Graph: This graphs shows movements in the Balance on Goods and Services series, the balance on goods series, and the balance on services series.



Goods

The trend estimate of net goods at current prices for the December quarter 2017 was a surplus of $459m, a fall of $2,027m on the September quarter 2017 surplus of $2,486m.

In seasonally adjusted terms at current prices, net goods was a surplus of $553m, a fall of $1,922m on the September quarter 2017 surplus of $2,475m.

GOODS, Price and volume analysis: Seasonally adjusted - December Quarter 2017

Change in:
Current prices
Current prices
Chain volume measures(a)
Implicit price deflators(a)(b)
$m
%
%
%

Exports
140
0.2
-1.7
1.9
Rural goods
-959
-7.7
-9.7
2.2
Non-rural goods
711
1.2
-0.3
1.5
Net exports of goods under merchanting
35
28.5
27.4
0.8
Non-monetary gold
353
8.1
5.4
2.5
Imports
2 062
2.9
1.6
1.3
Consumption goods
1 353
5.5
4.7
0.7
Capital goods
-1 457
-7.9
-5.8
-2.3
Intermediate and other merchandise goods
2 254
8.1
4.4
3.6
Non-monetary gold
-87
-6.7
-9.0
2.5

(a) Reference year 2015-16.
(b) Movements in indexes are based on data to four decimal places.



GOODS CREDITS

The trend estimate of goods credits at current prices fell $1,209m (2%) to $73,909m in the December quarter 2017.

In seasonally adjusted terms at current prices, goods credits rose $140m to $74,561m, with volumes down 2% and prices up 2%.


Rural Goods

Exports of rural goods, in seasonally adjusted terms at current prices, fell $959m (8%) to $11,437m, with volumes down 10% and prices up 2%.

The main components contributing to the fall were:
  • other rural, down $795m (13%), with volumes down 14% and prices up 1%
  • cereal grains and cereal preparations, down $195m (9%), with volumes down 15% and prices up 7%.


Non-rural Goods

Exports of non-rural goods, in seasonally adjusted terms at current prices, rose $711m (1%) to $58,239m, with prices up 1%.

The main components contributing to the rise were:
  • metal ores and minerals, up $281m (1%), with volumes up 2% and prices down 1%
  • coal, coke and briquettes, up $234m (2%), with volumes down 4% and prices up 6%
  • other non-rural (incl. sugar and beverages), up $205m (8%), with volumes up 11% and prices down 3%
  • other mineral fuels, up $204m (3%), with volumes up 1% and prices up 1%.

Partly offsetting these rises was transport equipment, down $261m (22%), with volumes down 22% and prices up 1%.

SELECTED MAJOR COMMODITIES, CURRENT PRICES (a)
Graph: Graph This graph shows the movements of Metal ores and minerals Coal, coke and briguettes and Other mineral fuels



Net Exports of Goods Under Merchanting

Net exports of goods under merchanting, in seasonally adjusted terms at current prices, rose $35m (28%), with volumes up 27% and prices up 1%.


Non-monetary Gold

Non-monetary gold, in original and seasonally adjusted terms at current prices, rose $353m (8%), with volumes up 5% and prices up 2%.


GOODS DEBITS

The trend estimate of goods debits at current prices rose $818m (1%) to $73,450m in the December quarter 2017.

In seasonally adjusted terms at current prices, goods debits rose $2,062m (3%) to $74,008m, with volumes up 2% and prices up 1%.


Consumption Goods

Imports of consumption goods, in seasonally adjusted terms at current prices, rose $1,353m (6%) to $25,835m, with volumes up 5% and prices up 1%.

The main components contributing to the rise were:
  • consumption good n.e.s., up $452m (6%), with volumes up 4% and prices up 1%
  • textiles, clothing and footwear, up $361m (9%), with volumes up 7% and prices up 1%.


Capital Goods

Imports of capital goods, in seasonally adjusted terms at current prices, fell $1,457m (8%) to $16,956m, with volumes down 6% and prices down 2%.

The main components contributing to the fall were:
  • capital goods n.e.s., down $2,056m (49%), with volumes down 47% and prices down 4%
  • industrial transport equipment n.e.s., down $432m (15%), with volumes down 15%.

Partly offsetting these falls was telecommunications equipment, up $829m (31%), with volumes up 33% and prices down 2%.


Intermediate and Other Merchandise Goods

Imports of intermediate and other merchandise goods, in seasonally adjusted terms at current prices, rose $2,254m (8%) to $30,011m, with volumes up 4% and prices up 4%.

The main components contributing to the rise were:
  • fuels and lubricants, up $1,289m (18%), with volumes up 8% and prices up 10%
  • processed industrial supplies n.e.s., up $381m (5%), with volumes up 3% and prices up 1%.


Non-monetary Gold

Imports of non-monetary gold, in original and seasonally adjusted terms at current prices, fell $87m (7%), with volumes down 9% and prices up 3%.


SERVICES

The trend estimate of net services at current prices was a deficit of $610m, a rise of $65m on the September quarter 2017 deficit of $545m.

In seasonally adjusted terms at current prices, net services was a deficit of $669m, a rise of $171m on the September quarter 2017 deficit of $498m.

SERVICES, Price and volume analysis: Seasonally adjusted - December Quarter 2017

Change in:
Current prices
Current prices
Chain volume measures(a)
Implicit price deflators(a)(b)
$m
%
%
%

Exports
-281
-1.3
-1.9
0.6
Manufacturing services on physical inputs owned by others
-3
-100.0
-100.0
-100.0
Maintenance and repair services n.i.e.
1
7.1
7.2
-0.1
Transport
8
0.4
-1.2
1.6
Travel
-163
-1.1
-1.9
0.7
Other services
-123
-2.2
-2.2
-
Imports
-109
-0.5
-2.7
2.3
Manufacturing services on physical inputs owned by others
-
-
-
-
Maintenance and repair services n.i.e.
-54
-27.3
-29.4
3.0
Transport
373
9.2
9.4
-0.2
Travel
-298
-2.6
-5.1
2.6
Other services
-130
-2.0
-4.9
3.1

- nil or rounded to zero (including null cells)
(a) Reference year 2015-16.
(b) Movements in indexes are based on data to four decimal places.



Services Credits

Services credits, in seasonally adjusted terms at current prices, fell $281m (1%) to $21,500m, with volumes down 2% and prices up 1%.

The main components contributing to the fall were:
  • travel, down $163m (1%), with volumes down 2% and prices up 1%
  • other services, down $123m (2%), with volumes down 2%.

In seasonally adjusted terms, tourism related services credits fell $155m (1%) to $14,853m.


Services Debits

Services debits, in seasonally adjusted terms at current prices, fell $109m to $22,170m, with volumes down 3% and prices up 2%.

The main components contributing to the fall were:
  • travel, down $298m (3%), with volumes down 5% and prices up 3%
  • other services, down $130m (2%), with volumes down 5% and prices up 3%.

Partly offsetting these falls was transport, up $373m (9%) with volumes up 9%.

In seasonally adjusted terms, tourism related services debits fell $235m (2%) to $12,829m.


PRIMARY INCOME

The trend estimate of the net primary income deficit at current prices fell $34m to $13,306m in the December quarter 2017.

In seasonally adjusted terms at current prices, the net primary income deficit rose $899m (7%) to $13,666m in the December quarter 2017.

NET PRIMARY INCOME
Graph: Graph This graphs shows the trend and Seasonally adjusted movements for Net Primary Income



Primary Income Credits

Primary income credits, in seasonally adjusted terms at current prices, rose $225m (2%) to $14,433m. The main component contributing to the rise was portfolio investment assets, income on equity and investment fund shares, up $293m (6%).


Primary Income Debits

Primary income debits, in seasonally adjusted terms at current prices, rose $1,124m (4%) to $28,099m. The main component contributing to the rise was direct investment liabilities, investment income on equity and investment fund shares, up $1,036m (10%).


SECONDARY INCOME

The trend estimate of the net secondary income deficit at current prices rose $14m to $215m in the December quarter 2017.

In seasonally adjusted terms at current prices, the net secondary income deficit rose $17m to $241m in the December quarter 2017.


CAPITAL ACCOUNT

In original terms, the capital account deficit was $413m, an increase of $290m on the September quarter 2017 deficit of $123m. Capital account credits decreased $3m (60%) and capital account debits increased $287m in the December quarter 2017.


FINANCIAL ACCOUNT

The balance on the financial account, in original terms, recorded a net inflow of $14.0b, which was driven by a net inflow of debt of $13.4b and net inflow of equity of $0.6b.

The financial account surplus increased $1.2b from $12.8b to $14.0b in the December quarter 2017.


Direct Investment

Direct investment recorded a net inflow of $1.9b in the December quarter 2017, a decrease of $4.1b on the net inflow of $6.0b in the September quarter 2017, where:
  • direct investment liabilities recorded an inflow of $6.6b, a decrease of $10.5b on the inflow of $17.1b in the September quarter 2017
  • direct investment assets recorded an outflow of $4.7b, a decrease of $6.4b on the outflow of $11.0b in the September quarter 2017.


Portfolio Investment

Portfolio investment recorded a net inflow of $12.0b in the December quarter 2017, a turnaround of $12.9b on the net outflow of $0.8b in the September quarter 2017, where:
  • equity and investment fund shares recorded a net outflow of $9.7b in the December quarter 2017, a decrease of $11.3b on the net outflow of $21.0b in the September quarter 2017
  • debt securities recorded a net inflow of $21.8b in the December quarter 2017, an increase of $1.5b on the net inflow of $20.2b in the September quarter 2017.


Financial Derivatives

Financial derivatives recorded a net outflow of $3.9b in the December quarter 2017, a decrease of $1.8b on the net outflow of $5.7b in the September quarter 2017.


Other Investment

Other investment recorded a net inflow of $16.8b in the December quarter 2017, an increase of $13.6b on the net inflow of $3.2b in the September quarter 2017. This was driven by net inflows of $14.5b in currency and deposits and $4.0b in loans.


Reserve Assets

Reserve assets recorded an outflow of $12.8b in the December quarter 2017, a turnaround of $22.9b on the inflow of $10.1b in the September quarter 2017.


INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP liability position was $986.2b at 31 December 2017, an increase of $27.8b (3%) on the revised 30 September 2017 position of $958.4b. Australia's net foreign debt liabilities increased $19.6b (2%) to $1,010.0b. Australia's net foreign equity assets decreased $8.3b (26%) to $23.8b at 31 December 2017.

The changes contributing to this result are shown in the following table.

INTERNATIONAL INVESTMENT POSITION, By Net Foreign Equity and Net Foreign Debt

Changes in position reflecting
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
Jun 2017
972 075
9 984
-22 689
-11 064
-1 032
947 275
Sep 2017
947 275
12 765
-18 302
18 721
-2 111
958 350
Dec 2017
958 350
13 990
23 079
-7 602
-1 623
986 194
Net Foreign Equity
Jun 2017
-14 921
30 795
-22 954
-11 228
-1 096
-19 403
Sep 2017
-19 403
-5 676
-18 452
17 199
-5 702
-32 034
Dec 2017
-32 034
551
21 323
-9 829
-3 792
-23 781
Net Foreign Debt
Jun 2017
986 996
-20 811
265
164
64
966 678
Sep 2017
966 678
18 441
150
1 523
3 592
990 384
Dec 2017
990 384
13 438
1 757
2 227
2 170
1 009 975



SUPPLEMENTARY INFORMATION

CONDITIONS

The conditions in the global economy showed modest growth in Australia’s major trading partner countries in the December quarter 2017. According to the Organisation for Economic Cooperation and Development (OECD)(footnote 2) preliminary growth rates compared to last quarter in seasonally adjusted terms showed quarterly growth for China (1.6%), Indonesia (1.3%), the USA (0.6%), France (0.6%), Euro 28 (0.6%), the UK (0.5%), Japan (0.1%) and South Korea (-0.2%).
  • foreign asset transactions were -$20.2b in the December quarter 2017 compared to $16.7b in the September quarter 2017
  • foreign liability transactions were $34.2b in the December quarter 2017 compared to -$3.9b in the September quarter 2017.

The Australian share market, as measured by the MSCI global index(footnote 3) increased 6.2% in the December quarter 2017, following a decrease of 0.5% in the September quarter 2017. Increases were recorded in Japan (8.4%), Singapore (7.8%), Hong Kong (6.3%), the USA (6.0%), the UK (4.1%), Canada (3.9%), New Zealand (2.6%), Switzerland (2.5%) and Germany (1.2%). A decrease was recorded in France (-0.3%). A market price change of -$19.7b was recorded for foreign equity assets and $41.0b in foreign equity liabilities in the December quarter 2017.

According to Intercontinental Exchange(footnote 4), the composite corporate benchmark yields decreased in Australia from 3.31% to 3.18%, the UK from 2.31% to 2.22% and Germany from 0.89% to 0.88% over the December quarter 2017. The yields increased in the USA from 3.21% to 3.30% over the December quarter 2017. The yields in Japan remained the same at 0.29% over the December quarter 2017. The long-term 10 year government bond yields decreased in Australia from 2.70% to 2.58%, the UK from 1.37% to 1.19%, Germany from 0.46% to 0.42% and Japan from 0.06% to 0.05% over the December quarter 2017. The yields increased in the USA from 2.33% to 2.40% over the December quarter 2017. A market price change of $1.4b was recorded for portfolio debt securities assets and $1.4b in portfolio debt securities liabilities in the December quarter 2017.

The Australian dollar saw mixed movements against major currencies in the December quarter 2017. The dollar appreciated 1.1% against the New Zealand dollar, 0.44% against the Canadian dollar, 0.21% against the Swiss franc and 0.09% against the Indonesian rupiah. The dollar depreciated 7.02% against the South Korean won, 4.46% against the Malaysian ringgit, 2.90% against the Chinese renminbi, 2.75% against the Thai baht, 2.73% against the New Taiwan dollar, 2.67% against the Indian rupee, 2.14% against the Singapore dollar, 1.92% against the European euro. 0.82% against the UK pound sterling, 0.57% against the Vietnamese dong, 0.50% against the US dollar, 0.43% against the Japanese yen and 0.39% against the Hong Kong dollar. The Trade Weighted Index (TWI)(footnote 4,footnote 5) fell by 1.96% to 64.90 in the December quarter 2017. These movements were reflected in exchange rate changes for foreign assets of -$15.0b and foreign liabilities of $7.4b in the December quarter 2017.


RELATIONSHIP BETWEEN IPD, EPI AND IPI(footnote 6)

In original terms, the IPD for total goods credits rose 2.0% and the chain Laspeyres price index for goods exports rose 3.1%. The Export Price Index (EPI)(footnote 7) rose 2.8% during the December quarter 2017.

In original terms, the IPD for total goods debits rose 1.0% and the chain Laspeyres price index for goods imports rose 1.9%. The Import Price Index (IPI)(footnote 7) rose 2.0% during the December quarter 2017.

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.

GOODS AND SERVICES, Price comparison - December Quarter 2017

Change in:
Seasonally adjusted
Original
Implicit price deflators(a)
Implicit price deflators(a)
International trade price indexes(b)
Chain Laspeyres price indexes(a)
%
%
%
%

Exports
Goods
1.9
2.0
2.8
3.1
Services
0.6
0.6
na
0.8
Imports
Goods
1.3
1.0
2.0
1.9
Services
2.3
2.3
na
2.2

na not available
(a) Reference year 2015-16 = 100.
(b) Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

IMPLICIT PRICE DEFLATORS AND INTERNATIONAL TRADE PRICE INDEXES
Graph: IMPLICIT PRICE DEFLATORS AND INTERNATIONAL TRADE PRICE INDEXES



Commodity Price Indexes

The RBA Commodity Price Index (average monthly index) for rural commodities increased 2.2% between the September quarter 2017 and the December quarter 2017 while the EPI for rural goods increased 1.5%.

The RBA Commodity Price Index for non-rural commodities increased 2.8% between the September quarter 2017 and the December quarter 2017 while the EPI for non-rural goods total (excluding non-monetary gold) increased 3.1%.

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.


CALENDAR YEAR 2017 SITUATION

CURRENT ACCOUNT

In original terms, the balance on current account in 2017 was a deficit of $42.4b, a fall of $9.1b on the deficit of $51.5b recorded in 2016. The balance on goods and services was a surplus of $11.6b, a turnaround of $25.3b on the deficit of $13.7b recorded in 2016.

The 2017 goods surplus of $14.0b was a turnaround of $21.8b on the deficit of $7.9b in 2016.

The 2017 services deficit of $2.4b was a fall of $3.4b on the deficit of $5.8b in 2016.

The 2017 net primary income deficit rose $15.6b, with a rise in primary income credits of $0.3b (1%) and a rise in primary income debits of $16.0b (17%).

The 2017 secondary income deficit rose $0.5b, with a rise in secondary income credits of $0.1b (1%) and a rise in secondary income debits of $0.6b (7%).


FINANCIAL ACCOUNT

The balance on financial account recorded a net inflow of $43.8b, with a net inflow on equity of $43.3b and a net outflow on debt of $0.5b. This result was a decrease of $8.3b on the net inflow of $52.1b recorded for the previous year as a result of:
  • a turnaround of $45.1b from the net outflow to the net inflow on portfolio investment
  • a decrease of $28.0b on the net inflow on the other investment
  • a turnaround of $17.0b from the net inflow to the net outflow on financial derivatives
  • a decrease of $7.0b on the net inflow on direct investment
  • an increase of $1.5b on the outflow on reserve assets.


INTERNATIONAL INVESTMENT POSITION

Australia's net international investment position as at 31 December 2017 was a net foreign liability of $986.2b. This was an increase of $8.7b (1%) on the position a year earlier as a result of:
  • net transactions of $43.8b
  • price changes of -$43.7b
  • exchange rate changes of $16.3b
  • other changes of -$7.7b.

During 2017, Australia's net foreign equity asset decreased $6.2b (21%) on the previous year, to a net asset position of $23.8b, with net transactions of $43.3b, price changes of -$52.2b, exchange rate changes of $30.3b and other changes of -$15.2b.

Australia's net foreign debt liability increased $2.5b on the previous year, to a net liability position of $1,010.0b, with net transactions of $0.5b, price changes of $8.5b, exchange rate changes of -$14.0b and other changes of $7.5b.

At 31 December 2017, the ratio of Australia's net international investment position to GDP using the latest available GDP figure (for the year ended 30 September 2017 using current prices) was 55.3%. This compares with 57.5% one year ago.


FOOTNOTES

1 In this commentary movements in indexes are based on data to four decimal places. <back
2 OECD Statistics Quarterly National Account, Organisation for Economic Cooperation and Development – Economic Department, viewed 19 February 2018. <back
3 MSCI Global Market Indexes 2017, Morgan Stanley Capital International, viewed 8 January 2018. <back
4 Intercontinental Exchange, viewed 5 January 2018. The Index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and or its Third Party Suppliers and has been licensed for use by The Australian Bureau of Statistics. ICE Data and its Third Party Suppliers accept no liability in connection to its use. See https://www.theice.com/publicdocs/IDI_-_Terms_and_Conditions_for_the_Index_Data_and_Custom_Index_Services.pdf for a full copy of the Disclaimer. <back
5 Exchange Rates – Daily 2014 to Current, Reserve Bank of Australia - Statistical Tables, viewed 5 January 2018. <back
6 In this commentary movements in indexes are based on data to four decimal places. <back
7 Source: International Trade Price Indexes, Australia (cat. no. 6457.0) <back