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

March 2024

Released

4/06/2024

Key statistics

The current account balance, seasonally adjusted, declined $7,563m to a deficit of $4,896m.
The capital and financial account surplus was $8,307m, an increase of $16,912m on the December quarter 2023 deficit.
The net international investment liability position was $730,268m at 31 March 2024.

International accounts overview

Key figures ($m)
	Dec 23	Mar 24
Balance on current account (a)	2,667	-4,896
Balance on goods and services (a)	23,866	17,765
Net primary income (a)	-20,807	-22,300
Capital and financial account	-8,605	8,307
International investment position (b)	834,180	730,268

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

The current account balance (seasonally adjusted, current price) for March quarter 2024 was a deficit of $4.9b. This was a decrease of $7.6b from the revised December quarter 2023 current account surplus of $2.7b.

The current account deficit for March quarter 2024 reflects a smaller trade surplus on the balance of goods and services, while the net primary income deficit increased.

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.9 percentage points from the March quarter 2024 GDP quarterly movement.

The terms of trade increased 0.2% to 94.9, up from 94.7 in December quarter 2023.

The net primary income deficit increased to $22.3b, following the $20.8b deficit in December quarter 2023.

Australia's net international investment liability position was $730.3b at 31 March 2024, a decrease of $103.9b on the revised December quarter 2023 position of $834.2b.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Mar-16	-17.5	-9.1	-8.3
Jun-16	-17.8	-7.6	-10.1
Sep-16	-14.2	-4.3	-9.4
Dec-16	-6.2	6.3	-12.4
Mar-17	-8.6	4.7	-12.8
Jun-17	-11.1	2.8	-13.5
Sep-17	-12.0	2.1	-13.8
Dec-17	-15.0	-0.4	-14.3
Mar-18	-12.1	2.0	-14.1
Jun-18	-13.1	2.8	-15.7
Sep-18	-10.3	6.9	-16.9
Dec-18	-6.6	9.8	-16.3
Mar-19	-4.4	12.2	-16.2
Jun-19	3.2	18.9	-15.8
Sep-19	6.8	21.2	-14.3
Dec-19	1.5	14.5	-12.8
Mar-20	5.7	16.6	-10.7
Jun-20	14.4	22.3	-7.4
Sep-20	10.0	13.7	-3.2
Dec-20	13.3	18.0	-4.0
Mar-21	19.9	26.5	-6.1
Jun-21	18.9	30.6	-10.4
Sep-21	21.2	36.0	-14.2
Dec-21	4.0	25.6	-20.8
Mar-22	3.9	27.5	-22.8
Jun-22	12.5	44.4	-31.2
Sep-22	-0.9	30.2	-30.7
Dec-22	6.1	33.8	-27.2
Mar-23	7.9	35.6	-27.3
Jun-23	2.7	25.2	-22.2
Sep-23	-6.0	16.7	-21.9
Dec-23	2.7	23.9	-20.8
Mar-24	-4.9	17.8	-22.3

Current account balance (a), main aggregates

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

[["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","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"],[[-17.5],[-17.800000000000001],[-14.199999999999999],[-6.2000000000000002],[-8.5999999999999996],[-11.1],[-12],[-15],[-12.1],[-13.1],[-10.300000000000001],[-6.5999999999999996],[-4.4000000000000004],[3.2000000000000002],[6.7999999999999998],[1.5],[5.7000000000000002],[14.4],[10],[13.300000000000001],[19.899999999999999],[18.899999999999999],[21.199999999999999],[4],[3.8999999999999999],[12.5],[-0.90000000000000002],[6.0999999999999996],[7.9000000000000004],[2.7000000000000002],[-6],[2.7000000000000002],[-4.9000000000000004]],[[-9.0999999999999996],[-7.5999999999999996],[-4.2999999999999998],[6.2999999999999998],[4.7000000000000002],[2.7999999999999998],[2.1000000000000001],[-0.40000000000000002],[2],[2.7999999999999998],[6.9000000000000004],[9.8000000000000007],[12.199999999999999],[18.899999999999999],[21.199999999999999],[14.5],[16.600000000000001],[22.300000000000001],[13.699999999999999],[18],[26.5],[30.600000000000001],[36],[25.600000000000001],[27.5],[44.399999999999999],[30.199999999999999],[33.799999999999997],[35.600000000000001],[25.199999999999999],[16.699999999999999],[23.899999999999999],[17.800000000000001]],[[-8.3000000000000007],[-10.1],[-9.4000000000000004],[-12.4],[-12.800000000000001],[-13.5],[-13.800000000000001],[-14.300000000000001],[-14.1],[-15.699999999999999],[-16.899999999999999],[-16.300000000000001],[-16.199999999999999],[-15.800000000000001],[-14.300000000000001],[-12.800000000000001],[-10.699999999999999],[-7.4000000000000004],[-3.2000000000000002],[-4],[-6.0999999999999996],[-10.4],[-14.199999999999999],[-20.800000000000001],[-22.800000000000001],[-31.199999999999999],[-30.699999999999999],[-27.199999999999999],[-27.300000000000001],[-22.199999999999999],[-21.899999999999999],[-20.800000000000001],[-22.300000000000001]]]

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Seasonally adjusted estimates in current price terms.

International investment position (IIP)
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Mar-16	1,025.9	-35.1	1,061.0
Jun-16	1,049.5	-33.4	1,082.9
Sep-16	1,045.9	-35.0	1,080.9
Dec-16	1,026.8	-37.9	1,064.8
Mar-17	1,018.8	-25.8	1,044.6
Jun-17	1,008.0	-38.4	1,046.4
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	1,061.9	-165.6	1,227.5
Dec-20	1,044.6	-176.4	1,220.9
Mar-21	940.0	-266.0	1,206.0
Jun-21	912.8	-320.6	1,233.5
Sep-21	917.4	-329.8	1,247.2
Dec-21	838.6	-395.6	1,234.2
Mar-22	888.3	-272.5	1,160.8
Jun-22	904.4	-263.1	1,167.6
Sep-22	911.5	-259.2	1,170.6
Dec-22	943.8	-242.4	1,186.2
Mar-23	926.3	-276.0	1,202.3
Jun-23	841.9	-330.3	1,172.1
Sep-23	808.7	-358.9	1,167.6
Dec-23	834.2	-373.7	1,207.9
Mar-24	730.3	-505.5	1,235.7

International investment position (IIP)

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

[["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","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"],[[1025.9000000000001],[1049.5],[1045.9000000000001],[1026.8],[1018.8],[1008],[1015.7],[1051.5],[1017.2],[1056.0999999999999],[1034.0999999999999],[1079.9000000000001],[1071.5999999999999],[1084.3],[1068.0999999999999],[999],[935.20000000000005],[1058.5],[1061.9000000000001],[1044.5999999999999],[940],[912.79999999999995],[917.39999999999998],[838.60000000000002],[888.29999999999995],[904.39999999999998],[911.5],[943.79999999999995],[926.29999999999995],[841.89999999999998],[808.70000000000005],[834.20000000000005],[730.29999999999995]],[[-35.100000000000001],[-33.399999999999999],[-35],[-37.899999999999999],[-25.800000000000001],[-38.399999999999999],[-54.799999999999997],[-51.399999999999999],[-90.700000000000003],[-80.5],[-105.5],[-103.40000000000001],[-127.7],[-143.30000000000001],[-175.19999999999999],[-228.80000000000001],[-310.5],[-136.40000000000001],[-165.59999999999999],[-176.40000000000001],[-266],[-320.60000000000002],[-329.80000000000001],[-395.60000000000002],[-272.5],[-263.10000000000002],[-259.19999999999999],[-242.40000000000001],[-276],[-330.30000000000001],[-358.89999999999998],[-373.69999999999999],[-505.5]],[[1061],[1082.9000000000001],[1080.9000000000001],[1064.8],[1044.5999999999999],[1046.4000000000001],[1070.4000000000001],[1102.8],[1107.9000000000001],[1136.5999999999999],[1139.5999999999999],[1183.3],[1199.4000000000001],[1227.5999999999999],[1243.3],[1227.9000000000001],[1245.7],[1194.9000000000001],[1227.5],[1220.9000000000001],[1206],[1233.5],[1247.2],[1234.2],[1160.8],[1167.5999999999999],[1170.5999999999999],[1186.2],[1202.3],[1172.0999999999999],[1167.5999999999999],[1207.9000000000001],[1235.7]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Dec 23	Mar 24	Dec 23 to Mar 24
Balance on current account	2,667	-4,896	-7,563
Balance on goods and services	23,866	17,765	-6,101
Net goods	29,729	22,813	-6,916
Net Services	-5,863	-5,048	815
Net primary income	-20,807	-22,300	-1,493
Net secondary income	-392	-361	31

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)
Mar-16	52.6	83.8	62.8
Jun-16	53.5	82.6	64.8
Sep-16	55.5	82.1	67.6
Dec-16	61.7	82.1	75.2
Mar-17	64.5	82.7	78.0
Jun-17	61.8	82.9	74.5
Sep-17	60.8	81.5	74.6
Dec-17	62.0	83.2	74.5
Mar-18	64.1	84.7	75.7
Jun-18	65.7	86.5	75.9
Sep-18	68.1	88.6	76.8
Dec-18	70.2	89.3	78.6
Mar-19	71.3	89.2	79.9
Jun-19	73.7	89.6	82.2
Sep-19	75.1	90.1	83.3
Dec-19	71.6	89.9	79.7
Mar-20	72.2	89.6	80.6
Jun-20	71.4	88.5	80.7
Sep-20	69.9	85.6	81.7
Dec-20	72.7	85.8	84.7
Mar-21	78.5	85.5	91.8
Jun-21	87.0	87.5	99.4
Sep-21	92.5	93.0	99.5
Dec-21	90.7	99.0	91.6
Mar-22	103.1	102.3	100.8
Jun-22	113.9	105.7	107.8
Sep-22	112.3	110.0	102.1
Dec-22	110.8	112.1	98.8
Mar-23	110.2	107.7	102.3
Jun-23	101.2	106.8	94.8
Sep-23	100.0	108.2	92.4
Dec-23	103.1	108.9	94.7
Mar-24	101.3	106.7	94.9

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)(b)	Implicit price deflators (a)(b)	Chain Laspeyres Indexes (a)(b)	International Trade Price Indexes (c)
	Seasonally Adjusted	Original	Original	Original
Goods exports	-2.5	-1.8	-1.8	-2.1
Services exports	1.7	1.7	1.8	na
Goods imports	-1.8	-2.4	-1.8	-1.8
Services imports	-2.5	-2.9	-1.1	na

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
Source: International Trade Price Indexes, Australia.

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)
Mar-16	47.4	85.5	72.9	104.5
Jun-16	48.3	84.6	73.9	103.5
Sep-16	50.0	84.1	76.9	102.5
Dec-16	57.4	84.4	88.2	102.7
Mar-17	61.3	85.0	96.0	103.9
Jun-17	57.6	85.1	90.5	103.8
Sep-17	55.9	83.5	87.8	102.1
Dec-17	57.4	85.2	90.3	104.5
Mar-18	60.9	86.6	94.7	106.6
Jun-18	61.8	89.0	96.5	110.0
Sep-18	64.2	90.9	100.1	112.1
Dec-18	66.9	91.6	104.5	112.7
Mar-19	69.4	90.9	109.2	112.1
Jun-19	71.7	91.8	113.3	113.1
Sep-19	72.7	92.5	114.8	113.5
Dec-19	68.7	93.0	108.8	114.3
Mar-20	70.2	92.1	111.7	113.1
Jun-20	69.1	90.8	109.0	110.9
Sep-20	66.2	87.4	103.4	107.0
Dec-20	69.3	87.0	109.1	105.9
Mar-21	76.0	86.6	121.3	106.1
Jun-21	86.9	88.1	137.3	108.1
Sep-21	90.7	92.6	145.8	113.9
Dec-21	89.7	97.8	150.9	120.5
Mar-22	104.7	102.1	173.0	126.6
Jun-22	115.1	107.1	190.4	132.0
Sep-22	112.2	110.2	183.5	135.9
Dec-22	111.8	112.0	181.9	138.4
Mar-23	111.8	106.9	184.9	132.6
Jun-23	100.1	106.0	169.1	131.6
Sep-23	97.2	107.5	163.9	132.6
Dec-23	101.9	108.7	173.1	134.1
Mar-24	100.0	106.0	169.5	131.7

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)"]

[["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","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"],[[47.399999999999999],[48.299999999999997],[50],[57.399999999999999],[61.299999999999997],[57.600000000000001],[55.899999999999999],[57.399999999999999],[60.899999999999999],[61.799999999999997],[64.200000000000003],[66.900000000000006],[69.400000000000006],[71.700000000000003],[72.700000000000003],[68.700000000000003],[70.200000000000003],[69.099999999999994],[66.200000000000003],[69.299999999999997],[76],[86.900000000000006],[90.700000000000003],[89.700000000000003],[104.7],[115.09999999999999],[112.2],[111.8],[111.8],[100.09999999999999],[97.200000000000003],[101.90000000000001],[100]],[[85.5],[84.599999999999994],[84.099999999999994],[84.400000000000006],[85],[85.099999999999994],[83.5],[85.200000000000003],[86.599999999999994],[89],[90.900000000000006],[91.599999999999994],[90.900000000000006],[91.799999999999997],[92.5],[93],[92.099999999999994],[90.799999999999997],[87.400000000000006],[87],[86.599999999999994],[88.099999999999994],[92.599999999999994],[97.799999999999997],[102.09999999999999],[107.09999999999999],[110.2],[112],[106.90000000000001],[106],[107.5],[108.7],[106]],[[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],[109.09999999999999],[121.3],[137.30000000000001],[145.80000000000001],[150.90000000000001],[173],[190.40000000000001],[183.5],[181.90000000000001],[184.90000000000001],[169.09999999999999],[163.90000000000001],[173.09999999999999],[169.5]],[[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],[105.90000000000001],[106.09999999999999],[108.09999999999999],[113.90000000000001],[120.5],[126.59999999999999],[132],[135.90000000000001],[138.40000000000001],[132.59999999999999],[131.59999999999999],[132.59999999999999],[134.09999999999999],[131.69999999999999]]]

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Seasonally adjusted, reference year 2021-22=100.
Source: International Trade Price Indexes, Australia.

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $24,996m, a fall of $5,541m on the revised December quarter 2023 surplus of $30,537m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Mar-16	43,834	47,579	-7,870
Jun-16	43,080	47,766	-8,664
Sep-16	43,432	47,366	-8,403
Dec-16	46,380	51,123	-8,870
Mar-17	39,041	43,185	-9,268
Jun-17	42,992	45,632	-8,131
Sep-17	42,952	47,153	-9,157
Dec-17	39,121	43,558	-9,539
Mar-18	41,683	45,949	-9,740
Jun-18	42,568	46,303	-9,295
Sep-18	45,895	49,175	-9,071
Dec-18	46,106	48,997	-9,040
Mar-19	47,032	48,333	-7,400
Jun-19	51,180	51,940	-6,904
Sep-19	51,913	52,050	-6,635
Dec-19	50,602	51,100	-7,309
Mar-20	50,076	53,210	-8,383
Jun-20	54,291	50,656	2,728
Sep-20	42,311	40,419	1,357
Dec-20	44,104	42,596	1,045
Mar-21	43,597	43,675	-20
Jun-21	35,901	35,457	538
Sep-21	39,457	39,804	10
Dec-21	38,207	39,672	-1,003
Mar-22	25,697	29,679	-4,045
Jun-22	30,041	34,746	-5,462
Sep-22	24,291	31,036	-6,745
Dec-22	31,969	37,166	-5,197
Mar-23	29,420	33,280	-3,861
Jun-23	32,171	36,641	-4,469
Sep-23	27,871	33,213	-5,342
Dec-23	30,537	35,598	-5,062
Mar-24	24,996	30,560	-5,564

Goods and services, chain volume measures (a)

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

[["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","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"],[[43834],[43080],[43432],[46380],[39041],[42992],[42952],[39121],[41683],[42568],[45895],[46106],[47032],[51180],[51913],[50602],[50076],[54291],[42311],[44104],[43597],[35901],[39457],[38207],[25697],[30041],[24291],[31969],[29420],[32171],[27871],[30537],[24996]],[[47579],[47766],[47366],[51123],[43185],[45632],[47153],[43558],[45949],[46303],[49175],[48997],[48333],[51940],[52050],[51100],[53210],[50656],[40419],[42596],[43675],[35457],[39804],[39672],[29679],[34746],[31036],[37166],[33280],[36641],[33213],[35598],[30560]],[[-7870],[-8664],[-8403],[-8870],[-9268],[-8131],[-9157],[-9539],[-9740],[-9295],[-9071],[-9040],[-7400],[-6904],[-6635],[-7309],[-8383],[2728],[1357],[1045],[-20],[538],[10],[-1003],[-4045],[-5462],[-6745],[-5197],[-3861],[-4469],[-5342],[-5062],[-5564]]]

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Seasonally adjusted, reference year 2021-22=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $2,028m (-1.5%) to $135,868m, with volumes up 1.1% and prices down 2.5%.

Goods credits, price and volume change, seasonally adjusted - March quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		-2,028	-1.5	1.1	-2.5
	Rural goods	-377	-2.2	-2.9	0.7
	Non-rural goods	-2,551	-2.3	1.4	-3.6
	Net exports of goods under merchanting	-78	-144.4	-145.1	-1.4
	Non-monetary gold(c)	978	12.4	8.6	3.5

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Rural goods

Rural goods (a)
	Dec 23 ($m)	Mar 24 ($m)	Dec 23 to Mar 24 ($m)	Dec 23 to Mar 24 (%)
Rural goods	17,220	16,843	-377	-2.2
	Meat and meat preparations	4,598	5,078	480	10.4
	Cereal grains and cereal preparations	4,355	4,140	-215	-4.9
	Wool and sheepskins	739	689	-50	-6.8
	Other rural(b)	7,528	6,935	-593	-7.9

Non-rural goods

Non-rural goods (a)
	Dec 23 ($m)	Mar 24 ($m)	Dec 23 to Mar 24 ($m)	Dec 23 to Mar 24 (%)
Non-rural goods	112,731	110,180	-2,551	-2.3
	Metal ores and minerals(b)	49,558	45,259	-4,299	-8.7
	Coal, coke and briquettes(b)	24,044	23,510	-534	-2.2
	Other mineral fuels(b)	19,924	21,997	2,073	10.4
	Metals (excl. non-monetary gold)	3,869	3,869	-	-
	Machinery	3,551	3,560	9	0.3
	Transport equipment	1,217	1,375	158	13.0
	Other manufactures	6,259	6,628	369	5.9
	Other non-rural (incl. sugar and beverages)(c)	3,422	3,004	-418	-12.2
	Goods procured in ports by carriers(d)	885	979	94	10.6

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Mar-16	16,033	7,910	5,617
Jun-16	17,385	8,615	5,249
Sep-16	18,490	9,436	5,836
Dec-16	22,256	16,071	6,930
Mar-17	24,541	15,097	7,327
Jun-17	20,200	13,513	8,961
Sep-17	21,693	14,324	8,078
Dec-17	22,122	14,276	8,177
Mar-18	23,157	15,719	10,741
Jun-18	22,828	16,087	12,787
Sep-18	23,648	17,393	14,138
Dec-18	25,662	17,751	15,846
Mar-19	27,539	16,901	14,977
Jun-19	32,616	17,543	15,634
Sep-19	34,918	16,149	15,505
Dec-19	31,781	13,437	14,490
Mar-20	31,380	13,211	14,895
Jun-20	34,134	11,757	13,410
Sep-20	37,161	9,310	7,959
Dec-20	41,788	8,983	8,887
Mar-21	49,183	9,810	10,490
Jun-21	53,982	11,157	12,758
Sep-21	48,600	18,059	17,447
Dec-21	35,796	24,152	21,008
Mar-22	42,624	29,772	21,933
Jun-22	43,218	42,102	28,013
Sep-22	41,038	36,272	28,452
Dec-22	43,327	34,256	28,885
Mar-23	49,563	29,816	25,778
Jun-23	43,539	27,198	23,390
Sep-23	45,206	22,717	20,225
Dec-23	49,558	24,044	19,924
Mar-24	45,259	23,510	21,997

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $4,888m (4.5%) to $113,055m, with volumes up 6.5% and prices down 1.8%.

Goods debits, price and volume change, seasonally adjusted - March quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		4,888	4.5	6.5	-1.8
	Consumption goods	2,426	7.3	9.5	-2.0
	Capital goods	642	2.4	2.7	-0.3
	Intermediate and other merchandise goods	1,775	3.8	6.8	-2.7
	Non-monetary gold(c)	45	2.0	-1.8	3.8

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
	Dec 23 ($m)	Mar 24 ($m)	Dec 23 to Mar 24 ($m)	Dec 23 to Mar 24 (%)
Consumption goods	-33,391	-35,817	2,426	7.3
	Food and beverages, mainly for consumption	-4,791	-5,120	329	6.9
	Household electrical items	-1,679	-1,877	198	11.8
	Non-industrial transport equipment	-9,829	-10,132	303	3.1
	Textiles, clothing and footwear	-5,351	-5,710	359	6.7
	Toys, books and leisure goods	-1,835	-1,959	124	6.8
	Consumption goods n.e.s.	-9,906	-11,020	1,114	11.2

Capital goods

Capital goods(a)(b)
	Dec 23 ($m)	Mar 24 ($m)	Dec 23 to Mar 24 ($m)	Dec 23 to Mar 24 (%)
Capital goods	-26,390	-27,032	642	2.4
	Machinery and industrial equipment	-8,954	-9,520	566	6.3
	ADP equipment	-2,863	-3,419	556	19.4
	Telecommunications equipment	-3,821	-4,146	325	8.5
	Civil aircraft and confidentialised items(c)(d)	-939	-808	-131	-14.0
	Industrial transport equipment n.e.s.	-5,867	-5,471	-396	-6.7
	Capital goods n.e.s.(e)	-3,946	-3,668	-278	-7.0

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Dec 23 ($m)	Mar 24 ($m)	Dec 23 to Mar 24 ($m)	Dec 23 to Mar 24 (%)
Intermediate and other merchandise goods	-46,134	-47,909	1,775	3.8
	Food and beverages, mainly for industry	-629	-702	73	11.6
	Primary industrial supplies n.e.s.(c)	-570	-574	4	0.7
	Fuels and lubricants(d)(e)	-15,648	-15,433	-215	-1.4
	Parts for transport equipment	-5,037	-5,104	67	1.3
	Parts for ADP equipment	-214	-235	21	9.8
	Other parts for capital goods	-6,122	-6,238	116	1.9
	Organic and inorganic chemicals	-1,255	-1,267	12	1.0
	Paper and paperboard	-653	-751	98	15.0
	Textile yarn and fabrics	-393	-432	39	9.9
	Iron and steel	-1,395	-1,489	94	6.7
	Plastics	-1,417	-1,438	21	1.5
	Processed industrial supplies n.e.s.	-11,932	-13,538	1,606	13.5
	Other merchandise goods(f)(g)	-332	-194	-138	-41.6
	Goods procured in ports by carriers(h)	-537	-513	-24	-4.5

Services

Services exports, price and volume change, seasonally adjusted - March quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		178	0.6	-1.1	1.7
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-4	-40.0	-41.3	2.2
	Transport	-31	-1.6	6.3	-7.4
	Travel	197	1.1	-2.2	3.3
	Other services	16	0.2	-0.3	0.4

- nil or rounded to zero (including null cells)

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.

Services imports, price and volume change, seasonally adjusted - March quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		-637	-1.8	0.7	-2.5
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-26	-9.7	-9.4	-0.3
	Transport	240	3.7	10.4	-6.1
	Travel	-843	-4.9	-3.5	-1.4
	Other services	-8	-0.1	-0.1	0.0

- nil or rounded to zero (including null cells)

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit widened by $1,493m to $22,300m in the March quarter 2024.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Mar-16	-8.3	12.8	-21.1
Jun-16	-10.1	13.2	-23.4
Sep-16	-9.4	13.2	-22.6
Dec-16	-12.4	13.9	-26.3
Mar-17	-12.8	13.7	-26.5
Jun-17	-13.5	14.0	-27.5
Sep-17	-13.8	13.8	-27.6
Dec-17	-14.3	14.4	-28.7
Mar-18	-14.1	15.0	-29.1
Jun-18	-15.7	16.2	-31.9
Sep-18	-16.9	16.6	-33.4
Dec-18	-16.3	16.8	-33.0
Mar-19	-16.2	17.8	-34.0
Jun-19	-15.8	16.9	-32.7
Sep-19	-14.3	16.7	-30.9
Dec-19	-12.8	17.1	-29.9
Mar-20	-10.7	16.8	-27.6
Jun-20	-7.4	14.3	-21.6
Sep-20	-3.2	15.4	-18.6
Dec-20	-4.0	14.3	-18.4
Mar-21	-6.1	15.7	-21.8
Jun-21	-10.4	15.9	-26.3
Sep-21	-14.2	17.5	-31.7
Dec-21	-20.8	18.7	-39.5
Mar-22	-22.8	20.2	-42.9
Jun-22	-31.2	23.2	-54.4
Sep-22	-30.7	22.6	-53.4
Dec-22	-27.2	24.9	-52.1
Mar-23	-27.3	22.2	-49.6
Jun-23	-22.2	23.4	-45.5
Sep-23	-21.9	24.9	-46.8
Dec-23	-20.8	24.9	-45.7
Mar-24	-22.3	25.8	-48.1

Net primary income (a)

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

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[]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms rose $901m (3.6%). The key components contributing to the increase were:

Direct investment assets - income on equity and investment fund shares; up $503m (6.1%)
Portfolio investment assets - income on equity and investment fund shares; up $497m (5.9%)

Partly offset by:

Other investment assets; down $94m (4.7%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $2,394m (5.2%). The key components contributing to the increase were:

Direct investment liabilities - income on equity and investment fund shares; up $2,802m (17.9%)
Portfolio investment liabilities - interest; up $365m (2.7%)

Partly offset by:

Portfolio investment liabilities - income on equity and investment fund shares; down $1,020m (11.5%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit fell $31m to $361m.

Secondary income credits rose $93m (2.9%) while debits rose $62m (1.7%) in the March quarter 2024.

Capital and Financial Account

The capital and financial account recorded a surplus of $8.3b during the March 2024 quarter, driven by the financial account surplus of $8.3b.

The financial account recorded a surplus due to a $15.3b net inflow of equity and a $7.0b net outflow of debt.

Capital and financial account ($m)
			Jun 23	Sep 23	Dec 23	Mar 24	Dec 23 to Mar 24
Capital account			-202	-171	-147	46	193
	Acquisitions/disposals of non-produced non-financial assets		-63	-52	-17	181	198
		Acquisitions/disposals of non-produced non-financial assets credits	-	-	3	209	206
		Acquisitions/disposals of non-produced non-financial assets debits	-63	-52	-20	-28	-8
	Capital transfers		-139	-119	-130	-135	-5
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-139	-119	-130	-135	-5
Financial account			-11,650	10,138	-8,458	8,261	16,719
	Direct investment		885	-333	25,032	15,855	-9,177
		Direct investment assets	3,508	-11,913	-2,853	-10,678	-7,825
		Direct investment liabilities	-2,623	11,580	27,885	26,533	-1,352
	Portfolio investment		-20,376	-7,300	5,120	-8,349	-13,469
		Portfolio investment assets	-4,469	-27,684	-47,481	-41,937	5,544
		Portfolio investment liabilities	-15,906	20,385	52,601	33,589	-19,012
	Financial derivatives		-239	8,592	-35,795	-7,113	28,682
		Financial derivatives assets	69,613	75,965	152,512	154,322	1,810
		Financial derivatives liabilities	-69,852	-67,373	-188,307	-161,435	26,872
	Other investment		7,970	8,554	-3,057	10,094	13,151
		Other investment assets	25,214	-1,676	11,309	9,313	-1,996
		Other investment liabilities	-17,244	10,231	-14,366	781	15,147
	Reserve assets		110	624	242	-2,227	-2,469
Net errors and omissions			3,531	4,234	1,645	-3,396	-5,041

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $730.3b at 31 March 2024, a decrease of $103.9b on the revised 31 December 2023 figure of $834.2b. Australia's net foreign equity asset position increased $131.8b to $505.5b and Australia's net foreign debt liability position increased $27.9b to $1,235.7b.

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	Sep‑23	841,854	10,138	-2,015	-32,138	-9,128	808,711
	Dec‑23	808,711	-8,458	-25,756	63,856	-4,174	834,180
	Mar‑24	834,180	8,261	-85,078	-14,279	-12,816	730,268
Net Foreign Equity	Sep‑23	-330,260	6,330	12,378	-31,534	-15,816	-358,903
	Dec‑23	-358,903	-12,698	-52,381	58,404	-8,117	-373,694
	Mar‑24	-373,694	15,274	-81,089	-49,910	-16,043	-505,461
Net Foreign Debt	Sep‑23	1,172,114	3,809	-14,392	-604	6,687	1,167,614
	Dec‑23	1,167,614	4,240	26,625	5,452	3,942	1,207,874
	Mar‑24	1,207,874	-7,013	-3,989	35,631	3,227	1,235,729

Changes in this issue

Revisions to Travel Services debits

This issue incorporates revisions to the Travel Services debits series following the reintroduction of the National Visitors Survey (NVS) data to determine the 2022-23 annual benchmark. The utilisation of NVS data has resulted in revisions to Travel Services debits back to September quarter 2022. The revised estimates more accurately reflect the value of travel debits as the pattern of Australian residents travelling overseas returns towards pre-pandemic levels. These revisions will also be incorporated in the March quarter 2024 release of Australian National Accounts: National Income, Expenditure and Product.

Seasonal adjustment for leap years

The extra leap year day in 2024 has been accounted for in seasonally adjusted statistics released by the Australian Bureau of Statistics (ABS) for the month of February 2024 and the March quarter 2024. The impact of an additional leap year day is analysed and accounted for as part of the seasonal adjustment process, which includes the impact of trading days. The impact of the extra leap year day will be evident in the original (non-seasonally adjusted) series. For more information please refer to this note.

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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 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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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
	Sep 23 ($m)	Dec 23 ($m)	Mar 24 ($m)
Coal, coke and briquettes	+250	+55	+725

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	4.07	na
United States of America	10.02	-4.50
United Kingdom	2.86	-3.63
Europe	5.39	-2.36
China	-1.76	-2.78
Japan	18.25	2.17
Singapore	1.97	-2.36
India	6.15	-4.25
New Zealand	0.69	1.24

COVID-19 in this publication

Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

Balance of Payments and International Investment Position, Australia methodology, March 2024

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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

Changes in this issue

Revisions to Travel Services debits

Seasonal adjustment for leap years

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 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

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods on a balance of payments basis

Revisions

Economic conditions

COVID-19 in this publication

Suspension of trend estimates

Previous catalogue number

Methodology

Media releases

Australia's current account drops $7.6b to deficit of $4.9b

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