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 2026

Released

2/06/2026

Release date and time

02/06/2026 11:30am AEST

Key statistics

The current account balance, seasonally adjusted, fell $4.1b to a deficit of $27.1b.
The capital and financial account surplus was $18.6b, a decrease of $1.9b on the December quarter 2025 surplus.
The net international investment liability position was $707.6b at 31 March 2026.

International accounts overview

Key figures ($m)
	Dec 25	Mar 26
Balance on current account (a)	-23,043	-27,123
Balance on goods and services (a)	1,065	-2,441
Net primary income (a)	-23,267	-23,656
Secondary income (a)	-841	-1,027
Capital and financial account	20,505	18,646
International investment position (b)	645,269	707,609

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

The current account balance (seasonally adjusted, current price) for March quarter 2026 was a deficit of $27.1b. This was an increase in the deficit of $4.1b, from the revised December quarter 2025 current account deficit of $23.0b.

The decrease in Australia's current account was led by the fall in the balance of goods and services, combined with a slight widening in the net primary income deficit.

The balance on goods and services fell into a deficit for the first time since December quarter 2017.

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.8 percentage points from the March quarter 2026 GDP quarterly movement.

The terms of trade increased 1.1% to 96.4, up from 95.3 in December quarter 2025.

The net primary income deficit increased to $23.7b, following the $23.3b deficit in December quarter 2025.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Mar-18	-14.3	0.0	-14.3
Jun-18	-15.2	1.3	-16.3
Sep-18	-11.5	5.8	-16.9
Dec-18	-9.0	7.8	-16.6
Mar-19	-6.4	10.5	-16.6
Jun-19	0.3	17.2	-17.0
Sep-19	4.8	19.2	-14.2
Dec-19	-1.4	12.3	-13.4
Mar-20	3.0	14.3	-11.1
Jun-20	11.7	20.6	-8.3
Sep-20	5.9	11.4	-4.9
Dec-20	10.2	15.5	-4.6
Mar-21	14.7	22.9	-7.7
Jun-21	16.7	29.0	-10.9
Sep-21	18.2	34.5	-15.6
Dec-21	0.6	21.8	-20.4
Mar-22	-0.7	24.6	-24.5
Jun-22	9.7	41.5	-31.1
Sep-22	-4.8	28.2	-32.8
Dec-22	3.1	30.2	-26.8
Mar-23	2.3	31.2	-28.8
Jun-23	-1.7	22.5	-24.0
Sep-23	-9.1	15.2	-23.9
Dec-23	-2.4	20.0	-22.2
Mar-24	-9.7	13.6	-23.2
Jun-24	-16.4	7.8	-24.1
Sep-24	-16.8	3.6	-20.2
Dec-24	-18.5	5.4	-23.8
Mar-25	-17.0	3.7	-20.3
Jun-25	-17.5	2.2	-19.6
Sep-25	-19.3	1.0	-19.7
Dec-25	-23.0	1.1	-23.3
Mar-26	-27.1	-2.4	-23.7

Current account balance (a), main aggregates

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

[["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","Dec-25","Mar-26"],[[-14.3],[-15.2],[-11.5],[-9],[-6.4],[0.3],[4.8],[-1.4],[3],[11.7],[5.9],[10.2],[14.7],[16.7],[18.2],[0.6],[-0.7],[9.7],[-4.8],[3.1],[2.3],[-1.7],[-9.1],[-2.4],[-9.7],[-16.4],[-16.8],[-18.5],[-17],[-17.5],[-19.3],[-23],[-27.1]],[[0],[1.3],[5.8],[7.8],[10.5],[17.2],[19.2],[12.3],[14.3],[20.6],[11.4],[15.5],[22.9],[29],[34.5],[21.8],[24.6],[41.5],[28.2],[30.2],[31.2],[22.5],[15.2],[20],[13.6],[7.8],[3.6],[5.4],[3.7],[2.2],[1],[1.1],[-2.4]],[[-14.3],[-16.3],[-16.9],[-16.6],[-16.6],[-17],[-14.2],[-13.4],[-11.1],[-8.3],[-4.9],[-4.6],[-7.7],[-10.9],[-15.6],[-20.4],[-24.5],[-31.1],[-32.8],[-26.8],[-28.8],[-24],[-23.9],[-22.2],[-23.2],[-24.1],[-20.2],[-23.8],[-20.3],[-19.6],[-19.7],[-23.3],[-23.7]]]

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Seasonally adjusted estimates in current price terms.

Australia's net international investment liability position was $707.6b at 31 March 2026, an increase of $62.3b on the revised December quarter 2025 position of $645.3b.

International investment position (IIP)
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
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	663.5	-627.2	1,290.7
Dec-24	632.2	-776.2	1,408.4
Mar-25	626.8	-771.3	1,398.1
Jun-25	650.2	-769.7	1,419.9
Sep-25	663.3	-774.5	1,437.7
Dec-25	645.3	-830.3	1,475.5
Mar-26	707.6	-744.9	1,452.6

International investment position (IIP)

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

[["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","Dec-25","Mar-26"],[[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],[663.5],[632.2],[626.8],[650.2],[663.3],[645.3],[707.6]],[[-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],[-627.2],[-776.2],[-771.3],[-769.7],[-774.5],[-830.3],[-744.9]],[[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],[1290.7],[1408.4],[1398.1],[1419.9],[1437.7],[1475.5],[1452.6]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Dec 25	Mar 26	Dec 25 to Mar 26
Balance on current account	-23,043	-27,123	-4,080
Balance on goods and services	1,065	-2,441	-3,506
Net goods	10,026	6,597	-3,429
Net services	-8,960	-9,038	-78
Net primary income	-23,267	-23,656	-389
Net secondary income	-841	-1,027	-186

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-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	71.1	82.5	86.1
Jun-19	73.7	82.8	89.0
Sep-19	75.3	83.8	89.8
Dec-19	71.8	84.4	85.0
Mar-20	72.0	84.7	85.1
Jun-20	71.7	83.0	86.5
Sep-20	70.0	80.1	87.3
Dec-20	72.6	80.4	90.3
Mar-21	77.6	80.2	96.7
Jun-21	87.3	82.0	106.5
Sep-21	92.5	86.9	106.5
Dec-21	91.0	92.4	98.4
Mar-22	102.1	95.5	107.0
Jun-22	114.0	98.6	115.6
Sep-22	112.1	102.0	109.9
Dec-22	110.8	104.3	106.2
Mar-23	108.9	100.3	108.6
Jun-23	101.7	99.5	102.2
Sep-23	99.7	100.5	99.2
Dec-23	102.7	101.1	101.6
Mar-24	100.2	99.2	101.0
Jun-24	97.8	99.4	98.4
Sep-24	95.0	99.4	95.6
Dec-24	97.2	100.6	96.7
Mar-25	99.0	102.9	96.2
Jun-25	97.4	102.2	95.3
Sep-25	97.1	101.8	95.3
Dec-25	98.6	103.4	95.3
Mar-26	98.4	102.1	96.4

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	2	0.4	0.5
Services exports	0.7	0.7	1.2	na
Goods imports	0.0	0.3	-0.2	0.1
Services imports	-4.5	-4.5	-4.4	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)
Mar-18	61.1	81.0	94.7	106.6
Jun-18	63.1	82.7	96.5	110.0
Sep-18	66.0	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	86.5	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	71.0	81.1	109.1	105.9
Mar-21	76.7	81.1	121.3	106.1
Jun-21	87.8	81.9	137.3	108.1
Sep-21	93.5	86.4	145.8	113.9
Dec-21	91.7	91.4	150.9	120.5
Mar-22	104.4	95.4	173.0	126.6
Jun-22	118.2	99.3	190.4	132.0
Sep-22	115.8	102.6	183.5	135.9
Dec-22	114.0	104.5	181.9	138.4
Mar-23	111.5	100.1	184.9	132.6
Jun-23	102.6	98.4	169.1	131.6
Sep-23	100.0	99.9	163.9	132.6
Dec-23	103.4	101.4	173.1	134.1
Mar-24	100.1	99.5	169.5	131.7
Jun-24	96.9	99.4	159.5	133.0
Sep-24	93.3	98.8	152.7	131.2
Dec-24	95.6	99.4	158.2	131.5
Mar-25	97.4	102.8	161.6	135.9
Jun-25	95.3	101.7	154.3	134.8
Sep-25	94.7	100.9	152.9	134.2
Dec-25	96.2	102.6	157.8	135.4
Mar-26	95.9	102.6	158.6	135.5

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $3,874m, a fall of $5,238m on the revised December quarter 2025 surplus of $9,112m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Mar-18	29,583	36,462	-11,982
Jun-18	30,972	37,150	-11,437
Sep-18	34,565	40,354	-11,251
Dec-18	34,030	39,474	-11,223
Mar-19	35,740	39,888	-9,844
Jun-19	39,495	42,901	-9,274
Sep-19	40,210	42,637	-8,294
Dec-19	39,950	41,867	-7,973
Mar-20	41,300	45,474	-9,131
Jun-20	45,225	42,143	1,622
Sep-20	32,518	31,767	-455
Dec-20	34,095	33,429	-703
Mar-21	33,628	34,451	-2,030
Jun-21	25,825	25,890	-1,317
Sep-21	29,990	31,582	-2,647
Dec-21	25,872	28,565	-3,733
Mar-22	15,466	21,212	-7,000
Jun-22	18,127	24,714	-8,135
Sep-22	12,356	21,634	-10,345
Dec-22	19,177	27,145	-8,578
Mar-23	17,403	24,349	-7,235
Jun-23	19,009	26,666	-7,710
Sep-23	16,487	25,053	-8,497
Dec-23	17,219	25,807	-8,552
Mar-24	11,943	21,137	-9,297
Jun-24	10,568	20,162	-9,595
Sep-24	10,898	21,182	-10,284
Dec-24	10,814	20,194	-9,380
Mar-25	9,879	20,321	-10,443
Jun-25	10,170	20,010	-9,840
Sep-25	8,973	18,421	-9,448
Dec-25	9,112	18,395	-9,283
Mar-26	3,874	15,495	-11,621

Goods and services, chain volume measures (a)

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

[["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","Dec-25","Mar-26"],[[29583],[30972],[34565],[34030],[35740],[39495],[40210],[39950],[41300],[45225],[32518],[34095],[33628],[25825],[29990],[25872],[15466],[18127],[12356],[19177],[17403],[19009],[16487],[17219],[11943],[10568],[10898],[10814],[9879],[10170],[8973],[9112],[3874]],[[36462],[37150],[40354],[39474],[39888],[42901],[42637],[41867],[45474],[42143],[31767],[33429],[34451],[25890],[31582],[28565],[21212],[24714],[21634],[27145],[24349],[26666],[25053],[25807],[21137],[20162],[21182],[20194],[20321],[20010],[18421],[18395],[15495]],[[-11982],[-11437],[-11251],[-11223],[-9844],[-9274],[-8294],[-7973],[-9131],[1622],[-455],[-703],[-2030],[-1317],[-2647],[-3733],[-7000],[-8135],[-10345],[-8578],[-7235],[-7710],[-8497],[-8552],[-9297],[-9595],[-10284],[-9380],[-10443],[-9840],[-9448],[-9283],[-11621]]]

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Seasonally adjusted, reference year 2023-24=100.

Exports of goods (credits)

In seasonally adjusted current price terms, goods credits fell $1,588m (-1.2%) to $132,635m, with volumes down 0.8% and prices down 0.4%.

Goods credits, price and volume change, seasonally adjusted - March quarter 2026
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		-1,588	-1.2	-0.8	-0.4
	Rural goods	-594	-2.9	-0.6	-2.3
	Non-rural goods	-5,011	-5.2	-1.8	-3.5
	Net exports of goods under merchanting	-75	-34.7	-31.7	-4.5
	Non-monetary gold(c)	4,093	23.7	11.6	10.8

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

Rural goods

Rural goods (a)
	Dec 25 ($m)	Mar 26 ($m)	Dec 25 to Mar 26 ($m)	Dec 25 to Mar 26 (%)
Rural goods	20,175	19,581	-594	-2.9
	Meat and meat preparations	7,443	7,466	23	0.3
	Cereal grains and cereal preparations	4,038	3,999	-39	-1.0
	Wool and sheepskins	782	870	88	11.3
	Other rural(b)	7,912	7,246	-666	-8.4

Non-rural goods

Non-rural goods (a)
		Dec 25 ($m)	Mar 26 ($m)	Dec 25 to Mar 26 ($m)	Dec 25 to Mar 26 (%)
Non-rural goods	96,540	91,529	-5,011	-5.2
	Metal ores and minerals(b)	43,672	39,982	-3,690	-8.4
	Coal, coke and briquettes(b)	16,223	15,334	-889	-5.5
	Other mineral fuels(b)	16,331	16,420	89	0.5
	Metals (excl. non-monetary gold)	4,776	4,573	-203	-4.3
	Machinery	4,212	4,347	135	3.2
	Transport equipment	1,725	1,560	-165	-9.6
	Other manufactures	6,744	6,410	-334	-5.0
	Other non-rural (incl. sugar and beverages)(c)	1,963	1,948	-15	-0.8
	Goods procured in ports by carriers(d)	893	953	60	6.7

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Mar-18	23,107	15,683	10,649
Jun-18	22,964	15,926	12,764
Sep-18	23,640	17,457	14,191
Dec-18	25,566	17,903	15,780
Mar-19	27,240	16,875	15,009
Jun-19	32,866	17,240	15,569
Sep-19	35,221	16,231	15,438
Dec-19	31,501	13,622	14,718
Mar-20	31,383	13,350	14,973
Jun-20	34,505	11,480	13,301
Sep-20	37,375	9,365	8,010
Dec-20	41,929	9,141	8,837
Mar-21	47,754	9,801	10,541
Jun-21	54,748	10,889	12,585
Sep-21	49,932	18,138	17,453
Dec-21	34,820	24,524	21,338
Mar-22	42,460	29,832	21,602
Jun-22	44,011	41,264	27,402
Sep-22	41,090	36,290	29,228
Dec-22	42,428	34,556	28,989
Mar-23	48,782	30,000	25,762
Jun-23	44,491	26,909	22,661
Sep-23	45,777	22,610	20,622
Dec-23	48,372	23,977	20,242
Mar-24	44,786	23,775	21,713
Jun-24	41,015	21,714	21,100
Sep-24	39,208	20,825	19,339
Dec-24	40,361	19,119	19,850
Mar-25	42,002	16,308	18,815
Jun-25	39,965	15,318	19,974
Sep-25	41,582	16,413	17,836
Dec-25	43,672	16,223	16,331
Mar-26	39,982	15,334	16,420

Imports of goods (debits)

In seasonally adjusted current price terms, goods debits rose $1,841m (1.5%) to $126,038m, with volumes up 1.4% while prices remained flat.

Goods debits, price and volume change, seasonally adjusted - March quarter 2026
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		1,841	1.5	1.4	0.0
	Consumption goods	-1,500	-4.0	-0.8	-3.2
	Capital goods	945	3.1	6.3	-3.0
	Intermediate and other merchandise goods	1,494	3.0	0.1	2.9
	Non-monetary gold(c)	903	12.9	2.0	10.7

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)
	Dec 25 ($m)	Mar 26 ($m)	Dec 25 to Mar 26 ($m)	Dec 25 to Mar 26 (%)
Consumption goods	-37,876	-36,376	-1,500	-4.0
	Food and beverages, mainly for consumption	-5,749	-5,719	-30	-0.5
	Household electrical items	-2,076	-2,001	-75	-3.6
	Non-industrial transport equipment	-9,466	-8,380	-1,086	-11.5
	Textiles, clothing and footwear	-6,201	-6,091	-110	-1.8
	Toys, books and leisure goods	-2,374	-2,312	-62	-2.6
	Consumption goods n.e.s.	-12,010	-11,873	-137	-1.1

Capital goods

Capital goods(a)(b)
	Dec 25 ($m)	Mar 26 ($m)	Dec 25 to Mar 26 ($m)	Dec 25 to Mar 26 (%)
Capital goods	-30,051	-30,996	945	3.1
	Machinery and industrial equipment	-9,372	-9,064	-308	-3.3
	ADP equipment	-4,524	-7,924	3,400	75.2
	Telecommunications equipment	-4,954	-4,719	-235	-4.7
	Civil aircraft and confidentialised items(c)(d)	-1,384	-1,221	-163	-11.8
	Industrial transport equipment n.e.s.	-4,342	-4,019	-323	-7.4
	Capital goods n.e.s.(e)	-5,475	-4,049	-1,426	-26.0

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Dec 25 ($m)	Mar 26 ($m)	Dec 25 to Mar 26 ($m)	Dec 25 to Mar 26 (%)
Intermediate and other merchandise goods	-49,296	-50,790	1,494	3.0
	Food and beverages, mainly for industry	-1,031	-923	-108	-10.5
	Primary industrial supplies n.e.s.(c)	-806	-821	15	1.9
	Fuels and lubricants(d)(e)	-13,089	-14,728	1,639	12.5
	Parts for transport equipment	-6,300	-6,550	250	4.0
	Parts for ADP equipment	-333	-321	-12	-3.6
	Other parts for capital goods	-6,665	-6,440	-225	-3.4
	Organic and inorganic chemicals	-1,406	-1,165	-241	-17.1
	Paper and paperboard	-710	-684	-26	-3.7
	Textile yarn and fabrics	-436	-433	-3	-0.7
	Iron and steel	-1,262	-1,233	-29	-2.3
	Plastics	-1,447	-1,419	-28	-1.9
	Processed industrial supplies n.e.s.	-14,428	-15,088	660	4.6
	Other merchandise goods(f)(g)	-794	-325	-469	-59.1
	Goods procured in ports by carriers(h)	-590	-659	69	11.7

Services

In seasonally adjusted current price terms, services credits fell $489m (-1.3%) to $36,388m, with volumes down 2.1% and prices up 0.7%.

Services exports, price and volume change, seasonally adjusted - March quarter 2026
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		-489	-1.3	-2.1	0.7
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-11	-64.7	-62.5	0.8
	Transport	-109	-4.5	-0.1	-4.4
	Travel	-534	-2.4	-4.8	2.4
	Other services	165	1.3	2.3	-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 fell $411m (-0.9%) to $45,426m, with volumes up 3.8% and prices down 4.5%.

Services imports, price and volume change, seasonally adjusted - March quarter 2026
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		-411	-0.9	3.8	-4.5
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-63	-14.3	-11.0	-3.7
	Transport	-177	-2.4	6.0	-7.9
	Travel	-487	-2.6	2.2	-4.7
	Other services	316	1.6	4.8	-3.0

- 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 increased by $389m to $23,656m in the March quarter 2026.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Mar-18	-14.3	15.0	-29.3
Jun-18	-16.3	16.1	-32.5
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	-30.8
Dec-19	-13.4	17.2	-30.7
Mar-20	-11.1	16.8	-28.0
Jun-20	-8.3	14.1	-22.4
Sep-20	-4.9	15.3	-20.1
Dec-20	-4.6	14.5	-19.1
Mar-21	-7.7	15.7	-23.4
Jun-21	-10.9	15.7	-26.6
Sep-21	-15.6	17.6	-33.2
Dec-21	-20.4	19.0	-39.3
Mar-22	-24.5	20.1	-44.6
Jun-22	-31.1	23.0	-54.1
Sep-22	-32.8	22.3	-55.0
Dec-22	-26.8	25.3	-52.2
Mar-23	-28.8	22.4	-51.2
Jun-23	-24.0	23.5	-47.5
Sep-23	-23.9	24.8	-48.7
Dec-23	-22.2	25.0	-47.2
Mar-24	-23.2	26.0	-49.3
Jun-24	-24.1	26.0	-50.1
Sep-24	-20.2	26.9	-47.1
Dec-24	-23.8	26.7	-50.5
Mar-25	-20.3	27.2	-47.4
Jun-25	-19.6	27.8	-47.4
Sep-25	-19.7	29.8	-49.5
Dec-25	-23.3	27.9	-51.1
Mar-26	-23.7	28.7	-52.4

Net primary income (a)

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

[["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","Dec-25","Mar-26"],[[-14.292],[-16.341],[-16.939],[-16.574],[-16.604],[-17.003],[-14.243],[-13.424],[-11.144],[-8.301],[-4.85],[-4.565],[-7.743],[-10.906],[-15.629],[-20.362],[-24.504],[-31.072],[-32.761],[-26.84],[-28.76],[-23.973],[-23.883],[-22.215],[-23.215],[-24.084],[-20.189],[-23.795],[-20.269],[-19.64],[-19.691],[-23.267],[-23.655]],[[14.981],[16.109],[16.481],[16.873],[17.705],[16.766],[16.523],[17.241],[16.829],[14.127],[15.273],[14.516],[15.663],[15.676],[17.577],[18.986],[20.09],[23.037],[22.261],[25.33],[22.42],[23.496],[24.809],[24.981],[26.045],[26.044],[26.919],[26.732],[27.164],[27.755],[29.828],[27.876],[28.699]],[[-29.273],[-32.45],[-33.42],[-33.447],[-34.309],[-33.769],[-30.766],[-30.665],[-27.973],[-22.428],[-20.123],[-19.081],[-23.406],[-26.582],[-33.206],[-39.348],[-44.594],[-54.109],[-55.022],[-52.17],[-51.18],[-47.469],[-48.692],[-47.196],[-49.26],[-50.128],[-47.108],[-50.527],[-47.433],[-47.395],[-49.519],[-51.143],[-52.354]]]

[]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms rose $823m (3.0%). The key components contributing to the increase were:

Direct investment assets - income on equity and investment fund shares; up $1,104m (11.7%)
Portfolio investment assets - interest; up $195m (3.6%)

Partly offset by:

Portfolio investment assets - income on equity and investment fund shares; down $309m (-3.0%)
Reserve assets; down $152m (-36.4%)
Compensation of employees; down $27m (-3.5%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $1,211m (2.4%). The key components contributing to the increase were:

Direct investment liabilities - income on equity and investment fund shares; up $717m (4.0%)
Portfolio investment liabilities - interest; up $642m (4.0%)
Other investment liabilities; up $161m (4.8%)
Compensation of employees; up $101m (1.9%)

Partly offset by:

Portfolio investment liabilities - income on equity and investment fund shares; down $375m (-4.8%)
Direct investment liabilities - interest; down $34m (-6.6%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit widened to $1,027m from a $841m deficit in the December quarter 2025.

Secondary income debits rose $295m (6.5%) while credits rose $110m (3.0%) in the March quarter 2026.

Capital and Financial Account

The capital and financial account recorded a surplus of $18.6b during the March 2026 quarter, driven by the financial account surplus of $18.9b.

The financial account recorded a surplus due to a $7.7b net inflow of equity and a $11.2b net inflow of debt.

Capital and financial account ($m)
			Jun 25	Sep 25	Dec 25	Mar 26	Dec 25 to Mar 26
Capital account			-631	-348	-1,872	-220	1,652
	Acquisitions/disposals of non-produced non-financial assets		385	-	-2	-15	-13
		Acquisitions/disposals of non-produced non-financial assets credits	412	5	-	-	-
		Acquisitions/disposals of non-produced non-financial assets debits	-27	-5	-2	-15	-13
	Capital transfers		-1,016	-348	-1,870	-205	1,665
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-1,016	-348	-1,870	-205	1,665
Financial account			12,940	39,336	22,377	18,866	-3,511
	Direct investment		17,703	15,492	19,768	11,709	-8,059
		Direct investment assets	610	3,794	2,104	-7,845	-9,949
		Direct investment liabilities	17,093	11,698	17,664	19,554	1,890
	Portfolio investment		3,546	37,347	-24,030	52,354	76,384
		Portfolio investment assets	-9,207	-43,143	-75,494	-25,710	49,784
		Portfolio investment liabilities	12,752	80,490	51,464	78,065	26,601
	Financial derivatives		-16,368	-10,537	1,136	-1,959	-3,095
		Financial derivatives assets	190,421	78,494	126,845	254,039	127,194
		Financial derivatives liabilities	-206,788	-89,031	-125,709	-255,998	-130,289
	Other investment		4,851	1,191	29,577	-48,120	-77,697
		Other investment assets	1,086	5,583	6,692	-40,722	-47,414
		Other investment liabilities	3,765	-4,392	22,884	-7,397	-30,281
	Reserve assets		3,209	-4,157	-4,074	4,881	8,955
Net errors and omissions			2,454	-12,122	-570	7,097	7,667

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $707.6b at 31 March 2026, an increase of $62.3b on the revised 31 December 2025 figure of $645.3b. Australia's net foreign equity asset position decreased $85.3b to $744.9b and Australia's net foreign debt liability position decreased $23.0b to $1,452.6b.

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‑25	650,184	39,336	-32,945	20,016	-13,339	663,253
	Dec‑25	663,253	22,377	-59,063	14,013	4,689	645,269
	Mar‑26	645,269	18,866	12,403	42,610	-11,539	707,609
Net Foreign Equity	Sep‑25	-769,698	3,913	-22,510	32,248	-18,432	-774,479
	Dec‑25	-774,479	-30,027	-48,033	22,271	-1	-830,269
	Mar‑26	-830,269	7,669	21,637	65,972	-9,953	-744,944
Net Foreign Debt	Sep‑25	1,419,882	35,424	-10,434	-12,232	5,092	1,437,732
	Dec‑25	1,437,732	52,404	-11,030	-8,258	4,690	1,475,538
	Mar‑26	1,475,538	11,197	-9,234	-23,362	-1,586	1,452,553

Data downloads

Time series spreadsheets

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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 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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Data Explorer datasets

Caution: Data in Data Explorer is currently released after the 11:30 am release on the ABS website. Please check the reference period when using Data Explorer.

Balance of Payments - Value of the Balance of Payments and International Investment Position in original, seasonally adjusted and trend, quarterly, September quarter 1959 onwards

Balance of Payments and International Investment Position: Combined current price seasonal adjustment factors - Seasonal factors for current account components, quarterly, September quarter 1959 onwards

Balance of Payments by State - Value of exports goods and services and imports goods and services in original, seasonally adjusted and trend, by state, quarterly, September quarter 2011 onwards

Balance of Payments: Goods Exports and Imports - Value of goods exports and imports in chain volume measures and implicit price indexes, original terms, quarterly, September quarter 1974 onwards

International Investment Positions - IIP, net equity and debt positions, foreign assets and liabilities by equity and debt, original, quarterly, September quarter 1988 onwards

For information on Data Explorer and how it works, refer to the Data Explorer user guide.

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 25 ($m)	Dec 25 ($m)	Mar 26 ($m)
Coal, coke and briquettes	-	5	100

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	-0.55	na
United States of America	-4.80	2.27
United Kingdom	2.97	4.30
Europe	-4.60	4.63
China	-8.59	1.11
Japan	2.07	4.24
Singapore	-0.80	2.85
India	-13.76	7.91
New Zealand	-0.55	3.52

Methodology

Balance of Payments and International Investment Position, Australia methodology, March 2026

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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	2	0.4	0.5
Services exports	0.7	0.7	1.2	na
Goods imports	0.0	0.3	-0.2	0.1
Services imports	-4.5	-4.5	-4.4	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

Data Explorer datasets

Supplementary information

Value adjustments

Exports on an international merchandise trade basis

Goods on a balance of payments basis

Revisions

Economic conditions

Methodology

Media releases

First trade deficit since December 2017

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