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

December 2025

Released

3/03/2026

Release date and time

03/03/2026 11:30am AEDT

Key statistics

The current account balance, seasonally adjusted, fell $2,753m to a deficit of $21,093m.
The capital and financial account surplus was $8,027m, a decrease of $27,947m on the September quarter 2025 surplus.
The net international investment liability position was $638,508m at 31 December 2025.

International accounts overview

Key figures ($m)
	Sep 25	Dec 25
Balance on current account (a)	-18,340	-21,093
Balance on goods and services (a)	1,373	1,324
Net primary income (a)	-19,211	-21,729
Secondary income (a)	-503	-689
Capital and financial account	35,974	8,027
International investment position (b)	663,702	638,508

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

The current account balance (seasonally adjusted, current price) for December quarter 2025 was a deficit of $21.1b. This was an increase of $2,753m, from the revised September quarter 2025 current account deficit of $18.3b.

The fall in Australia's current account was led by the net primary income deficit widening while the goods and services surplus remained steady.

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

The terms of trade increased 0.4% to 95.8, up from 95.4 in September quarter 2025.

The net primary income deficit increased to $21.7b, following the $19.2b deficit in September quarter 2025.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Dec-17	-16.2	-1.5	-14.4
Mar-18	-14.4	0.0	-14.3
Jun-18	-15.2	1.3	-16.3
Sep-18	-11.4	5.8	-16.9
Dec-18	-8.9	7.8	-16.6
Mar-19	-6.5	10.5	-16.6
Jun-19	0.3	17.2	-17.0
Sep-19	4.9	19.3	-14.2
Dec-19	-1.3	12.4	-13.4
Mar-20	2.8	14.2	-11.2
Jun-20	11.7	20.6	-8.3
Sep-20	6.1	11.5	-4.8
Dec-20	10.3	15.6	-4.6
Mar-21	14.5	22.7	-7.8
Jun-21	16.6	28.9	-10.9
Sep-21	18.4	34.7	-15.6
Dec-21	0.9	22.0	-20.3
Mar-22	-1.2	24.2	-24.6
Jun-22	9.5	41.3	-31.1
Sep-22	-4.4	28.6	-32.8
Dec-22	3.6	30.5	-26.7
Mar-23	1.5	30.6	-28.9
Jun-23	-1.9	22.3	-23.9
Sep-23	-8.5	15.9	-24.0
Dec-23	-2.0	20.2	-22.1
Mar-24	-10.6	12.9	-23.4
Jun-24	-16.5	7.5	-24.0
Sep-24	-16.5	3.5	-19.8
Dec-24	-17.6	5.4	-23.0
Mar-25	-17.5	3.0	-20.0
Jun-25	-17.2	1.9	-19.1
Sep-25	-18.3	1.4	-19.2
Dec-25	-21.1	1.3	-21.7

Current account balance (a), main aggregates

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

[["Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25","Dec-25"],[[-16.2],[-14.4],[-15.2],[-11.4],[-8.9],[-6.5],[0.3],[4.9],[-1.3],[2.8],[11.7],[6.1],[10.3],[14.5],[16.6],[18.4],[0.9],[-1.2],[9.5],[-4.4],[3.6],[1.5],[-1.9],[-8.5],[-2],[-10.6],[-16.5],[-16.5],[-17.6],[-17.5],[-17.2],[-18.3],[-21.1]],[[-1.5],[0],[1.3],[5.8],[7.8],[10.5],[17.2],[19.3],[12.4],[14.2],[20.6],[11.5],[15.6],[22.7],[28.9],[34.7],[22],[24.2],[41.3],[28.6],[30.5],[30.6],[22.3],[15.9],[20.2],[12.9],[7.5],[3.5],[5.4],[3],[1.9],[1.4],[1.3]],[[-14.4],[-14.3],[-16.3],[-16.9],[-16.6],[-16.6],[-17],[-14.2],[-13.4],[-11.2],[-8.3],[-4.8],[-4.6],[-7.8],[-10.9],[-15.6],[-20.3],[-24.6],[-31.1],[-32.8],[-26.7],[-28.9],[-23.9],[-24],[-22.1],[-23.4],[-24],[-19.8],[-23],[-20],[-19.1],[-19.2],[-21.7]]]

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Seasonally adjusted estimates in current price terms.

Australia's net international investment liability position was $638.5b at 31 December 2025 a decrease of $25.2b on the revised September quarter 2025 position of $663.7b.

International investment position (IIP)
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Dec-17	1,051.5	-51.4	1,102.8
Mar-18	1,017.2	-90.7	1,107.9
Jun-18	1,056.1	-80.5	1,136.6
Sep-18	1,034.1	-105.5	1,139.6
Dec-18	1,079.9	-103.4	1,183.3
Mar-19	1,071.6	-127.7	1,199.4
Jun-19	1,084.3	-143.3	1,227.6
Sep-19	1,068.1	-175.2	1,243.3
Dec-19	999.0	-228.8	1,227.9
Mar-20	935.2	-310.5	1,245.7
Jun-20	1,058.5	-136.4	1,194.9
Sep-20	1,065.6	-163.8	1,229.4
Dec-20	1,051.4	-173.6	1,225.0
Mar-21	949.0	-262.8	1,211.8
Jun-21	923.1	-318.7	1,241.8
Sep-21	909.0	-340.6	1,249.6
Dec-21	831.4	-411.0	1,242.4
Mar-22	879.6	-292.2	1,171.8
Jun-22	895.7	-290.0	1,185.6
Sep-22	903.7	-287.9	1,191.6
Dec-22	927.7	-274.6	1,202.3
Mar-23	906.0	-312.1	1,218.1
Jun-23	832.5	-350.4	1,183.0
Sep-23	765.8	-399.9	1,165.7
Dec-23	788.6	-416.0	1,204.5
Mar-24	675.1	-551.6	1,226.8
Jun-24	660.9	-588.3	1,249.2
Sep-24	660.7	-628.6	1,289.3
Dec-24	629.6	-777.5	1,407.1
Mar-25	623.7	-772.3	1,396.1
Jun-25	648.6	-768.5	1,417.1
Sep-25	663.7	-770.6	1,434.3
Dec-25	638.5	-842.7	1,481.2

International investment position (IIP)

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

[["Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25","Dec-25"],[[1051.5],[1017.2],[1056.1],[1034.1],[1079.9],[1071.6],[1084.3],[1068.1],[999],[935.2],[1058.5],[1065.6],[1051.4],[949],[923.1],[909],[831.4],[879.6],[895.7],[903.7],[927.7],[906],[832.5],[765.8],[788.6],[675.1],[660.9],[660.7],[629.6],[623.7],[648.6],[663.7],[638.5]],[[-51.4],[-90.7],[-80.5],[-105.5],[-103.4],[-127.7],[-143.3],[-175.2],[-228.8],[-310.5],[-136.4],[-163.8],[-173.6],[-262.8],[-318.7],[-340.6],[-411],[-292.2],[-290],[-287.9],[-274.6],[-312.1],[-350.4],[-399.9],[-416],[-551.6],[-588.3],[-628.6],[-777.5],[-772.3],[-768.5],[-770.6],[-842.7]],[[1102.8],[1107.9],[1136.6],[1139.6],[1183.3],[1199.4],[1227.6],[1243.3],[1227.9],[1245.7],[1194.9],[1229.4],[1225],[1211.8],[1241.8],[1249.6],[1242.4],[1171.8],[1185.6],[1191.6],[1202.3],[1218.1],[1183],[1165.7],[1204.5],[1226.8],[1249.2],[1289.3],[1407.1],[1396.1],[1417.1],[1434.3],[1481.2]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Sep 25	Dec 25	Sep 25 to Dec 25
Balance on current account	-18,340	-21,093	-2,753
Balance on goods and services	1,373	1,324	-49
Net goods	10,389	9,707	-682
Net services	-9,017	-8,382	635
Net primary income	-19,211	-21,729	-2,518
Net secondary income	-503	-689	-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)
Dec-17	61.9	76.9	80.5
Mar-18	64.0	78.3	81.7
Jun-18	65.6	79.9	82.1
Sep-18	68.1	81.7	83.3
Dec-18	70.1	82.4	85.1
Mar-19	71.0	82.5	86.1
Jun-19	73.6	82.8	89.0
Sep-19	75.3	83.8	89.9
Dec-19	71.8	84.4	85.1
Mar-20	72.0	84.7	85.0
Jun-20	71.7	83.0	86.4
Sep-20	70.0	80.1	87.4
Dec-20	72.6	80.4	90.4
Mar-21	77.5	80.3	96.6
Jun-21	87.3	82.0	106.4
Sep-21	92.6	86.8	106.6
Dec-21	91.1	92.3	98.6
Mar-22	102.0	95.6	106.8
Jun-22	113.9	98.6	115.5
Sep-22	112.1	102.0	110.0
Dec-22	111.0	104.2	106.5
Mar-23	108.8	100.5	108.3
Jun-23	101.5	99.5	102.1
Sep-23	99.7	100.4	99.3
Dec-23	102.9	101.0	101.8
Mar-24	100.1	99.3	100.8
Jun-24	97.6	99.4	98.2
Sep-24	95.0	99.4	95.6
Dec-24	97.4	100.5	96.9
Mar-25	98.9	103.0	96.0
Jun-25	97.2	102.2	95.1
Sep-25	97.1	101.8	95.4
Dec-25	98.9	103.2	95.8

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	1.9	3.0	3.4	3.2
Services exports	1.4	1.4	1.3	na
Goods imports	1.5	1.2	0.8	0.9
Services imports	1.1	1.1	1.2	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)
Dec-17	58.8	79.3	90.3	104.5
Mar-18	61.1	81.0	94.7	106.6
Jun-18	63.1	82.7	96.5	110.0
Sep-18	66.1	84.6	100.1	112.1
Dec-18	68.4	85.3	104.5	112.7
Mar-19	69.6	85.2	109.2	112.1
Jun-19	72.8	85.2	113.3	113.1
Sep-19	74.8	86.0	114.8	113.5
Dec-19	70.3	86.4	108.8	114.3
Mar-20	70.5	86.4	111.7	113.1
Jun-20	70.1	84.4	109.0	110.9
Sep-20	68.1	81.3	103.4	107.0
Dec-20	71.1	81.1	109.1	105.9
Mar-21	76.6	81.1	121.3	106.1
Jun-21	87.7	82.0	137.3	108.1
Sep-21	93.6	86.4	145.8	113.9
Dec-21	91.8	91.4	150.9	120.5
Mar-22	104.2	95.5	173.0	126.6
Jun-22	118.1	99.3	190.4	132.0
Sep-22	115.8	102.5	183.5	135.9
Dec-22	114.1	104.3	181.9	138.4
Mar-23	111.4	100.3	184.9	132.6
Jun-23	102.5	98.4	169.1	131.6
Sep-23	100.0	99.9	163.9	132.6
Dec-23	103.6	101.3	173.1	134.1
Mar-24	100.0	99.7	169.5	131.7
Jun-24	96.7	99.5	159.5	133.0
Sep-24	93.3	98.8	152.7	131.2
Dec-24	95.8	99.2	158.2	131.5
Mar-25	97.3	103.0	161.6	135.9
Jun-25	95.2	101.7	154.3	134.8
Sep-25	94.7	100.8	152.9	134.2
Dec-25	96.6	102.4	157.8	135.4

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $8,643m, a fall of $649m on the revised September quarter 2025 surplus of $9,292m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Dec-17	28,423	35,047	-11,470
Mar-18	29,573	36,469	-11,995
Jun-18	30,965	37,140	-11,434
Sep-18	34,583	40,357	-11,239
Dec-18	34,046	39,481	-11,217
Mar-19	35,708	39,890	-9,869
Jun-19	39,492	42,890	-9,266
Sep-19	40,248	42,649	-8,272
Dec-19	39,983	41,888	-7,965
Mar-20	41,237	45,448	-9,162
Jun-20	45,218	42,136	1,623
Sep-20	32,580	31,803	-434
Dec-20	34,116	33,445	-701
Mar-21	33,554	34,396	-2,044
Jun-21	25,816	25,894	-1,325
Sep-21	30,127	31,688	-2,620
Dec-21	25,851	28,553	-3,742
Mar-22	15,351	21,106	-7,006
Jun-22	18,126	24,727	-8,148
Sep-22	12,658	21,844	-10,243
Dec-22	19,108	27,115	-8,614
Mar-23	17,177	24,135	-7,250
Jun-23	19,001	26,700	-7,762
Sep-23	17,064	25,373	-8,210
Dec-23	17,029	25,719	-8,659
Mar-24	11,604	20,843	-9,353
Jun-24	10,522	20,224	-9,719
Sep-24	10,773	21,615	-10,843
Dec-24	10,418	19,947	-9,529
Mar-25	9,533	20,043	-10,510
Jun-25	10,106	20,103	-9,997
Sep-25	9,292	18,596	-9,304
Dec-25	8,643	17,373	-8,730

Goods and services, chain volume measures (a)

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

[["Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25","Dec-25"],[[28423],[29573],[30965],[34583],[34046],[35708],[39492],[40248],[39983],[41237],[45218],[32580],[34116],[33554],[25816],[30127],[25851],[15351],[18126],[12658],[19108],[17177],[19001],[17064],[17029],[11604],[10522],[10773],[10418],[9533],[10106],[9292],[8643]],[[35047],[36469],[37140],[40357],[39481],[39890],[42890],[42649],[41888],[45448],[42136],[31803],[33445],[34396],[25894],[31688],[28553],[21106],[24727],[21844],[27115],[24135],[26700],[25373],[25719],[20843],[20224],[21615],[19947],[20043],[20103],[18596],[17373]],[[-11470],[-11995],[-11434],[-11239],[-11217],[-9869],[-9266],[-8272],[-7965],[-9162],[1623],[-434],[-701],[-2044],[-1325],[-2620],[-3742],[-7006],[-8148],[-10243],[-8614],[-7250],[-7762],[-8210],[-8659],[-9353],[-9719],[-10843],[-9529],[-10510],[-9997],[-9304],[-8730]]]

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Seasonally adjusted, reference year 2023-24=100.

Exports of goods (credits)

In seasonally adjusted current price terms, goods credits rose $4,389m (3.4%) to $134,373m, with volumes up 1.4% and prices up 1.9%.

Goods credits, QoQ price and volume change, seasonally adjusted - December quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		4,389	3.4	1.4	1.9
	Rural goods	1,158	6.0	2.5	3.5
	Non-rural goods	875	0.9	1.6	-0.7
	Net exports of goods under merchanting	-51	-19.7	-21.4	2.2
	Non-monetary gold(c)	2,407	16.2	-2.8	19.5

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

Rural goods

Rural goods (a)
	Sep 25 ($m)	Dec 25 ($m)	Sep 25 to Dec 25 ($m)	Sep 25 to Dec 25 (%)
Rural goods	19,231	20,389	1,158	6.0
	Meat and meat preparations	6,844	7,470	626	9.1
	Cereal grains and cereal preparations	4,189	4,065	-124	-3.0
	Wool and sheepskins	683	771	88	12.9
	Other rural(b)	7,514	8,083	569	7.6

Non-rural goods

Non-rural goods (a)
	Sep 25 ($m)	Dec 25 ($m)	Sep 25 to Dec 25 ($m)	Sep 25 to Dec 25 (%)
Non-rural goods	95,602	96,477	875	0.9
	Metal ores and minerals(b)	41,654	43,682	2,028	4.9
	Coal, coke and briquettes(b)	16,476	16,212	-264	-1.6
	Other mineral fuels(b)	17,598	16,179	-1,419	-8.1
	Metals (excl. non-monetary gold)	4,598	4,822	224	4.9
	Machinery	4,073	4,200	127	3.1
	Transport equipment	1,609	1,749	140	8.7
	Other manufactures	6,768	6,804	36	0.5
	Other non-rural (incl. sugar and beverages)(c)	1,949	1,935	-14	-0.7
	Goods procured in ports by carriers(d)	878	893	15	1.7

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Dec-17	21,926	14,331	8,234
Mar-18	23,094	15,683	10,649
Jun-18	22,952	15,925	12,764
Sep-18	23,659	17,457	14,192
Dec-18	25,581	17,905	15,781
Mar-19	27,213	16,874	15,007
Jun-19	32,841	17,238	15,569
Sep-19	35,267	16,232	15,439
Dec-19	31,529	13,626	14,720
Mar-20	31,336	13,347	14,969
Jun-20	34,462	11,476	13,301
Sep-20	37,440	9,368	8,011
Dec-20	42,013	9,146	8,839
Mar-21	47,610	9,795	10,536
Jun-21	54,670	10,880	12,586
Sep-21	50,044	18,154	17,459
Dec-21	34,923	24,552	21,343
Mar-22	42,284	29,800	21,587
Jun-22	43,937	41,186	27,397
Sep-22	41,197	36,343	29,254
Dec-22	42,599	34,659	28,997
Mar-23	48,518	29,916	25,732
Jun-23	44,411	26,829	22,653
Sep-23	45,917	22,666	20,653
Dec-23	48,588	24,079	20,243
Mar-24	44,522	23,685	21,686
Jun-24	40,925	21,619	21,085
Sep-24	39,342	20,895	19,380
Dec-24	40,570	19,222	19,846
Mar-25	41,716	16,230	18,792
Jun-25	39,870	15,239	19,956
Sep-25	41,654	16,476	17,598
Dec-25	43,682	16,212	16,179

Imports of goods (debits)

In seasonally adjusted current price terms, goods debits rose $5,071m (4.2%) to $124,666m, with volumes up 2.7% and prices up 1.5%.

Goods debits, QoQ price and volume change, seasonally adjusted - December quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		5,071	4.2	2.7	1.5
	Consumption goods	1,004	2.7	2.5	0.2
	Capital goods	-110	-0.4	0.6	-1.0
	Intermediate and other merchandise goods	1,350	2.8	2.1	0.6
	Non-monetary gold(c)	2,828	68.2	40.5	19.7

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)
	Sep 25 ($m)	Dec 25 ($m)	Sep 25 to Dec 25 ($m)	Sep 25 to Dec 25 (%)
Consumption goods	-37,155	-38,159	1,004	2.7
	Food and beverages, mainly for consumption	-5,825	-5,769	-56	-1.0
	Household electrical items	-2,026	-2,090	64	3.2
	Non-industrial transport equipment	-9,166	-9,636	470	5.1
	Textiles, clothing and footwear	-6,059	-6,236	177	2.9
	Toys, books and leisure goods	-2,330	-2,394	64	2.7
	Consumption goods n.e.s.	-11,749	-12,033	284	2.4

Capital goods

Capital goods(a)(b)
	Sep 25 ($m)	Dec 25 ($m)	Sep 25 to Dec 25 ($m)	Sep 25 to Dec 25 (%)
Capital goods	-30,237	-30,127	-110	-0.4
	Machinery and industrial equipment	-8,990	-9,407	417	4.6
	ADP equipment	-5,209	-4,581	-628	-12.1
	Telecommunications equipment	-4,278	-4,987	709	16.6
	Civil aircraft and confidentialised items(c)(d)	-2,218	-1,384	-834	-37.6
	Industrial transport equipment n.e.s.	-4,638	-4,389	-249	-5.4
	Capital goods n.e.s.(e)	-4,903	-5,378	475	9.7

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Sep 25 ($m)	Dec 25 ($m)	Sep 25 to Dec 25 ($m)	Sep 25 to Dec 25 (%)
Intermediate and other merchandise goods	-48,058	-49,408	1,350	2.8
	Food and beverages, mainly for industry	-1,104	-1,059	-45	-4.1
	Primary industrial supplies n.e.s.(c)	-882	-806	-76	-8.6
	Fuels and lubricants(d)(e)	-13,533	-13,167	-366	-2.7
	Parts for transport equipment	-5,873	-6,407	534	9.1
	Parts for ADP equipment	-346	-334	-12	-3.5
	Other parts for capital goods	-6,391	-6,695	304	4.8
	Organic and inorganic chemicals	-1,363	-1,405	42	3.1
	Paper and paperboard	-703	-715	12	1.7
	Textile yarn and fabrics	-444	-437	-7	-1.6
	Iron and steel	-1,260	-1,266	6	0.5
	Plastics	-1,421	-1,463	42	3.0
	Processed industrial supplies n.e.s.	-13,839	-14,337	498	3.6
	Other merchandise goods(f)(g)	-350	-798	448	128.0
	Goods procured in ports by carriers(h)	-548	-518	-30	-5.5

Services

In seasonally adjusted current price terms, services credits rose $933m (2.6%) to $37,286m, with volumes up 1.1% and prices up 1.4%.

Services exports, QoQ price and volume change, seasonally adjusted - December quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		933	2.6	1.1	1.4
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-9	-34.6	-35.1	0.7
	Transport	230	10.4	6.6	3.5
	Travel	415	1.9	0.6	1.3
	Other services	297	2.5	1.1	1.4

- nil or rounded to zero (including null cells)

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

In seasonally adjusted current price terms, services debits rose $299m (0.7%) to $45,668m, with volumes down 0.4% and prices up 1.1%.

Services imports, QoQ price and volume change, seasonally adjusted - December quarter 2025
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		299	0.7	-0.4	1.1
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	52	14.4	14.8	-0.3
	Transport	165	2.3	2.0	0.3
	Travel	20	0.1	-1.6	1.7
	Other services	62	0.3	-0.6	1.0

- 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 $2,518m to $21,729m in the December quarter 2025.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Dec-17	-14.4	14.5	-28.9
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	-11.2	16.8	-28.0
Jun-20	-8.3	14.1	-22.4
Sep-20	-4.8	15.3	-20.1
Dec-20	-4.6	14.5	-19.1
Mar-21	-7.8	15.6	-23.4
Jun-21	-10.9	15.7	-26.6
Sep-21	-15.6	17.6	-33.2
Dec-21	-20.3	19.0	-39.3
Mar-22	-24.6	20.0	-44.6
Jun-22	-31.1	23.2	-54.2
Sep-22	-32.8	22.2	-55.1
Dec-22	-26.7	25.3	-51.9
Mar-23	-28.9	22.4	-51.3
Jun-23	-23.9	23.6	-47.5
Sep-23	-24.0	24.8	-48.7
Dec-23	-22.1	24.9	-46.9
Mar-24	-23.4	26.0	-49.4
Jun-24	-24.0	26.2	-50.2
Sep-24	-19.8	27.2	-47.0
Dec-24	-23.0	26.9	-49.9
Mar-25	-20.0	27.4	-47.4
Jun-25	-19.1	28.1	-47.2
Sep-25	-19.2	30.0	-49.2
Dec-25	-21.7	29.1	-50.8

Net primary income (a)

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

[["Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24","Dec-24","Mar-25","Jun-25","Sep-25","Dec-25"],[[-14.439],[-14.296],[-16.343],[-16.933],[-16.574],[-16.609],[-17.013],[-14.228],[-13.421],[-11.162],[-8.302],[-4.835],[-4.568],[-7.772],[-10.902],[-15.626],[-20.297],[-24.588],[-31.083],[-32.832],[-26.655],[-28.925],[-23.91],[-23.964],[-22.05],[-23.402],[-23.953],[-19.832],[-22.959],[-19.997],[-19.126],[-19.211],[-21.728]],[[14.457],[14.978],[16.11],[16.486],[16.87],[17.699],[16.77],[16.531],[17.238],[16.812],[14.142],[15.279],[14.508],[15.634],[15.718],[17.576],[18.963],[20.04],[23.156],[22.236],[25.254],[22.398],[23.637],[24.763],[24.878],[26.043],[26.235],[27.196],[26.902],[27.385],[28.104],[29.958],[29.052]],[[-28.896],[-29.274],[-32.453],[-33.419],[-33.444],[-34.308],[-33.783],[-30.759],[-30.659],[-27.974],[-22.444],[-20.114],[-19.076],[-23.406],[-26.62],[-33.202],[-39.26],[-44.628],[-54.239],[-55.068],[-51.909],[-51.323],[-47.547],[-48.727],[-46.928],[-49.445],[-50.188],[-47.028],[-49.861],[-47.382],[-47.23],[-49.169],[-50.78]]]

[]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms fell $906m (-3.0%). The key components contributing to the decline were:

Direct investment assets - income on equity and investment fund shares; down $1,307m (-11.2%)
Other investment assets; down $97m (-6.3%)
Portfolio investment assets - interest; down $96m (-1.8%)

Partly offset by:

Portfolio investment assets - income on equity and investment fund shares; up $552m (5.6%)
Reserve assets; up $27m (6.9%)
Direct investment assets - interest; up $26m (9.6%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $1,611m (3.3%). The key components contributing to the increase were:

Portfolio investment liabilities - income on equity and investment fund shares; up $920m (13.7%)
Direct investment liabilities - income on equity and investment fund shares; up $403m (2.3%)
Portfolio investment liabilities - interest; up $308m (1.9%)
Other investment liabilities; up $114m (3.6%)

Partly offset by:

Direct investment liabilities - interest; down $70m (-12.4%)
Compensation of employees; down $63m (-1.2%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit widened to $689m from a $503m deficit in the September quarter 2025.

Secondary income credits rose $2m (0.1%) while debits rose $189m (4.5%) in the December quarter 2025.

Capital and Financial Account

The capital and financial account recorded a surplus of $8.0b during the December 2025 quarter, driven by the financial account surplus of $8.4b.

The financial account recorded a surplus due to a $36.8b net outflow of equity and a $45.2b net inflow of debt.

Capital and financial account ($m)
			Mar 25	Jun 25	Sep 25	Dec 25	Sep 25 to Dec 25
Capital account			-200	145	-181	-365	-184
	Acquisitions/disposals of non-produced non-financial assets		-6	385	-	-2	-2
		Acquisitions/disposals of non-produced non-financial assets credits	-	412	5	-	-5
		Acquisitions/disposals of non-produced non-financial assets debits	-6	-27	-5	-2	3
	Capital transfers		-194	-240	-181	-363	-182
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-194	-240	-181	-363	-182
Financial account			17,229	11,871	36,155	8,392	-27,763
	Direct investment		15,368	17,661	15,796	14,910	-886
		Direct investment assets	3,974	554	3,717	-1,115	-4,832
		Direct investment liabilities	11,394	17,107	12,079	16,025	3,946
	Portfolio investment		14,425	3,342	36,864	-24,919	-61,783
		Portfolio investment assets	-13,447	-9,343	-43,534	-77,669	-34,135
		Portfolio investment liabilities	27,872	12,684	80,398	52,750	-27,648
	Financial derivatives		4,227	-16,368	-10,537	-7,133	3,404
		Financial derivatives assets	112,013	190,421	78,494	118,567	40,073
		Financial derivatives liabilities	-107,786	-206,788	-89,031	-125,700	-36,669
	Other investment		-16,764	4,027	-1,811	29,607	31,418
		Other investment assets	2,142	255	5,571	6,442	871
		Other investment liabilities	-18,906	3,772	-7,381	23,166	30,547
	Reserve assets		-26	3,209	-4,157	-4,074	83
Net errors and omissions			-2,142	2,480	-9,054	10,239	19,293

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $638.5b at 31 December 2025, a decrease of $25.2b on the revised 30 September 2025 figure of $663.7b. Australia's net foreign equity asset position increased $72.1b to $842.7b and Australia's net foreign debt liability position increased $46.9b to $1,481.2b.

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	Jun‑25	623,734	11,871	-23,642	37,628	-1,008	648,583
	Sep‑25	648,583	36,155	-30,981	19,859	-9,914	663,702
	Dec‑25	663,702	8,392	-51,707	14,705	3,416	638,508
Net Foreign Equity	Jun‑25	-772,330	17,830	-49,436	44,964	-9,499	-768,471
	Sep‑25	-768,471	3,718	-20,544	32,061	-17,397	-770,633
	Dec‑25	-770,633	-36,793	-56,489	21,343	-162	-842,733
Net Foreign Debt	Jun‑25	1,396,063	-5,959	25,794	-7,336	8,492	1,417,054
	Sep‑25	1,417,054	32,437	-10,437	-12,202	7,484	1,434,335
	Dec‑25	1,434,335	45,185	4,781	-6,638	3,577	1,481,241

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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.

Changes in this issue

Supplementary Information

Value adjustments

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

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

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

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items occurs prior to the items crossing the customs frontier. The ABS adjusts the relevant balance of payments series to record the timing when transfer of ownership takes place.

Exports on an international merchandise trade basis

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

Goods on a balance of payments basis

Coal, coke and briquettes adjustment, BoP Basis
	Jun 25 ($m)	Sep 25 ($m)	Dec 25 ($m)
Coal, coke and briquettes			-245

Capital expenditure (in original terms)

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

Revisions

Economic conditions

Country	MSCI quarter-on-quarter percentage change (a)(%)	AUD exchange rate quarter-on-quarter percentage change (b)(%)
Australia	-2.16	na
United States of America	2.11	1.38
United Kingdom	6.42	1.18
Europe	5.72	1.39
China	-7.91	-0.55
Japan	9.43	7.07
Singapore	0.21	0.84
India	5.91	2.63
New Zealand	0.25	1.52

The December quarter 2025 Private New Capital Expenditure and Expected Expenditure, Australia included a Spotlight article Data Centres in Economic Statistics. This article outlines where the impacts of data centres can be observed within the ABS suite of economic statistics.

Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

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

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	Implicit price deflators (a)(b)	Implicit price deflators (a)(b)	Chain Laspeyres Indexes (a)(b)	International Trade Price Indexes (c)
	Seasonally Adjusted	Original	Original	Original
Goods exports	1.9	3.0	3.4	3.2
Services exports	1.4	1.4	1.3	na
Goods imports	1.5	1.2	0.8	0.9
Services imports	1.1	1.1	1.2	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

Changes in this issue

Changes in this issue

Changes to input data in Travel debits

Incorporation of the monthly CPI

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods on a balance of payments basis

Revisions

Economic conditions

Related Article

Previous catalogue number

Methodology

Media releases

Current account deficit widens

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