5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2018 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/09/2018   
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ANALYSIS AND COMMENTS


BALANCE OF PAYMENTS

In original current price terms, the June quarter 2018 current account deficit was $11,885m, a rise of $1,509m on the March quarter 2018 deficit. In original current price terms, the balance on goods and services was a net surplus of $2,871m, primary income was a net deficit of $14,020m and secondary income was a net deficit of $736m.

In original current price terms, the June quarter 2018 capital and financial account surplus was $12,538m, a rise of $5,427m on the March quarter 2018 surplus. In original current price terms, the capital account was a net deficit of $143m and the financial account was a net surplus of $12,681m.

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

BALANCE OF PAYMENTS, Summary(a): Original

Jun 2017
Sep 2017
Dec 2017
Mar 2018
Jun 2018
$m
$m
$m
$m
$m

CURRENT ACCOUNT
-9 715
-15 046
-16 815
-10 376
-11 885
Goods and services
2 844
268
-1 744
4 824
2 871
Credits
94 653
96 435
98 608
101 257
104 366
Debits
-91 809
-96 167
-100 352
-96 433
-101 495
Goods
4 863
2 990
-395
4 191
5 344
Credits
74 995
75 699
76 636
78 325
84 371
Debits
-70 132
-72 709
-77 031
-74 134
-79 027
Services
-2 019
-2 722
-1 349
633
-2 473
Credits
19 658
20 736
21 972
22 932
19 995
Debits
-21 677
-23 458
-23 321
-22 299
-22 468
Primary income
-11 790
-15 078
-15 108
-14 857
-14 020
Credits
14 172
13 371
13 535
14 455
16 182
Debits
-25 962
-28 450
-28 643
-29 311
-30 202
Secondary income
-769
-236
37
-343
-736
Credits
2 283
2 287
2 242
2 263
2 359
Debits
-3 052
-2 523
-2 205
-2 606
-3 095
CAPITAL AND FINANCIAL ACCOUNT
9 879
12 543
19 921
7 111
12 538
Capital account
171
-123
-403
-20
-143
Acquisitions/disposals of non-produced non-financial assets
339
3
11
123
23
Credits
340
5
12
125
25
Debits
-1
-2
-1
-2
-2
Capital transfers
-168
-126
-414
-143
-166
Credits
-
-
-
-
-
Debits
-168
-126
-414
-143
-166
Financial account
9 708
12 666
20 324
7 131
12 681
Direct investment
18 383
7 831
9 505
15 020
27 199
Assets
19
-8 528
412
120
-5 244
Liabilities
18 363
16 359
9 093
14 900
32 443
Portfolio investment
11 849
-1 563
9 835
2 629
-1 594
Assets
-6 521
-29 701
-24 300
-30 306
-25 093
Liabilities
18 369
28 138
34 135
32 936
23 500
Financial derivatives
-592
-5 694
-6 297
6 749
-3 204
Assets
10 258
25 434
12 654
22 551
20 540
Liabilities
-10 851
-31 129
-18 951
-15 802
-23 744
Other investment
-14 528
2 011
20 123
-27 691
-10 987
Assets
-17 201
20 628
5 826
-26 797
-5 075
Liabilities
2 672
-18 617
14 297
-894
-5 912
Reserve assets
-5 402
10 082
-12 842
10 423
1 266
NET ERRORS AND OMISSIONS
-164
2 503
-3 106
3 265
-653

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

In seasonally adjusted current price terms, the June quarter 2018 current account deficit was $13,472m, a rise of $1,794m on the March quarter 2018 deficit.

In trend current price terms, the June quarter 2018 current account deficit was $12,875m, a fall of $817m on the March quarter 2018 deficit.

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

BALANCE ON CURRENT ACCOUNT IN CURRENT PRICES - June Quarter 2018

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

Seasonally Adjusted

Balance on current account
-13 472
-1 794
-15.4
Balance on goods and services
2 812
-532
-15.9
Net goods
3 981
-1 261
-24.1
Net services
-1 169
729
38.4
Net primary income
-15 934
-1 102
-7.4
Net secondary income
-351
-161
-84.7

Trend

Balance on current account
-12 875
817
6.0
Balance on goods and services
2 960
1 265
74.6
Net goods
4 500
1 152
34.4
Net services
-1 540
113
6.8
Net primary income
-15 555
-455
-3.0
Net secondary income
-280
7
2.4



TERMS OF TRADE(footnote 1)

Australia's seasonally adjusted terms of trade on net goods and services for the June quarter 2018 fell 1.3% to 117.6, with an increase of 1.4% in the implicit price deflator (IPD) for goods and services credits and an increase of 2.7% in the IPD for goods and services debits.

In trend terms, the terms of trade for net goods and services rose 1.0% to 118.6.

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



BALANCE ON GOODS AND SERVICES

In seasonally adjusted chain volume terms, the balance on goods and services was a deficit of $12,861m, a fall of $546m on the March quarter 2018 deficit of $13,407m.

The net deficit on goods rose $597m on the March quarter 2018 deficit of $10,496m. Goods credits rose $753m (1%) and goods debits rose $1,350m (2%). The net deficit on services fell $1,142m on the March quarter 2018 deficit of $2,911m.

The fall in the balance on goods and services deficit, in seasonally adjusted chain volume terms, is expected to contribute 0.1 percentage points to growth in the June quarter 2018 chain volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the March quarter 2018.

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



Goods

The trend estimate of net goods at current prices for the June quarter 2018 was a surplus of $4,500m, a rise of $1,152m on the March quarter 2018 surplus of $3,348m.

In seasonally adjusted terms at current prices, net goods was a surplus of $3,981m, a fall of $1,261m on the March quarter 2018 surplus of $5,242m.

GOODS, Price and volume analysis: Seasonally adjusted - June Quarter 2018

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

Exports
2 341
2.8
1.1
1.7
Rural goods
813
7.2
3.9
3.2
Non-rural goods
1 856
2.8
1.4
1.4
Net exports of goods under merchanting
9
300.0
301.2
-0.3
Non-monetary gold
-337
-5.9
-7.3
1.5
Imports
3 603
4.7
1.7
2.9
Consumption goods
727
2.8
1.6
1.2
Capital goods
1 019
5.5
4.4
1.1
Intermediate and other merchandise goods
1 463
4.7
-1.0
5.7
Non-monetary gold
394
24.6
22.2
1.9

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


GOODS CREDITS

The trend estimate of goods credits at current prices rose $3,951m (5%) to $84,433m in the June quarter 2018.

In seasonally adjusted terms at current prices, goods credits rose $2,341m (3%) to $84,557m, with volumes up 1% and prices up 2%.


Rural Goods

Exports of rural goods, in seasonally adjusted terms at current prices, rose $813m (7%) to $12,050m, with volumes up 4% and prices up 3%.

The main components contributing to the rise were:
  • meat and meat preparations, up $262m (8%), with volumes up 4% and prices up 4%
  • other rural, up $262m (5%), with volumes up 4% and prices up 1%
  • cereal grains and cereal preparations, up $224m (12%), with volumes up 5% and prices up 7%.


Non-rural Goods

Exports of non-rural goods, in seasonally adjusted terms at current prices, rose $1,856m (3%) to $67,117m, with volumes up 1% and prices up 1%.

The main components contributing to the rise were:
  • other mineral fuels, up $1,338m (12%), with volumes up 2% and prices up 10%
  • metal ores and minerals, up $385m (2%), with volumes up 3% and prices down 2%
  • other manufactures, up $270m (5%), with volumes up 1% and prices up 4%.

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


Net Exports of Goods Under Merchanting

Net exports of goods under merchanting, in seasonally adjusted terms at current prices, rose $9m to $12m.


Non-monetary Gold

Exports of non-monetary gold, in original and seasonally adjusted terms at current prices, fell $337m (6%) to $5,378m, with volumes down 7% and prices up 2%.


GOODS DEBITS

The trend estimate of goods debits at current prices rose $2,799m (4%) to $79,933m in the June quarter 2018.

In seasonally adjusted terms at current prices, goods debits rose $3,603m (5%) to $80,576m, with volumes up 2% and prices up 3%.


Consumption Goods

Imports of consumption goods, in seasonally adjusted terms at current prices, rose $727m (3%) to $26,568m, with volumes up 2% and prices up 1%.

The main components contributing to the rise were:
  • textiles, clothing and footwear, up $385m (9%), with volumes up 7% and prices up 1%
  • consumption goods n.e.s., up $286m (4%), with volumes up 2% and prices up 1%
  • toys, books and leisure goods, up $93m (5%), with volumes up 6%.

Partly offsetting these rises was non-industrial transport equipment, down $116m (2%), with volumes down 3% and prices up 2%.


Capital Goods

Imports of capital goods, in seasonally adjusted terms at current prices, rose $1,019m (5%) to $19,585m, with volumes up 4% and prices up 1%.

The main components contributing to the rise were:
  • industrial transport equipment n.e.s., up $507m (16%), with volumes up 21% and prices down 4%
  • ADP equipment, up $346m (13%), with volumes up 9% and prices up 4%
  • capital goods n.e.s., up $258m (14%), with volumes up 13% and prices up 1%
  • telecommunications equipment, up $171m (6%), with volumes up 5%.

Partly offsetting these rises was civil aircraft and confidentialised items, down $201m (13%), with volumes down 16% and prices up 4%.


Intermediate and Other Merchandise Goods

Imports of intermediate and other merchandise goods, in seasonally adjusted terms at current prices, rose $1,463m (5%) to $32,427m, with volumes down 1% and prices up 6%.

The main components contributing to the rise were:
  • fuels and lubricants, up $918m (11%), with volumes down 4% and prices up 15%
  • other parts for capital goods, up $232m (5%), with volumes up 3% and prices up 2%
  • processed industrial supplies n.e.s., up $223m (3%), with volumes down 1% and prices up 3%.


Non-monetary Gold

Imports of non-monetary gold, in original and seasonally adjusted terms at current prices, rose $394m (25%) to $1,996m, with volumes up 22% and prices up 2%.


SERVICES

The trend estimate of net services at current prices was a deficit of $1,540m, a fall of $113m on the March quarter 2018 deficit of $1,653m.

In seasonally adjusted terms at current prices, net services was a deficit of $1,169m, a fall of $729m on the March quarter 2018 deficit of $1,898m.

SERVICES, Price and volume analysis: Seasonally adjusted - June Quarter 2018

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

Exports
337
1.6
1.2
0.4
Manufacturing services on physical inputs owned by others
2
na
na
na
Maintenance and repair services n.i.e.
1
11.1
11.2
-0.1
Transport
-10
-0.5
-1.1
0.5
Travel
308
2.2
1.8
0.5
Other services
36
0.6
0.4
0.2
Imports
-393
-1.7
-3.8
2.2
Manufacturing services on physical inputs owned by others
-
-
-
-
Maintenance and repair services n.i.e.
22
17.3
14.9
2.1
Transport
-148
-3.2
-5.3
2.2
Travel
-355
-3.1
-5.2
2.3
Other services
89
1.3
-0.8
2.1

- nil or rounded to zero (including null cells)
na not available
(a) Reference year 2015-16.
(b) Movements in indexes are based on data to four decimal places.


Services Credits

Services credits, in seasonally adjusted terms at current prices, rose $337m (2%) to $21,750m, with volumes up 1%.

The main component contributing to the rise was travel, up $308m (2%), with volumes up 2%.

In seasonally adjusted terms, tourism related services credits rose $307m (2%) to $14,743m.


Services Debits

Services debits, in seasonally adjusted terms at current prices, fell $393m (2%) to $22,919m, with volumes down 4% and prices up 2%.

The main components contributing to the fall were:
  • travel, down $355m (3%), with volumes down 5% and prices up 2%
  • transport, down $148m (3%), with volumes down 5% and prices up 2%.

Partly offsetting these falls was other services, up $89m (1%), with volumes down 1% and prices up 2%.

In seasonally adjusted terms, tourism related services debits fell $497m (4%) to $12,967m.


PRIMARY INCOME

The trend estimate of the net primary income deficit at current prices rose $455m to $15,555m in the June quarter 2018.

In seasonally adjusted terms at current prices, the net primary income deficit rose $1,102m to $15,934m in the June quarter 2018.

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


Primary Income Credits

Primary income credits, in seasonally adjusted terms at current prices, rose $891m (6%) to $15,655m. The main component of investment income contributing to the rise was direct investment assets, income on equity and investment fund shares, up $324m (7%).


Primary Income Debits

Primary income debits, in seasonally adjusted terms at current prices, rose $1,993m (7%) to $31,589m. The main component of investment income contributing to the rise was direct investment liabilities, income on equity and investment fund shares, up $715m (6%).


SECONDARY INCOME

The trend estimate of the net secondary income deficit at current prices fell $7m to $280m in the June quarter 2018.

In seasonally adjusted terms at current prices, the net secondary income deficit rose $161m to $351m in the June quarter 2018.


CAPITAL ACCOUNT

In original terms, the capital account deficit was $143m, an increase of $123m on the March quarter 2018 deficit of $20m. Capital account credits decreased $100m (80%) and capital account debits increased $23m (16%) in the June quarter 2018.


FINANCIAL ACCOUNT

The balance on the financial account, in original terms, recorded a net inflow of $12.7b, which was driven by a net inflow of equity of $17.6b and a net outflow of debt of $5.0b.

The financial account surplus increased $5.6b from $7.1b in the March quarter 2018, to $12.7b in the June quarter 2018.


Direct Investment

Direct investment recorded a net inflow of $27.2b in the June quarter 2018, an increase of $12.2b on the net inflow of $15.0b in the March quarter 2018, where:
  • direct investment liabilities recorded an inflow of $32.4b, an increase of $17.5b on the inflow of $14.9b in the March quarter 2018
  • direct investment assets recorded an outflow of $5.2b, a turnaround of $5.4b on the inflow of $0.1b in the March quarter 2018.


Portfolio Investment

Portfolio investment recorded a net outflow of $1.6b in the June quarter 2018, a turnaround of $4.2b on the net inflow of $2.6b in the March quarter 2018, where:
  • equity and investment fund shares recorded a net outflow of $7.8b in the June quarter 2018, a decrease of $3.3b on the net outflow of $11.0b in the March quarter 2018
  • debt securities recorded a net inflow of $6.2b in the June quarter 2018, a decrease of $7.5b on the net inflow of $13.7b in the March quarter 2018.


Financial Derivatives

Financial derivatives recorded a net outflow of $3.2b in the June quarter 2018, a turnaround of $10.0b on the net inflow of $6.7b in the March quarter 2018.


Other Investment

Other investment recorded a net outflow of $11.0b in the June quarter 2018, a decrease of $16.7b on the net outflow of $27.7b in the March quarter 2018. This was driven by net outflows of $8.4b in loans and $1.3b in currency and deposits.


Reserve Assets

Reserve assets recorded an inflow of $1.3b in the June quarter 2018, a decrease of $9.2b on the inflow of $10.4b in the March quarter 2018.


INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP liability position was $953.4b at 30 June 2018, an increase of $19.5b on the revised 31 March 2018 position of $933.9b. Australia's net foreign debt liability increased $15.3b to $1,036.4b. Australia's net foreign equity asset decreased $4.2b to $83.0b at 30 June 2018.

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

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

Changes in position reflecting
Position at beginning of period
Transactions
Price changes
Exchange rate changes
Other adjustments
Position at end of period
$m
$m
$m
$m
$m
$m

Net International Investment Position
Dec 2017
936 673
20 324
22 875
-5 033
-2 398
972 441
Mar 2018
972 441
7 131
-6 407
-34 878
-4 357
933 929
Jun 2018
933 929
12 681
-4 732
12 957
-1 405
953 430
Net Foreign Equity
Dec 2017
-51 060
1 034
18 280
-10 077
-4 661
-46 485
Mar 2018
-46 485
3 972
-6 121
-32 433
-6 150
-87 217
Jun 2018
-87 217
17 649
-6 972
-4 960
-1 478
-82 978
Net Foreign Debt
Dec 2017
987 733
19 290
4 595
5 044
2 263
1 018 926
Mar 2018
1 018 926
3 158
-286
-2 445
1 793
1 021 146
Jun 2018
1 021 146
-4 968
2 241
17 917
73
1 036 408



SUPPLEMENTARY INFORMATION

CONDITIONS

The conditions in the global economy showed improving growth in Australia’s major trading partner countries in the June quarter 2018. According to the Organisation for Economic Cooperation and Development (OECD)(footnote 2) preliminary growth rates compared to last quarter in seasonally adjusted terms showed quarterly growth for China (1.8%), Indonesia (1.3%), the USA (1.0%), Japan (0.5%), Germany (0.5%), the Euro 28 (0.4%), the UK (0.4%) and France (0.2%).
  • foreign asset transactions were -$13.6b in the June quarter 2018 compared to -$24.0b in the March quarter 2018
  • foreign liability transactions were $26.3b in the June quarter 2018 compared to $31.1b in the March quarter 2018.

The Australian share market, as measured by the MSCI global index(footnote 3) increased 8.3% in the June quarter 2018, following a decrease of 5.5% in the March quarter 2018. Increases were recorded in New Zealand (12.4%), the UK (8.0%), Canada (6.2%), the USA (3.1%), France (3.1%) and Japan (1.0%). Decreases were recorded in Singapore (5.7%), China (4.3%), Hong Kong (2.5%), Germany (0.8%) and Switzerland (0.6%). A market price change of -$48.5b was recorded for foreign equity assets and $41.5b for foreign equity liabilities in the June quarter 2018.

According to Thomson Reuters (footnote 4) the composite corporate benchmark yields increased in the USA from 3.82% to 4.07%, Germany from 1.00% to 1.06%, Japan from 0.29% to 0.31% and Australia from 3.23% to 3.31%. The yields in the UK remained unchanged at 2.49% over the June quarter 2018. The long-term 10 year government bond yields increased in the USA from 2.74% to 2.85%.The yields decreased in Germany from 0.50% to 0.31%, Australia from 2.72% to 2.70%, in the UK from 1.35% to 1.28% and Japan from 0.04% to 0.03% over the June quarter 2018. A market price change of $2.5b was recorded for portfolio debt securities assets and -$5.2b in portfolio debt securities liabilities in the June quarter 2018.

The Australian dollar appreciated against most major currencies in the June quarter 2018. The dollar appreciated 3.49% against the UK pound sterling, 2.41% against the New Zealand dollar, 2.04% against the European Euro, 1.44% against the Indian rupee, 1.33% against the Chinese renminbi, 0.27% against the Singapore dollar and 0.26% against the Japanese yen. The Australian dollar depreciated 3.58% against the Hong Kong dollar, 3.57% against the US dollar and 1.31% against the Canadian dollar. The Trade Weighted Index (TWI)(footnote 5) rose 0.48% to 62.60 in the June quarter 2018. These movements were reflected in exchange rate changes for foreign assets of -$16.1b and foreign liabilities of $29.0b in the June quarter 2018.


RELATIONSHIP BETWEEN IPD, EPI AND IPI (footnote 6)

In original terms, the IPD for total goods credits rose 1.5% and the chain Laspeyres price index for goods exports rose 1.8%. The Export Price Index (EPI)(footnote 7) rose 1.9% during the June quarter 2018.

In original terms, the IPD for total goods debits rose 2.8% and the chain Laspeyres price index for goods imports rose 3.2%. The Import Price Index (IPI)(footnote 7) rose 3.2% during the June quarter 2018.

Differences between the IPD and International Trade Price Indexes can arise due to a number of methodological factors including differences in pricing points, timing, coverage and weights.

GOODS AND SERVICES, Price comparison - June Quarter 2018

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

Exports
Goods
1.7
1.5
1.9
1.8
Services
0.4
0.3
na
0.3
Imports
Goods
2.9
2.8
3.2
3.2
Services
2.2
2.2
na
2.2

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

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


Commodity Price Indexes

The RBA Commodity Price Index (average monthly index) for rural commodities rose 4.0% between the March quarter 2018 and the June quarter 2018 while the EPI for rural goods rose 3.0%.

The RBA Commodity Price Index for non-rural commodities rose 0.4% between the March quarter 2018 and the June quarter 2018 while the EPI for non-rural goods (excluding non-monetary gold) rose 1.7%.

Differences between the RBA Commodity Price Index and ABS price measures are largely a consequence of methodological differences used in the construction of the respective indexes, including coverage of included commodities and timing of source data.


FINANCIAL YEAR 2017-18 SITUATION

CURRENT ACCOUNT

In original terms, the balance on current account for 2017-18 was a deficit of $54.1b, a rise of $15.3b on the deficit of $38.8b recorded for 2016-17. The balance on goods and services was a surplus of $6.2b, a fall of $4.7b on the surplus of $10.9b recorded for 2016-17. Goods and services credits rose $27.3b (7%) and goods and services debits rose $32.0b (9%).

The low value threshold adjustments applied to goods debits for 2017-18, rose $1.9b to $11.1b.

The 2017-18 net primary income deficit rose $11.1b, with a rise in primary income credits of $2.8b (5%) and a rise in primary income debits of $13.9b (14%).

The 2017-18 net secondary income deficit fell $0.5b, with a rise in secondary income credits of $0.3b (3%) and a fall in secondary income debits of $0.2b (2%).


FINANCIAL ACCOUNT

The balance on financial account recorded a net inflow of $52.8b, with a net inflow on equity of $18.0b and a net inflow on debt of $34.8b. This result was an increase of $19.5b on the net inflow of $33.3b recorded for the previous financial year as a result of:
  • a decrease of $3.8b on the net inflow on direct investment
  • an increase of $5.2b on the net inflow on portfolio investment
  • a turnaround of $11.8b from a net inflow to a net outflow on financial derivatives
  • a decrease of $1.4b on the net outflow on other investment
  • a turnaround of $28.6b from a net outflow to a net inflow on reserve assets.


INTERNATIONAL INVESTMENT POSITION

Australia's net international investment position as at 30 June 2018 was a net foreign liability of $953.4b. This was an increase of $22.9b on the position a year earlier as a result of:
  • net transactions of $52.8b
  • price changes of -$10.6b
  • exchange rate changes of -$7.8b
  • other changes of -$11.5b.

During 2017-18, Australia's net foreign equity asset increased to $83.0b, an increase of $48.2b on the previous financial year, with exchange rate changes of $30.0b, price changes of $16.9b, and other changes of $19.2b, offset by net transactions of $18.0b.

Australia's net foreign debt liability increased to $1,036.4b, an increase of $71.1b on the previous financial year, with net transactions of $34.8b, exchange rate changes of $22.2b, other changes of $7.7b and price changes of $6.3b.

At 30 June 2018, the ratio of Australia's net international investment position to GDP using the latest available GDP figure (for the year ended 31 March 2018 using current prices) was 52.5%. This compares with 52.9% one year ago.

1 In this commentary movements in indexes are based on data to four decimal places. <back
2 OECD Statistics Quarterly National Account, Organisation for Economic Cooperation and Development – Economic Department, viewed 21 August 2018 <back
3 MSCI Global Market Indexes 2018, Morgan Stanley Capital International, viewed 6 July 2018. <back
4 Thomson Reuters, viewed 17 July 2018. <back
5 Exchange Rates – Daily 2014 to Current, Reserve Bank of Australia - Statistical Tables, viewed 3 July 2018. <back
6 In this commentary movements in indexes are based on data to four decimal places. <back
7 Source: International Trade Price Indexes, Australia (cat. no. 6457.0) <back