5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2015 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/09/2015   
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ANALYSIS AND COMMENTS


BALANCE OF PAYMENTS

In original current price terms, the June quarter 2015 current account deficit was $15,019m, an increase of $1,685m (13%) on the March quarter 2015 deficit.

In original current price terms, the balance on goods and services contributed $7,062m, primary income contributed $7,490m and secondary income contributed $467m to the deficit.

The capital and financial account surplus was $15,552m, with the capital account contributing a net deficit of $158m and the financial account contributing $15,710m to the surplus.

BALANCE OF PAYMENTS, Summary(a): Original

Jun 2014
Sep 2014
Dec 2014
Mar 2015
Jun 2015
$m
$m
$m
$m
$m

CURRENT ACCOUNT
-10 793
-15 801
-12 827
-13 334
-15 019
Goods and services
-2 491
-5 670
-4 671
-3 624
-7 062
Credits
80 535
80 623
82 495
78 573
77 293
Debits
-83 026
-86 293
-87 166
-82 197
-84 355
Goods
577
-2 615
-2 691
-2 558
-5 365
Credits
66 224
65 448
66 610
62 518
61 705
Debits
-65 647
-68 063
-69 301
-65 076
-67 070
Services
-3 068
-3 055
-1 980
-1 066
-1 697
Credits
14 311
15 175
15 885
16 055
15 588
Debits
-17 379
-18 230
-17 865
-17 121
-17 285
Primary income
-7 741
-9 736
-7 733
-9 075
-7 490
Credits
12 641
13 651
13 273
12 816
13 424
Debits
-20 382
-23 387
-21 006
-21 891
-20 915
Secondary income
-561
-395
-423
-635
-467
Credits
1 958
1 967
1 983
1 965
2 004
Debits
-2 519
-2 362
-2 406
-2 600
-2 471
CAPITAL AND FINANCIAL ACCOUNT
10 127
16 412
10 368
15 860
15 552
Capital account
-71
-99
-129
-134
-158
Acquisitions/disposals of non-produced non-financial assets
44
18
-2
-1
-4
Credits
48
21
-
1
1
Debits
-4
-3
-2
-2
-5
Capital transfers
-115
-117
-127
-133
-154
Credits
-
-
-
-
-
Debits
-115
-117
-127
-133
-154
Financial account
10 198
16 511
10 497
15 994
15 710
Direct investment
15 262
20 163
6 228
13 530
8 588
Assets
1 912
-483
-3 974
-1 511
-11 925
Liabilities
13 350
20 646
10 202
15 042
20 513
Portfolio investment
11 681
-2 980
11 261
21 370
18 177
Assets
-15 850
-14 291
-13 539
-14 225
2 052
Liabilities
27 530
11 311
24 800
35 596
16 125
Financial derivatives
-6 606
-6 891
1 002
-894
2 752
Assets
21 036
5 758
2 154
14 444
44 462
Liabilities
-27 643
-12 649
-1 152
-15 338
-41 711
Other investment
-8 903
2 480
-5 294
-12 379
-20 524
Assets
-21 807
6 627
3 023
-28 154
-30 673
Liabilities
12 903
-4 147
-8 317
15 775
10 149
Reserve assets
-1 235
3 739
-2 701
-5 633
6 717
NET ERRORS AND OMISSIONS
666
-611
2 459
-2 526
-532

- 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 2015 current account deficit was $19,033m, an increase of $5,532m (41%) on the March quarter 2015 deficit.

In trend current price terms, the June quarter 2015 current account deficit was $17,103m, an increase of $2,711m (19%) on the March quarter 2015 deficit.

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

BALANCE ON CURRENT ACCOUNT IN CURRENT PRICES - June Quarter 2015

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

Seasonally Adjusted

Balance on current account
-19 033
-5 532
-41.0
Balance on goods and services
-9 641
-4 860
-101.7
Net goods
-7 877
-5 268
-201.9
Net services
-1 764
408
18.8
Net primary income
-8 966
-715
-8.7
Net secondary income
-425
44
9.4

Trend

Balance on current account
-17 103
-2 711
-18.8
Balance on goods and services
-8 046
-2 541
-46.2
Net goods
-6 228
-2 551
-69.4
Net services
-1 817
11
0.6
Net primary income
-8 614
-201
-2.4
Net secondary income
-443
31
6.5



TERMS OF TRADE (footnote 1)

Australia's seasonally adjusted terms of trade on net goods and services for the June quarter 2015 fell 3.4% to 82.6, with a decrease of 2.7% in the Implicit Price Deflator (IPD) for goods and services credits and an increase of 0.8% in the IPD for goods and services debits.

In trend terms, the terms of trade for net goods and services fell 2.5% to 83.2.

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 surplus of $5,987m, a fall of $2,334m (28%) on the March quarter 2015 surplus of $8,321m.

The net surplus on goods, in seasonally adjusted chain volume terms, fell $2,693m (32%) on the March quarter 2015 surplus of $8,300m. Goods credits fell $2,934m (4%) and goods debits fell $241m. The net surplus on services rose $358m on the March quarter 2015 surplus of $22m.

The decrease in the balance on goods and services surplus, in seasonally adjusted chain volume terms, is expected to detract 0.6 percentage points from growth in the June quarter 2015 volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the March quarter 2015.

GOODS AND SERVICES, CHAIN VOLUME MEASURES (a)
Graph: GOODS AND SERVICES, CHAIN VOLUME MEASURES (a)



Goods

The trend estimate of net goods at current prices for the June quarter 2015 was a deficit of $6,228m, an increase of $2,551m (69%) on the March quarter 2015 deficit of $3,677m.

In seasonally adjusted terms at current prices, net goods was a deficit of $7,877m, an increase of $5,268m (202%) on the March quarter 2015 deficit of $2,609m.

GOODS, Price and volume analysis: Seasonally adjusted - June Quarter 2015

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

Exports
-4 905
-7.4
-4.0
-3.6
Rural goods
11
0.1
-0.6
0.7
Non-rural goods
-3 777
-7.5
-2.7
-4.9
Net exports of goods under merchanting
-13
-11.9
-6.2
-5.7
Non-monetary gold
-1 126
-27.6
-28.0
0.5
Imports
363
0.5
-0.4
0.9
Consumption goods
636
2.9
4.0
-1.1
Capital goods
-1 522
-8.8
-9.3
0.6
Intermediate and other merchandise goods
1 240
4.4
1.2
3.1
Non-monetary gold
10
1.0
2.1
-1.0

(a) Reference year 2012-13.
(b) Movements in indexes are based on data to four decimal places.



GOODS CREDITS

The trend estimate of goods credits at current prices fell $1,295m (2%) to $62,866m in the June quarter 2015.

In seasonally adjusted terms at current prices, goods credits fell $4,905m (7%) to $60,957m, with volumes down 4% and prices down 4%.


Rural Goods

Exports of rural goods, in seasonally adjusted terms at current prices, rose $11m to $11,292m, with volumes down 1% and prices up 1%. The main components contributing to the rise were:
  • wool and sheepskins, up $172m (22%), with volumes up 17% and prices up 4%
  • cereal grains and cereal preparations, up $88m (4%), with volumes up 5% and prices down 1%.

Partly offsetting these rises was other rural, down $234m (5%), with volumes down 6% and prices up 1%.


Non-rural Goods

Exports of non-rural goods, in seasonally adjusted terms at current prices, fell $3,777m (7%) to $46,613m, with volumes down 3% and prices down 5%. The main components contributing to the fall were:
  • metal ores and minerals, down $1,584m (8%), with volumes down 2% and prices down 6%
  • other mineral fuels, down $1,453m (22%), with volumes down 9% and prices down 14%
  • coal, coke and briquettes, down $1,150m (11%), with volumes down 8% and prices down 4%.

Partly offsetting these falls was other non-rural (incl. sugar and beverages), up $523m (21%), with volumes up 29% and prices down 6%.

SELECTED MAJOR COMMODITIES, CURRENT PRICES(a)
Graph: SELECTED MAJOR COMMODITIES, CURRENT PRICES(a)



Net Exports of Goods Under Merchanting

Net exports of goods under merchanting, in seasonally adjusted terms at current prices, fell $13m (12%), with volumes down 6% and prices down 6%.


Non-monetary Gold

Non-monetary gold, in original and seasonally adjusted terms at current prices, fell $1,126m (28%), with volumes down 28%.


GOODS DEBITS

The trend estimate of goods debits at current prices rose $1,256m (2%) to $69,094m in the June quarter 2015.

In seasonally adjusted terms at current prices, goods debits rose $363m (1%) to $68,834m, with prices up 1%.


Consumption Goods

Imports of consumption goods, in seasonally adjusted terms at current prices, rose $636m (3%) to $22,643m, with volumes up 4% and prices down 1%. The main components contributing to the rise were:
  • non-industrial transport equipment, up $649m (13%), with volumes up 12% and prices up 1%
  • consumption goods n.e.s., up $257m (4%), with volumes up 7% and prices down 3%.

Partly offsetting these rises was textiles, clothing and footwear, down $166m (4%), with volumes down 5% and prices up 1%.


Capital Goods

Imports of capital goods, in seasonally adjusted terms at current prices, fell $1,522m (9%) to $15,766m, with volumes down 9% and prices up 1%. The main components contributing to the fall were:
  • capital goods n.e.s., down $1,013m (36%), with volumes down 43% and prices up 13%
  • civil aircraft and confidentialised items, down $837m (41%), with volumes down 42% and prices up 2%.

Partly offsetting these falls was industrial transport equipment n.e.s., up $304m (16%), with volumes up 12% and prices up 4%.


Intermediate and Other Merchandise Goods

Imports of intermediate and other merchandise goods, in seasonally adjusted terms at current prices, rose $1,240m (4%) to $29,411m, with volumes up 1% and prices up 3%. The main components contributing to the rise were:
  • fuels and lubricants, up $1,020m (14%) with volumes up 2% and prices up 12%
  • iron and steel, up $255m (20%), with volumes up 21%.


Non-monetary Gold

Imports of non-monetary gold, in original and seasonally adjusted terms at current prices, rose $10m (1%) to $1,014m, with volumes up 2% and prices down 1%.


SERVICES

The trend estimate of net services at current prices was a deficit of $1,817m, a decrease of $11m (1%) on the March quarter 2015 deficit of $1,828m.

In seasonally adjusted terms at current prices, net services was a deficit of $1,764m, a decrease of $408m (19%) on the March quarter 2015 deficit of $2,172m.

SERVICES, Price and volume analysis: Seasonally adjusted - June Quarter 2015

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

Exports
89
0.6
0.2
0.4
Manufacturing services on physical inputs owned by others
-5
-100.0
-100.0
..
Maintenance and repair services n.i.e.
-
-
-0.1
0.1
Transport
16
0.9
1.3
-0.4
Travel
33
0.3
-0.2
0.5
Other services
44
0.9
0.6
0.3
Imports
-319
-1.8
-2.2
0.4
Manufacturing services on physical inputs owned by others
-
-
-
-
Maintenance and repair services n.i.e.
-79
-47.6
-48.4
1.6
Transport
12
0.3
1.5
-1.2
Travel
-103
-1.4
-2.1
0.7
Other services
-148
-2.3
-4.0
1.7

.. not applicable
- nil or rounded to zero (including null cells)
(a) Reference year 2012-13.
(b) Movements in indexes are based on data to four decimal places.



Services Credits

Services credits, in seasonally adjusted terms at current prices, rose $89m (1%) to $15,983m. The main components contributing to the rise were:
  • other services, up $44m (1%) with volumes up 1%
  • travel, up $33m, with prices up 1%.

In seasonally adjusted terms, tourism related service credits rose $39m to $10,115m.


Services Debits

Services debits, in seasonally adjusted terms at current prices, fell $319m (2%) to $17,747m, with volumes down 2%. The main components contributing to the fall were:
  • other services, down $148m (2%), with volumes down 4% and prices up 2%
  • travel, down $103m (1%), with volumes down 2% and prices up 1%.

In seasonally adjusted terms, tourism related service debits fell $174m (2%) to $8,672m.


PRIMARY INCOME

The trend estimate of the net primary income deficit at current prices rose $201m (2%) to $8,614m in the June quarter 2015.

The seasonally adjusted estimate of the net primary income deficit at current prices rose $715m (9%) to $8,966m in the June quarter 2015.

NET PRIMARY INCOME
Graph: NET PRIMARY INCOME



Primary Income Credits

Primary income credits, in seasonally adjusted terms at current prices, rose $298m (2%) to $13,362m. The main component contributing to the rise was portfolio investment interest, up $229m (13%).


Primary Income Debits

Primary income debits, in seasonally adjusted terms at current prices, rose $1,013m (5%) to $22,328m. The main component contributing to the rise was direct investment income on equity and investment fund shares, up $611m (10%) and portfolio investment interest, up $423m (8%).


SECONDARY INCOME

The trend estimate of the net secondary income deficit at current prices, fell $31m (7%) to $443m in the June quarter 2015.

In seasonally adjusted terms, the net secondary income deficit at current prices, fell $44m (9%) to $425m in the June quarter 2015.


CAPITAL ACCOUNT

In original terms, the capital account deficit was $158m, an increase of $24m (18%) on the March quarter 2015 deficit of $134m. Capital account credits remained steady at $1m and capital account debits rose $24m (18%) in the June quarter 2015.


FINANCIAL ACCOUNT

The balance on financial account, in original terms, recorded a net inflow of $15.7b, which was driven by a net inflow of equity of $9.7b and a net inflow of debt of $6.1b.

The financial account surplus decreased $0.3b to $15.7b in the June quarter 2015, from $16.0b in the March quarter 2015.


Direct Investment

Direct investment recorded a net inflow of $8.6b in the June quarter 2015, a decrease of $4.9b on the inflow of $13.5b in the March quarter 2015, where:
  • direct investment liabilities recorded an inflow of $20.5b, an increase of $5.5b on the inflow of $15.0b in the March quarter 2015
  • direct investment assets recorded an outflow of $11.9b, an increase of $10.4b on the outflow of $1.5b in the March quarter 2015.


Portfolio Investment

Portfolio investment recorded a net inflow of $18.2b in the June quarter 2015, a decrease of $3.2b on the inflow of $21.4b in the March quarter 2015, where:
  • debt securities recorded a net inflow of $10.6b, a decrease of $4.9b on the inflow of $15.5b in the March quarter 2015
  • equity and investment fund shares recorded a net inflow of $7.6b, an increase of $1.7b on the inflow of $5.9b in the March quarter 2015.


Financial Derivatives

Financial derivatives recorded a net inflow of $2.8b in the June quarter 2015, a turnaround of $3.6b on the outflow of $0.9b in the March quarter 2015.


Other Investment

Other investment recorded a net outflow of $20.5b in the June quarter 2015, an increase of $8.1b on the outflow of $12.4b in the March quarter 2015. This was driven by a net outflow in loans of $30.4b, partly offset by a net inflow in currency and deposits of $5.9b.


Reserve Assets

Reserve assets recorded a net inflow of $6.7b in the June quarter 2015, a turnaround of $12.4b on the outflow of $5.6b in the March quarter 2015. This was contributed by a net inflow of short-term debt securities of $6.2b to the Reserve Bank of Australia (RBA).


INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP liability position was $906.0b at 30 June 2015, a decrease of $4.7b (1%) on the 31 March 2015 position of $910.7b. Australia's net foreign debt liability decreased $8.0b (1%) to a net liability position of $976.1b. Australia's net foreign equity decreased $3.3b (5%) to a net asset position of $70.1b at 30 June 2015.

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 2014
896 093
10 497
2 045
–18 846
–2 391
887 397
Mar 2015
887 397
15 994
26 873
–15 103
–4 438
910 724
Jun 2015
910 724
15 710
–18 463
–512
–1 462
905 996

Net Foreign Equity
Dec 2014
–17 978
–6 308
1 756
–34 016
–5 280
–61 825
Mar 2015
–61 825
10 660
16 087
–32 633
–5 669
–73 381
Jun 2015
–73 381
9 650
–3 371
–282
–2 676
–70 060

Net Foreign Debt
Dec 2014
914 071
16 805
289
15 169
2 889
949 222
Mar 2015
949 222
5 334
10 787
17 530
1 231
984 105
Jun 2015
984 105
6 060
–15 092
–230
1 214
976 056



SUPPLEMENTARY INFORMATION

CONDITIONS

The conditions in the global economy showed modest growth for most countries in the June quarter 2015. According to the Organisation for Economic Cooperation and Development,(footnote 2) preliminary real GDP estimates in seasonally adjusted terms showed quarterly growth for Greece (0.8%), UK (0.7%), USA (0.6%), Germany (0.4%), South Korea (0.3%), and European Union (0.3%). Quarterly growth rates fell for Japan (0.4%).

Australia's international investment activities during the quarter were as follows:
  • foreign asset transactions were $10.6b in the June quarter 2015 compared to –$35.1b in the March quarter 2015
  • foreign liability transactions were $5.1b in the June quarter 2015 compared to $51.1b in the March quarter 2015.

The Australian share market, as measured by the MSCI global index,(footnote 3) fell 7.6% in the June quarter 2015, following an increase of 9.0% in the March quarter 2015. There were decreases in some major share markets including Germany (10.5%), France (4.9%), Switzerland (4.2%), United Kingdom (3.8%), New Zealand (3.7%), Singapore (3.3%), Canada (2.8%) and USA (0.2%). Increases in share markets were recorded in Japan (5.0%) and Hong Kong (4.5%). A market price change of $32.3b was recorded for foreign equity assets and –$35.7b in foreign equity liabilities in the June quarter 2015.

According to Bloomberg,(footnote 4) the composite corporate benchmark yield increased in Australia from 3.13% to 3.57%, in UK from 2.65% to 3.15%, in Germany from 0.99% to 1.48% and in USA from 2.96% to 3.35%. The composite corporate benchmark yield decreased in Japan from 0.35% to 0.34%. The long-term 10 year government bond yields increased in Australia from 2.48% to 2.98%, USA from 1.94% to 2.35%, in UK from 1.58% to 2.01%, in Germany from 0.18% to 0.47% and in Japan from 0.40% to 0.44%. Market price changes were recorded for portfolio debt securities assets of $3.6b and liabilities of –$15.2b in the June quarter 2015.

The Australian dollar depreciated against a number of the major currencies in the June quarter 2015. It decreased 5.4% against the UK pound sterling, 3.5% against the Swiss franc, 2.9% against the European euro, 2.7% against the Swedish krona, 1.8% against the Canadian dollar, 1.5% against the Singapore dollar, 1.3% against the Norwegian krone and 0.6% against the US dollar. The Australian dollar appreciated 10.8% against the New Zealand dollar, 4.5% against the Thai baht, 2.5% against the Malaysian ringgit, 2.4% against the Japanese yen and 2.3% against the Indian rupee. The Trade Weighted Index (TWI), (footnote 4) (footnote 5) recorded an increase of 0.8%. This is reflected in exchange rate changes for foreign assets of $2.0b and foreign liabilities of –$2.5b.


RELATIONSHIP BETWEEN IPD, EPI AND IPI (footnote 6)

In original terms, the IPD for total goods credits fell 3.9% and the chain Laspeyres price index for goods exports fell 4.4%. The Export Price Index (EPI) (footnote 7) fell 4.4% during the June quarter 2015.

In original terms, the IPD for total goods debits rose 0.7% and the chain Laspeyres price index for goods imports rose 1.5%. The Import Price Index (IPI) (footnote 7) rose 1.4% during the June quarter 2015.

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 2015

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
-3.6
-3.9
-4.4
-4.4
Services
0.4
0.3
na
0.3
Imports
Goods
0.9
0.7
1.4
1.5
Services
0.4
0.5
na
0.6

na not available
(a) Reference year 2012-13 = 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 decreased 0.6% between the March and June quarter 2015 while the EPI for rural goods decreased 0.5%.

The RBA Commodity Price Index for non-rural commodities decreased 8.0% while the EPI for non-rural goods total (excluding non-monetary gold) decreased 5.5%.

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 2014-15 SITUATION

CURRENT ACCOUNT

In original terms, the balance on current account for 2014-15 was a deficit of $57.0b, an increase of $5.0b (10%) on the deficit of $52.0b recorded for 2013-14. The balance on goods and services was a deficit of $21.0b, an increase of $13.1b (165%) on the deficit of $7.9b recorded in 2013-14. Goods and services credits decreased $12.3b (4%) and goods and services debits increased $0.9b.

The low value threshold adjustments applied to goods debits remained steady at $6.7b for 2014-15 and was $7.0b for 2014.

The 2014-15 net primary income deficit decreased $7.9b (19%), with an increase in primary income credits of $4.2b (9%) and a decrease in primary income debits of $3.8b (4%).

The 2014-15 net secondary income deficit decreased $0.2b (9%), with an increase in secondary income credits of $0.3b (4%) and an increase in secondary income debits of $0.1b (1%).


FINANCIAL ACCOUNT

The balance on financial account recorded a net inflow of $58.7b, with a net inflow on equity of $32.2b and a net inflow on debt of $26.5b. This result was an increase of $1.3b on the net inflow of $57.4b recorded for the previous year as a result of:
  • an increase of $17.1b on the net outflow on other investment
  • a decrease of $15.3b on the net outflow on financial derivatives
  • a turnaround of $12.9b from the outflow to the inflow on reserve assets
  • a decrease of $7.4b on the net inflow on direct investment
  • a decrease of $2.3b on the net inflow on portfolio investment.


INTERNATIONAL INVESTMENT POSITION

Australia's net international investment position as at 30 June 2015 was a net foreign liability of $906.0b. This was an increase of $21.9b (2%) on the position a year earlier as a result of:
  • net transactions of $58.7b
  • exchange rate changes of –$41.0b
  • price changes of $16.2b
  • other changes of –$12.0b.

During 2014-15, Australia's net foreign equity increased $64.7b on the previous year, to a net asset position of $70.1b, with exchange rate changes of –$99.9b and other changes of –$19.8b, partly offset by net transactions of $32.2b and price changes of $22.8b.

Australia's net foreign debt liability increased of $86.5b (10%) on the previous year, to a net liability position of $976.1b, with exchange rate changes of $58.9b, net transactions of $26.5b, other changes of $7.8b, partly offset by price changes of –$6.6b.

At 30 June 2015, the ratio of Australia's net international investment position to GDP using the latest available GDP figure (for the year ended 31 March 2015 using current prices) was 56.9%. This compares with 55.9% 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 2015. <back
3 MSCI Global Market Indexes 2015, Morgan Stanley Capital International, viewed 7 July 2015. <back
4 Bloomberg, Bloomberg Professional Service, viewed 9 July 2015. <back
5 Exchange Rates – Daily 2015 to Current, Reserve Bank of Australia – Statistical Tables, viewed 9 July 2015. <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