5302.0 - Balance of Payments and International Investment Position, Australia, Jun 2017 Quality Declaration 
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ANALYSIS AND COMMENTS


BALANCE OF PAYMENTS

In original current price terms, the June quarter 2017 current account deficit was $6,721m, a rise of $1,810m on the March quarter 2017 deficit. In original current price terms, the balance on goods and services was a net surplus of $3,999m, primary income was a net deficit of $10,184m and secondary income was a net deficit of $536m.

In original current price terms, the June quarter 2017 capital and financial account surplus was $3,798m, a fall of $2,332m on the March quarter 2017 surplus. In original current price terms, the capital account was a net deficit of $151m and the financial account was a net surplus of $3,949m.

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 2016
Sep 2016
Dec 2016
Mar 2017
Jun 2017
$m
$m
$m
$m
$m

CURRENT ACCOUNT
-12 217
-13 737
-4 100
-4 911
-6 721
Goods and services
-5 538
-5 127
5 851
7 442
3 999
Credits
77 942
82 581
95 897
93 276
93 717
Debits
-83 480
-87 708
-90 046
-85 834
-89 718
Goods
-3 834
-3 839
6 262
6 686
4 710
Credits
60 968
64 377
77 419
74 614
75 599
Debits
-64 802
-68 216
-71 157
-67 928
-70 889
Services
-1 704
-1 288
-411
756
-711
Credits
16 974
18 204
18 478
18 662
18 118
Debits
-18 678
-19 492
-18 889
-17 906
-18 829
Primary income
-6 250
-8 293
-9 649
-11 685
-10 184
Credits
15 498
15 045
16 096
14 491
15 348
Debits
-21 749
-23 339
-25 745
-26 175
-25 532
Secondary income
-429
-317
-302
-668
-536
Credits
2 149
2 140
2 168
2 167
2 213
Debits
-2 578
-2 457
-2 470
-2 835
-2 749
CAPITAL AND FINANCIAL ACCOUNT
12 605
11 077
3 606
6 130
3 798
Capital account
-174
-100
-367
-144
-151
Acquisitions/disposals of non-produced non-financial assets
27
28
-228
1
17
Credits
29
30
8
2
19
Debits
-2
-2
-236
-1
-2
Capital transfers
-201
-128
-139
-145
-168
Credits
-
-
-
-
-
Debits
-201
-128
-139
-145
-168
Financial account
12 779
11 177
3 973
6 274
3 949
Direct investment
11 249
11 246
18 850
15 523
25 208
Assets
-1 699
1 160
978
3 943
-1 675
Liabilities
12 947
10 086
17 872
11 580
26 883
Portfolio investment
-11 241
-15 020
15 506
-3 754
1 322
Assets
-10 115
-16 438
-396
-9 850
-7 677
Liabilities
-1 126
1 419
15 903
6 097
8 998
Financial derivatives
-5 019
-2 795
-239
206
2 118
Assets
32 177
44 506
19 174
34 106
12 232
Liabilities
-37 196
-47 301
-19 413
-33 900
-10 115
Other investment
19 314
16 983
-18 799
-2 056
-19 296
Assets
-2 716
13 878
-20 036
12 394
-19 366
Liabilities
22 030
3 105
1 237
-14 450
70
Reserve assets
-1 523
764
-11 346
-3 646
-5 402
NET ERRORS AND OMISSIONS
-388
2 660
494
-1 219
2 923

- 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 2017 current account deficit was $9,562m, a rise of $4,808m on the March quarter 2017 deficit.

In trend current price terms, the June quarter 2017 current account deficit was $5,623m, a rise of $250m on the March quarter 2017 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 2017

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

Seasonally Adjusted

Balance on current account
-9 562
-4 808
-101.1
Balance on goods and services
3 070
-4 333
-58.5
Net goods
3 633
-4 109
-53.1
Net services
-563
-224
-66.1
Net primary income
-12 159
-499
-4.3
Net secondary income
-472
25
5.0

Trend

Balance on current account
-5 623
-250
-4.7
Balance on goods and services
7 139
1 052
17.3
Net goods
7 631
1 181
18.3
Net services
-492
-129
-35.5
Net primary income
-12 283
-1 292
-11.8
Net secondary income
-479
-10
-2.1




TERMS OF TRADE(footnote 1)

Australia's seasonally adjusted terms of trade on net goods and services for the June quarter 2017 fell 6.0% to 103.6, with a decrease of 5.4% in the implicit price deflator (IPD) for goods and services credits and an increase of 0.7% in the IPD for goods and services debits.

In trend terms, the terms of trade for net goods and services rose 2.0% to 108.9.

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 $196m, a fall of $1,363m on the March quarter 2017 deficit of $1,559m.

The net deficit on goods fell $1,201m on the March quarter 2017 deficit of $1,302m. Goods credits rose $2,173m (3%) and goods debits rose $972m (1%). The net deficit on services fell $164m on the March quarter 2017 deficit of $258m.

The fall in the balance on goods and services deficit, in seasonally adjusted chain volume terms, is expected to contribute 0.3 percentage points to growth in the June quarter 2017 volume measure of GDP, assuming no significant revision to the GDP chain volume estimate for the March quarter 2017.

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 2017 was a surplus of $7,631m, a rise of $1,181m on the March quarter 2017 surplus of $6,450m.

In seasonally adjusted terms at current prices, net goods was a surplus of $3,633m, a fall of $4,109m on the March quarter 2017 surplus of $7,742m.

GOODS, Price and volume analysis: Seasonally adjusted - June Quarter 2017

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

Exports
-2 991
-3.8
3.1
-6.7
Rural goods
87
0.7
-0.9
1.7
Non-rural goods
-3 687
-6.0
3.5
-9.1
Net exports of goods under merchanting
-
-
12.3
-10.9
Non-monetary gold
608
14.1
9.5
4.2
Imports
1 117
1.6
1.4
0.2
Consumption goods
335
1.4
1.6
-0.2
Capital goods
746
4.3
2.8
1.5
Intermediate and other merchandise goods
323
1.2
1.6
-0.4
Non-monetary gold
-286
-18.3
-21.6
4.2

- nil or rounded to zero (including null cells)
(a) Reference year 2014-15.
(b) Movements in indexes are based on data to four decimal places.



GOODS CREDITS

The trend estimate of goods credits at current prices rose $2,754m (4%) to $79,707m in the June quarter 2017.

In seasonally adjusted terms at current prices, goods credits fell $2,991m (4%) to $75,451m, with volumes up 3% and prices down 7%.


Rural Goods

Exports of rural goods, in seasonally adjusted terms at current prices, rose $87m (1%) to $12,260m, with volumes down 1% and prices up 2%.

The main components contributing to the rise were:
  • wool and sheepskins, up $40m (4%), with prices up 4%
  • meat and meat preparations, up $39m (1%), with volumes down 6% and prices up 7%.


Non-rural Goods

Exports of non-rural goods, in seasonally adjusted terms at current prices, fell $3,687m (6%) to $58,202m, with volumes up 4% and prices down 9%.

The main components contributing to the fall were:
  • metal ores and minerals, down $3,441m (14%), with volumes up 2% and prices down 16%
  • coal, coke and briquettes, down $2,307m (15%), with volumes down 7% and prices down 9%.

Partly offsetting these falls were:
  • other mineral fuels, up $1,223m (16%), with volumes up 10% and prices up 5%
  • metals (excl. non-monetary gold), up $496m (20%), with volumes up 22% and prices down 2%.


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, remained steady at $80m, with volumes up 12% and prices down 11%.


Non-monetary Gold

Non-monetary gold, in original and seasonally adjusted terms at current prices, rose $608m (14%), with volumes up 10% and prices up 4%.


GOODS DEBITS

The trend estimate of goods debits at current prices rose $1,573m (2%) to $72,076m in the June quarter 2017.

In seasonally adjusted terms at current prices, goods debits rose $1,117m (2%) to $71,818m, with volumes up 1%.


Consumption Goods

Imports of consumption goods, in seasonally adjusted terms at current prices, rose $335m (1%) to $25,062m, with volumes up 2%.

The main components contributing to the rise were:
  • non-industrial transport equipment, up $159m (3%), with volumes up 2% and prices up 1%
  • textiles, clothing and footwear, up $149m (3%), with volumes up 4%
  • toys, books and leisure goods, up $77m (5%), with volumes up 4% and prices up 1%.


Capital Goods

Imports of capital goods, in seasonally adjusted terms at current prices, rose $746m (4%) to $17,951m, with volumes up 3% and prices up 1%.

The main components contributing to the rise were:
  • machinery and industrial equipment, up $311m (6%), with volumes up 5% and prices up 1%
  • capital goods n.e.s., up $235m (6%), with prices up 6%
  • civil aircraft and confidentialised items, up $232m (38%), with volumes up 37% and prices up 1%.


Intermediate and Other Merchandise Goods

Imports of intermediate and other merchandise goods, in seasonally adjusted terms at current prices, rose $323m (1%) to $27,527m, with volumes up 2%.

The main component contributing to the rise was processed industrial supplies n.e.s., up $325m (4%), with volumes up 3% and prices up 1%.


Non-monetary Gold

Imports of non-monetary gold, in original and seasonally adjusted terms at current prices, fell $286m (18%), with volumes down 22% and prices up 4%.


SERVICES

The trend estimate of net services at current prices was a deficit of $492m, a rise of $129m on the March quarter 2017 deficit of $363m.

In seasonally adjusted terms at current prices, net services was a deficit of $563m, a rise of $224m on the March quarter 2017 deficit of $339m.

SERVICES, Price and volume analysis: Seasonally adjusted - June Quarter 2017

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

Exports
298
1.6
1.4
0.3
Manufacturing services on physical inputs owned by others
-2
-50.0
-50.1
0.1
Maintenance and repair services n.i.e.
7
70.0
69.8
0.1
Transport
19
1.0
0.9
0.1
Travel
279
2.4
2.1
0.3
Other services
-4
-0.1
-0.2
0.2
Imports
523
2.8
0.5
2.3
Manufacturing services on physical inputs owned by others
-
-
-
-
Maintenance and repair services n.i.e.
-15
-7.7
-10.3
2.9
Transport
141
3.4
2.9
0.5
Travel
215
2.6
-0.2
2.8
Other services
182
3.0
-
3.0

- nil or rounded to zero (including null cells)
(a) Reference year 2014-15.
(b) Movements in indexes are based on data to four decimal places.



Services Credits

Services credits, in seasonally adjusted terms at current prices, rose $298m (2%) to $18,697m, with volumes up 1%.

The main component contributing to the rise was travel, up $279m (2%), with volumes up 2%.

In seasonally adjusted terms, tourism related services credits rose $266m (2%) to $12,535m.


Services Debits

Services debits, in seasonally adjusted terms at current prices, rose $523m (3%) to $19,260m, with prices up 2%.

The main components contributing to the rise were:
  • travel, up $215m (3%), with prices up 3%
  • other services, up $182m (3%), with prices up 3%
  • transport, up $141m (3%), with volumes up 3% and prices up 1%.

In seasonally adjusted terms, tourism related services debits rose $328m (3%) to $10,469m.


PRIMARY INCOME

The trend estimate of the net primary income deficit at current prices rose $1,292m to $12,283m in the June Quarter 2017.

In seasonally adjusted terms at current prices, the net primary income deficit rose $499m to $12,159m in the June Quarter 2017.

NET PRIMARY INCOME
Graph: 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 $344m (2%) to $14,915m. The main component contributing to the rise was direct investment assets, income on equity and investment fund shares, up $353m (6%).


Primary Income Debits

Primary income debits, in seasonally adjusted terms at current prices, rose $844m (3%) to $27,074m. The main component contributing to the rise was direct investment liabilities, income on equity and investment fund shares, up $434m (4%).


SECONDARY INCOME

The trend estimate of the net secondary income deficit at current prices rose $10m to $479m in the June quarter 2017.

In seasonally adjusted terms at current prices, the net secondary income deficit fell $25m to $472m in the June quarter 2017.


CAPITAL ACCOUNT

In original terms, the capital account deficit was $151m, an increase of $7m on the March quarter 2017 deficit of $144m. Capital account credits increased $17m and capital account debits increased $24m (16%) in the June quarter 2017.


FINANCIAL ACCOUNT

The balance on the financial account, in original terms, recorded a net inflow of $3.9b, which was driven by a net inflow of equity of $27.3b and a net outflow of debt of $23.3b.

The financial account surplus decreased $2.3b from $6.3b to $3.9b in the June quarter 2017.


Direct Investment

Direct investment recorded a net inflow of $25.2b in the June quarter 2017, an increase of $9.7b on the net inflow of $15.5b in the March quarter 2017, where:
  • direct investment liabilities recorded an inflow of $26.9b, an increase of $15.3b on the inflow of $11.6b in the March quarter 2017
  • direct investment assets recorded an outflow of $1.7b, a turnaround of $5.6b on the inflow of $3.9b in the March quarter 2017.


Portfolio Investment

Portfolio investment recorded a net inflow of $1.3b in the June quarter 2017, a turnaround of $5.1b on the net outflow of $3.8b in the March quarter 2017, where:
  • equity investment fund shares recorded a net inflow of $5.9b in the June quarter 2017, a decrease of $0.4b on the net inflow of $6.4b in the March quarter 2017
  • debt securities recorded a net outflow of $4.6b in the June quarter 2017, a decrease of $5.5b on the net outflow of $10.1b in the March quarter 2017.


Financial Derivatives

Financial derivatives recorded a net inflow of $2.1b in the June quarter 2017, an increase of $1.9b on the net inflow of $0.2b in the March quarter 2017.


Other Investment

Other investment recorded a net outflow of $19.3b in the June quarter 2017, an increase of $17.2b on the net outflow of $2.1b in the March quarter 2017. This was driven by net outflows of $10.9b in currency and deposits and $6.2b in loans.


Reserve Assets

Reserve assets recorded an outflow of $5.4b in the June quarter 2017, an increase of $1.8b on the outflow of $3.6b in the March quarter 2017.


INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP liability position was $1,000.3b at 30 June 2017, a decrease of $24.4b (2%) on the revised 31 March 2017 position of $1,024.6b. Australia's net foreign debt liability decreased $21.2b (2%) to $990.6b. Australia's net foreign equity liability decreased $3.2b (25%) to $9.7b at 30 June 2017.

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 2016
1 051 264
3 973
-14 449
-5 455
-1 653
1 033 680
Mar 2017
1 033 680
6 274
-22 674
10 251
-2 911
1 024 619
Jun 2017
1 024 619
3 949
-19 053
-8 219
-1 032
1 000 264
Net Foreign Equity
Dec 2016
-5 890
29 218
303
-20 758
-3 724
-852
Mar 2017
-852
14 857
-29 344
32 792
-4 600
12 854
Jun 2017
12 854
27 262
-18 814
-10 542
-1 096
9 665
Net Foreign Debt
Dec 2016
1 057 154
-25 245
-14 752
15 303
2 071
1 034 531
Mar 2017
1 034 531
-8 584
6 670
-22 542
1 688
1 011 765
Jun 2017
1 011 765
-23 313
-240
2 323
63
990 599




SUPPLEMENTARY INFORMATION

CONDITIONS

The conditions in the global economy showed modest growth in Australia’s major trading partner countries in the June quarter 2017. 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 (1.7%), Indonesia (1.2%), Japan (1.0%), South Korea (0.6%), USA (0.6%), Euro 28 (0.6%), France (0.5%) and UK (0.3%).
  • foreign asset transactions were -$21.9b in the June quarter 2017 compared to $36.9b in the March quarter 2017
  • foreign liability transactions were $25.8b in the June quarter 2017 compared to -$30.7b in the March quarter 2017.

The Australian share market, as measured by the MSCI global index(footnote 3), decreased 3.3% in the June quarter 2017, following an increase of 4.1% in the March quarter 2017. Increases were recorded in Hong Kong (6.2%), Japan (5.9%), New Zealand (3.1%), Switzerland (3.0%), the USA (2.6%), Singapore (2.4%) and France (0.6%). Decreases were recorded in the UK (0.4%), Germany (1.8%) and Canada (2.5%). A market price change of $1.7b was recorded for foreign equity assets and -$20.5b in foreign equity liabilities in the June quarter 2017.

According to Bloomberg(footnote 4), the composite corporate benchmark yields increased in Germany from 0.99% to 1.03%, the UK from 2.20% to 2.24% and Japan from 0.28% to 0.31%. The yields decreased in Australia from 3.30% to 3.27% and the USA from 3.37% to 3.25%. The long-term 10 year government bond yields increased in Germany from 0.33% to 0.47%, the UK from 1.14% to 1.26% and Japan from 0.07% to 0.09%. The yields decreased in Australia from 2.81% to 2.41% and the USA from 2.40% to 2.31% over the June quarter 2017. A market price change of $1.2b was recorded for portfolio debt securities assets and $2.5b in portfolio debt securities liabilities in the June quarter 2017.

The Australian dollar saw mixed movements against major currencies in the June quarter 2017. The Australian dollar appreciated 2.85% against the South Korean won, 1.07% against the Hong Kong dollar, 0.78% against the New Taiwan dollar, 0.66% against the Indonesian rupiah, 0.63% against the US dollar, 0.57% against the Japanese yen and 0.42% against the Indian rupee. It depreciated 6.02% against the European euro, 4.11% against the New Zealand dollar, 3.79% against the Swiss franc, 3.48% against the UK pound sterling, 1.26% against the Chinese renminbi, 2.35% against the Malaysian ringgit, 2.05% against the Canadian dollar, 0.82% against the Singapore dollar and 0.72% against the Thai baht. The Trade Weighted Index (TWI)(footnote 4),(footnote 5) fell by 1.06% to 65.50 in the June quarter 2017. These movements were reflected in exchange rate changes for foreign assets of -$16.0b and foreign liabilities of $7.8b in the June quarter 2017.


RELATIONSHIP BETWEEN IPD, EPI AND IPI(footnote 6)

In original terms, the IPD for total goods credits fell 6.1% and the chain Laspeyres price index for goods exports fell 6.1%. The Export Price Index (EPI)(footnote 7) fell 5.7% during the June quarter 2017.

In original terms, the IPD for total goods debits rose 0.2% and the chain Laspeyres price index for goods imports fell 0.1%. The Import Price Index (IPI)(footnote 7) fell 0.1% during the June quarter 2017.

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 2017

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
-6.7
-6.1
-5.7
-6.1
Services
0.3
0.2
na
-
Imports
Goods
0.2
0.2
-0.1
-0.1
Services
2.3
2.3
na
2.3

- nil or rounded to zero (including null cells)
na not available
(a) Reference year 2014-15 = 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 increased 3.5% between the March quarter 2017 and the June quarter 2017 while the EPI for rural goods increased 2.1%.

The RBA Commodity Price Index for non-rural commodities decreased 8.1% between the March quarter 2017 and the June quarter 2017 while the EPI for non-rural goods total (excluding non-monetary gold) decreased 7.8%.

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 2016-17 SITUATION

CURRENT ACCOUNT

In original terms, the balance on current account for 2016-17 was a deficit of $29.5b, a fall of $44.7b on the deficit of $74.2b recorded for 2015-16. The balance on goods and services was a surplus of $12.2b, a turnaround of $48.9b on the deficit of $36.7b recorded for 2015-16. Goods and services credits rose $53.2b (17%) and goods and services debits rose $4.3b (1%).

The low value threshold adjustments applied to goods debits for 2016-17, rose $2.1b to $9.3b.

The 2016-17 net primary income deficit rose $4.0b, with a rise in primary income credits of $6.0b (11%) and a rise in primary income debits of $9.9b (11%).

The 2016-17 net secondary income deficit rose $0.3b, with a rise in secondary income credits of $0.1b (1%) and a rise in secondary income debits of $0.4b (4%).


FINANCIAL ACCOUNT

The balance on financial account recorded a net inflow of $25.4b, with a net inflow on equity of $80.8b and a net outflow on debt of $55.4b. This result was a decrease of $52.4b on the net inflow of $77.8b recorded for the previous financial year as a result of:
  • an increase of $11.6b on the net inflow on direct investment
  • a decrease of $15.4b on the net outflow on portfolio investment
  • a decrease of $11.4b on the net outflow on financial derivatives
  • a turnaround of $68.8b from a net inflow to a net outflow on other investment
  • a turnaround of $22.0b from a net inflow to a net outflow on reserve assets.


INTERNATIONAL INVESTMENT POSITION

Australia's net international investment position as at 30 June 2017 was a net foreign liability of $1,000.3b. This was a decrease of $46.4b (4%) on the position a year earlier as a result of:
  • net transactions of $25.4b
  • price changes of -$78.6b
  • exchange rate changes of $15.0b
  • other changes of -$8.2b.

During 2016-17, Australia's net foreign equity experienced a turnaround of $19.1b on the previous financial year, from a net asset position of $9.5b to a net liability position of $9.7b. This was contributed to by net transactions of $80.8b and exchange rate changes of $28.4b, offset by price changes of -$74.2b and other changes of -$15.9b.

Australia's net foreign debt liability decreased to $990.6b, a decrease of $65.5b (6%) on the previous financial year, with net transactions of -$55.4b, exchange rate changes of -$13.4b and price changes of -$4.4b, partly offset by other changes of $7.7b.

At 30 June 2017, the ratio of Australia's net international investment position to GDP using the latest available GDP figure (for the year ended 31 March 2017 using current prices) was 58.0%. This compares with 63.2% 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 22 August 2017. <back
3 MSCI Global Market Indexes 2016, Morgan Stanley Capital International, viewed 5 July 2017. <back
4 Bloomberg, Bloomberg Professional Service, viewed 24 July 2017. <back
5 Exchange Rates – Daily 2014 to Current, Reserve Bank of Australia - Statistical Tables, viewed 4 July 2017. <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