MEDIA RELEASE
1 March, 2011	Embargo 11:30am (Canberra time)	26/2011

Latest ABS figures show that in seasonally adjusted, current price terms, the current account deficit rose $809m to $7,299m in the December quarter 2010. Exports of goods and services decreased $358m and imports of goods and services decreased $1,084m (2%). The primary income deficit rose $1,545m (13%).

In seasonally adjusted chain volume terms, the net goods and services deficit rose $24m (5%) to $472m in the December quarter 2010. This is expected to make no contribution to growth in the December quarter 2010 volume measure of Gross Domestic Product.

Australia's net International Investment Position (IIP) fell $5.7b to a net liability position of $782.1b in the December quarter 2010 from $787.8b in the September quarter 2010. Australia's net foreign debt liability decreased $26.7b to a liability position of $650.3b. Australia's net foreign equity liability increased $21.0b to a liability position of $131.8b.

Flooding in Queensland began in late December 2010. Data collection and processing for the data in this publication were not disrupted. It is expected that the economic impact of floods/cyclones in Queensland and other states will be reflected in the forthcoming issues of this publication.

Further details can be found in Balance of Payments and International Investment Position, Australia (cat. no. 5302.0) available for free download on the ABS website at www.abs.gov.au

Media Note:

• When reporting ABS data you must attribute the Australian Bureau of Statistics (or ABS) as the source
• December quarter national accounts, Australian National Accounts: National Income and Expenditure (cat. no. 5206.0), will be released on 2 March 2010.