5302.0 - Balance of Payments and International Investment Position, Australia, Dec 2013 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 04/03/2014   
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4 March 2014
Embargo: 11.30 am (Canberra time)
Decrease in current account deficit

Latest ABS figures show that in seasonally adjusted, current price terms, the current account deficit decreased $2,400m (19 per cent) to $10,139m in the December quarter 2013. Exports of goods and services rose $2,614m (3 per cent) and imports of goods and services fell $304m. The primary income deficit rose $536m (6 per cent).

In seasonally adjusted, chain volume terms, the net goods and services surplus rose $2,505m (30 per cent ) to $10,753m in the December quarter 2013. This is expected to contribute 0.6 percentage points to growth in the December quarter 2013 volume measure of Gross Domestic Product.

Australia's net IIP liability position was $829.8b at 31 December 2013, a decrease of $15.7b on 30 September 2013. Australia's net foreign debt liability increased $34.3b to a liability position of $852.9b. Australia's net foreign equity had a turnaround of $50.0b from a net liability position of $27.0b on 30 September 2013 to a net asset position of $23.1b at 31 December 2013. This is the first time that an asset position has been recorded for net foreign equity (the quarterly series commenced in September quarter 1988).

Further details can be found in Balance of Payments and International Investment Position, Australia (cat. no. 5302.0).

Media notes:
  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or ABS) as the source.
  • December quarter 2013, Australian National Accounts: National Income and Expenditure (cat. no. 5206.0) will be released on 5 March 2014.