Balance of payments
- The current account surplus, seasonally adjusted, fell $5,548m to $955m in the December quarter 2019. The balance on goods and services surplus fell $6,021m to $13,893m. The primary income deficit fell $626m to $12,498m.
- In seasonally adjusted chain volume terms, the surplus on goods and services rose $531m from $8,418m in the September quarter 2019 to $8,949m in the December quarter 2019. This is expected to contribute 0.1 percentage points to growth in the December quarter 2019 volume measure of GDP.
International investment position (IIP)
- Australia's net IIP liability position was $891.5b at 31 December 2019, a decrease of $83.4b on the revised 30 September 2019 position of $974.9b. Australia's net foreign debt liability position decreased $20.9b to $1,143.5b. Australia's net foreign equity asset position increased $62.6b to $252.1b at 31 December 2019.
|Sep Qtr 2019||Dec Qtr 2019||Sep Qtr 2019 to Dec Qtr 2019|
|BALANCE ON CURRENT ACCOUNT|
|Trend estimates||4 785||4 017||-16|
|Seasonally adjusted||6 503||955||-85|
|BALANCE ON GOODS AND SERVICES|
|Trend estimates||18 520||16 896||-9|
|Seasonally adjusted||19 914||13 893||-30|
|NET PRIMARY INCOME|
|Trend estimates||-13 488||-12 542||7|
|Seasonally adjusted||-13 124||-12 498||5|
|LEVELS AT END OF PERIOD|
|International Investment Position||974 925||891 482||-9|
|Net foreign equity||-189 476||-252 064||-33|
|Net foreign debt||1 164 402||1 143 546||-2|
- Seasonally adjusted estimates at current prices.
Bushfires in December quarter
Quality assurance undertaken by the ABS confirmed that the bushfires did not result in quality impacts to Balance of Payments and International Investment Position for December quarter 2019. It is expected that the recent bushfires and COVID-19 virus will impact the Australian economy in the March quarter 2020. For more information please see the ABS Chief Economist Series paper Measuring natural disasters in the Australian economy.