|Sep 22||Dec 22|
|Balance on current account (a)||753||14,114|
|Balance on goods and services (a)||31,453||40,903|
|Net primary income (a)||-30,401||-26,407|
|Capital and financial account||12,990||-10,067|
|International investment position (b)||859,901||856,794|
a. Seasonally adjusted estimates at current prices.
b. Levels at end of period
The current account balance (seasonally adjusted current price) for December quarter 2022 was a surplus of $14.1b. The current account balance increased $13.4b from the revised September quarter 2022 surplus of $0.8b.
The increase in the current account reflected a rise in the trade surplus and a decline in the net primary income deficit.
The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 1.1 percentage points to the December quarter 2022 GDP quarterly movement, assuming no significant revision to September quarter 2022 estimates of GDP.
The terms of trade increased 0.6% to 111.7, up from 111.1 in September quarter 2022.
The net primary income deficit fell to $26.4b, following the record high deficit of $30.4b in September quarter 2022.
Australia's net international investment liability position was $856.8b at December quarter 2022, a decrease of $3.1b on the revised September quarter 2022 position of $859.9b.
Annual seasonal re-analysis
The seasonally adjusted and trend estimates of goods, services, primary income and secondary income will be revised in the March quarter 2023 issue of this publication as a result of the annual seasonal re-analysis. This re-analysis reviews the seasonal and trading day factors in more detail than is possible in the quarterly processing cycle and assesses the appropriateness of any prior corrections. The suspension of trend estimates and use of the forward factor method for series with significant and prolonged impacts from COVID-19 will also be reviewed as part of this process.
- Seasonally adjusted estimates at current prices.