| Jun 24 | Sep 24 | |
|---|---|---|
| Balance on current account (a) | -16,351 | -14,149 |
| Balance on goods and services (a) | 6,519 | 3,250 |
| Net primary income (a) | -22,824 | -17,317 |
| Capital and financial account | 17,426 | 20,084 |
| International investment position (b) | 695,922 | 716,547 |
- Seasonally adjusted estimates in current price terms.
- Levels at end of period.
The current account balance (seasonally adjusted, current price) for September quarter 2024 was a deficit of $14.1b. This was an increase of $2.2b, from the revised June quarter 2024 current account deficit of $16.4b.
The current account deficit for September quarter 2024 reflects a decrease on the balance of goods and services trade surplus, combined with the decrease in the net primary income deficit.
The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.1 percentage points to the September quarter 2024 GDP quarterly movement.
The terms of trade decreased 2.5% to 89.2, down from 91.5 in June quarter 2024.
The net primary income deficit decreased to $17.3b, following the $22.8b deficit in June quarter 2024.
| Current account balance ($b) | Net goods & services ($b) | Net primary income ($b) | |
|---|---|---|---|
| Sep-16 | -15.2 | -5.3 | -9.4 |
| Dec-16 | -6.6 | 5.9 | -12.4 |
| Mar-17 | -10.1 | 3.1 | -12.8 |
| Jun-17 | -12.2 | 1.7 | -13.5 |
| Sep-17 | -12.8 | 1.3 | -13.8 |
| Dec-17 | -16.0 | -1.4 | -14.3 |
| Mar-18 | -14.2 | 0.0 | -14.1 |
| Jun-18 | -14.6 | 1.3 | -15.7 |
| Sep-18 | -11.4 | 5.8 | -16.9 |
| Dec-18 | -8.5 | 8.0 | -16.2 |
| Mar-19 | -6.1 | 10.5 | -16.2 |
| Jun-19 | 1.4 | 17.1 | -15.8 |
| Sep-19 | 4.7 | 19.2 | -14.3 |
| Dec-19 | -0.4 | 12.6 | -12.8 |
| Mar-20 | 3.4 | 14.3 | -10.7 |
| Jun-20 | 12.4 | 20.4 | -7.4 |
| Sep-20 | 7.4 | 11.4 | -3.4 |
| Dec-20 | 11.0 | 16.0 | -4.2 |
| Mar-21 | 16.2 | 22.9 | -6.2 |
| Jun-21 | 16.5 | 28.5 | -10.6 |
| Sep-21 | 19.3 | 34.5 | -14.4 |
| Dec-21 | 0.9 | 22.7 | -20.9 |
| Mar-22 | 0.5 | 24.2 | -22.7 |
| Jun-22 | 8.7 | 40.5 | -31.0 |
| Sep-22 | -3.9 | 28.3 | -31.9 |
| Dec-22 | 4.0 | 31.9 | -27.5 |
| Mar-23 | 2.8 | 30.4 | -27.2 |
| Jun-23 | -2.2 | 21.4 | -23.2 |
| Sep-23 | -7.5 | 15.6 | -22.4 |
| Dec-23 | -1.2 | 21.4 | -22.3 |
| Mar-24 | -10.4 | 11.7 | -22.0 |
| Jun-24 | -16.4 | 6.5 | -22.8 |
| Sep-24 | -14.1 | 3.3 | -17.3 |
Current account balance (a), main aggregates
["","Current account balance","Net goods & services","Net primary income"]
[["Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24"],[[-15.199999999999999],[-6.5999999999999996],[-10.1],[-12.199999999999999],[-12.800000000000001],[-16],[-14.199999999999999],[-14.6],[-11.4],[-8.5],[-6.0999999999999996],[1.3999999999999999],[4.7000000000000002],[-0.40000000000000002],[3.3999999999999999],[12.4],[7.4000000000000004],[11],[16.199999999999999],[16.5],[19.300000000000001],[0.90000000000000002],[0.5],[8.6999999999999993],[-3.8999999999999999],[4],[2.7999999999999998],[-2.2000000000000002],[-7.5],[-1.2],[-10.4],[-16.399999999999999],[-14.1]],[[-5.2999999999999998],[5.9000000000000004],[3.1000000000000001],[1.7],[1.3],[-1.3999999999999999],[0],[1.3],[5.7999999999999998],[8],[10.5],[17.100000000000001],[19.199999999999999],[12.6],[14.300000000000001],[20.399999999999999],[11.4],[16],[22.899999999999999],[28.5],[34.5],[22.699999999999999],[24.199999999999999],[40.5],[28.300000000000001],[31.899999999999999],[30.399999999999999],[21.399999999999999],[15.6],[21.399999999999999],[11.699999999999999],[6.5],[3.2999999999999998]],[[-9.4000000000000004],[-12.4],[-12.800000000000001],[-13.5],[-13.800000000000001],[-14.300000000000001],[-14.1],[-15.699999999999999],[-16.899999999999999],[-16.199999999999999],[-16.199999999999999],[-15.800000000000001],[-14.300000000000001],[-12.800000000000001],[-10.699999999999999],[-7.4000000000000004],[-3.3999999999999999],[-4.2000000000000002],[-6.2000000000000002],[-10.6],[-14.4],[-20.899999999999999],[-22.699999999999999],[-31],[-31.899999999999999],[-27.5],[-27.199999999999999],[-23.199999999999999],[-22.399999999999999],[-22.300000000000001],[-22],[-22.800000000000001],[-17.300000000000001]]]
[]
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Australia's net international investment liability position was $716.5b at 30 September 2024, an increase of $20.6b on the revised June quarter 2024 position of $695.9b.
| Net IIP ($b) | Net Foreign Equity ($b) | Net Foreign Debt ($b) | |
|---|---|---|---|
| Sep-16 | 1,045.9 | -35.0 | 1,080.9 |
| Dec-16 | 1,026.8 | -37.9 | 1,064.8 |
| Mar-17 | 1,018.8 | -25.8 | 1,044.6 |
| Jun-17 | 1,008.0 | -38.4 | 1,046.4 |
| Sep-17 | 1,015.7 | -54.8 | 1,070.4 |
| Dec-17 | 1,051.5 | -51.4 | 1,102.8 |
| Mar-18 | 1,017.2 | -90.7 | 1,107.9 |
| Jun-18 | 1,056.1 | -80.5 | 1,136.6 |
| Sep-18 | 1,034.1 | -105.5 | 1,139.6 |
| Dec-18 | 1,079.9 | -103.4 | 1,183.3 |
| Mar-19 | 1,071.6 | -127.7 | 1,199.4 |
| Jun-19 | 1,084.3 | -143.3 | 1,227.6 |
| Sep-19 | 1,068.1 | -175.2 | 1,243.3 |
| Dec-19 | 999.0 | -228.8 | 1,227.9 |
| Mar-20 | 935.2 | -310.5 | 1,245.7 |
| Jun-20 | 1,058.5 | -136.4 | 1,194.9 |
| Sep-20 | 1,065.6 | -163.8 | 1,229.4 |
| Dec-20 | 1,051.4 | -173.6 | 1,225.0 |
| Mar-21 | 949.0 | -262.8 | 1,211.8 |
| Jun-21 | 923.1 | -318.7 | 1,241.8 |
| Sep-21 | 930.9 | -326.6 | 1,257.5 |
| Dec-21 | 857.3 | -392.7 | 1,250.0 |
| Mar-22 | 904.6 | -273.6 | 1,178.2 |
| Jun-22 | 920.3 | -268.7 | 1,189.1 |
| Sep-22 | 926.9 | -266.6 | 1,193.5 |
| Dec-22 | 953.3 | -249.3 | 1,202.5 |
| Mar-23 | 933.8 | -284.0 | 1,217.8 |
| Jun-23 | 851.3 | -337.5 | 1,188.9 |
| Sep-23 | 798.8 | -372.0 | 1,170.7 |
| Dec-23 | 819.5 | -384.1 | 1,203.6 |
| Mar-24 | 709.7 | -515.3 | 1,225.0 |
| Jun-24 | 695.9 | -550.4 | 1,246.3 |
| Sep-24 | 716.5 | -586.3 | 1,302.9 |
International investment position (IIP)
["","Net IIP","Net Foreign Equity","Net Foreign Debt"]
[["Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24"],[[1045.9000000000001],[1026.8],[1018.8],[1008],[1015.7],[1051.5],[1017.2],[1056.0999999999999],[1034.0999999999999],[1079.9000000000001],[1071.5999999999999],[1084.3],[1068.0999999999999],[999],[935.20000000000005],[1058.5],[1065.5999999999999],[1051.4000000000001],[949],[923.10000000000002],[930.89999999999998],[857.29999999999995],[904.60000000000002],[920.29999999999995],[926.89999999999998],[953.29999999999995],[933.79999999999995],[851.29999999999995],[798.79999999999995],[819.5],[709.70000000000005],[695.89999999999998],[716.5]],[[-35],[-37.899999999999999],[-25.800000000000001],[-38.399999999999999],[-54.799999999999997],[-51.399999999999999],[-90.700000000000003],[-80.5],[-105.5],[-103.40000000000001],[-127.7],[-143.30000000000001],[-175.19999999999999],[-228.80000000000001],[-310.5],[-136.40000000000001],[-163.80000000000001],[-173.59999999999999],[-262.80000000000001],[-318.69999999999999],[-326.60000000000002],[-392.69999999999999],[-273.60000000000002],[-268.69999999999999],[-266.60000000000002],[-249.30000000000001],[-284],[-337.5],[-372],[-384.10000000000002],[-515.29999999999995],[-550.39999999999998],[-586.29999999999995]],[[1080.9000000000001],[1064.8],[1044.5999999999999],[1046.4000000000001],[1070.4000000000001],[1102.8],[1107.9000000000001],[1136.5999999999999],[1139.5999999999999],[1183.3],[1199.4000000000001],[1227.5999999999999],[1243.3],[1227.9000000000001],[1245.7],[1194.9000000000001],[1229.4000000000001],[1225],[1211.8],[1241.8],[1257.5],[1250],[1178.2],[1189.0999999999999],[1193.5],[1202.5],[1217.8],[1188.9000000000001],[1170.7],[1203.5999999999999],[1225],[1246.3],[1302.9000000000001]]]
[]
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Impacts from improved digital services estimates
This publication includes a newly introduced methodology to measure selected digital services imports and exports. These improvements have resulted in revisions to the current account series back to the September quarter 2009. Find more information in this feature article.
Re-referencing of chain volume estimates and implicit price deflators
Chain volume estimate (CVM) series and implicit price deflators (IPD) series have been re-referenced from 2021-22 to 2022-23 in the September quarter 2024 issue. The reference year is where CVM estimates are equal to current price or nominal estimates, and where IPD’s are indexed to 100.
As part of re-referencing, the latest base year for CVM and IPDs is also updated from 2021-22 to 2022-23. Re-referencing in isolation will only affect levels of CVM and IPD estimates, generally leaving growth rates unchanged. The update of the base year can have an impact on CVM and IPD growth for the latest financial year (2023–24), if there are significant relative price changes between 2021-22 and 2022-23.
Selected international account ratios - Table 23
The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts, 2023-24 will be revised and incorporated into the quarterly Australian National Accounts: National Income Expenditure and Product on 4 December 2024. The revised benchmarks will change the level of the quarterly and annual GDP and GNI used in the ratios for table 23 of this publication. The new ratios have been suppressed and Table 23 will be updated on 4 December 2024.