Balance of Payments and International Investment Position, Australia

Latest release

Balance of payments statistics on current, capital and financial transactions and the international investment position statement

Reference period

December 2024

Released

4/03/2025

Key statistics

The current account balance, seasonally adjusted, rose $1,338m to a deficit of $12,547m.
The capital and financial account surplus was $14,185m, a decrease of $2,337m on the September quarter 2024 surplus.
The net international investment liability position was $653,166m at 31 December 2024.

International accounts overview

Key figures ($m)
	Sep 24	Dec 24
Balance on current account (a)	-13,885	-12,547
Balance on goods and services (a)	3,771	7,494
Net primary income (a)	-17,456	-19,793
Capital and financial account	16,522	14,185
International investment position (b)	714,810	653,166

Seasonally adjusted estimates in current price terms.
Levels at end of period.

The current account balance (seasonally adjusted, current price) for December quarter 2024 was a deficit of $12.5b. This was an increase of $1.3b, from the revised September quarter 2024 current account deficit of $13.9b.

The rise in Australia’s current account was led by the surplus on trade in goods and services increasing and was partly offset by the net primary income deficit widening.

The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.2 percentage points to the December quarter 2024 GDP quarterly movement.

The terms of trade increased 1.7% to 91.0, up from 89.4 in September quarter 2024.

The net primary income deficit increased to $19.8b, following the $17.5b deficit in September quarter 2024.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
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	7.9	-16.3
Mar-19	-6.1	10.5	-16.2
Jun-19	1.4	17.1	-15.8
Sep-19	4.8	19.3	-14.3
Dec-19	-0.5	12.6	-12.8
Mar-20	3.3	14.2	-10.7
Jun-20	12.5	20.4	-7.4
Sep-20	7.5	11.5	-3.4
Dec-20	10.9	15.9	-4.2
Mar-21	16.1	22.8	-6.2
Jun-21	16.5	28.5	-10.6
Sep-21	19.4	34.6	-14.4
Dec-21	0.7	22.6	-21.0
Mar-22	0.5	24.1	-22.7
Jun-22	8.8	40.6	-31.0
Sep-22	-3.7	28.5	-31.9
Dec-22	3.7	31.7	-27.6
Mar-23	2.8	30.2	-27.0
Jun-23	-2.1	21.5	-23.2
Sep-23	-7.1	16.1	-22.5
Dec-23	-1.3	21.4	-22.4
Mar-24	-9.7	12.3	-21.8
Jun-24	-16.3	6.9	-23.0
Sep-24	-13.9	3.8	-17.5
Dec-24	-12.5	7.5	-19.8

Current account balance (a), main aggregates

["","Current account balance","Net goods & services","Net primary income"]

[["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","Dec-24"],[[-6.5999999999999996],[-10.1],[-12.199999999999999],[-12.800000000000001],[-16],[-14.199999999999999],[-14.6],[-11.4],[-8.5],[-6.0999999999999996],[1.3999999999999999],[4.7999999999999998],[-0.5],[3.2999999999999998],[12.5],[7.5],[10.9],[16.100000000000001],[16.5],[19.399999999999999],[0.69999999999999996],[0.5],[8.8000000000000007],[-3.7000000000000002],[3.7000000000000002],[2.7999999999999998],[-2.1000000000000001],[-7.0999999999999996],[-1.3],[-9.6999999999999993],[-16.300000000000001],[-13.9],[-12.5]],[[5.9000000000000004],[3.1000000000000001],[1.7],[1.3],[-1.3999999999999999],[0],[1.3],[5.7999999999999998],[7.9000000000000004],[10.5],[17.100000000000001],[19.300000000000001],[12.6],[14.199999999999999],[20.399999999999999],[11.5],[15.9],[22.800000000000001],[28.5],[34.600000000000001],[22.600000000000001],[24.100000000000001],[40.600000000000001],[28.5],[31.699999999999999],[30.199999999999999],[21.5],[16.100000000000001],[21.399999999999999],[12.300000000000001],[6.9000000000000004],[3.7999999999999998],[7.5]],[[-12.4],[-12.800000000000001],[-13.5],[-13.800000000000001],[-14.300000000000001],[-14.1],[-15.699999999999999],[-16.899999999999999],[-16.300000000000001],[-16.199999999999999],[-15.800000000000001],[-14.300000000000001],[-12.800000000000001],[-10.699999999999999],[-7.4000000000000004],[-3.3999999999999999],[-4.2000000000000002],[-6.2000000000000002],[-10.6],[-14.4],[-21],[-22.699999999999999],[-31],[-31.899999999999999],[-27.600000000000001],[-27],[-23.199999999999999],[-22.5],[-22.399999999999999],[-21.800000000000001],[-23],[-17.5],[-19.800000000000001]]]

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Seasonally adjusted estimates in current price terms.

Australia's net international investment liability position was $653.2b at 31 December 2024, a decrease of $61.6b on the revised September quarter 2024 position of $714.8b.

International investment position (IIP)
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
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	798.6	-372.0	1,170.6
Dec-23	818.6	-384.8	1,203.4
Mar-24	708.4	-516.2	1,224.6
Jun-24	694.5	-551.1	1,245.6
Sep-24	714.8	-582.9	1,297.8
Dec-24	653.2	-735.5	1,388.6

International investment position (IIP)

["","Net IIP","Net Foreign Equity","Net Foreign Debt"]

[["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","Dec-24"],[[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],[798.60000000000002],[818.60000000000002],[708.39999999999998],[694.5],[714.79999999999995],[653.20000000000005]],[[-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],[-384.80000000000001],[-516.20000000000005],[-551.10000000000002],[-582.89999999999998],[-735.5]],[[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],[1170.5999999999999],[1203.4000000000001],[1224.5999999999999],[1245.5999999999999],[1297.8],[1388.5999999999999]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Sep 24	Dec 24	Sep 24 to Dec 24
Balance on current account	-13,885	-12,547	1,338
Balance on goods and services	3,771	7,494	3,723
Net goods	14,712	16,701	1,989
Net Services	-10,941	-9,207	1,734
Net primary income	-17,456	-19,793	-2,337
Net secondary income	-201	-247	-46

Terms of trade

Implicit price deflator and terms of trade (a)
	Implicit Price Deflator Goods and services credits	Implicit Price Deflator Goods and services debits	Terms of Trade (net Goods and services)
Dec-16	56.9	75.0	75.9
Mar-17	59.5	75.6	78.8
Jun-17	57.0	75.7	75.3
Sep-17	56.2	74.3	75.6
Dec-17	57.2	75.9	75.4
Mar-18	59.1	77.3	76.5
Jun-18	60.6	78.8	76.8
Sep-18	62.9	80.6	78.0
Dec-18	64.8	81.2	79.8
Mar-19	65.7	81.4	80.6
Jun-19	68.0	81.7	83.2
Sep-19	69.6	82.7	84.1
Dec-19	66.4	83.2	79.8
Mar-20	66.6	83.6	79.7
Jun-20	66.2	81.9	80.8
Sep-20	64.6	79.1	81.8
Dec-20	67.2	79.3	84.7
Mar-21	71.8	79.2	90.7
Jun-21	80.4	80.9	99.3
Sep-21	85.4	85.7	99.7
Dec-21	84.3	91.0	92.6
Mar-22	94.6	94.3	100.3
Jun-22	104.8	97.3	107.7
Sep-22	103.5	100.5	102.9
Dec-22	102.7	102.7	100.0
Mar-23	101.0	99.2	101.8
Jun-23	93.3	98.2	95.1
Sep-23	92.0	99.0	92.9
Dec-23	95.0	99.4	95.6
Mar-24	93.0	98.0	94.9
Jun-24	89.8	98.1	91.6
Sep-24	87.7	98.1	89.4
Dec-24	90.0	98.9	91.0

Relationship between IPD, EPI and IPI

Differences between the IPD and International Trade Price Indexes can arise due to a number of methodological factors, including differences in pricing points, timing, coverage and weights.

Price comparison (QoQ % change)
	Implicit price deflators (a)(b)	Implicit price deflators (a)(b)	Chain Laspeyres Indexes (a)(b)	International Trade Price Indexes (c)
	Seasonally Adjusted	Original	Original	Original
Goods exports	2.8	3.8	3.7	3.6
Services exports	1.1	1.1	1.2	na
Goods imports	0.4	0.3	0.5	0.2
Services imports	1.9	1.3	2.1	na

Reference year 2022-23=100.
Movements in indexes are calculated from unrounded data.
Source: International Trade Price Indexes, Australia.

Implicit price deflators and international trade price indexes
	Implicit Price Deflators Goods credits (a)	Implicit Price Deflators Goods debits (a)	Export Price Index (b)	Import Price Index (b)
Dec-16	52.7	77.5	88.2	102.7
Mar-17	55.8	78.5	96.0	103.9
Jun-17	52.9	78.0	90.5	103.8
Sep-17	51.8	76.6	87.8	102.1
Dec-17	53.0	78.2	90.3	104.5
Mar-18	55.1	79.9	94.7	106.6
Jun-18	56.8	81.5	96.5	110.0
Sep-18	59.5	83.4	100.1	112.1
Dec-18	61.7	84.0	104.5	112.7
Mar-19	62.8	84.1	109.2	112.1
Jun-19	65.6	84.0	113.3	113.1
Sep-19	67.4	84.8	114.8	113.5
Dec-19	63.4	85.2	108.8	114.3
Mar-20	63.7	85.3	111.7	113.1
Jun-20	63.1	83.2	109.0	110.9
Sep-20	61.3	80.2	103.4	107.0
Dec-20	64.2	79.9	109.1	105.9
Mar-21	69.3	80.0	121.3	106.1
Jun-21	78.8	80.8	137.3	108.1
Sep-21	84.3	85.2	145.8	113.9
Dec-21	82.9	90.0	150.9	120.5
Mar-22	94.3	94.2	173.0	126.6
Jun-22	105.9	98.0	190.4	132.0
Sep-22	104.3	101.1	183.5	135.9
Dec-22	103.1	102.8	181.9	138.4
Mar-23	101.0	99.0	184.9	132.6
Jun-23	91.9	97.1	169.1	131.6
Sep-23	90.0	98.6	163.9	132.6
Dec-23	93.4	99.8	173.1	134.1
Mar-24	90.8	98.5	169.5	131.7
Jun-24	86.7	98.3	159.5	133.0
Sep-24	84.2	97.7	152.7	131.2
Dec-24	86.5	98.1	158.2	131.5

Implicit price deflators and international trade price indexes

["","Implicit Price Deflators Goods credits (a)","Implicit Price Deflators Goods debits (a)","Export Price Index (b)","Import Price Index (b)"]

[["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","Dec-24"],[[52.700000000000003],[55.799999999999997],[52.899999999999999],[51.799999999999997],[53],[55.100000000000001],[56.799999999999997],[59.5],[61.700000000000003],[62.799999999999997],[65.599999999999994],[67.400000000000006],[63.399999999999999],[63.700000000000003],[63.100000000000001],[61.299999999999997],[64.200000000000003],[69.299999999999997],[78.799999999999997],[84.299999999999997],[82.900000000000006],[94.299999999999997],[105.90000000000001],[104.3],[103.09999999999999],[101],[91.900000000000006],[90],[93.400000000000006],[90.799999999999997],[86.700000000000003],[84.200000000000003],[86.5]],[[77.5],[78.5],[78],[76.599999999999994],[78.200000000000003],[79.900000000000006],[81.5],[83.400000000000006],[84],[84.099999999999994],[84],[84.799999999999997],[85.200000000000003],[85.299999999999997],[83.200000000000003],[80.200000000000003],[79.900000000000006],[80],[80.799999999999997],[85.200000000000003],[90],[94.200000000000003],[98],[101.09999999999999],[102.8],[99],[97.099999999999994],[98.599999999999994],[99.799999999999997],[98.5],[98.299999999999997],[97.700000000000003],[98.099999999999994]],[[88.200000000000003],[96],[90.5],[87.799999999999997],[90.299999999999997],[94.700000000000003],[96.5],[100.09999999999999],[104.5],[109.2],[113.3],[114.8],[108.8],[111.7],[109],[103.40000000000001],[109.09999999999999],[121.3],[137.30000000000001],[145.80000000000001],[150.90000000000001],[173],[190.40000000000001],[183.5],[181.90000000000001],[184.90000000000001],[169.09999999999999],[163.90000000000001],[173.09999999999999],[169.5],[159.5],[152.69999999999999],[158.19999999999999]],[[102.7],[103.90000000000001],[103.8],[102.09999999999999],[104.5],[106.59999999999999],[110],[112.09999999999999],[112.7],[112.09999999999999],[113.09999999999999],[113.5],[114.3],[113.09999999999999],[110.90000000000001],[107],[105.90000000000001],[106.09999999999999],[108.09999999999999],[113.90000000000001],[120.5],[126.59999999999999],[132],[135.90000000000001],[138.40000000000001],[132.59999999999999],[131.59999999999999],[132.59999999999999],[134.09999999999999],[131.69999999999999],[133],[131.19999999999999],[131.5]]]

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Seasonally adjusted, reference year 2022-23=100.
Source: International Trade Price Indexes, Australia.

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $23,780m, a rise of $1,048m on the revised September quarter 2024 surplus of $22,732m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Dec-16	48,662	56,322	-11,208
Mar-17	39,028	46,772	-12,280
Jun-17	43,860	49,951	-11,175
Sep-17	43,760	51,663	-12,376
Dec-17	39,517	47,708	-12,912
Mar-18	41,048	49,611	-13,531
Jun-18	42,627	50,392	-12,966
Sep-18	46,360	53,698	-12,779
Dec-18	45,847	52,758	-12,782
Mar-19	47,530	53,226	-11,475
Jun-19	51,680	56,550	-10,893
Sep-19	52,520	56,243	-9,870
Dec-19	52,216	55,409	-9,621
Mar-20	52,929	58,852	-10,649
Jun-20	56,145	55,052	612
Sep-20	43,040	44,174	-1,281
Dec-20	45,186	46,595	-1,618
Mar-21	44,278	47,554	-3,069
Jun-21	36,314	38,586	-2,285
Sep-21	40,880	44,638	-3,384
Dec-21	36,588	41,558	-4,558
Mar-22	25,086	33,307	-8,131
Jun-22	28,933	37,841	-9,336
Sep-22	23,495	34,687	-11,397
Dec-22	30,818	40,650	-9,847
Mar-23	27,305	36,447	-9,058
Jun-23	30,668	40,108	-9,305
Sep-23	29,043	38,968	-9,925
Dec-23	29,358	39,493	-10,136
Mar-24	21,521	33,117	-11,596
Jun-24	22,054	33,191	-11,137
Sep-24	22,732	35,776	-13,044
Dec-24	23,780	34,733	-10,953

Goods and services, chain volume measures (a)

["","Balance on goods and services","Balance on goods","Balance on services"]

[["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","Dec-24"],[[48662],[39028],[43860],[43760],[39517],[41048],[42627],[46360],[45847],[47530],[51680],[52520],[52216],[52929],[56145],[43040],[45186],[44278],[36314],[40880],[36588],[25086],[28933],[23495],[30818],[27305],[30668],[29043],[29358],[21521],[22054],[22732],[23780]],[[56322],[46772],[49951],[51663],[47708],[49611],[50392],[53698],[52758],[53226],[56550],[56243],[55409],[58852],[55052],[44174],[46595],[47554],[38586],[44638],[41558],[33307],[37841],[34687],[40650],[36447],[40108],[38968],[39493],[33117],[33191],[35776],[34733]],[[-11208],[-12280],[-11175],[-12376],[-12912],[-13531],[-12966],[-12779],[-12782],[-11475],[-10893],[-9870],[-9621],[-10649],[612],[-1281],[-1618],[-3069],[-2285],[-3384],[-4558],[-8131],[-9336],[-11397],[-9847],[-9058],[-9305],[-9925],[-10136],[-11596],[-11137],[-13044],[-10953]]]

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Seasonally adjusted, reference year 2022-23=100.

Exports of goods (credits)

In seasonally adjusted current price terms, goods credits rose $3,672m (2.9%) to $129,149m, with volumes up 0.1% and prices up 2.8%.

Goods credits, price and volume change, seasonally adjusted - December quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		3,672	2.9	0.1	2.8
	Rural goods	1,751	10.5	6.0	4.3
	Non-rural goods	214	0.2	-1.2	1.5
	Net exports of goods under merchanting	73	84.9	74.7	5.8
	Non-monetary gold(c)	1,633	18.7	8.2	9.7

Reference year 2022-23=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Rural goods

Rural goods (a)
	Sep 24 ($m)	Dec 24 ($m)	Sep 24 to Dec 24 ($m)	Sep 24 to Dec 24 (%)
Rural goods	16,661	18,412	1,751	10.5
	Meat and meat preparations	5,350	5,885	535	10.0
	Cereal grains and cereal preparations	3,073	3,329	256	8.3
	Wool and sheepskins	709	752	43	6.1
	Other rural(b)	7,529	8,446	917	12.2

Non-rural goods

Non-rural goods (a)
	Sep 24 ($m)	Dec 24 ($m)	Sep 24 to Dec 24 ($m)	Sep 24 to Dec 24 (%)
Non-rural goods	99,989	100,203	214	0.2
	Metal ores and minerals(b)	39,258	40,685	1,427	3.6
	Coal, coke and briquettes(b)	21,105	20,107	-998	-4.7
	Other mineral fuels(b)	19,373	19,722	349	1.8
	Metals (excl. non-monetary gold)	4,409	4,310	-99	-2.2
	Machinery	3,717	3,956	239	6.4
	Transport equipment	1,313	1,357	44	3.4
	Other manufactures	7,000	6,928	-72	-1.0
	Other non-rural (incl. sugar and beverages)(c)	2,925	2,254	-671	-22.9
	Goods procured in ports by carriers(d)	889	885	-4	-0.4

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Dec-16	22,169	16,094	6,943
Mar-17	24,448	15,047	7,308
Jun-17	20,249	13,461	8,953
Sep-17	21,749	14,351	8,051
Dec-17	21,945	14,334	8,233
Mar-18	23,126	15,686	10,643
Jun-18	22,906	15,919	12,772
Sep-18	23,648	17,452	14,195
Dec-18	25,611	17,923	15,780
Mar-19	27,269	16,871	14,989
Jun-19	32,749	17,219	15,590
Sep-19	35,239	16,228	15,444
Dec-19	31,574	13,661	14,718
Mar-20	31,448	13,338	14,940
Jun-20	34,327	11,445	13,330
Sep-20	37,370	9,365	8,015
Dec-20	42,117	9,198	8,833
Mar-21	47,867	9,781	10,512
Jun-21	54,354	10,815	12,626
Sep-21	49,907	18,147	17,468
Dec-21	35,042	24,842	21,326
Mar-22	42,602	29,701	21,496
Jun-22	43,589	40,688	27,589
Sep-22	41,054	36,397	29,237
Dec-22	42,792	35,318	28,932
Mar-23	48,972	29,732	25,602
Jun-23	43,962	26,307	22,910
Sep-23	45,752	22,767	20,623
Dec-23	48,837	24,712	20,145
Mar-24	45,000	23,463	21,563
Jun-24	40,444	21,045	21,433
Sep-24	39,258	21,105	19,373
Dec-24	40,685	20,107	19,722

Imports of goods (debits)

In seasonally adjusted current price terms, goods debits rose $1,683m (1.5%) to $112,448m, with volumes up 1.1% and prices up 0.4%.

Goods debits, price and volume change, seasonally adjusted - December quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		1,683	1.5	1.1	0.4
	Consumption goods	1,002	2.9	1.9	0.9
	Capital goods	-281	-1.0	-0.8	-0.2
	Intermediate and other merchandise goods	615	1.3	1.5	-0.2
	Non-monetary gold(c)	347	13.6	3.0	10.3

Reference year 2022-23=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
	Sep 24 ($m)	Dec 24 ($m)	Sep 24 to Dec 24 ($m)	Sep 24 to Dec 24 (%)
Consumption goods	-35,079	-36,081	1,002	2.9
	Food and beverages, mainly for consumption	-5,698	-5,242	-456	-8.0
	Household electrical items	-1,888	-2,067	179	9.5
	Non-industrial transport equipment	-8,866	-9,704	838	9.5
	Textiles, clothing and footwear	-5,859	-6,294	435	7.4
	Toys, books and leisure goods	-2,040	-2,161	121	5.9
	Consumption goods n.e.s.	-10,728	-10,612	-116	-1.1

Capital goods

Capital goods(a)(b)
	Sep 24 ($m)	Dec 24 ($m)	Sep 24 to Dec 24 ($m)	Sep 24 to Dec 24 (%)
Capital goods	-27,318	-27,037	-281	-1.0
	Machinery and industrial equipment	-8,556	-8,376	-180	-2.1
	ADP equipment	-3,403	-3,812	409	12.0
	Telecommunications equipment	-4,030	-3,921	-109	-2.7
	Civil aircraft and confidentialised items(c)(d)	-1,267	-902	-365	-28.8
	Industrial transport equipment n.e.s.	-4,922	-4,533	-389	-7.9
	Capital goods n.e.s.(e)	-5,140	-5,493	353	6.9

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Sep 24 ($m)	Dec 24 ($m)	Sep 24 to Dec 24 ($m)	Sep 24 to Dec 24 (%)
Intermediate and other merchandise goods	-45,822	-46,437	615	1.3
	Food and beverages, mainly for industry	-758	-965	207	27.3
	Primary industrial supplies n.e.s.(c)	-843	-589	-254	-30.1
	Fuels and lubricants(d)(e)	-13,002	-12,798	-204	-1.6
	Parts for transport equipment	-5,983	-6,210	227	3.8
	Parts for ADP equipment	-228	-246	18	7.9
	Other parts for capital goods	-6,201	-6,091	-110	-1.8
	Organic and inorganic chemicals	-1,323	-1,438	115	8.7
	Paper and paperboard	-730	-714	-16	-2.2
	Textile yarn and fabrics	-413	-425	12	2.9
	Iron and steel	-1,463	-1,348	-115	-7.9
	Plastics	-1,451	-1,571	120	8.3
	Processed industrial supplies n.e.s.	-12,600	-13,297	697	5.5
	Other merchandise goods(f)(g)	-335	-312	-23	-6.9
	Goods procured in ports by carriers(h)	-493	-436	-57	-11.6

Services

Services exports, price and volume change, seasonally adjusted - December quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		1,437	4.6	3.4	1.1
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-3	-30.0	-29.7	-0.4
	Transport	197	10.2	5.7	4.2
	Travel	417	2.1	1.2	0.9
	Other services	825	8.7	7.5	1.1

- nil or rounded to zero (including null cells)

Reference year 2022-23=100.
Movements in indexes are calculated from unrounded data.

Services imports, price and volume change, seasonally adjusted - December quarter 2024
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		-297	-0.7	-2.5	1.9
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	36	17.3	15.4	1.7
	Transport	181	2.6	-0.7	3.3
	Travel	-762	-4.1	-5.8	1.7
	Other services	248	1.5	-0.4	1.8

- nil or rounded to zero (including null cells)

Reference year 2022-23=100.
Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit increased by $2,337m to $19,793m in the December quarter 2024.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Dec-16	-12.4	13.9	-26.3
Mar-17	-12.8	13.7	-26.5
Jun-17	-13.5	14.0	-27.5
Sep-17	-13.8	13.8	-27.6
Dec-17	-14.3	14.4	-28.7
Mar-18	-14.1	15.0	-29.1
Jun-18	-15.7	16.2	-31.9
Sep-18	-16.9	16.6	-33.4
Dec-18	-16.3	16.8	-33.0
Mar-19	-16.2	17.8	-34.0
Jun-19	-15.8	16.9	-32.7
Sep-19	-14.3	16.6	-30.9
Dec-19	-12.8	17.1	-29.9
Mar-20	-10.7	16.9	-27.6
Jun-20	-7.4	14.2	-21.6
Sep-20	-3.4	15.4	-18.8
Dec-20	-4.2	14.4	-18.6
Mar-21	-6.2	15.7	-21.9
Jun-21	-10.6	15.8	-26.4
Sep-21	-14.4	17.7	-32.2
Dec-21	-21.0	18.7	-39.7
Mar-22	-22.7	20.2	-42.9
Jun-22	-31.0	23.2	-54.1
Sep-22	-31.9	22.4	-54.4
Dec-22	-27.6	25.0	-52.5
Mar-23	-27.0	22.3	-49.4
Jun-23	-23.2	23.6	-46.9
Sep-23	-22.5	24.8	-47.3
Dec-23	-22.4	24.6	-47.0
Mar-24	-21.8	26.1	-47.9
Jun-24	-23.0	26.3	-49.3
Sep-24	-17.5	28.1	-45.6
Dec-24	-19.8	28.0	-47.8

Net primary income (a)

["","Net primary income","Primary income credits","Primary income debits"]

[["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","Dec-24"],[[-12.4],[-12.800000000000001],[-13.5],[-13.800000000000001],[-14.300000000000001],[-14.1],[-15.699999999999999],[-16.899999999999999],[-16.300000000000001],[-16.199999999999999],[-15.800000000000001],[-14.300000000000001],[-12.800000000000001],[-10.699999999999999],[-7.4000000000000004],[-3.3999999999999999],[-4.2000000000000002],[-6.2000000000000002],[-10.6],[-14.4],[-21],[-22.699999999999999],[-31],[-31.899999999999999],[-27.600000000000001],[-27],[-23.199999999999999],[-22.5],[-22.399999999999999],[-21.800000000000001],[-23],[-17.5],[-19.800000000000001]],[[13.9],[13.699999999999999],[14],[13.800000000000001],[14.4],[15],[16.199999999999999],[16.600000000000001],[16.800000000000001],[17.800000000000001],[16.899999999999999],[16.600000000000001],[17.100000000000001],[16.899999999999999],[14.199999999999999],[15.4],[14.4],[15.699999999999999],[15.800000000000001],[17.699999999999999],[18.699999999999999],[20.199999999999999],[23.199999999999999],[22.399999999999999],[25],[22.300000000000001],[23.600000000000001],[24.800000000000001],[24.600000000000001],[26.100000000000001],[26.300000000000001],[28.100000000000001],[28]],[[-26.300000000000001],[-26.5],[-27.5],[-27.600000000000001],[-28.699999999999999],[-29.100000000000001],[-31.899999999999999],[-33.399999999999999],[-33],[-34],[-32.700000000000003],[-30.899999999999999],[-29.899999999999999],[-27.600000000000001],[-21.600000000000001],[-18.800000000000001],[-18.600000000000001],[-21.899999999999999],[-26.399999999999999],[-32.200000000000003],[-39.700000000000003],[-42.899999999999999],[-54.100000000000001],[-54.399999999999999],[-52.5],[-49.399999999999999],[-46.899999999999999],[-47.299999999999997],[-47],[-47.899999999999999],[-49.299999999999997],[-45.600000000000001],[-47.799999999999997]]]

[]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms fell $151m (-0.5%). The key components contributing to the decrease were:

Portfolio investment assets - income on equity and investment fund shares; down $1,402m (-13.8%)
Reserve assets; down $179m (-31.6%)

Partly offset by:

Direct investment assets - income on equity and investment fund shares; up $665m (6.9%)
Portfolio investment assets - interest; up $646m (13.8%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $2,186m (4.8%). The key components contributing to the increase were:

Portfolio investment liabilities - interest; up $1,459m (10.6%)
Direct investment liabilities - income on equity and investment fund shares; up $863m (5.3%)

Partly offset by:

Portfolio investment liabilities - income on equity and investment fund shares; down $175m (-2.4%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit rose $46m to $247m.

Secondary income credits rose $38m (1.0%) while debits rose $84m (2.1%) in the December quarter 2024.

Capital and Financial Account

The capital and financial account recorded a surplus of $14.2b during the December 2024 quarter, driven by the financial account surplus of $14.4b.

The financial account recorded a surplus due to a $14.4b net outflow of equity and a $28.8b net inflow of debt.

Capital and financial account ($m)
			Mar 24	Jun 24	Sep 24	Dec 24	Sep 24 to Dec 24
Capital account			97	-107	-164	-170	-6
	Acquisitions/disposals of non-produced non-financial assets		232	50	7	192	185
		Acquisitions/disposals of non-produced non-financial assets credits	233	67	7	196	189
		Acquisitions/disposals of non-produced non-financial assets debits	-1	-17	-	-4	-4
	Capital transfers		-135	-157	-171	-362	-191
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-135	-157	-171	-362	-191
Financial account			4,078	17,709	16,686	14,355	-2,331
	Direct investment		18,469	19,120	22,019	76	-21,943
		Direct investment assets	-8,258	7,074	-4,156	-18,563	-14,407
		Direct investment liabilities	26,726	12,046	26,175	18,639	-7,536
	Portfolio investment		-3,717	53,712	-27,817	22,639	50,456
		Portfolio investment assets	-39,355	-9,806	-63,191	-34,437	28,754
		Portfolio investment liabilities	35,638	63,518	35,374	57,076	21,702
	Financial derivatives		-4,646	-35,205	-4,594	-18,365	-13,771
		Financial derivatives assets	160,495	168,978	174,171	215,673	41,502
		Financial derivatives liabilities	-165,140	-204,183	-178,765	-234,038	-55,273
	Other investment		-3,802	-18,187	27,555	10,728	-16,827
		Other investment assets	8,494	-28,973	18,679	-38,414	-57,093
		Other investment liabilities	-12,296	10,786	8,876	49,141	40,265
	Reserve assets		-2,227	-1,732	-477	-722	-245
Net errors and omissions			4,084	-6,064	6,366	-4,953	-11,319

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $653.2b at 31 December 2024, a decrease of $61.6b on the revised 30 September 2024 figure of $714.8b. Australia's net foreign equity asset position increased $152.5b to $735.5b and Australia's net foreign debt liability position increased $90.9b to $1,388.6b.

International investment position, by net foreign equity and net foreign debt ($m)
		Position at beginning of period	Transactions	Price changes	Exchange rate changes	Other adjustments	Position at end of period
Net International Investment Position	Jun‑24	708,357	17,709	-58,062	31,939	-5,482	694,461
	Sep‑24	694,461	16,686	4,842	4,358	-5,537	714,810
	Dec‑24	714,810	14,355	-6,008	-93,834	23,842	653,166
Net Foreign Equity	Jun‑24	-516,242	1,813	-64,418	35,414	-7,695	-551,127
	Sep‑24	-551,127	-29,714	-14,338	20,743	-8,512	-582,948
	Dec‑24	-582,948	-14,406	-16,978	-136,155	15,022	-735,465
Net Foreign Debt	Jun‑24	1,224,599	15,895	6,356	-3,475	2,213	1,245,587
	Sep‑24	1,245,587	46,401	19,180	-16,385	2,975	1,297,758
	Dec‑24	1,297,758	28,762	10,969	42,321	8,820	1,388,631

Data downloads

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Time series spreadsheets

Data files

Table 1. Balance of payments, summary: original - quarter
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Table 2. International investment position: by net foreign equity and net foreign debt - quarter
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Table 3. Foreign assets and liabilities: by equity and debt - quarter
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Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter
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Table 5. Goods and services: chain volume measures and indexes - quarter
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Table 6. Goods credits
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Table 7. Goods debits
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Table 8. Services credits
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Table 9. Services debits
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Table 10. Income credits - quarter
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Table 11. Income debits - quarter
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Table 12. Capital account: original - quarter
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Table 13. Financial account - quarter
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Table 14. International investment: foreign assets - quarter
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Table 15. International investment: foreign liabilities - quarter
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Table 16. Foreign debt levels - quarter
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Table 17. Gross external debt liabilities: levels - quarter
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Table 18. Currency and residual maturity of foreign debt - quarter
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Table 20. Foreign assets and liabilities by industry - quarter
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Table 21. Goods and services credit by state on a balance of payments basis - quarter
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Table 22. Goods and services debits by state on a balance of payments basis - quarter
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Table 23. Selected international accounts ratios: seasonally adjusted - quarter
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Table 24. Quarterly combined current price seasonal adjustment factors
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Table 25. Exports by SITC division on a balance of payments basis - quarter
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Table 26. Imports by broad economic category on a balance of payment basis - quarter
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Table 27. International investment: directional principle - quarter
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Table 28. Summary of revisions - quarter
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Table 29. International investment position: historical summary - quarter
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Table 30. Balance of payments, summary: original - financial year
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Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter
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Changes to publication outputs

Please be advised that from this issue Table 19: Exchange rates - quarter is no longer published. This table comprised aggregate and reproduced exchange rate values that are made available by the Reserve Bank of Australia (RBA) Historical Data | RBA.

Table 19 and the RBA table formatting differs so this may impact how users collate and apply exchange rate information. This publication still includes selected exchange rate information under Supplementary Information.

Supplementary Information

Value adjustments

Goods credits data presented in this publication are based on information provided by exporters to the Department of Home Affairs (Home Affairs). At the time of initial reporting to Home Affairs, final transaction prices are not known for some commodities. Final quantity and/or unit price information is updated progressively as exporters revise the information provided to Home Affairs.

For commodities such as iron ore and coal, newly negotiated contract prices are not fully reflected in data first reported to Home Affairs. When additional information on quantity and/or unit price for these commodities is available, the ABS may adjust the data to reflect actual transaction values.

Iron ore adjustments are applied on an international merchandise trade basis at the Australian Harmonized Export Commodity Classification (AHECC) level. Coal, coke and briquettes are adjusted on a balance of payments basis in original current price terms. When final transaction prices become available adjusted estimates are replaced with these data.

In most instances, transfer of ownership occurs when goods cross the customs frontier. In certain circumstances the ownership of large value capital expenditure items occurs prior to the items crossing the customs frontier. The ABS adjusts the relevant balance of payments series to record the timing when transfer of ownership takes place.

Exports on an international merchandise trade basis

On a merchandise trade basis, adjustments have been applied to iron ore lumps and iron ore fines. When final transaction information becomes available, the adjusted estimates are replaced with these data.

Goods on a balance of payments basis

Coal, coke and briquettes adjustment, BoP Basis
	Jun 24 ($m)	Sep 24 ($m)	Dec 24 ($m)
Coal, coke and briquettes	-5	-	-205

Capital expenditure (in original terms)

The balance of payments goods debits component capital goods n.e.s. includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the customs frontier.

Revisions

Economic conditions

Country	MSCI quarter-on-quarter percentage change (a)(%)	AUD exchange rate quarter-on-quarter percentage change (b)(%)
Australia	-1.26	na
United States of America	2.46	-10.31
United Kingdom	-0.80	-0.04
Europe	-10.77	-0.37
China	-7.15	-6.66
Japan	5.77	-1.10
Singapore	7.94	-4.68
India	-8.89	-8.37
New Zealand	6.59	1.45

COVID-19 in this publication

Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

Balance of Payments and International Investment Position, Australia methodology, December 2024

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APA

Balance of Payments and International Investment Position, Australia

APA

Key statistics

International accounts overview

Current Account

Terms of trade

Relationship between IPD, EPI and IPI

Balance on goods and services

Exports of goods (credits)

Rural goods

Non-rural goods

Imports of goods (debits)

Consumption goods

Capital goods

Intermediate and other merchandise goods

Services

Income

Primary income credits

Primary income debits

Secondary income

Capital and Financial Account

International Investment Position

Data downloads

Time series spreadsheets

Table 1. Balance of payments, summary: original - quarter

Table 2. International investment position: by net foreign equity and net foreign debt - quarter

Table 3. Foreign assets and liabilities: by equity and debt - quarter

Table 4. Current account transactions: seasonally adjusted and trend estimates - quarter

Table 5. Goods and services: chain volume measures and indexes - quarter

Table 6. Goods credits

Table 7. Goods debits

Table 8. Services credits

Table 9. Services debits

Table 10. Income credits - quarter

Table 11. Income debits - quarter

Table 12. Capital account: original - quarter

Table 13. Financial account - quarter

Table 14. International investment: foreign assets - quarter

Table 15. International investment: foreign liabilities - quarter

Table 16. Foreign debt levels - quarter

Table 17. Gross external debt liabilities: levels - quarter

Table 18. Currency and residual maturity of foreign debt - quarter

Table 20. Foreign assets and liabilities by industry - quarter

Table 21. Goods and services credit by state on a balance of payments basis - quarter

Table 22. Goods and services debits by state on a balance of payments basis - quarter

Table 23. Selected international accounts ratios: seasonally adjusted - quarter

Table 24. Quarterly combined current price seasonal adjustment factors

Table 25. Exports by SITC division on a balance of payments basis - quarter

Table 26. Imports by broad economic category on a balance of payment basis - quarter

Table 27. International investment: directional principle - quarter

Table 28. Summary of revisions - quarter

Table 29. International investment position: historical summary - quarter

Table 30. Balance of payments, summary: original - financial year

Table 31. Selected services, chain volume measures and implicit price deflators: original - quarter

Changes to publication outputs

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods on a balance of payments basis

Revisions

Economic conditions

COVID-19 in this publication

Suspension of trend estimates

Previous catalogue number

Methodology

Media releases

Seventh straight current account deficit for Australia

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