|Dec 23||Mar 23|
|Balance on current account (a)||11,702||12,283|
|Balance on goods and services (a)||39,022||41,051|
|Net primary income (a)||-26,955||-28,534|
|Capital and financial account||-10,434||-5,789|
|International investment position (b)||881,149||862,315|
a. Seasonally adjusted estimates in current price terms.
b. Levels at end of period.
The current account balance (seasonally adjusted current price) for March quarter 2023 was a surplus of $12.3b. The current account balance increased $581m from the revised December quarter 2022 surplus of $11.7b.
The increase in the current account reflected a higher trade surplus partly offset by a rise in the net primary income deficit.
The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.2 percentage points from the March quarter 2023 GDP quarterly movement, assuming no significant revision to December quarter 2022 estimates of GDP.
The terms of trade increased 2.8% to 114.0, up from 110.9 in December quarter 2022.
The net primary income deficit increased to $28.5b, following the $27.0b deficit in December quarter 2022.
Australia's net international investment liability position was $862.3b at March quarter 2023, a decrease of $18.8b on the revised December quarter 2022 position of $881.1b.
Review of seasonal adjustment
An extraordinary annual seasonal review (EASR) was undertaken this quarter. The outcome of the review is that concurrent seasonal adjustment has been reinstated for all seasonally adjusted estimates in this publication. The review also assessed seasonal factors and appropriateness of any prior corrections in more detail than is possible in the quarterly cycle, resulting in larger revisions than usual.
Trend estimates for national and state goods credits and debits and for the primary and secondary income series have been reinstated (including for the entire COVID period in the data downloads spreadsheets). For further details, see COVID-19 in this publication under Supplementary information.
- Seasonally adjusted estimates in current price terms.