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
March 2025
Released
3/06/2025
  • Next Release 2/09/2025
    Balance of Payments and International Investment Position, Australia, June 2025
  • Next Release 2/12/2025
    Balance of Payments and International Investment Position, Australia, September 2025
  • Next Release 3/03/2026
    Balance of Payments and International Investment Position, Australia, December 2025
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Key statistics

  • The current account balance, seasonally adjusted, rose $1,652m to a deficit of $14,663m.
  • The capital and financial account surplus was $6,234m, a decrease of $12,984m on the December quarter 2024 surplus.
  • The net international investment liability position was $672,578m at 31 March 2025.

International accounts overview

Key figures ($m)
 Dec 24Mar 25
Balance on current account (a)-16,315-14,663
Balance on goods and services (a)5,4375,197
Net primary income (a)-21,642-19,400
Capital and financial account19,2186,234
International investment position (b)681,443672,578
  1. Seasonally adjusted estimates in current price terms.
  2. Levels at end of period.

The current account balance (seasonally adjusted, current price) for March quarter 2025 was a deficit of $14.7b. This was an increase of $1.7b, from the revised December quarter 2024 current account deficit of $16.3b.

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

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.1 percentage points from the March quarter 2025 GDP quarterly movement. 

The terms of trade increased 0.1% to 91.1, up from 91.0 in December quarter 2024. 

The net primary income deficit decreased to $19.4b, following the $21.6b deficit in December quarter 2024.

  1. Seasonally adjusted estimates in current price terms.

Australia's net international investment liability position was $672.6b at 31 March 2025 a decrease of $8.9b on the revised December quarter 2024 position of $681.4b.

Current Account

Balance on current account, current price, seasonally adjusted ($m)
 Dec 24Mar 25Dec 24 to Mar 25
Balance on current account-16,315-14,6631,652
Balance on goods and services5,4375,197-239
Net goods15,27615,409133
Net Services-9,839-10,211-372
Net primary income-21,642-19,4002,242
Net secondary income-110-460-350

Terms of trade

Relationship between IPD, EPI and IPI

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $20,996m, a fall of $661m on the revised December quarter 2024 surplus of $21,657m.

  1. Seasonally adjusted, reference year 2022-23=100.

Exports of goods (credits)

In seasonally adjusted current price terms, goods credits rose $3,679m (2.9%) to $131,770m, with volumes down 0.3% and prices up 3.2%.

 

Goods credits, price and volume change, seasonally adjusted - March quarter 2025
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Exports of goods3,6792.9-0.33.2
 Rural goods7203.91.42.5
 Non-rural goods-1,750-1.8-2.30.5
 Net exports of goods under merchanting-114-67.1-68.64.8
 Non-monetary gold(c)4,82248.031.612.4
  1. Reference year 2022-23=100.
  2. Movements in indexes are calculated from unrounded data.
  3. This component is not seasonally adjusted.

Rural goods

Non-rural goods

Imports of goods (debits)

In seasonally adjusted current price terms, goods debits rose $3,546m (3.1%) to $116,362m, with volumes down 0.3% and prices up 3.4%. 

Goods debits, price and volume change, seasonally adjusted - March quarter 2025
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Total Goods Imports3,5463.1-0.33.4
 Consumption goods1130.30.20.1
 Capital goods-313-1.1-3.92.9
 Intermediate and other merchandise goods3,2467.11.15.9
 Non-monetary gold(c)50017.35.011.7
  1. Reference year 2022-23=100.
  2. Movements in indexes are calculated from unrounded data.
  3. This component is not seasonally adjusted.

Consumption goods

Capital goods

Intermediate and other merchandise goods

Services

Services exports, price and volume change, seasonally adjusted - March quarter 2025
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Exports of services-570-1.7-3.01.3
 Manufacturing services on physical inputs owned by others----
 Maintenance and repair services n.i.e.9128.6126.31.0
 Transport-163-7.6-0.5-7.2
 Travel-564-2.8-5.42.7
 Other services1481.40.90.5

- nil or rounded to zero (including null cells)

  1. Reference year 2022-23=100.
  2. Movements in indexes are calculated from unrounded data.
Services imports, price and volume change, seasonally adjusted - March quarter 2025
 Current prices ($m)Current prices (%)Chain volume measures (a)(b)(%)Implicit price deflators (a)(b)(%)
Imports of services-198-0.5-0.80.4
 Manufacturing services on physical inputs owned by others----
 Maintenance and repair services n.i.e.-16-6.5-11.25.3
 Transport-421-5.6-3.2-2.5
 Travel-511-2.9-2.4-0.5
 Other services7504.32.22.0

- nil or rounded to zero (including null cells)

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

Income

Net primary income deficit decreased by $2,242m to $19,400m in the March quarter 2025. 

  1.  Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms fell $316m (-1.2%). The key components contributing to the decrease were:

  • Direct investment assets - income on equity and investment fund shares; down $1,224m (-11.9%)
  • Other investment assets; down $106m (-5.3%)

Partly offset by:

  • Portfolio investment assets - income on equity and investment fund shares; up $801m (9.4%)
  • Portfolio investment assets - interest; up $113m (2.1%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms fell $2,558m (-5.2%). The key components contributing to the decrease were:

  • Direct investment liabilities - income on equity and investment fund shares; down $2,379m (-13.0%)
  • Portfolio investment liabilities - income on equity and investment fund shares; down $470m (-6.8%)

Partly offset by:

  • Portfolio investment liabilities - interest; up $373m (2.4%)
  • Compensation of employees; up $262m (6.5%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit rose $350m to $460m.

Secondary income credits fell $123m (3.3%) while debits rose $227m (5.8%) in the March quarter 2025. 

Capital and Financial Account

The capital and financial account recorded a surplus of $6.2b during the March 2025 quarter, driven by the financial account surplus of $6.4b.

The financial account recorded a surplus due to a $2.8b net outflow of equity and a $9.3b net inflow of debt.

Capital and financial account ($m)
 Jun 24Sep 24Dec 24Mar 25Dec 24 to
Mar 25
Capital account-107-167-254-19955
 Acquisitions/disposals of non-produced non-financial assets507112-5-117
  Acquisitions/disposals of non-produced non-financial assets credits6771160-116
  Acquisitions/disposals of non-produced non-financial assets debits-170-4-5-1
 Capital transfers-157-174-366-194172
  Capital transfers credits-----
  Capital transfers debits-157-174-366-194172
Financial account17,24216,99519,4726,433-13,039
 Direct investment19,00121,111-2416,9187,159
  Direct investment assets7,008-3,851-19,338-7,35811,980
  Direct investment liabilities11,99324,96119,09614,277-4,819
 Portfolio investment55,434-31,10532,6347,554-25,080
  Portfolio investment assets-9,958-62,999-40,621-18,77821,843
  Portfolio investment liabilities65,39231,89473,25626,332-46,924
 Financial derivatives-37,205-594-21,6844,56626,250
  Financial derivatives assets168,978178,171214,299112,089-102,210
  Financial derivatives liabilities-206,183-178,765-235,983-107,523128,460
 Other investment-18,25628,0609,486-16,893-26,379
  Other investment assets-31,34921,157-39,777-1,49438,283
  Other investment liabilities13,0936,90449,263-15,399-64,662
 Reserve assets-1,732-477-7224,2875,009
Net errors and omissions-5,3695,729-6,9596,62513,584

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $672.6b at 31 March 2025, a decrease of $8.9b on the revised 31 December 2024 figure of $681.4b. Australia's net foreign equity asset position decreased $1.5b to $729.5b and Australia's net foreign debt liability position decreased $10.4b to $1,402.1b.

International investment position, by net foreign equity and net foreign debt ($m)
 Position at beginning of periodTransactionsPrice changesExchange rate changesOther adjustmentsPosition at end of period
Net International Investment PositionSep‑24699,98716,9952,2844,011-6,688716,590
Dec‑24716,59019,4724,164-87,38128,598681,443
Mar‑25681,4436,43310,701-13,897-12,101672,578
Net Foreign EquitySep‑24-549,566-29,940-12,77520,711-10,162-581,731
Dec‑24-581,731-18,247-17,093-129,52815,562-731,038
Mar‑25-731,038-2,84520,714-7,640-8,728-729,536
Net Foreign DebtSep‑241,249,55346,93415,059-16,6993,4741,298,321
Dec‑241,298,32137,72021,25742,14613,0361,412,480
Mar‑251,412,4809,278-10,013-6,257-3,3741,402,114

Data downloads

Time series spreadsheets

Data files

Supplementary Information

Value adjustments

Revisions

Economic conditions

COVID-19 in this publication

Previous catalogue number

This release previously used catalogue number 5302.0.

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