Balance of Payments and International Investment Position, Australia

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

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Reference period
September 2021
Released
30/11/2021
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Key statistics

  • The current account surplus, seasonally adjusted, rose $1,016m to $23,886m.
  • The capital and financial account deficit fell $2,610m to $21,835m.
  • Australia’s net IIP liability position was $860,149m at 30 September 2021.

Main features

Key figures (a)
 Jun Qtr 2021 ($m)Sep Qtr 2021 ($m)
Balance on current account (b)22,87023,886
Balance on goods and services (b)30,81038,911
Net primary income (b)-6,602-14,327
Capital and financial account-24,445-21,835
International investment position (c)898,483860,149

(a) Trend series is not published from June Quarter 2019
(b) Seasonally adjusted
(c) Levels at end of period

(a) Seasonally adjusted estimates at current prices.

COVID-19 in this publication

Suspension of trend estimates

The trend series attempts to measure underlying behaviour of international trade activity. In the short term, this measurement will be significantly affected by the current COVID-19 pandemic and subsequent changes to regular patterns in international trade that will occur during this time. If the trend estimates in this publication were to be calculated without fully accounting for this unusual event, they would provide a misleading view of underlying international trade activity.

It may be some time before the underlying trend in international trade activity can be accurately estimated. The trend series has therefore been suspended from June quarter 2019 and will be reinstated when more certainty emerges in the underlying trend in international trade.

Seasonal adjustment and COVID-19

International Accounts uses the concurrent seasonal adjustment method, meaning that seasonal factors are re-estimated each time new data becomes available. If not appropriately accounted for, unusual events, such as COVID-19, can distort estimates calculated using this method. From March quarter 2020, seasonal factors for series that have been notably impacted by COVID-19 will be calculated using data up to and including December quarter 2019, then projected from March quarter 2020 onwards. This approach, known as the forward factor method, ensures that the seasonal factors are not distorted by COVID-19 impacts.

The ABS has advised users that it had moved to using forward factors for seasonal analysis of a number of series, including Travel Services. Current ABS (and international practice) requires at least three years of data to assess whether a change in the seasonal pattern has occurred. Should COVID-19 result in a long-term change to the seasonal pattern then revisions to these series may occur in the future. The ABS will consult with users on any future methods changes to seasonal adjustment and potential revisions.

For more information on interpreting seasonally adjusted estimates of International travel services please see the May 2020 feature article International Travel Services time series which outlines the matter in greater detail.

Changes in this issue

New base year and re-referencing of chain volume estimates and implicit price deflators

A new base year 2019-20 will be introduced into chain volume estimates and implicit price deflators in the September quarter 2021 issue. As a result, the chain volume estimate series and implicit price deflators series will be re-referenced to 2019-20.

Changes to seasonal adjustment method of current price values of: coal, coke and briquettes, metal ores and minerals, and other mineral fuels

As part of an ongoing improvement program within the International Accounts, from the September 2020 release of this publication, independent seasonal adjustment has been be applied when calculating the seasonal patterns for the following export commodities:

  • Metal, ores & minerals
  • Coal, coke & briquettes
  • Other mineral fuels

Independent seasonal adjustment derives separate seasonal adjustment factors for the current price and chain volume measure series. The change was first applied from the September quarter 2019 onwards, and from September quarter 2021, has been applied back to the September quarter 2005 onwards. Previously for these series, seasonal factors derived from the corresponding chain volume measures were used to seasonally adjust the current price value series.

Selected international account ratios - Table 23

The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts, 2020-21 on 29 October 2021 will be revised and incorporated into the quarterly national accounts with the September quarter 2021 issue of Australian National Accounts: National Income Expenditure and Product to be released on 1 December 2021. 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. As the ratios using the currently available GDP and GNI would be inconsistent with the revised data, they have been suppressed in this issue. Table 23 in the time series spreadsheets released in conjunction with this publication will be updated with the release of the quarterly Australian National Accounts: National Income, Expenditure and Product on 1 December 2021.

Changes to reporting of derivatives data in September quarter 2021 Balance of Payments and International Investment Position, Australia

From September quarter 2021, the ABS will collect derivative asset and liability activity for banks via the Economic and Financial Statistics Collection (EFS).

The Australian Prudential Regulatory Authority (APRA) collects data from the financial sector (Authorised Deposit-taking Institutions (ADIs) and Registered Financial Corporations (RFCs) on behalf of the ABS and the Reserve Bank of Australia (RBA). Over the past few years, APRA, the ABS, the RBA, and the financial sector have been working together to modernise the data collection and develop a new set of forms and related guidance called the EFS collection. The fourth and final phase of the EFS collection collects data on derivative activity.

What’s changed?

Derivative asset and derivative liability data are no longer reported by banks to the ABS via the Survey of International Investment. Derivatives data for banks are now collected by APRA on behalf of the ABS.

Enhanced data quality

The derivatives data received via APRA through the EFS collection will enhance data quality for the ABS Balance of Payments and International Investment Position statistics. For example, it provides:

  • enhanced reporting guidance for financial institutions on derivatives data
  • updated definitions to align with international standards for compiling economic statistics

The enhanced derivatives data in the quarterly ABS Balance of Payments and International Investment Position statistics have been back cast to December 2013 using approved ABS methodological techniques.  Back casting has had minimal impact on historical net positions.  

The derivatives data appear in several estimates in the Balance of Payments and International Investment Position, Australia publication (see Table 1).

Table no.Title of table
1Balance of payments, summary: original - quarter
2International investment position: by net foreign equity and net foreign debt - quarter
3Foreign assets and liabilities: by equity and debt - quarter
13Financial account - quarter
14International investment: foreign assets - quarter
15International investment: foreign liabilities - quarter
16Foreign debt levels - quarter
17Gross external debt liabilities: levels - quarter
18Currency and residual maturity of foreign debt - quarter
20Foreign assets and liabilities by industry - quarter
23Selected international accounts ratios: seasonally adjusted - quarter
27International investment: directional principle - quarter
28Summary of revisions - quarter
29International investment position: historical summary - quarter
30Balance of payments, summary: original – financial year

Australian System of National Accounts historical revisions

This issue incorporates Historical Revisions, including changes to the way travel debits are compiled. Please see article "Australian System of National Accounts historical revisions" for more details.

Changes in forthcoming issues

Annual seasonal re-analysis

The seasonally adjusted and trend estimates of goods, services, primary income and secondary income will be revised in the December quarter 2021 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.

Current Account

Balance on current account in current prices, seasonally adjusted (a) - September quarter 2021
 Jun 21 ($m)Sep 21 ($m)Jun 21 to Sep 21 ($m)
Balance on current account22,87023,8861,016
Balance on goods and services30,81038,9118,101
Net goods28,18137,3979,216
Net Services2,6291,514-1,115
Net primary income-6,602-14,327-7,725
Net secondary income-1338-697641

(a) For sign conventions, see the Concepts section in the Explanatory notes in the Methodology.

Terms of trade

Australia's seasonally adjusted terms of trade on net goods and services for the September quarter 2021 rose 0.4% to 123.0, with an increase of 6.3% in the implicit price deflator (IPD) for goods and services credits and an increase of 5.9% in the IPD for goods and services debits.

(a) Seasonally adjusted, reference year 2019-20 = 100

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)Implicit price deflators (a)Chain Laspeyres Indexes (b)International Trade Price Indexes (b)
 Seasonally AdjustedOriginalOriginalOriginal
Goods exports6.43.84.06.2
Services exports3.43.54.1na
Goods imports5.14.75.75.4
Services imports11.611.912.0na

na not available
(a) Reference year 2019-20 = 100.
(b) Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

(a) Reference year 2019-20 = 100
(b) 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 $12,927m, a rise of $5,292m on the June quarter 2021 surplus of $7,635m.

Assuming no significant revision to June quarter 2021 estimates of Gross Domestic Product, the balance on goods and services is expected to contribute 1.0 percentage points to the September quarter 2021 GDP.

(a) Seasonally adjusted, reference year 2019-20.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits rose $10,461m (9%) to $122,814m, with volumes up 3% and prices up 6%.

Goods credits, price and volume change - seasonally adjusted - September quarter 2021
  Current prices ($m)Current prices (%)Chain volume measures (a)(%)Implicit price deflators (a)(b)(%)
Exports of goods10,4619.32.76.3
 Rural goods1,56211.84.86.6
 Non-rural goods8,6879.32.56.6
 Net exports of goods under merchanting-12-10.50.0-10.3
 Non-monetary gold2243.90.53.3

(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places

Rural goods

Rural goods, current price (seasonally adjusted)
  Jun 21 ($m)Sep 21 ($m)Jun 21 to Sep 21 ($m)Jun 21 to Sep 21 (%)
Rural goods13,19014,7521,56212
 Meat and meat preparations3,5404,06752715
 Cereal grains and cereal preparations3,3993,5161173
 Wool and sheepskins8881,09620823
 Other rural(a)5,3636,07371013

(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural.

Non-rural goods

Non-rural goods, current price (seasonally adjusted)
  Jun 21 ($m)Sep 21 ($m)Jun 21 to Sep 21 ($m)Jun 21 to Sep 21 (%)
Non-rural goods93,314102,0018,6879
 Metal ores and minerals54,38250,215-4,167-8
 Coal, coke and briquettes10,76517,1046,33959
 Other mineral fuels11,87217,4675,59547
 Metals (excl. non-monetary gold)3,2773,5022257
 Machinery2,7862,843572
 Transport equipment1,0151,008-7-1
 Other manufactures5,3645,6753116
 Other non-rural (incl. sugar and beverages)(a)3,2793,5833049
 Goods procured in ports by carriers574604305

(a) For all time periods, estimates for sugar, sugar preparations and honey are included in Other non-rural. 

(a) Seasonally adjusted

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $1,245m (1%) to $85,417m, with volumes down 3% and prices up 5%.

Goods debits, price and volume change - seasonally adjusted - September quarter 2021
  Current prices ($m)Current prices (%)Chain volume measures (a)(%)Implicit price deflators (a)(b)(%)
Total Goods Imports1,2451.5-3.55.0
 Consumption goods-1,657-5.7-9.54.2
 Capital goods1,3596.74.42.3
 Intermediate and other merchandise goods2,0906.4-1.58.0
 Non-monetary gold-547-27.7-30.03.4

(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places

Consumption goods

Consumption goods(a), seasonally adjusted
 Jun 21 ($m)Sep 21 ($m)Jun 21 to Sep 21 ($m)Jun 21 to Sep 21 (%)
Consumption goods-29,211-27,554-1,657-6
 Food and beverages, mainly for consumption-4,138-4,112-26-1
 Household electrical items-1,800-1,643-157-9
 Non-industrial transport equipment-7,381-6,211-1,170-16
 Textiles, clothing and footwear-5,070-4,906-164-3
 Toys, books and leisure goods-1,847-1,867201
 Consumption goods n.e.s.-8,975-8,815-160-2

(a) For sign conventions, see the Explanatory notes.

Capital goods

Capital goods(a), seasonally adjusted
 Jun 21 ($m)Sep 21 ($m)Jun 21 to Sep 21 ($m)Jun 21 to Sep 21 (%)
Capital goods-20,236-21,5951,3597
 Machinery and industrial equipment-7,172-7,037-135-2
 ADP equipment-2,860-3,57571525
 Telecommunications equipment-3,135-3,2471124
 Civil aircraft and confidentialised items(b)(c)-807-1,24243554
 Industrial transport equipment n.e.s.-3,686-3,8041183
 Capital goods n.e.s.(d)-2,576-2,6911154

(a) For sign conventions, see the Explanatory notes.
(b) From July 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.
(c) This component is not seasonally adjusted.
(d) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a), seasonally adjusted
 Jun 21 ($m)Sep 21 ($m)Jun 21 to Sep 21 ($m)Jun 21 to Sep 21 (%)
Intermediate and other merchandise goods-32,751-34,8412,0906
 Food and beverages, mainly for industry-493-514214
 Primary industrial supplies n.e.s.(b)-656-606-50-8
 Fuels and lubricants(c)-8,084-8,87078610
 Parts for transport equipment-3,518-3,6431254
 Parts for ADP equipment-230-230--
 Other parts for capital goods-4,781-4,9051243
 Organic and inorganic chemicals-973-997242
 Paper and paperboard-568-587193
 Textile yarn and fabrics-424-4262-
 Iron and steel-826-1,01418823
 Plastics-1,260-1,232-28-2
 Processed industrial supplies n.e.s.-10,659-11,4357767
 Other merchandise goods(c)(d)-255-35910441
 Goods procured in ports by carriers-25-24-1-4

- nil or rounded to zero (including null cells) 
(a) For sign conventions, see the Explanatory Notes.
(b) In using these seasonally adjusted series, care should be exercised because of the difficulties associated with reliably estimating the seasonal pattern.
(c) From July 2008, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Civil aircraft and confidentialised items. For earlier periods, commodities subject to a 'no commodity details' or 'no value details' restriction are included in Other merchandise goods.
(d) From September quarter 1981, this component is not seasonally adjusted

Services

Services exports, price and volume change - seasonally adjusted - September quarter 2021
  Current prices ($m)Current prices (%)Chain volume measures (a)(%)Implicit price deflators (a)(b)(%)
Exports of services-809-5-83
 Manufacturing services on physical inputs owned by others350--
 Maintenance and repair services n.i.e.-2-29-293
 Transport-26-3-64
 Travel-1,054-16-205
 Other services269312

- nil or rounded to zero (including null cells)
(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places

Services imports, price and volume change - seasonally adjusted - September quarter 2021
  Current prices ($m)Current prices (%)Chain volume measures (a)(%)Implicit price deflators (a)(b)(%)
Imports of services3062-812
 Manufacturing services on physical inputs owned by others----
 Maintenance and repair services n.i.e.8615
 Transport42510-1631
 Travel-3-1-54
 Other services-124-1-65

- nil or rounded to zero (including null cells)
(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places

Income

The primary income deficit widened by $7,725m to $14,327m in the September quarter 2021.

(a) Trend series is not published from June Quarter 2019

(b) Seasonally adjusted

Primary income credits

In seasonally adjusted terms at current prices, income to residents (credits) rose $2,195m (12.8%) to $19,389m. The main components contributing to this rise were:

direct investment assets - income on equity and investment fund shares; up $1,562m (22.7%)

portfolio investment assets - investment income on equity and investment fund shares; up $710m (9.1%)

Primary income debits

In seasonally adjusted terms at current prices income to non-residents (debits) rose $9,920m (41.7%) to $33,716m. The main components contributing to this rise were:

direct investment liabilities - income on equity and investment fund shares; up $5,011m (39.1%)

portfolio investment liabilities - investment income on equity and investment fund shares; up $5,356m (130.2%)

Secondary income

In seasonally adjusted terms at current prices, the net secondary income deficit fell $641m to $697m in the September quarter 2021. 

Capital and Financial Account

The capital and financial account recorded a deficit of $21.8b during the September 2021 quarter, mainly driven by the financial account deficit of $21.7b. 

The financial account deficit was due to a net outflow of equity of $14.8b and a net outflow of debt of $6.9b. 

Capital and financial account
   Dec-20Mar-21Jun-21Sep-21Qtr on Qtr
   ($m)($m)($m)($m)($m)
Capital account-156-182-245-16580
 Acquisitions/disposals of non-produced non-financial assets246-27027
  Acquisitions/disposals of non-produced non-financial assets credits306180-18
  Acquisitions/disposals of non-produced non-financial assets debits-60-45045
 Capital transfers-180-188-218-16553
  Capital transfers credits00000
  Capital transfers debits-180-188-218-16553
Financial account-12,216-15,657-24,200-21,6702,530
 Direct investment1,3668,5775,005-6,733-11,738
  Direct investment assets-2,4975,1963,058-15,020-18,078
  Direct investment liabilities3,8633,3811,9488,2876,339
 Portfolio investment-12,461-32,490-32,0431,07233,115
  Portfolio investment assets-74,417-12,056-49,102-36,50412,598
  Portfolio investment liabilities61,956-20,43517,05937,57720,518
 Financial derivatives-10,7041,5122,472326-2,146
  Financial derivatives assets26,16164,70251,71145,897-5,814
  Financial derivatives liabilities-36,865-63,190-49,238-45,5713,667
 Other investment8,80312,209-38810431,431
  Other investment assets25,184-3,262-6,867-25,014-18,147
  Other investment liabilities-16,38115,4716,48026,05719,577
 Reserve assets781-5465754-17378-18,132
 Net errors and omissions-2,381-2,945-3,6574534,110

International Investment Position

Australia's net IIP liability position was $860.1b at 30 September 2021, a decrease of $38.3b on the revised 30 June 2021 figure of $898.5b. Australia's net foreign debt liability position decreased $3.8b to $1,191.1b. Australia's net foreign equity asset position increased $34.5b to $330.9b at 30 September 2021.

International investment position, by net foreign equity and net foreign debt
  Position at beginning of periodTransactionsPrice changesExchange rate changesOther adjustmentsPosition at end of period
  ($m)($m)($m)($m)($m)($m)
Net International Investment PositionMar-21994,105-15,657-50,2681,744255930,179
Net International Investment PositionJun-21930,179-24,2007,609-15,057-48898,483
Net International Investment PositionSep-21898,483-21,6703,341-20,918913860,149
        
Net Foreign EquityMar-21-199,773-21,585-20,735-3,9571,011-245,039
Net Foreign EquityJun-21-245,039-28,820-1,271-21,431131-296,430
Net Foreign EquitySep-21-296,430-14,80514,472-34,23983-330,919
        
Net Foreign DebtMar-211,193,8785,929-29,5345,701-7551,175,218
Net Foreign DebtJun-211,175,2184,6208,8806,374-1791,194,913
Net Foreign DebtSep-211,194,913-6,865-11,13113,3218301,191,067

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, the final prices at which transactions take place are not known for some commodities. Final quantity and/or unit price information is updated progressively in international merchandise trade data 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 actual final transaction prices become available 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 can occur prior to the items crossing the customs frontier. The ABS may adjust the relevant balance of payments series to record the timing when transfer of ownership was affected.

Exports on an international merchandise trade basis

Iron ore (in original terms)

  • Adjustments have been applied to iron ore lump in the March quarter 2021 (+$25m), June quarter 2021 (+$60m) and September quarter 2021 (-$165m)
  • Adjustments have been applied to iron ore fines in the March quarter 2021 (+$15m), June quarter (+$50m) and September quarter 2021 (-$490m)
  • When actual final transaction prices become available estimates are replaced with these data.

Goods credits on a balance of payments basis

Coal (in original terms)

  • Adjustments have been applied to coal, coke and briquettes in the balance of payments series for the June quarter (-$5m) and the September quarter (+$485m) 2021.  All previous adjustments have been removed.

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

The following goods component has been revised since the release of the September 2021 issue of International Trade in Goods and Services, Australia.

  • Capital goods n.e.s. of good debits, revised in the September quarter 2021
  • Industrial transport equipment of good debits, revised in the September quarter 2021
  • Metal ores and minerals of good credits, revised in the June quarter 2021 and September quarter 2021. 

Summary of revisions since the last issue of this publication

Table 28 summarises revisions, in original current price terms, since the last issue of this publication.

Incorporation of the latest survey and administrative data has resulted in revisions to the balance of payments series back to the September quarter 2001. In original current price terms, these revisions have:

  • increased the current account surplus for the September quarter 2017 by $200m
  • increased the current account surplus for the December quarter 2017 by $431m
  • decreased the current account surplus for the March quarter 2018 by $12m
  • decreased the current account surplus for the June quarter 2018 by $779m
  • decreased the current account surplus for the September quarter 2018 by $383m
  • increased the current account surplus for the December quarter 2018 by $32m
  • increased the current account surplus for the March quarter 2019 by $331m
  • decreased the current account surplus for the June quarter 2019 by $129m
  • increased the current account surplus for the September quarter 2019 by $255m
  • increased the current account surplus for the December quarter 2019 by $709m
  • decreased the current account surplus for the March quarter 2020 by $4m
  • decreased the current account surplus for the June quarter 2020 by $231m
  • decreased the current account surplus for the September quarter 2020 by $386m
  • decreased the current account surplus for the December quarter 2020 by $328m
  • increased the current account surplus for the March quarter 2021 by $686m
  • increased the current account surplus for the June quarter 2021 by $1,755m

 

The International Investment Position (IIP) has been revised back to the December quarter 2013. These revisions have increased Australia's net IIP liability $13,360m to a net liability position of $898.483m at 30 June 2021. The financial account deficit has been revised down $31m to $24,200m at 30 June 2021.

Seasonally adjusted and trend series have been revised due to the incorporation of revised estimates and the incorporation of estimates for the latest quarter.

In seasonally adjusted terms, the revisions increased the volume surplus on goods and services by $2,471m for the June quarter 2021. 

Data in this issue aligns with the data in the September quarter 2021 issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0) to be released on 1 December 2021.

Economic conditions

CountryMSCI quarterly percentage change (a)(%)AUD exchange rate quarterly percentage change (b)(%)
Australia-0.84na
United States of America0.07-4.15
United Kingdom0.65-1.25
Europe-1.94-1.66
China-18.50-3.99
Japan4.36-2.97
Singapore-0.37-2.92
India12.14-4.26
New Zealand2.36-2.41

OECD quarterly growth rates for select countries can be found through the following link: https://stats.oecd.org/index.aspx?queryid=350
(a) MSCI data based on local currency except for Europe which is based on $USD. MSCI data from https://www.msci.com/ 
(b) Exchange rates data from RBA: https://www.rba.gov.au/statistics/historical-data.html#exchange-rates

Data downloads

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Data files

Previous catalogue number

This release previously used catalogue number 5302.0.

Post release changes

01/12/2021 Note: Updates to selected international accounts ratios table 23 

Ratios of current account and international investment measures to quarterly GDP and GNI are normally presented in Table 23.

As advised in the 'Changes in this issue' section of this publication, published on 30 November 2021, table 23 in the 'Data downloads' was updated on 1 December 2021 and released in conjunction with the release of the September quarter 2021 issue of Australian National Accounts: National Income and Expenditure.

Methodology

Balance of Payments and International Investment Position, Australia methodology, September 2021

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