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

Reference period

September 2023

Released

5/12/2023

View all releases

Release date and time

06/12/2023 11:30am AEDT

Key statistics

The current account balance, seasonally adjusted, fell $7,940m to a deficit of $158m.
The capital and financial account surplus was $3,124m, a turnaround of $20,261m on the June quarter 2023 deficit.
The net international investment liability position was $814,685m at 30 September 2023.

International accounts overview

Key figures ($m)
	Jun 23	Sep 23
Balance on current account (a)	7,782	-158
Balance on goods and services (a)	30,837	22,862
Net primary income (a)	-22,719	-22,324
Capital and financial account	-17,137	3,124
International investment position (b)	842,464	814,685

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

The current account balance (seasonally adjusted, current price) for September quarter 2023 was a deficit of $158m. The current account balance decreased $7.9b from the revised June quarter 2023 surplus of $7.8b.

The decrease in the current account deficit reflected the fall in prices for Australia’s key export commodities, partly offset by a drop in the net primary income deficit.

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.6 percentage points from the September quarter 2023 GDP quarterly movement.

The terms of trade decreased 2.6% to 92.5, down from 95.0 in June quarter 2023.

The net primary income deficit narrowed to $22.3b, following the $22.7b deficit in June quarter 2023.

Australia's net international investment liability position was $814.7b at September quarter 2023, a decrease of $27.8b on the revised June quarter 2023 position of $842.5b.

Ratios of current account and international investment measures to quarterly GDP and GNI have been updated in Table 23.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Sep-15	-19.9	-9.1	-10.6
Dec-15	-21.6	-11.4	-10.1
Mar-16	-17.6	-9.1	-8.3
Jun-16	-17.8	-7.6	-10.1
Sep-16	-14.1	-4.3	-9.4
Dec-16	-6.2	6.3	-12.4
Mar-17	-8.6	4.6	-12.8
Jun-17	-11.1	2.8	-13.5
Sep-17	-11.9	2.2	-13.8
Dec-17	-15.0	-0.4	-14.3
Mar-18	-12.2	2.0	-14.1
Jun-18	-13.1	2.8	-15.7
Sep-18	-10.3	6.9	-16.9
Dec-18	-6.5	9.8	-16.2
Mar-19	-4.5	12.1	-16.3
Jun-19	3.2	18.9	-15.8
Sep-19	6.8	21.3	-14.3
Dec-19	1.6	14.6	-12.7
Mar-20	5.5	16.4	-10.8
Jun-20	14.4	22.3	-7.4
Sep-20	9.9	13.7	-3.2
Dec-20	13.7	18.4	-4.0
Mar-21	19.6	26.1	-6.1
Jun-21	18.8	30.5	-10.5
Sep-21	21.0	36.0	-14.3
Dec-21	5.0	26.1	-20.5
Mar-22	3.5	27.0	-22.8
Jun-22	11.8	43.9	-31.4
Sep-22	-0.4	31.2	-31.2
Dec-22	11.4	38.6	-26.8
Mar-23	11.3	38.9	-27.3
Jun-23	7.8	30.8	-22.7
Sep-23	-0.2	22.9	-22.3

Current account balance (a), main aggregates

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

[["Sep-15","Dec-15","Mar-16","Jun-16","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"],[[-19.9],[-21.6],[-17.6],[-17.8],[-14.1],[-6.2],[-8.6],[-11.1],[-11.9],[-15],[-12.2],[-13.1],[-10.3],[-6.5],[-4.5],[3.2],[6.8],[1.6],[5.5],[14.4],[9.9],[13.7],[19.6],[18.8],[21],[5],[3.5],[11.8],[-0.4],[11.4],[11.3],[7.8],[-0.2]],[[-9.1],[-11.4],[-9.1],[-7.6],[-4.3],[6.3],[4.6],[2.8],[2.2],[-0.4],[2],[2.8],[6.9],[9.8],[12.1],[18.9],[21.3],[14.6],[16.4],[22.3],[13.7],[18.4],[26.1],[30.5],[36],[26.1],[27],[43.9],[31.2],[38.6],[38.9],[30.8],[22.9]],[[-10.6],[-10.1],[-8.3],[-10.1],[-9.4],[-12.4],[-12.8],[-13.5],[-13.8],[-14.3],[-14.1],[-15.7],[-16.9],[-16.2],[-16.3],[-15.8],[-14.3],[-12.7],[-10.8],[-7.4],[-3.2],[-4],[-6.1],[-10.5],[-14.3],[-20.5],[-22.8],[-31.4],[-31.2],[-26.8],[-27.3],[-22.7],[-22.3]]]

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Seasonally adjusted estimates in current price terms.

International investment position (IIP)
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Sep-15	926.6	-105.1	1,031.7
Dec-15	977.0	-80.4	1,057.4
Mar-16	1,025.9	-35.1	1,061.0
Jun-16	1,049.5	-33.4	1,082.9
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	1,061.9	-165.6	1,227.5
Dec-20	1,044.6	-176.4	1,220.9
Mar-21	940.0	-266.0	1,206.0
Jun-21	912.8	-320.6	1,233.5
Sep-21	917.4	-329.8	1,247.2
Dec-21	838.6	-395.6	1,234.2
Mar-22	888.3	-272.5	1,160.8
Jun-22	904.4	-263.1	1,167.6
Sep-22	911.0	-258.3	1,169.3
Dec-22	943.0	-240.7	1,183.7
Mar-23	928.3	-273.1	1,201.4
Jun-23	842.5	-326.9	1,169.3
Sep-23	814.7	-351.9	1,166.6

International investment position (IIP)

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

[["Sep-15","Dec-15","Mar-16","Jun-16","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"],[[926.6],[977],[1025.9],[1049.5],[1045.9],[1026.8],[1018.8],[1008],[1015.7],[1051.5],[1017.2],[1056.1],[1034.1],[1079.9],[1071.6],[1084.3],[1068.1],[999],[935.2],[1058.5],[1061.9],[1044.6],[940],[912.8],[917.4],[838.6],[888.3],[904.4],[911],[943],[928.3],[842.5],[814.7]],[[-105.1],[-80.4],[-35.1],[-33.4],[-35],[-37.9],[-25.8],[-38.4],[-54.8],[-51.4],[-90.7],[-80.5],[-105.5],[-103.4],[-127.7],[-143.3],[-175.2],[-228.8],[-310.5],[-136.4],[-165.6],[-176.4],[-266],[-320.6],[-329.8],[-395.6],[-272.5],[-263.1],[-258.3],[-240.7],[-273.1],[-326.9],[-351.9]],[[1031.7],[1057.4],[1061],[1082.9],[1080.9],[1064.8],[1044.6],[1046.4],[1070.4],[1102.8],[1107.9],[1136.6],[1139.6],[1183.3],[1199.4],[1227.6],[1243.3],[1227.9],[1245.7],[1194.9],[1227.5],[1220.9],[1206],[1233.5],[1247.2],[1234.2],[1160.8],[1167.6],[1169.3],[1183.7],[1201.4],[1169.3],[1166.6]]]

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Current Account

Balance on current account, current price, seasonally adjusted ($m)
	Jun 23	Sep 23	Jun 23 to Sep 23
Balance on current account	7,782	-158	-7,940
Balance on goods and services	30,837	22,862	-7,975
Net goods	30,775	24,134	-6,641
Net Services	62	-1,272	-1,334
Net primary income	-22,719	-22,324	395
Net secondary income	-336	-695	-359

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)
Sep-15	57.8	86.4	66.9
Dec-15	55.3	86.2	64.2
Mar-16	52.6	83.8	62.8
Jun-16	53.5	82.6	64.8
Sep-16	55.5	82.1	67.6
Dec-16	61.7	82.1	75.2
Mar-17	64.5	82.7	78.0
Jun-17	61.8	82.9	74.5
Sep-17	60.8	81.5	74.6
Dec-17	62.0	83.2	74.6
Mar-18	64.1	84.7	75.7
Jun-18	65.7	86.5	75.9
Sep-18	68.1	88.6	76.8
Dec-18	70.2	89.3	78.7
Mar-19	71.3	89.2	79.9
Jun-19	73.7	89.6	82.2
Sep-19	75.1	90.2	83.2
Dec-19	71.7	89.9	79.8
Mar-20	72.2	89.6	80.5
Jun-20	71.4	88.5	80.7
Sep-20	69.8	85.6	81.5
Dec-20	72.9	85.8	85.0
Mar-21	78.4	85.5	91.6
Jun-21	87.0	87.6	99.3
Sep-21	92.3	93.1	99.1
Dec-21	90.9	99.0	91.8
Mar-22	103.1	102.3	100.8
Jun-22	113.8	105.7	107.7
Sep-22	111.9	110.0	101.7
Dec-22	111.3	112.2	99.2
Mar-23	110.2	107.6	102.4
Jun-23	101.2	106.5	95.0
Sep-23	99.7	107.8	92.5

Relationship between IPD, EPI and IPI

Price comparison (QoQ % change)
	Implicit price deflators (a)(b)	Implicit price deflators (a)(b)	Chain Laspeyres Indexes (a)(b)	International Trade Price Indexes (c)
Goods exports	-1.9	-2.7	-2.6	-3.1
Services exports	0.7	0.8	0.9	na
Goods imports	1.7	1.4	0.8	0.8
Services imports	-0.9	-0.6	-3.1	na

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)
Sep-15	52.8	89.0	80.9	108.0
Dec-15	49.9	88.7	76.5	107.7
Mar-16	47.4	85.5	72.9	104.5
Jun-16	48.3	84.6	73.9	103.5
Sep-16	50.0	84.1	76.9	102.5
Dec-16	57.4	84.4	88.2	102.7
Mar-17	61.3	85.0	96.0	103.9
Jun-17	57.6	85.1	90.5	103.8
Sep-17	55.9	83.5	87.8	102.1
Dec-17	57.4	85.2	90.3	104.5
Mar-18	60.9	86.6	94.7	106.6
Jun-18	61.8	89.0	96.5	110.0
Sep-18	64.2	90.9	100.1	112.1
Dec-18	66.9	91.6	104.5	112.7
Mar-19	69.4	90.9	109.2	112.1
Jun-19	71.7	91.8	113.3	113.1
Sep-19	72.7	92.5	114.8	113.5
Dec-19	68.7	93.0	108.8	114.3
Mar-20	70.2	92.1	111.7	113.1
Jun-20	69.1	90.8	109.0	110.9
Sep-20	66.2	87.4	103.4	107.0
Dec-20	69.3	87.0	109.1	105.9
Mar-21	76.0	86.6	121.3	106.1
Jun-21	86.9	88.1	137.3	108.1
Sep-21	90.7	92.6	145.8	113.9
Dec-21	89.7	97.8	150.9	120.5
Mar-22	104.7	102.1	173.0	126.6
Jun-22	115.1	107.1	190.4	132.0
Sep-22	112.2	110.2	183.5	135.9
Dec-22	111.8	112.0	181.9	138.4
Mar-23	111.8	106.9	184.9	132.6
Jun-23	100.1	106.0	169.1	131.6
Sep-23	97.3	107.5	163.9	132.6

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $33,426m, a fall of $3,747m on the revised June quarter 2023 surplus of $37,173m.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Sep-15	36,747	41,652	-8,918
Dec-15	38,317	43,052	-9,243
Mar-16	43,818	47,569	-7,875
Jun-16	43,081	47,766	-8,665
Sep-16	43,472	47,399	-8,396
Dec-16	46,362	51,105	-8,867
Mar-17	39,011	43,165	-9,277
Jun-17	43,001	45,637	-8,130
Sep-17	43,037	47,231	-9,149
Dec-17	39,105	43,539	-9,529
Mar-18	41,605	45,893	-9,761
Jun-18	42,578	46,301	-9,289
Sep-18	46,058	49,325	-9,060
Dec-18	46,051	48,948	-9,033
Mar-19	46,894	48,236	-7,434
Jun-19	51,210	51,937	-6,886
Sep-19	52,207	52,286	-6,588
Dec-19	50,537	51,034	-7,293
Mar-20	49,871	53,074	-8,439
Jun-20	54,267	50,622	2,722
Sep-20	42,674	40,767	1,358
Dec-20	44,128	42,564	1,111
Mar-21	43,300	43,437	-55
Jun-21	35,811	35,378	507
Sep-21	39,962	40,271	26
Dec-21	38,400	39,752	-891
Mar-22	25,222	29,291	-4,102
Jun-22	29,818	34,587	-5,533
Sep-22	25,710	31,636	-5,927
Dec-22	35,630	37,218	-1,588
Mar-23	32,370	32,838	-468
Jun-23	37,173	36,477	696
Sep-23	33,426	34,374	-948

Goods and services, chain volume measures (a)

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

[["Sep-15","Dec-15","Mar-16","Jun-16","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"],[[36747],[38317],[43818],[43081],[43472],[46362],[39011],[43001],[43037],[39105],[41605],[42578],[46058],[46051],[46894],[51210],[52207],[50537],[49871],[54267],[42674],[44128],[43300],[35811],[39962],[38400],[25222],[29818],[25710],[35630],[32370],[37173],[33426]],[[41652],[43052],[47569],[47766],[47399],[51105],[43165],[45637],[47231],[43539],[45893],[46301],[49325],[48948],[48236],[51937],[52286],[51034],[53074],[50622],[40767],[42564],[43437],[35378],[40271],[39752],[29291],[34587],[31636],[37218],[32838],[36477],[34374]],[[-8918],[-9243],[-7875],[-8665],[-8396],[-8867],[-9277],[-8130],[-9149],[-9529],[-9761],[-9289],[-9060],[-9033],[-7434],[-6886],[-6588],[-7293],[-8439],[2722],[1358],[1111],[-55],[507],[26],[-891],[-4102],[-5533],[-5927],[-1588],[-468],[696],[-948]]]

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Seasonally adjusted, reference year 2021-22=100.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $4,267m (3.1%) to $134,622m, with volumes down 1.2% and prices down 1.9%.

Goods credits, price and volume change, seasonally adjusted - September quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of goods		-4,267	-3.1	-1.2	-1.9
	Rural goods	240	1.3	11.8	-9.3
	Non-rural goods	-5,503	-4.9	-4.0	-0.9
	Net exports of goods under merchanting	65	114.0	110.2	1.8
	Non-monetary gold(c)	931	12.4	12.2	0.2

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Rural goods

Rural goods (a)
	Jun 23 ($m)	Sep 23 ($m)	Jun 23 to Sep 23 ($m)	Jun 23 to Sep 23 (%)
Rural goods	17,916	18,156	240	1.3
	Meat and meat preparations	4,440	4,676	236	5.3
	Cereal grains and cereal preparations	5,594	4,643	-951	-17.0
	Wool and sheepskins	837	863	26	3.1
	Other rural(b)	7,045	7,973	928	13.2

Non-rural goods

Non-rural goods (a)
	Jun 23 ($m)	Sep 23 ($m)	Jun 23 to Sep 23 ($m)	Jun 23 to Sep 23 (%)
Non-rural goods	113,434	107,931	-5,503	-4.9
	Metal ores and minerals(b)	43,587	45,033	1,446	3.3
	Coal, coke and briquettes(b)	26,893	22,793	-4,100	-15.2
	Other mineral fuels(b)	23,580	20,424	-3,156	-13.4
	Metals (excl. non-monetary gold)	3,778	3,725	-53	-1.4
	Machinery	3,412	3,591	179	5.2
	Transport equipment	1,161	1,307	146	12.6
	Other manufactures	6,850	6,580	-270	-3.9
	Other non-rural (incl. sugar and beverages)(c)	3,490	3,628	138	4.0
	Goods procured in ports by carriers(d)	682	849	167	24.5

Selected major commodities (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Sep-15	18,607	9,492	5,868
Dec-15	16,728	8,434	5,947
Mar-16	16,026	7,910	5,618
Jun-16	17,379	8,614	5,248
Sep-16	18,501	9,437	5,836
Dec-16	22,270	16,069	6,930
Mar-17	24,517	15,098	7,329
Jun-17	20,191	13,512	8,960
Sep-17	21,705	14,325	8,077
Dec-17	22,151	14,276	8,175
Mar-18	23,120	15,722	10,745
Jun-18	22,819	16,078	12,789
Sep-18	23,645	17,396	14,135
Dec-18	25,744	17,761	15,833
Mar-19	27,456	16,905	14,989
Jun-19	32,613	17,515	15,648
Sep-19	34,882	16,152	15,501
Dec-19	31,938	13,462	14,461
Mar-20	31,249	13,218	14,908
Jun-20	34,143	11,714	13,442
Sep-20	37,084	9,306	7,966
Dec-20	42,071	9,032	8,837
Mar-21	48,911	9,810	10,513
Jun-21	54,021	11,088	12,814
Sep-21	48,462	18,031	17,484
Dec-21	36,075	24,376	20,792
Mar-22	42,368	29,772	22,025
Jun-22	43,256	41,722	28,196
Sep-22	40,891	36,166	28,554
Dec-22	43,721	34,716	28,443
Mar-23	49,228	29,802	25,948
Jun-23	43,587	26,893	23,580
Sep-23	45,033	22,793	20,424

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $2,374m (2.2%) to $110,488m, with volumes up 0.5% and prices up 1.7%.

Goods debits, price and volume change, seasonally adjusted - September quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		2,374	2.2	0.5	1.7
	Consumption goods	-72	-0.2	-0.5	0.3
	Capital goods	902	3.4	3.4	0.0
	Intermediate and other merchandise goods	1,307	2.9	-0.9	3.8
	Non-monetary gold(c)	237	10.5	11.0	-0.5

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.
This component is not seasonally adjusted.

Consumption goods

Consumption goods (a)(b)
	Jun 23 ($m)	Sep 23 ($m)	Jun 23 to Sep 23 ($m)	Jun 23 to Sep 23 (%)
Consumption goods	-34,607	-34,535	-72	-0.2
	Food and beverages, mainly for consumption	-5,151	-4,815	-336	-6.5
	Household electrical items	-1,726	-1,773	47	2.7
	Non-industrial transport equipment	-9,727	-10,333	606	6.2
	Textiles, clothing and footwear	-5,459	-5,416	-43	-0.8
	Toys, books and leisure goods	-1,974	-1,955	-19	-1.0
	Consumption goods n.e.s.	-10,570	-10,242	-328	-3.1

Capital goods

Capital goods(a)(b)
	Jun 23 ($m)	Sep 23 ($m)	Jun 23 to Sep 23 ($m)	Jun 23 to Sep 23 (%)
Capital goods	-26,703	-27,605	902	3.4
	Machinery and industrial equipment	-9,267	-9,365	98	1.1
	ADP equipment	-3,109	-3,227	118	3.8
	Telecommunications equipment	-3,827	-4,185	358	9.4
	Civil aircraft and confidentialised items(c)(d)	-1,462	-806	-656	-44.9
	Industrial transport equipment n.e.s.	-4,875	-5,749	874	17.9
	Capital goods n.e.s.(e)	-4,164	-4,273	109	2.6

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a)(b)
	Jun 23 ($m)	Sep 23 ($m)	Jun 23 to Sep 23 ($m)	Jun 23 to Sep 23 (%)
Intermediate and other merchandise goods	-44,541	-45,848	1,307	2.9
	Food and beverages, mainly for industry	-655	-632	-23	-3.5
	Primary industrial supplies n.e.s.(c)	-677	-754	77	11.4
	Fuels and lubricants(d)(e)	-14,047	-15,479	1,432	10.2
	Parts for transport equipment	-4,407	-4,449	42	1.0
	Parts for ADP equipment	-186	-191	5	2.7
	Other parts for capital goods	-6,136	-6,423	287	4.7
	Organic and inorganic chemicals	-1,306	-1,358	52	4.0
	Paper and paperboard	-698	-696	-2	-0.3
	Textile yarn and fabrics	-407	-413	6	1.5
	Iron and steel	-1,192	-1,218	26	2.2
	Plastics	-1,376	-1,331	-45	-3.3
	Processed industrial supplies n.e.s.	-12,832	-12,187	-645	-5.0
	Other merchandise goods(f)(g)	-280	-222	-58	-20.7
	Goods procured in ports by carriers(d)	-344	-495	151	43.9

Services

Services exports, price and volume change, seasonally adjusted - September quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Exports of services		745	2.7	1.9	0.7
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-2	-25.0	-27.0	2.7
	Transport	19	1.0	2.1	-1.1
	Travel	849	5.0	4.4	0.6
	Other services	-120	-1.3	-2.7	1.4

- nil or rounded to zero (including null cells)

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.

Services imports, price and volume change, seasonally adjusted - September quarter 2023
		Current prices ($m)	Current prices (%)	Chain volume measures (a)(b)(%)	Implicit price deflators (a)(b)(%)
Imports of services		2,079	7.5	8.4	-0.9
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-1	-0.5	-3.2	2.7
	Transport	-245	-3.5	10.1	-12.3
	Travel	2,269	23.8	19.5	3.7
	Other services	56	0.5	-1.9	2.5

- nil or rounded to zero (including null cells)

Reference year 2021-22=100.
Movements in indexes are calculated from unrounded data.

Income

Net primary income deficit narrowed by $395m to $22,324m in the September quarter 2023.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Sep-15	-10.6	12.7	-23.3
Dec-15	-10.1	13.5	-23.6
Mar-16	-8.3	12.8	-21.2
Jun-16	-10.1	13.2	-23.4
Sep-16	-9.4	13.2	-22.6
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	-27.7
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	-16.2	16.8	-33.0
Mar-19	-16.3	17.7	-34.0
Jun-19	-15.8	16.9	-32.7
Sep-19	-14.3	16.7	-30.9
Dec-19	-12.7	17.0	-29.8
Mar-20	-10.8	16.8	-27.6
Jun-20	-7.4	14.3	-21.7
Sep-20	-3.2	15.4	-18.6
Dec-20	-4.0	14.3	-18.3
Mar-21	-6.1	15.7	-21.8
Jun-21	-10.5	15.9	-26.4
Sep-21	-14.3	17.6	-31.9
Dec-21	-20.5	18.5	-39.0
Mar-22	-22.8	20.2	-43.0
Jun-22	-31.4	23.2	-54.6
Sep-22	-31.2	22.7	-53.9
Dec-22	-26.8	24.7	-51.4
Mar-23	-27.3	22.3	-49.7
Jun-23	-22.7	23.5	-46.2
Sep-23	-22.3	25.1	-47.4

Net primary income (a)

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

[["Sep-15","Dec-15","Mar-16","Jun-16","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"],[[-10.574],[-10.075],[-8.305],[-10.125],[-9.434],[-12.37],[-12.779],[-13.507],[-13.819],[-14.271],[-14.098],[-15.718],[-16.875],[-16.203],[-16.281],[-15.801],[-14.283],[-12.739],[-10.753],[-7.375],[-3.215],[-3.995],[-6.096],[-10.471],[-14.331],[-20.461],[-22.808],[-31.364],[-31.192],[-26.756],[-27.314],[-22.719],[-22.324]],[[12.719],[13.495],[12.846],[13.233],[13.155],[13.919],[13.73],[14.002],[13.834],[14.408],[15.01],[16.207],[16.574],[16.752],[17.735],[16.914],[16.66],[17.039],[16.833],[14.298],[15.432],[14.27],[15.735],[15.939],[17.612],[18.511],[20.225],[23.239],[22.735],[24.675],[22.336],[23.492],[25.057]],[[-23.293],[-23.57],[-21.15],[-23.359],[-22.589],[-26.289],[-26.509],[-27.508],[-27.652],[-28.679],[-29.109],[-31.926],[-33.449],[-32.955],[-34.016],[-32.715],[-30.943],[-29.778],[-27.586],[-21.673],[-18.647],[-18.265],[-21.832],[-26.41],[-31.943],[-38.972],[-43.033],[-54.602],[-53.927],[-51.431],[-49.65],[-46.21],[-47.381]]]

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Seasonally adjusted estimates in current price terms.

Primary income credits

Primary income credits, in seasonally adjusted, current price terms rose $1,565m (6.7%). The key components contributing to the increase were:

Portfolio investment assets - interest; up $787m (21.5%)
Direct investment assets - income on equity and investment fund shares; up $325m (4.0%)
Portfolio investment assets - income on equity and investment fund shares; up $213m (2.5%)

Primary income debits

Primary income debits, in seasonally adjusted, current price terms rose $1,171m (2.5%). The key components contributing to the increase were:

Portfolio investment liabilities - interest; up $1,973m (17.4%)
Compensation of employees; up $299m (9.7%)

Partly offset by:

Portfolio investment liabilities - income on equity and investment fund shares; down $1,080m (10.9%)

Secondary income

In current price seasonally adjusted terms, the net secondary income deficit rose $359m to $695m.

Secondary income credits fell $105m (3.2%) and Secondary income debits rose $254m (7.0%) in the September quarter 2023.

Capital and Financial Account

The capital and financial account recorded a surplus of $3.1b during the September 2023 quarter, driven by the financial account surplus of $3.4b.

The financial account recorded a surplus due to a $6.8b net inflow of equity and a $3.4b net outflow of debt.

Capital and financial account ($m)
			Dec 22	Mar 23	Jun 23	Sep 23	Jun 23 to Sep 23
Capital account			-194	-202	-281	-283	-2
	Acquisitions/disposals of non-produced non-financial assets		-14	-14	-63	-54	9
		Acquisitions/disposals of non-produced non-financial assets credits	-	-	-	-	-
		Acquisitions/disposals of non-produced non-financial assets debits	-14	-14	-63	-54	9
	Capital transfers		-180	-188	-218	-229	-11
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-180	-188	-218	-229	-11
Financial account			-8,901	-9,579	-16,856	3,407	20,263
	Direct investment		-20,962	1,893	1,259	1,524	265
		Direct investment assets	-17,363	-10,865	3,294	-10,785	-14,079
		Direct investment liabilities	-3,599	12,758	-2,036	12,308	14,344
	Portfolio investment		17,514	707	-20,425	-5,660	14,765
		Portfolio investment assets	-14,788	-24,404	-4,774	-27,390	-22,616
		Portfolio investment liabilities	32,302	25,111	-15,651	21,730	37,381
	Financial derivatives		-9,961	-5,478	-4,763	-3,300	1,463
		Financial derivatives assets	96,255	89,084	65,088	63,919	-1,169
		Financial derivatives liabilities	-106,217	-94,562	-69,851	-67,219	2,632
	Other investment		5,463	-3,904	6,963	10,220	3,257
		Other investment assets	14,370	7,113	24,373	-236	-24,609
		Other investment liabilities	-8,906	-11,017	-17,410	10,456	27,866
	Reserve assets		-956	-2,798	110	624	514
Net errors and omissions			-4,975	296	3,325	4,396	1,071

- nil or rounded to zero (including null cells)

International Investment Position

Australia's international investment liability position was $814.7b at 30 September 2023, a decrease of $27.8b on the revised 30 June 2023 figure of $842.5b. Australia's net foreign equity asset position increased $25.0b to $351.9b and Australia's net foreign debt liability position decreased $2.8b to $1,166.6b.

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
	Mar‑23	943,027	-9,579	31,020	-23,473	-12,708	928,286
	Jun‑23	928,286	-16,856	-63,230	-1,503	-4,233	842,464
	Sep‑23	842,464	3,407	10,244	-31,848	-9,582	814,685
Net Foreign Equity
	Mar‑23	-240,656	4,339	6,742	-27,669	-15,874	-273,118
	Jun‑23	-273,118	-248	-41,566	-4,931	-7,021	-326,884
	Sep‑23	-326,884	6,770	15,782	-31,135	-16,407	-351,875
Net Foreign Debt
	Mar‑23	1,183,683	-13,919	24,278	4,196	3,167	1,201,404
	Jun‑23	1,201,404	-16,608	-21,664	3.428	2,788	1,169,349
	Sep‑23	1,169,349	-3,363	-5,538	-713	6,825	1,166,560

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 19. Exchange rates - 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 payments 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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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

Iron ore (in original terms)

Adjustments have been applied to iron ore lumps in the June quarter 2023 (-$15m), and September quarter 2023 (-$20m).
Adjustments have been applied to iron ore fines in the March quarter 2023 (-$5m) and June quarter 2023 (-$30m), nil adjustments for the September 2023 quarter.
When actual final transaction prices become available estimates are replaced with these data.

Goods 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 September quarter 2023 (+$1,165m). All previous adjustments have been removed.

Metal ores and minerals (in original terms)

Adjustments have been applied to metal ores and minerals in the balance of payments series for the September quarter 2023 (-$415m). 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

Economic conditions

Country	MSCI quarter-on-quarter percentage change (a)(%)	AUD exchange rate quarter-on-quarter percentage change (b)(%)
Australia	-1.75	na
United States of America	-3.44	-2.59
United Kingdom	1.30	0.65
Europe	-6.13	0.11
China	-3.03	-1.97
Japan	0.81	0.43
Singapore	-1.30	-1.91
India	3.74	-1.36
New Zealand	-8.26	-1.10

COVID-19 in this publication

Previous catalogue number

This release previously used catalogue number 5302.0.

Post release changes

06/12/2023 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 on 5 December 2023, Table 23 in the 'Data downloads' was initially supressed and is now available in conjunction with the release of the September quarter 2023 issue of Australian National Accounts: National Income, Expenditure and Product.

Table 24 has been updated.

Methodology

Balance of Payments and International Investment Position, Australia methodology, September 2023

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	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	-1.9	-2.7	-2.6	-3.1
Services exports	0.7	0.8	0.9	na
Goods imports	1.7	1.4	0.8	0.8
Services imports	-0.9	-0.6	-3.1	na

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 19. Exchange rates - 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 payments 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

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

Post release changes

06/12/2023 Note: Updates to selected international accounts ratios: Table 23

Methodology

Media releases

Australia records a current account deficit

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