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 2022

Released

6/12/2022

View all releases

Key statistics

The current account balance, seasonally adjusted, fell $17,023m to a deficit of $2,278m.
The capital and financial account deficit rose $27,419m to $7,868m.
Australia’s net international investment liability position was $861,619m at 30 September 2022.

Main features

Key figures (a)
	Jun 22 ($m)	Sep 22 ($m)
Balance on current account (b)	14,745	-2,278
Balance on goods and services (b)	42,281	31,193
Net primary income (b)	-26,823	-33,191
Capital and financial account	-19,551	7,868
International investment position (c)	844,555	861,619

Trend series is not published from June quarter 2019.
Seasonally adjusted estimates at current prices.
Levels at end of period.

The Current Account balance (seasonally adjusted current price) for September quarter 2022 was a deficit of $2.3b, following 13 consecutive quarters in surplus. The current account balance decreased $17.0b from the June quarter 2022 surplus of $14.7b.

The decrease in the Current Account was driven by both a narrowing of the trade surplus and a widened 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 September quarter 2022 GDP quarterly movement, assuming no significant revision to June quarter 2022 estimates of GDP.

The Terms of Trade decreased 6.6% to 110.4, down from 118.2 in June quarter 2022. This is the largest fall in the terms of trade since June quarter 2009, coming off the record high in the previous quarter.

The net primary income deficit widened $6.4 billion to $33.2 billion, driven by strong dividend payments to non-residents on portfolio investment.

Australia's net international investment liability position was $861.6b at September quarter 2022, an increase of $17.1b on the revised June quarter 2022 position of $844.6b.

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Sep-18	-10.0	7.1	-16.7
Dec-18	-6.1	10.4	-16.3
Mar-19	-4.5	12.2	-16.4
Jun-19	2.4	17.7	-15.5
Sep-19	6.9	21.3	-14.2
Dec-19	2.2	15.4	-13.0
Mar-20	5.3	16.4	-10.9
Jun-20	14.9	21.1	-5.7
Sep-20	9.2	13.7	-3.9
Dec-20	15.6	19.5	-3.2
Mar-21	19.2	26.8	-7.3
Jun-21	19.1	28.6	-8.3
Sep-21	20.1	36.6	-15.8
Dec-21	9.8	28.6	-18.1
Mar-22	1.8	26.9	-24.3
Jun-22	14.7	42.3	-26.8
Sep-22	-2.3	31.2	-33.2

Current account balance (a), main aggregates

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

[["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"],[[-10],[-6.0999999999999996],[-4.5],[2.3999999999999999],[6.9000000000000004],[2.2000000000000002],[5.2999999999999998],[14.9],[9.1999999999999993],[15.6],[19.199999999999999],[19.100000000000001],[20.100000000000001],[9.8000000000000007],[1.8],[14.699999999999999],[-2.2999999999999998]],[[7.0999999999999996],[10.4],[12.199999999999999],[17.699999999999999],[21.300000000000001],[15.4],[16.399999999999999],[21.100000000000001],[13.699999999999999],[19.5],[26.800000000000001],[28.600000000000001],[36.600000000000001],[28.600000000000001],[26.899999999999999],[42.299999999999997],[31.199999999999999]],[[-16.699999999999999],[-16.300000000000001],[-16.399999999999999],[-15.5],[-14.199999999999999],[-13],[-10.9],[-5.7000000000000002],[-3.8999999999999999],[-3.2000000000000002],[-7.2999999999999998],[-8.3000000000000007],[-15.800000000000001],[-18.100000000000001],[-24.300000000000001],[-26.800000000000001],[-33.200000000000003]]]

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Seasonally adjusted estimates at current prices.

International investment position
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Sep-18	995.1	-107.0	1,102.1
Dec-18	1,036.5	-104.9	1,141.4
Mar-19	1,026.4	-129.4	1,155.7
Jun-19	1,038.4	-145.0	1,183.4
Sep-19	1,025.1	-181.7	1,206.8
Dec-19	950.4	-237.3	1,187.7
Mar-20	885.8	-320.2	1,206.0
Jun-20	986.7	-159.5	1,146.1
Sep-20	1,001.4	-192.3	1,193.7
Dec-20	989.1	-204.6	1,193.7
Mar-21	879.3	-294.3	1,173.6
Jun-21	844.5	-350.7	1,195.2
Sep-21	846.7	-364.9	1,211.6
Dec-21	775.0	-432.1	1,207.1
Mar-22	832.1	-308.6	1,140.8
Jun-22	844.6	-301.4	1,145.9
Sep-22	861.6	-301.1	1,162.7

International investment position

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

[["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"],[[995.10000000000002],[1036.5],[1026.4000000000001],[1038.4000000000001],[1025.0999999999999],[950.39999999999998],[885.79999999999995],[986.70000000000005],[1001.4],[989.10000000000002],[879.29999999999995],[844.5],[846.70000000000005],[775],[832.10000000000002],[844.60000000000002],[861.60000000000002]],[[-107],[-104.90000000000001],[-129.40000000000001],[-145],[-181.69999999999999],[-237.30000000000001],[-320.19999999999999],[-159.5],[-192.30000000000001],[-204.59999999999999],[-294.30000000000001],[-350.69999999999999],[-364.89999999999998],[-432.10000000000002],[-308.60000000000002],[-301.39999999999998],[-301.10000000000002]],[[1102.0999999999999],[1141.4000000000001],[1155.7],[1183.4000000000001],[1206.8],[1187.7],[1206],[1146.0999999999999],[1193.7],[1193.7],[1173.5999999999999],[1195.2],[1211.5999999999999],[1207.0999999999999],[1140.8],[1145.9000000000001],[1162.7]]]

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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 with significant and prolonged impacts from COVID-19 will be calculated using the forward factor method.

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 2020-21 has been introduced into chain volume estimates and implicit price deflators in the September quarter 2022 issue. As a result, the chain volume estimate series and implicit price deflators series will be re-referenced to 2020-21.

Selected international account ratios - Table 23

The updated annual GDP and GNI benchmarks released in the Australian System of National Accounts, 2021-22 on 28 October 2022 will be revised and incorporated into the quarterly national accounts with the September quarter 2022 issue of Australian National Accounts: National Income Expenditure and Product to be released on 7 December 2022. 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 7 December 2022.

Enhancing quarterly Trade in Services statistics

The ABS is enhancing the quarterly international trade in services statistics. Further information on the enhancements and publication changes can be found in the attached article.

A summary of the implications to the current publication are:

The ABS has made changes to include the most up to date international trade in services data in the Balance of Payments and International Investment Position, Australia publication. These changes mean the quarterly estimates will not equal the sum of the three months that have been published in the International Trade in Goods and Services, Australia publication, however, the quarterly estimates will be of a higher quality.
From the June 2022 reference quarter, the full suite of quarterly international trade in services data will be available from the Balance of Payments and International Investment Position, Australia publication for the current reference quarter.

Current Account

Balance on current account in current prices, seasonally adjusted (a) - September quarter 2022
	Jun 22 ($m)	Sep 22 ($m)	Jun 22 to Sep 22 ($m)
Balance on current account	14,745	-2,278	-17,023
Balance on goods and services	42,281	31,193	-11,088
Net goods	47,624	38,870	-8,754
Net Services	-5,343	-7,677	-2,334
Net primary income	-26,823	-33,191	-6,368
Net secondary income	-713	-280	433

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

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-14	79.2	93.7	84.5
Dec-14	78.9	95.4	82.7
Mar-15	77.1	96.3	80.0
Jun-15	75.2	96.8	77.7
Sep-15	75.4	99.4	75.8
Dec-15	71.9	99.2	72.5
Mar-16	68.4	96.3	71.0
Jun-16	69.9	95.0	73.5
Sep-16	72.4	94.5	76.6
Dec-16	80.3	94.6	84.9
Mar-17	84.0	95.1	88.4
Jun-17	80.5	95.4	84.4
Sep-17	79.2	93.8	84.4
Dec-17	80.9	95.8	84.4
Mar-18	83.5	97.3	85.8
Jun-18	85.2	99.5	85.7
Sep-18	88.8	102.1	86.9
Dec-18	91.9	102.9	89.3
Mar-19	92.9	102.5	90.6
Jun-19	95.3	103.0	92.6
Sep-19	97.7	104.3	93.7
Dec-19	93.9	104.7	89.7
Mar-20	94.0	104.7	89.8
Jun-20	91.9	103.0	89.2
Sep-20	90.4	99.8	90.6
Dec-20	95.5	99.8	95.6
Mar-21	102.3	99.1	103.2
Jun-21	111.5	101.4	110.0
Sep-21	119.8	108.2	110.8
Dec-21	119.7	114.8	104.3
Mar-22	133.8	118.6	112.9
Jun-22	145.7	123.2	118.3
Sep-22	141.6	128.3	110.4

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	-3.0	-4.5	-2.7	-3.6
Services exports	1.6	1.5	1.3	na
Goods imports	4.2	2.9	3.2	3.0
Services imports	3.0	2.3	2.5	na

na not available

Reference year 2020-21=100.
Movements in indexes are calculated from unrounded data.
Source: International Trade Price Indexes, Australia (cat. no. 6457.0).

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-14	75.9	97.7	85.3	104.3
Dec-14	75.4	99.1	85.3	105.2
Mar-15	74.3	98.7	84.6	105.0
Jun-15	71.1	99.9	80.9	106.5
Sep-15	70.9	102.0	80.9	108.0
Dec-15	66.9	101.7	76.5	107.7
Mar-16	63.6	97.9	72.9	104.5
Jun-16	64.8	96.9	73.9	103.5
Sep-16	67.2	96.4	76.9	102.5
Dec-16	77.0	96.7	88.2	102.7
Mar-17	82.3	97.4	96.0	103.9
Jun-17	77.3	97.5	90.5	103.8
Sep-17	75.0	95.7	87.8	102.1
Dec-17	77.1	97.6	90.3	104.5
Mar-18	81.8	99.2	94.7	106.6
Jun-18	83.0	102.0	96.5	110.0
Sep-18	86.1	104.1	100.1	112.1
Dec-18	89.8	104.9	104.5	112.7
Mar-19	93.2	104.2	109.2	112.1
Jun-19	96.2	105.2	113.3	113.1
Sep-19	97.6	106.0	114.8	113.5
Dec-19	92.2	106.5	108.8	114.3
Mar-20	94.2	105.5	111.7	113.1
Jun-20	92.6	104.0	109.0	110.9
Sep-20	88.7	100.2	103.4	107.0
Dec-20	92.9	99.7	109.1	105.9
Mar-21	101.9	99.3	121.3	106.1
Jun-21	116.4	100.9	137.3	108.1
Sep-21	121.5	106.1	145.8	113.9
Dec-21	120.4	111.9	150.9	120.5
Mar-22	140.4	116.9	173.0	126.6
Jun-22	154.0	122.6	190.4	132.0
Sep-22	147.0	126.1	183.5	135.9

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-14","Dec-14","Mar-15","Jun-15","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"],[[75.900000000000006],[75.400000000000006],[74.299999999999997],[71.099999999999994],[70.900000000000006],[66.900000000000006],[63.600000000000001],[64.799999999999997],[67.200000000000003],[77],[82.299999999999997],[77.299999999999997],[75],[77.099999999999994],[81.799999999999997],[83],[86.099999999999994],[89.799999999999997],[93.200000000000003],[96.200000000000003],[97.599999999999994],[92.200000000000003],[94.200000000000003],[92.599999999999994],[88.700000000000003],[92.900000000000006],[101.90000000000001],[116.40000000000001],[121.5],[120.40000000000001],[140.40000000000001],[154],[147]],[[97.700000000000003],[99.099999999999994],[98.700000000000003],[99.900000000000006],[102],[101.7],[97.900000000000006],[96.900000000000006],[96.400000000000006],[96.700000000000003],[97.400000000000006],[97.5],[95.700000000000003],[97.599999999999994],[99.200000000000003],[102],[104.09999999999999],[104.90000000000001],[104.2],[105.2],[106],[106.5],[105.5],[104],[100.2],[99.700000000000003],[99.299999999999997],[100.90000000000001],[106.09999999999999],[111.90000000000001],[116.90000000000001],[122.59999999999999],[126.09999999999999]],[[85.299999999999997],[85.299999999999997],[84.599999999999994],[80.900000000000006],[80.900000000000006],[76.5],[72.900000000000006],[73.900000000000006],[76.900000000000006],[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]],[[104.3],[105.2],[105],[106.5],[108],[107.7],[104.5],[103.5],[102.5],[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]]]

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Reference year 2020-21=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 $11,661m, a fall of $1,012m on the revised June quarter 2022 surplus of $12,673m.

The fall in the balance on goods and services surplus of $1.0 billion (seasonally adjusted chain volume measure) is expected to detract 0.2 percentage points from the September 2022 GDP quarterly movement.

Goods and services, chain volume measures (a)
	Balance on goods and services ($m)	Balance on goods ($m)	Balance on services ($m)
Sep-14	11,149	16,787	-6,644
Dec-14	14,468	19,144	-5,677
Mar-15	15,927	20,020	-5,053
Jun-15	11,914	16,307	-5,403
Sep-15	17,452	20,955	-4,348
Dec-15	18,728	22,170	-4,534
Mar-16	23,101	25,596	-3,386
Jun-16	22,243	25,497	-4,089
Sep-16	22,563	25,212	-3,698
Dec-16	24,512	27,741	-4,070
Mar-17	18,501	21,469	-4,287
Jun-17	21,343	23,151	-3,281
Sep-17	21,407	24,272	-4,093
Dec-17	18,334	21,487	-4,441
Mar-18	19,669	22,720	-4,453
Jun-18	20,165	22,865	-4,131
Sep-18	23,489	25,626	-3,695
Dec-18	23,625	25,593	-3,670
Mar-19	23,859	24,560	-2,292
Jun-19	26,837	27,220	-1,958
Sep-19	28,621	27,873	-778
Dec-19	28,158	27,202	-656
Mar-20	28,404	28,836	-1,719
Jun-20	32,959	27,398	5,730
Sep-20	24,180	19,981	4,279
Dec-20	24,627	20,679	3,917
Mar-21	23,350	20,753	2,578
Jun-21	16,891	13,892	2,970
Sep-21	21,533	19,044	2,489
Dec-21	20,050	18,380	1,671
Mar-22	8,190	8,828	-638
Jun-22	12,673	13,583	-909
Sep-22	11,661	13,666	-2,005

Goods and services, chain volume measures (a)

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

[["Sep-14","Dec-14","Mar-15","Jun-15","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"],[[11149],[14468],[15927],[11914],[17452],[18728],[23101],[22243],[22563],[24512],[18501],[21343],[21407],[18334],[19669],[20165],[23489],[23625],[23859],[26837],[28621],[28158],[28404],[32959],[24180],[24627],[23350],[16891],[21533],[20050],[8190],[12673],[11661]],[[16787],[19144],[20020],[16307],[20955],[22170],[25596],[25497],[25212],[27741],[21469],[23151],[24272],[21487],[22720],[22865],[25626],[25593],[24560],[27220],[27873],[27202],[28836],[27398],[19981],[20679],[20753],[13892],[19044],[18380],[8828],[13583],[13666]],[[-6644],[-5677],[-5053],[-5403],[-4348],[-4534],[-3386],[-4089],[-3698],[-4070],[-4287],[-3281],[-4093],[-4441],[-4453],[-4131],[-3695],[-3670],[-2292],[-1958],[-778],[-656],[-1719],[5730],[4279],[3917],[2578],[2970],[2489],[1671],[-638],[-909],[-2005]]]

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Seasonally adjusted, reference year 2020-21.

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits fell $2,540m (1.6%) to $152,702m, with volumes up 1.4% and prices down 3.0%.

Goods credits, price and volume change - seasonally adjusted - September quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of goods		-2,540	-1.6	1.4	-3.0
	Rural goods	2,214	12.5	9.8	2.5
	Non-rural goods	-5,042	-3.9	-0.6	-3.3
	Net exports of goods under merchanting	-1	-1.3	12.7	-12.2
	Non-monetary gold	288	4.0	7.9	-3.6

Reference year 2020-21=100.
Movements in indexes are calculated from unrounded data.

Rural goods

Rural goods, current price (seasonally adjusted)
		Jun 22 ($m)	Sep 22 ($m)	Jun 22 to Sep 22 ($m)	Jun 22 to Sep 22 (%)
Rural goods	17,655	19,869	2,214	12.5
	Meat and meat preparations	4,387	4,509	122	2.8
	Cereal grains and cereal preparations	4,719	5,787	1,068	22.6
	Wool and sheepskins	975	1,167	192	19.7
	Other rural(a)	7,574	8,406	832	11.0

Non-rural goods

Non-rural goods, current price (seasonally adjusted)
		Jun 22 ($m)	Sep 22 ($m)	Jun 22 to Sep 22 ($m)	Jun 22 to Sep 22 (%)
Non-rural goods	130,387	125,345	-5,042	-3.9
	Metal ores and minerals(a)	42,724	41,089	-1,635	-3.8
	Coal, coke and briquettes(a)	41,401	36,681	-4,720	-11.4
	Other mineral fuels(a)	26,951	28,840	1,889	7.0
	Metals (excl. non-monetary gold)	3,929	3,538	-391	-10.0
	Machinery	3,012	3,135	123	4.1
	Transport equipment	1,029	1,059	30	2.9
	Other manufactures	6,252	6,359	107	1.7
	Other non-rural (incl. sugar and beverages)(b)	4,134	3,770	-364	-8.8
	Goods procured in ports by carriers(c)	955	875	-80	-8.4

Selected major commodities, current prices (a)
	Metal ores and minerals ($m)	Coal, coke and briquettes ($m)	Other mineral fuels ($m)
Sep-14	20,634	9,140	7,443
Dec-14	20,284	9,636	7,203
Mar-15	19,150	10,152	6,543
Jun-15	17,876	9,146	5,286
Sep-15	18,685	9,495	5,886
Dec-15	16,541	8,438	5,977
Mar-16	15,914	7,908	5,631
Jun-16	17,617	8,606	5,172
Sep-16	18,513	9,440	5,865
Dec-16	22,077	16,099	6,984
Mar-17	24,514	15,076	7,343
Jun-17	20,319	13,491	8,769
Sep-17	21,650	14,342	8,147
Dec-17	22,077	14,326	8,269
Mar-18	23,273	15,662	10,753
Jun-18	22,754	16,045	12,427
Sep-18	23,505	17,426	14,317
Dec-18	25,859	17,891	16,054
Mar-19	27,778	16,782	15,010
Jun-19	32,216	17,437	15,095
Sep-19	34,627	16,217	15,744
Dec-19	32,197	13,635	14,747
Mar-20	31,729	13,067	14,918
Jun-20	33,411	11,642	12,979
Sep-20	36,775	9,352	8,132
Dec-20	42,508	9,198	8,984
Mar-21	49,937	9,648	10,517
Jun-21	52,345	10,971	12,284
Sep-21	48,725	18,106	17,617
Dec-21	36,296	24,962	21,420
Mar-22	43,161	29,050	22,008
Jun-22	42,724	41,401	26,951
Sep-22	41,089	36,681	28,840

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $6,213m (5.8%) to $113,831m, with volumes up 1.5% and prices up 4.2%.

Goods debits, price and volume change - seasonally adjusted - September quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		6,213	5.8	1.5	4.2
	Consumption goods	2,135	6.7	1.3	5.2
	Capital goods	1,240	5.1	1.8	3.2
	Intermediate and other merchandise goods	2,987	6.1	1.7	4.3
	Non-monetary gold	-149	-7.5	-4.2	-3.4

Reference year 2020-21=100.
Movements in indexes are calculated from unrounded data.

Consumption goods

Consumption goods(a), seasonally adjusted
	Jun 22 ($m)	Sep 22 ($m)	Jun 22 to Sep 22 ($m)	Jun 22 to Sep 22 (%)
Consumption goods	-32,104	-34,239	2,135	6.7
	Food and beverages, mainly for consumption	-4,743	-5,037	294	6.2
	Household electrical items	-2,037	-2,139	102	5.0
	Non-industrial transport equipment	-6,738	-7,746	1,008	15.0
	Textiles, clothing and footwear	-5,718	-6,102	384	6.7
	Toys, books and leisure goods	-2,088	-2,179	91	4.4
	Consumption goods n.e.s.	-10,779	-11,036	257	2.4

Capital goods

Capital goods(a), seasonally adjusted
	Jun 22 ($m)	Sep 22 ($m)	Jun 22 to Sep 22 ($m)	Jun 22 to Sep 22 (%)
Capital goods	-24,424	-25,664	1,240	5.1
	Machinery and industrial equipment	-8,377	-8,543	166	2.0
	ADP equipment	-3,576	-3,786	210	5.9
	Telecommunications equipment	-3,963	-4,242	279	7.0
	Civil aircraft and confidentialised items(b)(c)	-1,083	-1,448	365	33.7
	Industrial transport equipment n.e.s.	-3,825	-4,280	455	11.9
	Capital goods n.e.s.(d)	-3,600	-3,366	-234	-6.5

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a), seasonally adjusted
	Jun 22 ($m)	Sep 22 ($m)	Jun 22 to Sep 22 ($m)	Jun 22 to Sep 22 (%)
Intermediate and other merchandise goods	-49,104	-52,091	2,987	6.1
	Food and beverages, mainly for industry	-689	-723	34	4.9
	Primary industrial supplies n.e.s.(b)	-764	-591	-173	-22.6
	Fuels and lubricants(c)(d)	-17,288	-19,645	2,357	13.6
	Parts for transport equipment	-3,878	-4,065	187	4.8
	Parts for ADP equipment	-226	-197	-29	-12.8
	Other parts for capital goods	-5,463	-6,147	684	12.5
	Organic and inorganic chemicals	-1,677	-1,926	249	14.8
	Paper and paperboard	-669	-690	21	3.1
	Textile yarn and fabrics	-464	-481	17	3.7
	Iron and steel	-1,341	-1,299	-42	-3.1
	Plastics	-1,579	-1,526	-53	-3.4
	Processed industrial supplies n.e.s.	-14,620	-14,287	-333	-2.3
	Other merchandise goods(e)(f)	-223	-215	-8	-3.6
	Goods procured in ports by carriers(c)	-223	-298	75	33.6

Services

Services exports, price and volume change - seasonally adjusted - September quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of services		2,157	12.3	10.6	1.6
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	1	10.0	10.0	1.3
	Transport	208	16.1	13.0	2.7
	Travel	1,576	20.3	18.6	1.4
	Other services	372	4.4	2.9	1.5

- nil or rounded to zero (including null cells)

Reference year 2020-21=100.
Movements in indexes are calculated from unrounded data.

Services imports, price and volume change - seasonally adjusted - September quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Imports of services		4,491	19.7	16.2	3.0
	Manufacturing services on physical inputs owned by others	-	-	-	-
	Maintenance and repair services n.i.e.	-35	-21.2	-23.7	3.2
	Transport	1,138	13.5	4.7	8.4
	Travel	2,974	61.5	58.0	2.2
	Other services	414	4.4	1.3	3.1

- nil or rounded to zero (including null cells)

Reference year 2020-21=100.
Movements in indexes are calculated from unrounded data.

Income

The primary income deficit rose by $6,368m to $33,191m in the September quarter 2022.

Net primary income (a)
	Net primary income ($b)	Primary income credits ($b)	Primary income debits ($b)
Sep-18	-16.7	16.6	-33.3
Dec-18	-16.3	16.7	-33.0
Mar-19	-16.4	17.8	-34.2
Jun-19	-15.5	16.9	-32.4
Sep-19	-14.2	16.7	-30.9
Dec-19	-13.0	17.1	-30.0
Mar-20	-10.9	16.9	-27.9
Jun-20	-5.7	14.3	-20.1
Sep-20	-3.9	15.5	-19.4
Dec-20	-3.2	14.3	-17.5
Mar-21	-7.3	15.8	-23.0
Jun-21	-8.3	15.9	-24.2
Sep-21	-15.8	17.7	-33.4
Dec-21	-18.1	18.7	-36.8
Mar-22	-24.3	20.2	-44.5
Jun-22	-26.8	23.0	-49.8
Sep-22	-33.2	22.4	-55.6

Net primary income (a)

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

[["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"],[[-16.707000000000001],[-16.312999999999999],[-16.379999999999999],[-15.49],[-14.198],[-12.951000000000001],[-10.938000000000001],[-5.7190000000000003],[-3.9020000000000001],[-3.1859999999999999],[-7.2599999999999998],[-8.3000000000000007],[-15.756],[-18.056000000000001],[-24.34],[-26.823],[-33.191000000000003]],[[16.581],[16.734999999999999],[17.777000000000001],[16.936],[16.707999999999998],[17.097999999999999],[16.916],[14.332000000000001],[15.526999999999999],[14.316000000000001],[15.772],[15.948],[17.684999999999999],[18.710000000000001],[20.184999999999999],[22.954000000000001],[22.411000000000001]],[[-33.287999999999997],[-33.048000000000002],[-34.156999999999996],[-32.426000000000002],[-30.905999999999999],[-30.048999999999999],[-27.853999999999999],[-20.050999999999998],[-19.428999999999998],[-17.501999999999999],[-23.032],[-24.248000000000001],[-33.441000000000003],[-36.765999999999998],[-44.524999999999999],[-49.777000000000001],[-55.601999999999997]]]

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Seasonally adjusted estimates at current prices.

Primary income credits

In seasonally adjusted terms at current prices, income to residents (credits) fell $543m (2.4%) to $22,411m. The main components contributing to this movement were:

Portfolio investment assets - investment income on equity and investment fund shares; down $1,017m (11.6%)
Portfolio investment assets - interest; up $304m (11.0%)
Other investment assets; up $242m (29.6%)

Primary income debits

In seasonally adjusted terms at current prices income to non-residents (debits) rose $5,825m (11.7%) to $55,602m. The main components contributing to this movement were:

Portfolio investment liabilities - investment income on equity and investment fund shares; up $4,960m (75.7%)
Portfolio investment assets - interest; up $1,366m (16.4%)
Direct investment liabilities - income on equity and investment fund shares; down $1,137m (3.7%)
Compensation of employees; up $508m (31.2%)
Other investment income; up $301m (17.6%)

Secondary income

In seasonally adjusted terms at current prices, the net secondary income deficit fell $433m to $280m in the September quarter 2022.

Capital and Financial Account

The capital and financial account recorded a surplus of $7.9b during the September 2022 quarter, mainly driven by the financial account surplus of $8.1b.

The financial account rose due to a $7.7b net inflow of equity and a $0.4b net inflow of debt.

Capital and financial account
			Dec 21	Mar 22	Jun 22	Sep 22	Jun 22 to Sep 22
			($m)	($m)	($m)	($m)	($m)
Capital account			-42	-186	-211	-239	-28
	Acquisitions/disposals of non-produced non-financial assets		138	2	56	-11	-67
		Acquisitions/disposals of non-produced non-financial assets credits	142	6	68	-	-68
		Acquisitions/disposals of non-produced non-financial assets debits	-4	-4	-12	-11	1
	Capital transfers		-180	-188	-267	-228	39
		Capital transfers credits	-	-	-	-	-
		Capital transfers debits	-180	-188	-267	-228	39
Financial account			-10,261	-3,526	-19,340	8,107	27,447
	Direct investment		12,593	-57,126	6,274	130	6,404
		Direct investment assets	-9,031	-120,826	-12,676	-29,832	-17,156
		Direct investment liabilities	21,623	63,700	6,402	29,961	23,559
	Portfolio investment		-15,959	56,773	39,285	5,293	-33,992
		Portfolio investment assets	-60,032	-32,967	15,118	-2,691	-17,809
		Portfolio investment liabilities	44,073	89,740	24,167	7,984	-16,183
	Financial derivatives		-5,064	-2,734	-1,853	5,798	7,651
		Financial derivatives assets	36,098	43,340	75,656	117,088	41,432
		Financial derivatives liabilities	-41,162	-46,074	-77,509	-111,290	-33,781
	Other investment		-114	160	-50,035	-1,393	48,642
		Other investment assets	-6,292	-16,797	-32,757	-3,734	29,023
		Other investment liabilities	6,177	16,957	-17,279	2,342	19,621
	Reserve assets		-1,717	-599	-462	-1,721	-1,259
	Net errors and omissions		3,609	2,089	-1,269	764	2,033

- nil or rounded to zero (including null cells)

International Investment Position

Australia's net IIP liability position was $861.6b at 30 September 2022, an increase of $17.1b on the revised 30 June 2022 figure of $844.6b. Australia's net foreign equity asset position decreased $0.3b to $301.1b at 30 September 2022. Australia's net foreign debt liability position increased $16.7b to $1,162.7b.

International investment position, by net foreign equity and net foreign debt
		Position at beginning of period	Transactions	Price changes	Exchange rate changes	Other adjustments	Position at end of period
Net International Investment Position		($m)	($m)	($m)	($m)	($m)	($m)
	Mar‑22	774,963	-3,526	-42,654	40,145	63,216	832,144
	Jun‑22	832,144	-19,340	69,615	-37,889	24	844,555
	Sep‑22	844,555	8,107	33,474	-22,947	-1,570	861,619
Net Foreign Equity
	Mar‑22	-432,129	-6,675	7,247	60,636	62,314	-308,606
	Jun‑22	-308,606	-1,391	84,484	-74,677	-1,203	-301,393
	Sep‑22	-301,393	7,735	31,718	-36,374	-2,741	-301,055
Net Foreign Debt
	Mar‑22	1,207,092	3,148	-49,901	-20,490	902	1,140,750
	Jun‑22	1,140,750	-17,948	-14,869	36,788	1,227	1,145,949
	Sep‑22	1,145,949	372	1,755	13,427	1,171	1,162,674

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 lumps in the June quarter 2022 (-$100m) and September quarter 2022 (-$25m).
Adjustments have been applied to iron ore fines in the June quarter 2022 (-$50m) and September quarter 2022 (-$100m).
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 June quarter (+$110m) and the September quarter (+$778m) 2022. 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 quarterly percentage change (a)(%)	AUD exchange rate quarterly percentage change (b)(%)
Australia	-2.2	na
United States of America	-5.1	-5.62
United Kingdom	-4.13	2.89
Europe	-10.11	0.44
China	-22.34	-0.09
Japan	-2.54	0.00
Singapore	-0.08	-2.89
India	9.53	-2.48
New Zealand	-0.67	2.48

Data downloads

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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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Previous catalogue number

This release previously used catalogue number 5302.0.

Post release changes

07/12/2022 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 6 December 2022, Table 23 in the 'Data downloads' was updated on 7 December 2022 and released in conjunction with the release of the September quarter 2022 issue of Australian National Accounts: National Income, Expenditure and Product.

Methodology

Balance of Payments and International Investment Position, Australia methodology, September 2022

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APA

Balance of Payments and International Investment Position, Australia

APA

Key statistics

Main features

COVID-19 in this publication

Suspension of trend estimates

Seasonal adjustment and COVID-19

Changes in this issue

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

Selected international account ratios - Table 23

Enhancing quarterly Trade in Services statistics

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

Supplementary Information

Value adjustments

Exports on an international merchandise trade basis

Goods on a balance of payments basis

Revisions

Summary of revisions since the last issue of this publication

Economic conditions

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

Previous catalogue number

Post release changes

07/12/2022 Note: Updates to selected international accounts ratios table 23

Methodology

Media releases

Australia records a current account deficit

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