Balance of payments statistics on current, capital and financial transactions and the international investment position statement
Key statistics
- The current account balance, seasonally adjusted, declined $4,436m to a deficit of $10,725m.
- The capital and financial account surplus was $9,247m, a decrease of $437m on the March quarter 2024 surplus.
- The net international investmentliability position was $719,994m at30 June 2024.
| Mar24 | Jun24 | |
|---|---|---|
| Balance on current account (a) | -6,289 | -10,725 |
| Balance on goods and services (a) | 15,861 | 11,979 |
| Net primary income (a) | -21,914 | -22,457 |
| Capital and financial account | 9,684 | 9,247 |
| International investment position (b) | 741,311 | 719,994 |
- Seasonally adjusted estimates in current price terms.
- Levels at end of period.
The current account balance (seasonally adjusted, current price) for June quarter 2024 was a deficit of $10.7b. This was an increase of $4.4b in the deficit, from the revised March quarter 2024 current account deficit of $6.3b.
The current account deficit for June quarter 2024 reflects a decrease on the balance of goods and services trade surplus, while the net primary income deficit increased.
The balance on goods and services in seasonally adjusted chain volume terms is expected to contribute 0.2 percentage points to the June quarter 2024 GDP quarterly movement.
The terms of trade decreased 3.0% to 91.3, down from 94.2 in March quarter 2024.
The net primary income deficit increased to $22.5b, following the $21.9b deficit in March quarter 2024.
Australia's net international investment liability position was $720.0b at30 June 2024, a decrease of $21.3b on the revised March quarter 2024 position of $741.3b.
Review of seasonal adjustment
The annual seasonal review (ASR) for quarterly Balance of Payments series has been undertaken to quality assure seasonal adjustment treatments for seasonally adjusted estimates. From the review it has been determined that Goods procured in ports (exports) and Western Australia exports of goods are no longer seasonal. From the March 2014 reference quarter Goods procured in ports, exports will no longer be seasonally adjusted. From the June 2016 reference quarter Western Australia exports of goods will no longer be seasonally adjusted. The review also assessed seasonal factors and appropriateness of any prior corrections in more detail than is possible in the monthly cycle, resulting in larger revisions than usual.
| Current account balance ($b) | Net goods & services ($b) | Net primary income ($b) | |
|---|---|---|---|
| Jun-16 | -17.8 | -7.6 | -10.1 |
| Sep-16 | -14.5 | -4.6 | -9.4 |
| Dec-16 | -5.9 | 6.6 | -12.4 |
| Mar-17 | -9.1 | 4.2 | -12.8 |
| Jun-17 | -11.0 | 2.8 | -13.5 |
| Sep-17 | -11.5 | 2.6 | -13.8 |
| Dec-17 | -14.7 | -0.1 | -14.3 |
| Mar-18 | -12.6 | 1.5 | -14.1 |
| Jun-18 | -13.1 | 2.8 | -15.7 |
| Sep-18 | -9.9 | 7.3 | -16.9 |
| Dec-18 | -6.9 | 9.5 | -16.2 |
| Mar-19 | -4.3 | 12.3 | -16.3 |
| Jun-19 | 3.2 | 18.9 | -15.8 |
| Sep-19 | 6.6 | 21.0 | -14.3 |
| Dec-19 | 1.4 | 14.5 | -12.8 |
| Mar-20 | 5.6 | 16.6 | -10.8 |
| Jun-20 | 14.6 | 22.5 | -7.4 |
| Sep-20 | 9.6 | 13.5 | -3.3 |
| Dec-20 | 13.3 | 18.1 | -4.1 |
| Mar-21 | 18.8 | 25.5 | -6.2 |
| Jun-21 | 19.2 | 31.1 | -10.5 |
| Sep-21 | 22.1 | 36.9 | -14.0 |
| Dec-21 | 3.6 | 25.2 | -20.7 |
| Mar-22 | 3.5 | 27.2 | -22.7 |
| Jun-22 | 12.1 | 44.0 | -31.0 |
| Sep-22 | -1.0 | 30.5 | -31.2 |
| Dec-22 | 6.8 | 34.5 | -27.3 |
| Mar-23 | 6.4 | 33.9 | -27.1 |
| Jun-23 | 2.1 | 25.7 | -23.2 |
| Sep-23 | -4.7 | 17.9 | -21.8 |
| Dec-23 | 2.8 | 24.6 | -21.5 |
| Mar-24 | -6.3 | 15.9 | -21.9 |
| Jun-24 | -10.7 | 12.0 | -22.5 |
- Seasonally adjusted estimates in current price terms.
| Net IIP ($b) | Net Foreign Equity ($b) | Net Foreign Debt ($b) | |
|---|---|---|---|
| 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 | 1,065.6 | -163.8 | 1,229.4 |
| Dec-20 | 1,051.4 | -173.6 | 1,225.0 |
| Mar-21 | 949.0 | -262.8 | 1,211.8 |
| Jun-21 | 923.1 | -318.7 | 1,241.8 |
| Sep-21 | 930.9 | -326.6 | 1,257.5 |
| Dec-21 | 857.3 | -392.7 | 1,250.0 |
| Mar-22 | 904.6 | -273.6 | 1,178.2 |
| Jun-22 | 920.3 | -268.7 | 1,189.1 |
| Sep-22 | 926.9 | -266.6 | 1,193.5 |
| Dec-22 | 953.3 | -249.3 | 1,202.5 |
| Mar-23 | 933.8 | -284.0 | 1,217.8 |
| Jun-23 | 851.3 | -337.5 | 1,188.9 |
| Sep-23 | 810.8 | -370.5 | 1,181.3 |
| Dec-23 | 838.8 | -381.8 | 1,220.6 |
| Mar-24 | 741.3 | -511.4 | 1,252.7 |
| Jun-24 | 720.0 | -546.5 | 1,266.5 |
Current Account
| Mar 24 | Jun 24 | Mar 24 to Jun 24 | |||
|---|---|---|---|---|---|
| Balance on current account | -6,289 | -10,725 | -4,436 | ||
| Balance on goods and services | 15,862 | 11,979 | -3,883 | ||
| Net goods | 21,270 | 15,993 | -5,277 | ||
| Net Services | -5,409 | -4,015 | 1,394 | ||
| Net primary income | -21,914 | -22,457 | -543 | ||
| Net secondary income | -236 | -247 | -11 | ||
Terms of trade
Relationship between IPD, EPI and IPI
Balance on goods and services
In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $25,458m, a rise of $1,148m on the revised March quarter 2024 surplus of$24,310m.
| Balance on goods and services ($m) | Balance on goods ($m) | Balance on services ($m) | |
|---|---|---|---|
| Jun-16 | 43,071 | 47,712 | -8,626 |
| Sep-16 | 42,915 | 46,849 | -8,428 |
| Dec-16 | 47,004 | 51,720 | -8,850 |
| Mar-17 | 38,707 | 42,915 | -9,295 |
| Jun-17 | 43,220 | 45,822 | -8,100 |
| Sep-17 | 43,201 | 47,413 | -9,181 |
| Dec-17 | 39,369 | 43,805 | -9,562 |
| Mar-18 | 41,201 | 45,528 | -9,744 |
| Jun-18 | 42,553 | 46,217 | -9,245 |
| Sep-18 | 45,891 | 49,265 | -9,147 |
| Dec-18 | 45,588 | 48,480 | -9,005 |
| Mar-19 | 47,471 | 48,846 | -7,457 |
| Jun-19 | 51,263 | 51,855 | -6,808 |
| Sep-19 | 51,329 | 51,594 | -6,706 |
| Dec-19 | 50,427 | 50,965 | -7,313 |
| Mar-20 | 50,813 | 53,992 | -8,469 |
| Jun-20 | 54,313 | 50,465 | 2,887 |
| Sep-20 | 42,176 | 40,470 | 1,241 |
| Dec-20 | 44,237 | 42,856 | 963 |
| Mar-21 | 43,535 | 43,565 | -9 |
| Jun-21 | 35,965 | 35,255 | 726 |
| Sep-21 | 40,402 | 40,941 | -118 |
| Dec-21 | 36,654 | 38,182 | -1,080 |
| Mar-22 | 26,377 | 30,361 | -4,043 |
| Jun-22 | 29,969 | 34,417 | -5,258 |
| Sep-22 | 24,545 | 31,499 | -6,954 |
| Dec-22 | 31,985 | 37,244 | -5,259 |
| Mar-23 | 29,031 | 32,999 | -3,969 |
| Jun-23 | 32,301 | 36,390 | -4,089 |
| Sep-23 | 29,521 | 35,136 | -5,614 |
| Dec-23 | 30,963 | 35,725 | -4,762 |
| Mar-24 | 24,310 | 30,293 | -5,983 |
| Jun-24 | 25,458 | 30,104 | -4,646 |
- Seasonally adjusted, reference year 2021-22=100.
Exports of goods (credits)
In seasonally adjusted terms at current prices, goods credits fell $5,969m (-4.4%) to $129,355m, with volumes down 0.5% and prices down 3.9%.
| Current prices ($m) | Current prices (%) | Chain volume measures (a)(b)(%) | Implicit price deflators (a)(b)(%) | ||
|---|---|---|---|---|---|
| Exports of goods | -5,969 | -4.4 | -0.5 | -3.9 | |
| Rural goods | -367 | -2.2 | -1.7 | -0.5 | |
| Non-rural goods | -5,845 | -5.3 | 0.2 | -5.5 | |
| Net exports of goods under merchanting | 55 | -275.0 | -290.9 | -8.3 | |
| Non-monetary gold(c) | 188 | 2.1 | -8.9 | 12.1 | |
- Reference year 2021-22=100.
- Movements in indexes are calculated from unrounded data.
- This component is not seasonally adjusted.
Rural goods
Non-rural goods
Imports of goods (debits)
In seasonally adjusted terms at current prices, goods debits fell $692m (-0.6%) to $113,361m, with volumes down 0.4% and prices down 0.2%.
| Current prices ($m) | Current prices (%) | Chain volume measures (a)(b)(%) | Implicit price deflators (a)(b)(%) | ||
|---|---|---|---|---|---|
| Total Goods Imports | -692 | -0.6 | -0.4 | -0.2 | |
| Consumption goods | 377 | 1.0 | 0.5 | 0.6 | |
| Capital goods | -587 | -2.1 | -2.7 | 0.6 | |
| Intermediate and other merchandise goods | -327 | -0.7 | 0.8 | -1.4 | |
| Non-monetary gold(c) | -155 | -6.7 | -17.0 | 12.4 | |
- Reference year 2021-22=100.
- Movements in indexes are calculated from unrounded data.
- This component is not seasonally adjusted.
Consumption goods
Capital goods
Intermediate and other merchandise goods
Services
| Current prices ($m) | Current prices (%) | Chain volume measures (a)(b)(%) | Implicit price deflators (a)(b)(%) | ||
|---|---|---|---|---|---|
| Exports of services | 1,778 | 6.0 | 5.6 | 0.4 | |
| Manufacturing services on physical inputs owned by others | - | - | - | - | |
| Maintenance and repair services n.i.e. | 2 | 28.6 | 31.5 | -2.2 | |
| Transport | 53 | 2.8 | 0.3 | 2.5 | |
| Travel | 1,798 | 9.8 | 9.9 | -0.1 | |
| Other services | -75 | -0.8 | -1.4 | 0.6 | |
-nil or rounded to zero (including null cells)
- Reference year 2021-22=100.
- Movements in indexes are calculated from unrounded data.
| Current prices ($m) | Current prices (%) | Chain volume measures (a)(b)(%) | Implicit price deflators (a)(b)(%) | ||
|---|---|---|---|---|---|
| Imports of services | 384 | 1.1 | 0.5 | 0.6 | |
| Manufacturing services on physical inputs owned by others | - | - | - | - | |
| Maintenance and repair services n.i.e. | -72 | -29.8 | -29.5 | -0.4 | |
| Transport | -76 | -1.1 | -3.1 | 2.1 | |
| Travel | 242 | 1.5 | 1.5 | 0.0 | |
| Other services | 290 | 2.5 | 2.8 | -0.2 | |
-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 increased by $543m to $22,457m in the June quarter 2024.
| Net primary income ($b) | Primary income credits ($b) | Primary income debits ($b) | |
|---|---|---|---|
| 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 | -27.6 |
| 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 | 16.6 | -30.9 |
| Dec-19 | -12.8 | 17.1 | -29.8 |
| Mar-20 | -10.8 | 16.8 | -27.6 |
| Jun-20 | -7.4 | 14.3 | -21.6 |
| Sep-20 | -3.3 | 15.4 | -18.7 |
| Dec-20 | -4.1 | 14.4 | -18.5 |
| Mar-21 | -6.2 | 15.7 | -21.8 |
| Jun-21 | -10.5 | 15.9 | -26.4 |
| Sep-21 | -14.1 | 17.9 | -31.9 |
| Dec-21 | -20.7 | 18.8 | -39.5 |
| Mar-22 | -22.7 | 20.2 | -42.9 |
| Jun-22 | -31.0 | 23.3 | -54.3 |
| Sep-22 | -31.2 | 22.6 | -53.8 |
| Dec-22 | -27.3 | 25.1 | -52.4 |
| Mar-23 | -27.1 | 22.4 | -49.5 |
| Jun-23 | -23.2 | 23.7 | -46.9 |
| Sep-23 | -21.8 | 25.0 | -46.8 |
| Dec-23 | -21.5 | 24.6 | -46.1 |
| Mar-24 | -21.9 | 26.0 | -47.9 |
| Jun-24 | -22.5 | 26.2 | -48.7 |
- Seasonally adjusted estimates in current price terms.
Primary income credits
Primary income credits, in seasonally adjusted, current price terms rose $229m (0.9%). The key components contributing to the increase were:
- Portfolio investment assets - interest; up $550m (11.4%)
- Portfolio investment assets - income on equity and investment fund shares; up $134m (1.5%)
Partly offset by:
- Direct investment assets - income on equity and investment fund shares; down $374m (-4.2%)
Primary income debits
Primary income debits, in seasonally adjusted, current price terms rose $772m (1.6%). The key components contributing to the increase were:
- Portfolio investment liabilities - income on equity and investment fund shares; up $1,580m (20.2%)
- Portfolio investment liabilities - interest; up $962m (7.0%)
Partly offset by:
- Direct investment liabilities - income on equity and investment fund shares; down $1,313m (-7.2%)
- Compensation of employees; down $482m (-11.9%)
Secondary income
In current price seasonally adjusted terms, the net secondary income deficit rose $11m to $247m.
Secondary income credits rose $47m (1.4%) while debits rose $58m (1.6%) in the June quarter 2024.
The capital and financial accountrecorded a surplus of $9.2b during the June 2024 quarter, driven by the financial account surplus of $9.4b.
The financial account recorded a surplus due to a $0.2b net inflow of equity and a $9.1b net inflow of debt.
| Sep23 | Dec23 | Mar24 | Jun24 | Mar24to Jun24 | |||
|---|---|---|---|---|---|---|---|
| Capital account | -171 | -146 | 46 | -105 | -151 | ||
| Acquisitions/disposals of non-produced non-financial assets | -52 | -16 | 181 | 52 | -129 | ||
| Acquisitions/disposals of non-produced non-financial assets credits | - | 4 | 209 | 69 | -140 | ||
| Acquisitions/disposals of non-produced non-financial assets debits | -52 | -20 | -28 | -17 | 11 | ||
| Capital transfers | -119 | -130 | -135 | -157 | -22 | ||
| Capital transfers credits | - | - | - | - | - | ||
| Capital transfers debits | -119 | -130 | -135 | -157 | -22 | ||
| Financial account | 9,300 | -8,772 | 9,638 | 9,352 | -286 | ||
| Direct investment | -2,437 | 25,701 | 16,868 | 16,887 | 19 | ||
| Direct investment assets | -12,227 | -2,419 | -9,795 | 5,556 | 15,351 | ||
| Direct investment liabilities | 9,790 | 28,120 | 26,663 | 11,332 | -15,331 | ||
| Portfolio investment | -6,503 | 5,020 | -5,766 | 53,953 | 59,719 | ||
| Portfolio investment assets | -27,529 | -45,976 | -41,526 | -7,830 | 33,696 | ||
| Portfolio investment liabilities | 21,027 | 50,996 | 35,760 | 61,783 | 26,023 | ||
| Financial derivatives | 8,186 | -36,136 | -8,664 | -32,411 | -23,747 | ||
| Financial derivatives assets | 75,846 | 152,181 | 156,463 | 168,721 | 12,258 | ||
| Financial derivatives liabilities | -67,660 | -188,317 | -165,126 | -201,131 | -36,005 | ||
| Other investment | 9,430 | -3,599 | 9,427 | -27,345 | -36,772 | ||
| Other investment assets | -1,498 | 10,996 | 8,611 | -30,876 | -39,487 | ||
| Other investment liabilities | 10,928 | -14,596 | 816 | 3,531 | 2,715 | ||
| Reserve assets | 624 | 242 | -2,227 | -1,732 | 495 | ||
| Net errors and omissions | 4,435 | 2,231 | -4,025 | -2,989 | 1,036 | ||
- nil or rounded to zero (including null cells)
International Investment Position
Australia's international investment liability position was $720.0b at 30 June 2024, a decrease of $21.3b on the revised 31 March 2024 figure of $741.3b. Australia's net foreign equity asset position increased $35.1b to $546.5b and Australia's net foreign debt liability position increased $13.8b to $1,266.5b.
| Position at beginning of period | Transactions | Price changes | Exchange rate changes | Other adjustments | Position at end of period | ||
|---|---|---|---|---|---|---|---|
| Net International Investment Position | Dec‑23 | 810,765 | -8,772 | -22,044 | 63,610 | -4,722 | 838,837 |
| Mar‑24 | 838,837 | 9,638 | -83,512 | -13,241 | -10,410 | 741,311 | |
| Jun‑24 | 741,311 | 9,352 | -60,752 | 34,119 | -4,036 | 719,994 | |
| Net Foreign Equity | Dec‑23 | -370,506 | -12,341 | -49,362 | 58,282 | -7,839 | -381,766 |
| Mar‑24 | -381,766 | 17,121 | -85,999 | -46,869 | -13,874 | -511,386 | |
| Jun‑24 | -511,386 | 218 | -64,617 | 35,055 | -5,803 | -546,533 | |
| Net Foreign Debt | Dec‑23 | 1,181,270 | 3,569 | 27,318 | 5,327 | 3,117 | 1,220,602 |
| Mar‑24 | 1,220,602 | -7,483 | 2,486 | 33,628 | 3,464 | 1,252,698 | |
| Jun‑24 | 1,252,698 | 9,134 | 3,865 | -936 | 1,767 | 1,266,528 | |
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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
Revisions
Economic conditions
COVID-19 in this publication
Previous catalogue number
This release previously used catalogue number 5302.0.
Methodology
Balance of Payments and International Investment Position, Australia methodology, June 2024
