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

March 2022

Released

31/05/2022

View all releases

Key statistics

The current account surplus, seasonally adjusted, fell $5,703m to $7,532m.
The capital and financial account deficit fell $8,406m to $2,921m.
Australia’s net international investment liability position was $821,322m at 31 March 2022.

Main features

Key figures (a)
	Dec 21 ($m)	Mar 22 ($m)
Balance on current account (b)	13,235	7,532
Balance on goods and services (b)	29,148	28,229
Net primary income (b)	-15,167	-20,025
Capital and financial account	-11,327	-2,921
International investment position (c)	809,742	821,322

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

Current account balance (a), main aggregates
	Current account balance ($b)	Net goods & services ($b)	Net primary income ($b)
Mar-18	-12.0	2.0	-14.0
Jun-18	-13.5	2.3	-15.6
Sep-18	-9.6	7.0	-16.3
Dec-18	-5.5	10.4	-15.7
Mar-19	-3.8	12.0	-15.4
Jun-19	4.0	18.5	-14.6
Sep-19	7.9	21.6	-13.5
Dec-19	4.0	16.4	-12.1
Mar-20	7.7	17.5	-9.5
Jun-20	16.8	22.0	-4.6
Sep-20	9.8	13.6	-3.2
Dec-20	16.8	19.6	-2.0
Mar-21	20.3	26.2	-5.5
Jun-21	22.4	30.6	-6.9
Sep-21	20.3	36.1	-15.1
Dec-21	13.2	29.1	-15.2
Mar-22	7.5	28.2	-20.0

Current account balance (a), main aggregates

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

[["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"],[[-12],[-13.5],[-9.5999999999999996],[-5.5],[-3.7999999999999998],[4],[7.9000000000000004],[4],[7.7000000000000002],[16.800000000000001],[9.8000000000000007],[16.800000000000001],[20.300000000000001],[22.399999999999999],[20.300000000000001],[13.199999999999999],[7.5]],[[2],[2.2999999999999998],[7],[10.4],[12],[18.5],[21.600000000000001],[16.399999999999999],[17.5],[22],[13.6],[19.600000000000001],[26.199999999999999],[30.600000000000001],[36.100000000000001],[29.100000000000001],[28.199999999999999]],[[-14],[-15.6],[-16.300000000000001],[-15.699999999999999],[-15.4],[-14.6],[-13.5],[-12.1],[-9.5],[-4.5999999999999996],[-3.2000000000000002],[-2],[-5.5],[-6.9000000000000004],[-15.1],[-15.199999999999999],[-20]]]

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(a) Seasonally adjusted estimates at current prices.

International investment position
	Net IIP ($b)	Net Foreign Equity ($b)	Net Foreign Debt ($b)
Mar-18	975.9	-92.1	1,068.0
Jun-18	1,009.5	-82.0	1,091.6
Sep-18	996.1	-106.3	1,102.4
Dec-18	1,037.8	-103.8	1,141.6
Mar-19	1,028.4	-127.6	1,156.0
Jun-19	1,041.3	-142.0	1,183.3
Sep-19	1,029.4	-175.8	1,205.2
Dec-19	957.2	-229.6	1,186.8
Mar-20	892.9	-312.5	1,205.4
Jun-20	975.8	-168.1	1,143.8
Sep-20	990.0	-203.6	1,193.6
Dec-20	992.9	-200.8	1,193.7
Mar-21	929.3	-244.9	1,174.2
Jun-21	896.8	-295.7	1,192.5
Sep-21	879.9	-329.2	1,209.1
Dec-21	809.7	-395.8	1,205.6
Mar-22	821.3	-307.4	1,128.7

International investment position

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

[["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"],[[975.89599999999996],[1009.5170000000001],[996.08100000000002],[1037.7760000000001],[1028.375],[1041.317],[1029.3579999999999],[957.22699999999998],[892.91800000000001],[975.75199999999995],[990.03700000000003],[992.923],[929.29100000000005],[896.77800000000002],[879.89300000000003],[809.74199999999996],[821.322]],[[-92.134],[-82.037000000000006],[-106.285],[-103.833],[-127.607],[-142.01300000000001],[-175.84399999999999],[-229.61000000000001],[-312.50799999999998],[-168.065],[-203.554],[-200.81200000000001],[-244.90700000000001],[-295.74099999999999],[-329.19999999999999],[-395.81],[-307.39499999999998]],[[1068.0309999999999],[1091.5530000000001],[1102.366],[1141.6079999999999],[1155.9829999999999],[1183.3299999999999],[1205.202],[1186.838],[1205.4259999999999],[1143.817],[1193.5909999999999],[1193.7349999999999],[1174.1980000000001],[1192.519],[1209.0930000000001],[1205.5519999999999],[1128.7159999999999]]]

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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

Price Index Differences

The ABS is aware that since December quarter 2021 there have been differences between the Export Price Index (EPI) and Implicit Price Deflator (IPD) for Coal (Coal, coke & briquettes) and LNG (Other mineral fuels). With the current price volatility of bulk commodities and ongoing global uncertainty, the March quarter National Accounts and Balance of Payments volumes for Coal and LNG exports have been compiled using movements in the quantity data reported on Customs declarations. The ABS is undertaking further analysis on Coal and LNG export prices and will communicate the outcomes of the analysis in the next International Trade Price Index publication.

Review of seasonal adjustment

In early 2020 the ABS advised that the method used to produce seasonally adjusted estimates would be changed from the ‘concurrent adjustment’ method to the ‘forward factors’ method for series with significant and prolonged impacts from COVID-19. Given the ongoing disruption during the COVID-19 period and continuing use of forward factors, extraordinary annual reviews of seasonally adjusted series are progressively being undertaken across the ABS statistics programs.

The extraordinary annual review process assesses each series individually to determine how observations from 2020 and 2021 should be treated and determine the most appropriate approach (concurrent adjustment or forward factors) for estimating seasonal adjustment factors in the immediate future. Revisions arising from the annual review are relatively minor for most series, but series which have used forward factors are likely to have larger revisions because the seasonal factor estimates are annually updated to incorporate information from the previous year's observations.

The outcome of the review for Balance of Payments statistics is that the forward factor method will continue to be used for the Travel Services (credits and debits), Transport - passenger (credits and debits) and State Services (credits and debits). New forward factors have been calculated for the next 12 months and will be used from the March 2022 reference quarter.

Further information can be found here.

Current Account

Balance on current account in current prices, seasonally adjusted (a) - March quarter 2022
	Dec 21 ($m)	Mar 22 ($m)	Dec 21 to Mar 22 ($m)
Balance on current account	13,235	7,532	-5,703
Balance on goods and services	29,148	28,229	-919
Net goods	30,710	30,872	162
Net Services	-1,562	-2,644	-1,082
Net primary income	-15,167	-20,025	-4,858
Net secondary income	-747	-671	76

(a) 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)
Mar-14	92.7	92.8	100.0
Jun-14	86.8	89.9	96.5
Sep-14	83.5	89.7	93.1
Dec-14	83.2	91.3	91.1
Mar-15	81.3	92.1	88.2
Jun-15	79.3	92.6	85.6
Sep-15	79.5	95.1	83.5
Dec-15	75.8	94.9	79.9
Mar-16	72.2	92.1	78.3
Jun-16	73.7	91.0	81.0
Sep-16	76.3	90.4	84.4
Dec-16	84.7	90.5	93.6
Mar-17	88.6	90.9	97.5
Jun-17	84.9	91.3	92.9
Sep-17	83.6	89.8	93.1
Dec-17	85.2	91.7	93.0
Mar-18	88.0	93.0	94.7
Jun-18	89.9	95.3	94.4
Sep-18	93.7	97.7	95.9
Dec-18	96.9	98.5	98.5
Mar-19	97.7	97.9	99.8
Jun-19	100.7	98.7	102.0
Sep-19	103.1	99.8	103.3
Dec-19	98.9	100.1	98.8
Mar-20	98.7	99.9	98.8
Jun-20	97.5	98.5	98.9
Sep-20	95.2	95.4	99.8
Dec-20	100.5	95.4	105.4
Mar-21	107.2	94.5	113.5
Jun-21	118.8	96.9	122.6
Sep-21	125.3	102.7	122.0
Dec-21	126.4	109.0	116.0
Mar-22	138.6	112.8	122.9

Relationship between IPD, EPI and IPI

Differences between the IPD and International Trade Price Indexes can arise due to a number of methodological factors, including differences in pricing points, timing, coverage and weights.

Price comparison (QoQ % change)
	Implicit price deflators (a)	Implicit price deflators (a)	Chain Laspeyres Indexes (b)	International Trade Price Indexes (b)
	Seasonally Adjusted	Original	Original	Original
Goods exports	10.8	14.9	14.9	18.0
Services exports	0.6	0.6	0.2	na
Goods imports	3.7	4.6	5.3	5.1
Services imports	2.7	3.1	-0.9	na

na not available
(a) Reference year 2019-20 = 100.
(b) 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)
Mar-14	93.2	96.1	96.4	108.3
Jun-14	84.7	93.1	88.8	105.1
Sep-14	80.6	92.5	85.3	104.3
Dec-14	80.1	93.9	85.3	105.2
Mar-15	78.9	93.5	84.6	105.0
Jun-15	75.5	94.6	80.9	106.5
Sep-15	75.3	96.6	80.9	108.0
Dec-15	71.1	96.3	76.5	107.7
Mar-16	67.5	92.8	72.9	104.5
Jun-16	68.8	91.8	73.9	103.5
Sep-16	71.3	91.3	76.9	102.5
Dec-16	81.8	91.6	88.2	102.7
Mar-17	87.4	92.3	96.0	103.9
Jun-17	82.1	92.4	90.5	103.8
Sep-17	79.7	90.6	87.8	102.1
Dec-17	81.8	92.5	90.3	104.5
Mar-18	86.8	94.0	94.7	106.6
Jun-18	88.1	96.6	96.5	110.0
Sep-18	91.5	98.7	100.1	112.1
Dec-18	95.3	99.4	104.5	112.7
Mar-19	99.0	98.7	109.2	112.1
Jun-19	102.2	99.6	113.3	113.1
Sep-19	103.7	100.4	114.8	113.5
Dec-19	97.9	100.9	108.8	114.3
Mar-20	100.0	99.9	111.7	113.1
Jun-20	98.4	98.5	109.0	110.9
Sep-20	94.0	94.7	103.4	107.0
Dec-20	98.7	94.3	109.1	105.9
Mar-21	108.3	93.9	121.3	106.1
Jun-21	123.8	95.4	137.3	108.1
Sep-21	128.2	99.9	145.8	113.9
Dec-21	127.6	105.3	150.9	120.5
Mar-22	146.6	110.1	178.0	126.6

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)"]

[["Mar-14","Jun-14","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"],[[93.200000000000003],[84.700000000000003],[80.599999999999994],[80.099999999999994],[78.900000000000006],[75.5],[75.299999999999997],[71.099999999999994],[67.5],[68.799999999999997],[71.299999999999997],[81.799999999999997],[87.400000000000006],[82.099999999999994],[79.700000000000003],[81.799999999999997],[86.799999999999997],[88.099999999999994],[91.5],[95.299999999999997],[99],[102.2],[103.7],[97.900000000000006],[100],[98.400000000000006],[94],[98.700000000000003],[108.3],[123.8],[128.19999999999999],[127.59999999999999],[146.59999999999999]],[[96.099999999999994],[93.099999999999994],[92.5],[93.900000000000006],[93.5],[94.599999999999994],[96.599999999999994],[96.299999999999997],[92.799999999999997],[91.799999999999997],[91.299999999999997],[91.599999999999994],[92.299999999999997],[92.400000000000006],[90.599999999999994],[92.5],[94],[96.599999999999994],[98.700000000000003],[99.400000000000006],[98.700000000000003],[99.599999999999994],[100.40000000000001],[100.90000000000001],[99.900000000000006],[98.5],[94.700000000000003],[94.299999999999997],[93.900000000000006],[95.400000000000006],[99.900000000000006],[105.3],[110.09999999999999]],[[96.400000000000006],[88.799999999999997],[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],[178]],[[108.3],[105.09999999999999],[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]]]

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(a) Reference year 2019-20 = 100
(b) Source: International Trade Price Indexes, Australia.

Balance on goods and services

In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of $560m, a fall of $8,917m on the revised December quarter 2021 surplus of $9,477m.

The fall in the balance on goods and services surplus of $8.9 billion (seasonally adjusted chain volume measure) is expected to detract 1.7 percentage points from the March quarter 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)
Mar-14	2,114	8,826	-6,640
Jun-14	330	6,675	-6,196
Sep-14	1,749	8,123	-6,241
Dec-14	4,947	10,369	-5,287
Mar-15	6,174	11,022	-4,666
Jun-15	2,350	7,509	-5,014
Sep-15	7,642	11,881	-3,979
Dec-15	8,829	13,071	-4,149
Mar-16	13,217	16,458	-3,026
Jun-16	12,259	16,258	-3,720
Sep-16	12,398	15,851	-3,327
Dec-16	14,006	18,011	-3,683
Mar-17	7,986	11,813	-3,882
Jun-17	10,817	13,550	-2,899
Sep-17	10,524	14,254	-3,693
Dec-17	7,579	11,607	-4,036
Mar-18	8,469	12,430	-4,017
Jun-18	9,084	12,739	-3,721
Sep-18	12,111	15,298	-3,305
Dec-18	12,392	15,448	-3,274
Mar-19	12,514	14,094	-1,801
Jun-19	16,226	17,417	-1,421
Sep-19	17,530	17,631	-342
Dec-19	17,836	17,324	288
Mar-20	18,921	19,124	-253
Jun-20	23,524	18,177	5,864
Sep-20	14,451	10,112	4,338
Dec-20	14,562	10,543	4,020
Mar-21	12,716	9,932	2,784
Jun-21	7,234	4,168	3,066
Sep-21	11,145	8,674	2,471
Dec-21	9,477	7,811	1,666
Mar-22	560	-619	1,179

Goods and services, chain volume measures (a)

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

[["Mar-14","Jun-14","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"],[[2114],[330],[1749],[4947],[6174],[2350],[7642],[8829],[13217],[12259],[12398],[14006],[7986],[10817],[10524],[7579],[8469],[9084],[12111],[12392],[12514],[16226],[17530],[17836],[18921],[23524],[14451],[14562],[12716],[7234],[11145],[9477],[560]],[[8826],[6675],[8123],[10369],[11022],[7509],[11881],[13071],[16458],[16258],[15851],[18011],[11813],[13550],[14254],[11607],[12430],[12739],[15298],[15448],[14094],[17417],[17631],[17324],[19124],[18177],[10112],[10543],[9932],[4168],[8674],[7811],[-619]],[[-6640],[-6196],[-6241],[-5287],[-4666],[-5014],[-3979],[-4149],[-3026],[-3720],[-3327],[-3683],[-3882],[-2899],[-3693],[-4036],[-4017],[-3721],[-3305],[-3274],[-1801],[-1421],[-342],[288],[-253],[5864],[4338],[4020],[2784],[3066],[2471],[1666],[1179]]]

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

Exports of goods (credits)

In seasonally adjusted terms at current prices, goods credits rose $11,384m (9.3%) to $133,523m, with volumes down 1.3% and prices up 10.8%.

Goods credits, price and volume change - seasonally adjusted - March quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of goods		11,384	9.3	-1.3	10.8
	Rural goods	1,106	7.1	-2.0	9.2
	Non-rural goods	10,714	10.7	-0.4	11.1
	Net exports of goods under merchanting(c)	-4	-4.1	-20.9	21.2
	Non-monetary gold(c)	-432	-6.6	-10.8	4.8

(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places
(c) This component is not seasonally adjusted

Rural goods

Rural goods, current price (seasonally adjusted)
		Dec 21 ($m)	Mar 22 ($m)	Dec 21 to Mar 22 ($m)	Dec 21 to Mar 22 (%)
Rural goods	15,601	16,707	1,106	7.1
	Meat and meat preparations	3,972	3,989	17	0.4
	Cereal grains and cereal preparations	4,584	4,132	-452	-9.9
	Wool and sheepskins	807	792	-15	-1.9
	Other rural(a)	6,237	7,794	1,557	25.0

Non-rural goods

Non-rural goods, current price (seasonally adjusted)
		Dec 21 ($m)	Mar 22 ($m)	Dec 21 to Mar 22 ($m)	Dec 21 to Mar 22 (%)
Non-rural goods	99,876	110,590	10,714	10.7
	Metal ores and minerals(a)	35,763	42,283	6,520	18.2
	Coal, coke and briquettes(a)	25,107	27,934	2,827	11.3
	Other mineral fuels(a)(b)	22,266	21,677	-589	-2.6
	Metals (excl. non-monetary gold)	3,244	3,606	362	11.2
	Machinery	2,717	2,982	265	9.8
	Transport equipment	952	1,105	153	16.1
	Other manufactures	5,457	6,415	958	17.6
	Other non-rural (incl. sugar and beverages)(c)(d)	3,680	3,737	57	1.5
	Goods procured in ports by carriers(b)	689	851	162	23.5

Selected major commodities, current prices (a)
	Metal ores and minerals ($m) ($m)	Coal, coke and briquettes ($m) ($m)	Other mineral fuels ($m) ($m)
Mar-14	25,476	10,341	8,018
Jun-14	22,361	9,177	8,061
Sep-14	20,639	9,142	7,447
Dec-14	20,288	9,635	7,210
Mar-15	19,132	10,149	6,548
Jun-15	17,887	9,147	5,271
Sep-15	18,692	9,500	5,892
Dec-15	16,536	8,438	5,984
Mar-16	15,892	7,901	5,634
Jun-16	17,644	8,609	5,150
Sep-16	18,527	9,450	5,878
Dec-16	22,041	16,095	6,999
Mar-17	24,478	15,055	7,337
Jun-17	20,374	13,495	8,722
Sep-17	21,682	14,361	8,175
Dec-17	22,006	14,331	8,301
Mar-18	23,168	15,630	10,733
Jun-18	22,952	16,027	12,311
Sep-18	23,492	17,497	14,400
Dec-18	25,729	17,907	16,229
Mar-19	27,547	16,698	14,859
Jun-19	32,773	17,421	14,925
Sep-19	34,472	16,317	15,887
Dec-19	31,984	13,662	15,024
Mar-20	31,315	12,953	14,631
Jun-20	34,331	11,641	12,808
Sep-20	36,417	9,432	8,236
Dec-20	42,169	9,221	9,228
Mar-21	49,155	9,533	10,203
Jun-21	54,154	10,994	12,142
Sep-21	48,055	18,242	17,871
Dec-21	35,763	25,107	22,266
Mar-22	42,283	27,934	21,677

Imports of goods (debits)

In seasonally adjusted terms at current prices, goods debits rose $11,222m (12.3%) to $102,651m, with volumes up 8.3% and prices up 3.7%.

Goods debits, price and volume change - seasonally adjusted - March quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Total Goods Imports		11,222	12.3	8.3	3.7
	Consumption goods	4,860	17.5	14.9	2.3
	Capital goods	1,366	6.3	5.0	1.2
	Intermediate and other merchandise goods	4,704	11.6	5.1	6.2
	Non-monetary gold(c)	291	20.7	14.9	5.0

(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places
(c) This component is not seasonally adjusted

Consumption goods

Consumption goods(a), seasonally adjusted
	Dec 21 ($m)	Mar 22 ($m)	Dec 21 to Mar 22 ($m)	Dec 21 to Mar 22 (%)
Consumption goods	-27,708	-32,568	4,860	17.5
	Food and beverages, mainly for consumption	-3,969	-4,523	554	14.0
	Household electrical items	-1,617	-2,161	544	33.6
	Non-industrial transport equipment	-5,860	-7,839	1,979	33.8
	Textiles, clothing and footwear	-5,190	-5,655	465	9.0
	Toys, books and leisure goods	-2,005	-2,168	163	8.1
	Consumption goods n.e.s.	-9,066	-10,222	1,156	12.8

Capital goods

Capital goods(a), seasonally adjusted
	Dec 21 ($m)	Mar 22 ($m)	Dec 21 to Mar 22 ($m)	Dec 21 to Mar 22 (%)
Capital goods	-21,708	-23,074	1,366	6.3
	Machinery and industrial equipment	-6,607	-7,657	1,050	15.9
	ADP equipment	-3,599	-3,902	303	8.4
	Telecommunications equipment	-3,551	-3,800	249	7.0
	Civil aircraft and confidentialised items(b)(c)	-2,019	-1,612	-407	-20.2
	Industrial transport equipment n.e.s.	-3,967	-3,785	-182	-4.6
	Capital goods n.e.s.(d)	-1,964	-2,318	354	18.0

Intermediate and other merchandise goods

Intermediate and other merchandise goods(a), seasonally adjusted
	Dec 21 ($m)	Mar 22 ($m)	Dec 21 to Mar 22 ($m)	Dec 21 to Mar 22 (%)
Intermediate and other merchandise goods	-40,607	-45,311	4,704	11.6
	Food and beverages, mainly for industry	-581	-631	50	8.6
	Primary industrial supplies n.e.s.(b)	-872	-554	-318	-36.5
	Fuels and lubricants(c)	-11,328	-12,183	855	7.5
	Parts for transport equipment	-3,638	-3,833	195	5.4
	Parts for ADP equipment	-257	-237	-20	-7.8
	Other parts for capital goods	-5,327	-5,566	239	4.5
	Organic and inorganic chemicals	-1,417	-1,760	343	24.2
	Paper and paperboard	-624	-646	22	3.5
	Textile yarn and fabrics	-424	-478	54	12.7
	Iron and steel	-1,501	-1,401	-100	-6.7
	Plastics	-1,489	-1,615	126	8.5
	Processed industrial supplies n.e.s.	-12,965	-16,292	3,327	25.7
	Other merchandise goods(d)(e)	-152	-79	-73	-48.0
	Goods procured in ports by carriers(c)	-31	-38	7	22.6

Services

Services exports, price and volume change - seasonally adjusted - March quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Exports of services		418	3.0	2.3	0.6
	Manufacturing services on physical inputs owned by others(c)	-5	-100.0	-	-
	Maintenance and repair services n.i.e.(c)	-3	-30.0	-30.0	0.6
	Transport	83	8.4	10.5	-1.9
	Travel	379	8.0	6.9	1.2
	Other services	-35	-0.4	-1.0	0.6

- nil (including null cells)
(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places
(c) This component is not seasonally adjusted

Services imports, price and volume change - seasonally adjusted - March quarter 2022
		Current prices ($m)	Current prices (%)	Chain volume measures (a) (%)	Implicit price deflators (a)(b)(%)
Imports of services		1,500	9.6	6.8	2.6
	Manufacturing services on physical inputs owned by others(c)	-	-	-	-
	Maintenance and repair services n.i.e.(c)	-26	-20.5	-21.9	2.0
	Transport	1,267	21.1	34.3	-9.9
	Travel	97	23.3	21.1	1.7
	Other services	162	1.8	-0.2	2.0

- nil (including null cells)
(a) Reference year 2019-20 = 100
(b) Movements in indexes are based on data to four decimal places
(c) This component is not seasonally adjusted

Income

The primary income deficit rose by $4,858m to $20,025m in the March quarter 2022.

Net primary income
	Trend (a) ($b)	Net primary income (b) ($b)	Primary income credits (b) ($b)	Primary income debits (b) ($b)
Mar-14	-10.503	-11.133	12.592	-23.725
Jun-14	-9.484	-9.132	12.463	-21.595
Sep-14	-8.348	-8.298	13.760	-22.058
Dec-14	-7.740	-7.815	13.234	-21.049
Mar-15	-8.146	-7.786	13.301	-21.087
Jun-15	-9.207	-9.042	13.097	-22.140
Sep-15	-9.859	-10.587	12.716	-23.304
Dec-15	-9.783	-10.050	13.524	-23.574
Mar-16	-9.238	-8.201	12.905	-21.106
Jun-16	-9.311	-10.159	13.232	-23.391
Sep-16	-10.325	-9.404	13.174	-22.578
Dec-16	-11.664	-12.323	13.972	-26.294
Mar-17	-12.729	-12.657	13.836	-26.492
Jun-17	-13.518	-13.500	13.990	-27.490
Sep-17	-13.767	-13.753	13.861	-27.614
Dec-17	-14.058	-14.314	14.449	-28.762
Mar-18	-14.598	-13.969	15.125	-29.094
Jun-18	-15.371	-15.604	16.130	-31.735
Sep-18	-15.943	-16.275	17.155	-33.430
Dec-18	-15.955	-15.719	17.388	-33.107
Mar-19	-15.395	-15.423	18.528	-33.952
Jun-19	na	-14.603	17.743	-32.346
Sep-19	na	-13.521	17.676	-31.197
Dec-19	na	-12.051	17.978	-30.029
Mar-20	na	-9.549	17.894	-27.443
Jun-20	na	-4.591	15.229	-19.820
Sep-20	na	-3.189	16.580	-19.770
Dec-20	na	-2.017	15.282	-17.299
Mar-21	na	-5.513	17.029	-22.543
Jun-21	na	-6.876	17.097	-23.973
Sep-21	na	-15.061	18.997	-34.059
Dec-21	na	-15.167	20.679	-35.846
Mar-22	na	-20.025	20.998	-41.023

Net primary income

["","Trend (a)","Net primary income (b)","Primary income credits (b)","Primary income debits (b)"]

[["Mar-14","Jun-14","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"],[[-10.503],[-9.484],[-8.3480000000000008],[-7.7400000000000002],[-8.1460000000000008],[-9.2070000000000007],[-9.859],[-9.7829999999999995],[-9.2379999999999995],[-9.3109999999999999],[-10.324999999999999],[-11.664],[-12.728999999999999],[-13.518000000000001],[-13.766999999999999],[-14.058],[-14.598000000000001],[-15.371],[-15.943],[-15.955],[-15.395],[null],[null],[null],[null],[null],[null],[null],[null],[null],[null],[null],[null]],[[-11.132999999999999],[-9.1319999999999997],[-8.298],[-7.8150000000000004],[-7.7859999999999996],[-9.0419999999999998],[-10.587],[-10.050000000000001],[-8.2010000000000005],[-10.159000000000001],[-9.4039999999999999],[-12.323],[-12.657],[-13.5],[-13.753],[-14.314],[-13.968999999999999],[-15.603999999999999],[-16.274999999999999],[-15.718999999999999],[-15.423],[-14.603],[-13.521000000000001],[-12.051],[-9.5489999999999995],[-4.5910000000000002],[-3.1890000000000001],[-2.0169999999999999],[-5.5129999999999999],[-6.8760000000000003],[-15.061],[-15.167],[-20.024999999999999]],[[12.592000000000001],[12.462999999999999],[13.76],[13.234],[13.301],[13.097],[12.715999999999999],[13.523999999999999],[12.904999999999999],[13.231999999999999],[13.173999999999999],[13.972],[13.836],[13.99],[13.861000000000001],[14.449],[15.125],[16.129999999999999],[17.155000000000001],[17.388000000000002],[18.527999999999999],[17.742999999999999],[17.675999999999998],[17.978000000000002],[17.893999999999998],[15.228999999999999],[16.579999999999998],[15.282],[17.029],[17.097000000000001],[18.997],[20.678999999999998],[20.998000000000001]],[[-23.725000000000001],[-21.594999999999999],[-22.058],[-21.048999999999999],[-21.087],[-22.140000000000001],[-23.303999999999998],[-23.574000000000002],[-21.106000000000002],[-23.390999999999998],[-22.577999999999999],[-26.294],[-26.492000000000001],[-27.489999999999998],[-27.614000000000001],[-28.762],[-29.094000000000001],[-31.734999999999999],[-33.43],[-33.106999999999999],[-33.951999999999998],[-32.345999999999997],[-31.196999999999999],[-30.029],[-27.443000000000001],[-19.82],[-19.77],[-17.298999999999999],[-22.542999999999999],[-23.972999999999999],[-34.058999999999997],[-35.845999999999997],[-41.023000000000003]]]

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

(b) Seasonally adjusted

Primary income credits

In seasonally adjusted terms at current prices, income to residents (credits) rose $319m (1.5%) to $20,998m. The main components contributing to this rise were:

Direct investment assets - income on equity and investment fund shares; up $750m (8.8%)
Portfolio investment assets - interest; down $308m (17.8%)
Portfolio investment assets - investment income on equity and investment fund shares; down $180m (2.0%)

Primary income debits

In seasonally adjusted terms at current prices income to non-residents (debits) rose $5,177m (14.4%) to $41,023m. The main components contributing to this rise were:

Portfolio investment liabilities - investment income on equity and investment fund shares; up $2,732m (48.6%)
Direct investment liabilities - income on equity and investment fund shares; up $2,661m (12.0%)
Portfolio investment liabilities - interest; down $327m (6.6%)

Secondary income

In seasonally adjusted terms at current prices, the net secondary income deficit fell $76m to $671m in the March quarter 2022.

Capital and Financial Account

The capital and financial account recorded a deficit of $2.9b during the March 2022 quarter, mainly driven by the financial account deficit of $2.7b.

The financial account deficit narrowed due to a $3.6b net outflow of debt partially offset by a $0.9b net inflow of equity.

Capital and financial account
			Jun-21	Sep-21	Dec-21	Mar-22	Qtr on Qtr
			($m)	($m)	($m)	($m)	($m)
Capital account			-260	-160	-41	-188	-147
	Acquisitions/disposals of non-produced non-financial assets		-42	5	139	0	-139
		Acquisitions/disposals of non-produced non-financial assets credits	9	5	142	0	-142
		Acquisitions/disposals of non-produced non-financial assets debits	-51	0	-3	0	3
	Capital transfers		-218	-165	-180	-188	-8
		Capital transfers credits	0	0	0	0	0
		Capital transfers debits	-218	-165	-180	-188	-8
Financial account			-25,965	-15,443	-11,286	-2,733	8,553
	Direct investment		5,498	-8,430	13,564	-28,831	-42,395
		Direct investment assets	3,070	-17,149	-9,658	-110,823	-101,165
		Direct investment liabilities	2,429	8,719	23,222	81,992	58,770
	Portfolio investment		-33,335	-1,942	-17,686	36,551	54,237
		Portfolio investment assets	-49,559	-39,343	-61,344	-28,201	33,143
		Portfolio investment liabilities	16,224	37,401	43,657	64,753	21,096
	Financial derivatives		2,469	222	-7,476	-3,735	3,741
		Financial derivatives assets	51,707	45,904	35,179	42,601	7,422
		Financial derivatives liabilities	-49,238	-45,682	-42,656	-46,336	-3,680
	Other investment		-1,351	12,085	2,029	-6,119	-8,148
		Other investment assets	-7,123	-24,185	-3,496	-23,339	-19,843
		Other investment liabilities	5,772	36,270	5,525	17,220	11,695
	Reserve assets		754	-17,378	-1,717	-599	1,118
	Net errors and omissions		-1,347	-2,952	1,552	-4,817	-6,369

International Investment Position

Australia's net IIP liability position was $821.3b at 31 March 2022, an increase of $11.6b on the revised 31 December 2021 figure of $809.7b. Australia's net foreign equity asset position decreased $88.4b to $307.4b at 31 March 2022. Australia's net foreign debt liability position decreased $76.8b to $1,128.7b.

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
		($m)	($m)	($m)	($m)	($m)	($m)
Net International Investment Position	Sep-21	896,778	-15,443	12,073	-13,778	263	879,893
Net International Investment Position	Dec-21	879,893	-11,286	-65,559	8,560	-1,867	809,742
Net International Investment Position	Mar-22	809,742	-2,733	-18,357	41,993	-9,323	821,322

Net Foreign Equity	Sep-21	-295,741	-20,232	14,486	-27,173	-541	-329,200
Net Foreign Equity	Dec-21	-329,200	-34,396	-42,475	11,916	-1,655	-395,810
Net Foreign Equity	Mar-22	-395,810	916	38,185	58,986	-9,672	-307,395

Net Foreign Debt	Sep-21	1,192,519	4,789	-2,413	13,395	804	1,209,093
Net Foreign Debt	Dec-21	1,209,093	23,110	-23,083	-3,356	-212	1,205,552
Net Foreign Debt	Mar-22	1,205,552	-3,649	-56,541	-16,994	349	1,128,716

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 December quarter 2021 (+$80m) and March quarter 2022 (+$15m).
Adjustments have been applied to iron ore fines in the December quarter 2021 (+$180m) and March quarter 2022 (+$330m).
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 December quarter (+$75m) and the March quarter (+$2,885m) 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.

Other mineral fuels (in original terms)

Adjustments have been applied to other mineral fuels (+$1,000m) in the balance of payments series for the March quarter 2022.

Revisions

Economic conditions

Country	MSCI quarterly percentage change (a)(%)	AUD exchange rate quarterly percentage change (b)(%)
Australia	2.17	na
United States of America	-5.55	3.11
United Kingdom	3.50	6.10
Europe	-10.35	4.57
China	-13.92	2.72
Japan	-2.50	9.49
Singapore	-1.42	3.35
India	-0.12	5.12
New Zealand	-10.76	1.23

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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Previous catalogue number

This release previously used catalogue number 5302.0.

Methodology

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

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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

Price Index Differences

Review of seasonal adjustment

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

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