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4 Mar 2014
Australia's BoP current account balance for Q4 in line with expectations
FXStreet (Bali) - Australia's BoP Current Account balance for Q4 came at -10.1bn vs -10.0bn expected and -12.7bn last.
DECEMBER KEY POINTS
BALANCE OF PAYMENTS
The current account deficit, seasonally adjusted, fell $2,400m (19%) to $10,139m in the December quarter 2013. There was a turnaround of $2,919m on the balance of goods and services, resulting in a surplus of $247m in the December quarter 2013. The primary income deficit rose $536m (6%) to $9,898m. In seasonally adjusted chain volume terms, the surplus on goods and services rose $2,505m (30%) from $8,248m in the September quarter 2013 to $10,753m in the December quarter 2013. This is expected to contribute 0.6 percentage points to growth in the December quarter 2013 volume measure of GDP.
INTERNATIONAL INVESTMENT POSITION (IIP)
Australia's net IIP liability position was $829.8b at 31 December 2013, a decrease of $15.7b on 30 September 2013. Australia's net foreign debt liability increased $34.3b to a net liability position of $852.9b. Australia's net foreign equity had a turnaround of $50.0b from a net liability position of $27.0b on 30 September 2013 to a net asset position of $23.1b at 31 December 2013. This is the first time that an asset position has been recorded for net foreign equity (the quarterly series commenced in September quarter 1988).
DECEMBER KEY POINTS
BALANCE OF PAYMENTS
The current account deficit, seasonally adjusted, fell $2,400m (19%) to $10,139m in the December quarter 2013. There was a turnaround of $2,919m on the balance of goods and services, resulting in a surplus of $247m in the December quarter 2013. The primary income deficit rose $536m (6%) to $9,898m. In seasonally adjusted chain volume terms, the surplus on goods and services rose $2,505m (30%) from $8,248m in the September quarter 2013 to $10,753m in the December quarter 2013. This is expected to contribute 0.6 percentage points to growth in the December quarter 2013 volume measure of GDP.
INTERNATIONAL INVESTMENT POSITION (IIP)
Australia's net IIP liability position was $829.8b at 31 December 2013, a decrease of $15.7b on 30 September 2013. Australia's net foreign debt liability increased $34.3b to a net liability position of $852.9b. Australia's net foreign equity had a turnaround of $50.0b from a net liability position of $27.0b on 30 September 2013 to a net asset position of $23.1b at 31 December 2013. This is the first time that an asset position has been recorded for net foreign equity (the quarterly series commenced in September quarter 1988).