Australia’s Current Account Deficit Up 4 % To $15,535 Million June Quarter 2016

Australia’s Current Account Deficit Up 4 % To $15,535 Million June Quarter 2016

Australian Bureau Of Statistics

Current Account Deficit Up $0.6 Billion

Victor P Taffa

The current account deficit increased $636 Million (4 %) to $15,535 Million in the June quarter 2016 in seasonally adjusted, current price terms, according to latest figures from the Australian Bureau of Statistics (ABS).

Exports of goods and services rose $1,551 Million (2 %) and imports of goods and services rose $899 Million (1 %). The primary income deficit rose $1,351 Million (23 %).

 

There has been a substantial revision to the primary income credits series of non-financial corporations and consequentially to the reinvested earnings series for the March quarter 2016. This is a result of revisions to data reported to the ABS in the March quarter 2016.

In seasonally adjusted chain volume terms, the net goods and services surplus fell $999 Million (8 %) to $10,797 Million in the June quarter 2016. This is expected to detract 0.2 percentage points from growth in the June quarter 2016 volume measure of Gross Domestic Product.

Australia’s net International Investment Position was a liability of $1,035.9 Billion at 30 June 2016.

This was an increase of $28.1 Billion (3 %) on the revised 31 March 2016 position of $1,007.8 Billion.

Australia’s net foreign debt liabilities increased $22.7 Billion (2 %) to a net liability position of $1,044.5 Billion. Australia’s net foreign equity assets decreased $5.4 Billion (38 %) to a net asset position of $8.6 Billion at 30 June 2016.