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2 Jun 2015
Australia account deficit slightly better-than-expected in Q1
FXStreet (Bali) - Australia current account balance came above expectations at -10.7B in Q1 vs -10.8B expected.
March key points
Balance of payments: The current account deficit, seasonally adjusted, rose $502m (5%) to $10,741m in the March quarter 2015. The deficit on the balance of goods and services rose $994m (37%) to $3,701m in the March quarter 2015. The primary income deficit fell $434m (6%) to $6,525m. In seasonally adjusted chain volume terms, the surplus on goods and services rose $1,816m (24%) from $7,457m in the December quarter 2014 to $9,273m in the March quarter 2015. This is expected to contribute 0.5 percentage points to growth in the March quarter 2015 volume measure of GDP.
International investment position (IIP): Australia's net IIP liability position was $878.4b at 31 March 2015, an increase of $11.7b (1%) on the 31 December 2014 position of $866.7b. Australia's net foreign debt liability increased $27.6b (3%) to a net liability position of $954.7b. Australia's net foreign equity increased $15.9b (26%) to a net asset position of $76.3b at 31 March 2015.
March key points
Balance of payments: The current account deficit, seasonally adjusted, rose $502m (5%) to $10,741m in the March quarter 2015. The deficit on the balance of goods and services rose $994m (37%) to $3,701m in the March quarter 2015. The primary income deficit fell $434m (6%) to $6,525m. In seasonally adjusted chain volume terms, the surplus on goods and services rose $1,816m (24%) from $7,457m in the December quarter 2014 to $9,273m in the March quarter 2015. This is expected to contribute 0.5 percentage points to growth in the March quarter 2015 volume measure of GDP.
International investment position (IIP): Australia's net IIP liability position was $878.4b at 31 March 2015, an increase of $11.7b (1%) on the 31 December 2014 position of $866.7b. Australia's net foreign debt liability increased $27.6b (3%) to a net liability position of $954.7b. Australia's net foreign equity increased $15.9b (26%) to a net asset position of $76.3b at 31 March 2015.