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International investment position from the ABS just now:
| Jun Qtr 2020 ($m) | Sep Qtr 2020 ($m) | Jun Qtr 2020 to Sep Qtr 2020 (% change) | |
|---|---|---|---|
| Balance on current account (b) | 16 345 | 10 024 | -39 |
| Balance on goods and services (b) | 22 340 | 13 625 | -39 |
| Net primary income (b) | -5 591 | -3 331 | -40 |
| Capital and financial account | -17 046 | -9 296 | -45 |
| International investment position (c) | 939 131 | 942 776 | – |
Net exports will detract a huge 1.9% from GDP as exports plunged and imports rose:
| Current prices ($m) | Current prices change ($m) | Current Prices (%) | |
|---|---|---|---|
| Balance on current account | 10 024 | -6 321 | -39 |
| Balance on goods and services | 13 625 | -8 715 | -39 |
| Net goods | 9 244 | -7 417 | -45 |
| Net services | 4 381 | -1 297 | -23 |
| Net primary income | -3 331 | 2 260 | -40 |
| Net secondary income | -270 | 133 | -33 |
The current account surplus fell sharply:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.