The latest ABS figures show that in seasonally adjusted, current price terms, the current account deficit fell $370m (2 per cent) to $14,678m in the December quarter 2012. Exports of goods and services rose $734m (1 per cent) and imports of goods and services rose $897m (1 per cent). The primary income deficit fell $518m (6 per cent).

In seasonally adjusted, chain volume terms, the net goods and services surplus rose $2,153m (129 per cent) to $3,816m in the December quarter 2012. This is expected to contribute 0.6 percentage points to growth in the December quarter 2012 volume measure of Gross Domestic Product.

Australia's net IIP liability position was $870.0b at 31 December 2012, an increase of $6.2b on 30 September 2012. Australia's net foreign equity liability decreased $6.2b to a liability position of $110.2b. Australia's net foreign debt liability increased $12.4b to a liability position of $759.8b.