Mr Kelvin Thomson asked the Treasurer, upon notice, on 29 September 1997:

What are the implications for the Australian economy of the balance of trade figures for August 1997 which were announced on 29 September 1997.

Mr Costello (Treasurer) —The answer to the honourable member's question is as follows:

The August 1997 International Trade in Goods and Services data reported a trade surplus for the fifth consecutive month. The surplus of $318 million (sa) is $137 million higher than the July result.

Exports of goods and services grew by 4.1 per cent in August, offsetting a 2.6 per cent rise in imports. Non-rural exports grew strongly, particularly gold, transport equipment, metal ores and minerals. Rural exports rose, with strong cereals exports offsetting falls in wool and `other' rural exports. The growth in imports was due to a pick-up in all categories.

The balance on goods and services on average over the year to August 1997, excluding the abnormal effect of RBA official gold sales, is the highest surplus over the equivalent timeframe since the year to August 1991.

The ITGS data provide only a partial picture of Australia's external accounts position and a more complete picture will be available following the release of the ABS September quarter Balance of Payments figures in December.