Aust. surplus increased

Press, 14 March 1977, Page 14

Aust. surplus increased

A big' private capital inflow Australia a balance of payments surplus of S39M for ithe month of February, ewen though trade figures fcr the month went into the r ed.

Figures released by the Australian) Bureau of statistics show that Australia had a net apparent capital inflow of S3B9M ih February.

Big capital inflows started after Australia's 17.5 per cent devaluation on November 28, and continued despite successive revaluations, and the iinjoosition of tight controls on capital inflows introduced in mid-January, the office Said. Australia had a trade deficit of $5'6M in February, and a current account deficit of S3SOM. '

There is h balance-of-pay-ments surpliis of $252M in January, Australia |now has a cumulative balance of payments surpl ps of SI4M for the first eigltt months of this financial j«ear, compared with a balance of payments deficit of $9 ISM in the same period of last financial year.

Australia’s trade deficit in February was largely due to an import > surge, which pushed Australia's imports to a record? level for a month.

G.A/. 4.C. profit up General Miotors Acceptance Corporation of Australia had a profit increase of 35 per cent t<3 sAust4.6M in 1976. and is 'increasing the dividend and 1 i’ie capital held by the United! States parent company. G.mSa.C. has lifted interest "rates (or all longerterm unsecured notes by up to 0.5 per cent. Interest rates on five, 1 seven and 10 year notes are (up from 12.25 per cent to 12.35 per cent. The dividend I to the United States parent company is up from 13 to 29 , per cent for the year, and paid capital has been increased from 56.25 M to SI2.J(M since balance date. The latest profit includes $540.37(5 (previously $201,876) of exchange gains, and a loss of $5373,456 (previously a gain of $490.38,4) from adjustments of foreign tax credits for iflnited States tax purposes;