Use the following balance of payments data for Australia from the IMF to answer Problems 3.13.4.

3.1 What is Australias balance on goods?

3.2 What is Australias balance on services?

3.3 What is Australias balance on goods and services?

3.4 What is Australias current account balance?

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Assumptions (million US$) Goods: export 107 011 124.913 142 421 189.057 154.777 213,782 271,719 257.950 254.180 240.704 188.345 -120 383 -134 509 -160 205 -193.972 -159.216 -196 303 -242 238 -270. 136 -249.700 -240.252 -207 658 Goods imports -13,372 -9.596 -17,784 -4,915 -4.439 17,479 22,481 -12.186 4,480 453 -19,313 Balance on goods 31,047 33.088 40,496 45.240 40.814 46,968 51,653 53,034 53,550 54.240 49.716 Service Credits Service debits -30.505 -32.219 -39908 -48 338 - 42 165 -51.313 -61897 -65 405 -67.977 -63.549 -57.269 542 869 588 -3.098 -1351 -4.345 -10,244 -12 371 -14,427 -9.309 -7.553 Balance on services 16,445 21.748 32,655 37,320 27.402 35 711 47,852 47.168 46,316 46.637 38 105 Income Credits Income debits -44166 -54 131 -73 202 -76.719 -65 809 -84.646 -102.400 -88 255 -85289 -79.805 -67 842 27,722 -32.383 -40.547 -39,399 -38,407 -48,935 -54.548 -41.087 -38,973 -33.168 -29.736 Balance on Income 3,333 3.698 4 402 4.431 4.997 5.813 7.510 7,271 7,109 6.962 5,853 Current tranfers: Credits -3813 -4.092 -4.690 -4,805 -5799 -7.189 -9.723 9.635 -9.346 -8.996 -7.685 Current tranfers: debits -480 -394 -288 -374 -802 -1,376 -2.213 16,906 -2.237 -2.034 -1,832 Balance on Current tranfers Note: The IMF has recently adjusted their line item nomenclature Exports are all now noted as credits imports as debits