diff --git a/docs/api-guide/fields.md b/docs/api-guide/fields.md
index 78fb3f83eb..6c68a5b818 100644
--- a/docs/api-guide/fields.md
+++ b/docs/api-guide/fields.md
@@ -41,14 +41,6 @@ Setting this to `False` also allows the object attribute or dictionary key to be
 
 Defaults to `True`.
 
-### `allow_null`
-
-Normally an error will be raised if `None` is passed to a serializer field. Set this keyword argument to `True` if `None` should be considered a valid value.
-
-Note that setting this argument to `True` will imply a default value of `null` for serialization output, but does not imply a default for input deserialization.
-
-Defaults to `False`
-
 ### `default`
 
 If set, this gives the default value that will be used for the field if no input value is supplied. If not set the default behaviour is to not populate the attribute at all.
@@ -61,6 +53,14 @@ When serializing the instance, default will be used if the the object attribute
 
 Note that setting a `default` value implies that the field is not required. Including both the `default` and `required` keyword arguments is invalid and will raise an error.
 
+### `allow_null`
+
+Normally an error will be raised if `None` is passed to a serializer field. Set this keyword argument to `True` if `None` should be considered a valid value.
+
+Note that, without an explicit `default`, setting this argument to `True` will imply a `default` value of `null` for serialization output, but does not imply a default for input deserialization.
+
+Defaults to `False`
+
 ### `source`
 
 The name of the attribute that will be used to populate the field.  May be a method that only takes a `self` argument, such as `URLField(source='get_absolute_url')`, or may use dotted notation to traverse attributes, such as `EmailField(source='user.email')`. When serializing fields with dotted notation, it may be necessary to provide a `default` value if any object is not present or is empty during attribute traversal.
diff --git a/rest_framework/fields.py b/rest_framework/fields.py
index ad710b9678..58e28ed4ce 100644
--- a/rest_framework/fields.py
+++ b/rest_framework/fields.py
@@ -442,10 +442,10 @@ def get_attribute(self, instance):
         except (KeyError, AttributeError) as exc:
             if self.default is not empty:
                 return self.get_default()
-            if not self.required:
-                raise SkipField()
             if self.allow_null:
                 return None
+            if not self.required:
+                raise SkipField()
             msg = (
                 'Got {exc_type} when attempting to get a value for field '
                 '`{field}` on serializer `{serializer}`.\nThe serializer '
diff --git a/tests/test_serializer.py b/tests/test_serializer.py
index 120632572d..c44e830d0e 100644
--- a/tests/test_serializer.py
+++ b/tests/test_serializer.py
@@ -384,14 +384,6 @@ def create(self, validated_data):
         serializer.save()
         assert serializer.data == {'included': 'abc'}
 
-    def test_not_required_output_for_allow_null_field(self):
-        class ExampleSerializer(serializers.Serializer):
-            omitted = serializers.CharField(required=False, allow_null=True)
-            included = serializers.CharField()
-
-        serializer = ExampleSerializer({'included': 'abc'})
-        assert 'omitted' not in serializer.data
-
 
 class TestDefaultOutput:
     def setup(self):
@@ -486,12 +478,16 @@ class Serializer(serializers.Serializer):
         assert Serializer({'nested': {'a': '3', 'b': {'c': '4'}}}).data == {'nested': {'a': '3', 'c': '4'}}
 
     def test_default_for_allow_null(self):
-        # allow_null=True should imply default=None
+        """
+        Without an explicit default, allow_null implies default=None when serializing. #5518 #5708
+        """
         class Serializer(serializers.Serializer):
             foo = serializers.CharField()
             bar = serializers.CharField(source='foo.bar', allow_null=True)
+            optional = serializers.CharField(required=False, allow_null=True)
 
-        assert Serializer({'foo': None}).data == {'foo': None, 'bar': None}
+        # allow_null=True should imply default=None when serialising:
+        assert Serializer({'foo': None}).data == {'foo': None, 'bar': None, 'optional': None, }
 
 
 class TestCacheSerializerData: