Current Account in Australia
Australia - Current AccountThe economy likely took a hit in the third quarter due to the reinstatement of restrictions amid rising Covid-19 infections. Household spending seemed to deteriorate considerably, as suggested by a quicker decline in retail sales, falling employment levels and cooling consumer confidence. Moreover, a slump in business confidence spells trouble for investment. Activity should be regaining steam in the fourth quarter, thanks to a fast vaccine rollout and the easing of restrictions, with vaccinated citizens and residents allowed to enter the country without quarantine from 1 November. However, October saw a month-on-month drop in iron ore exports to China, as the Asian giant’s demand for the metal languished amid steel output curbs. In a bid to diversify export destinations, the country recently joined the Regional Comprehensive Economic Partnership, which will take effect on 1 January.
Australia - Current Account Data
|Current Account (% of GDP)||-4.7||-3.3||-2.6||-2.0||0.6|
5 years of economic forecasts for more than 30 economic indicators.
Australia Current Account Chart
Source: Australia Bureau of Statistics and FocusEconomics calculations.
|Bond Yield||1.37||1.47 %||Dec 31|
|Exchange Rate||0.70||0.05 %||Dec 31|
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December 7, 2021
At its monetary policy meeting on 7 December, the Reserve Bank of Australia (RBA) decided keep the cash rate unchanged at the all-time low of 0.10%, and stated it will continue purchasing government bonds at the rate of AUD 4 billion a week until at least mid-February next year, in order to maintain accommodative financing conditions. The decision was underpinned by moderate inflationary pressures, as well as the ongoing economic recovery amid a fast vaccine rollout.
December 3, 2021
Economic activity dropped 1.9% on a seasonally-adjusted quarter-on-quarter basis in Q3, contrasting the previous quarter's 0.7% expansion.
December 2, 2021
Retail sales climbed 4.9% in month-on-month seasonally-adjusted terms in October, which followed September's 1.3% increase and benefited from easing Covid-19 restrictions.
November 11, 2021
Seasonally-adjusted employment fell by 46,300 in October, following 141,100 jobs shred in September.
November 11, 2021
The business confidence index produced by National Australia Bank (NAB) improved to 20.8 points in October from 9.6 points in September.