Current Account in Australia
Australia - Current AccountAustralians defied pre-election opinion polls, and handed a surprise victory to the ruling center-right Liberal–National coalition. The coalition secured an absolute majority in the Lower House of Parliament, which will allow Prime Minister Scott Morrison to govern without the support of independents. Its emphasis on improving the economy and its stronger credentials in economic management likely tipped the scales in favor of the conservative coalition. Financial markets breathed a sigh of relief in response; the stock market surged to 11-year highs on Monday, while the AUD climbed on the same day. Elections come amid sluggish economic growth, defined by subdued consumer spending as highlighted by Q1’s weak retail sales. That said, exports were buoyant and wage growth picked up in the same quarter, while consumer sentiment gained some ground in April-May, and there are signs that the housing market may have left the worst behind.
Australia - Current Account Data
|Current Account (% of GDP)||-3.2||-3.2||-4.8||-3.1||-2.5|
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||1.73||1.47 %||May 13|
|Exchange Rate||0.70||0.05 %||May 13|
|Stock Market||6,381||0.08 %||May 13|
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Australia: Healthy public finances and lower taxes ahead, as Australians defy opinion polls and reelect center-right government
May 21, 2019
Australia’s parliamentary election on 18 May delivered a surprise victory to the ruling center-right Liberal–National coalition, led by Prime Minister Scott Morrison.
May 16, 2019
The Westpac-Melbourne Institute consumer sentiment index rose to 101.3 in May from 100.7 in April.
May 16, 2019
Seasonally-adjusted employment increased by 28,400 in April from the previous month, following the revised 27,700 jobs added in March (previously reported: +25,700 jobs) and more than doubling analysts’ expectations of a gain of 14,000.
May 14, 2019
The business confidence index produced by National Australia Bank (NAB) rose almost imperceptibly to minus 0.3 points in April from March’s revised minus 0.6 points (previously reported: minus 0.4 points), which had marked the weakest result in over five years.
May 8, 2019
At its 7 May monetary policy meeting, the Reserve Bank of Australia (RBA) left the cash rate unchanged at an all-time low of 1.50%, where it has been for over two years.