Current Account in Australia

Australia Current Account | Economic News & Forecasts

Australia - Current Account

The 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

2015   2016   2017   2018   2019  
Current Account (% of GDP)-4.7  -3.3  -2.6  -2.0  0.6  

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Australia Current Account Chart


Australia Current Account
Note: Current account balance as % of GDP.
Source: Australia Bureau of Statistics and FocusEconomics calculations.

Australia Facts

Value Change Date
Bond Yield1.371.47 %Dec 31
Exchange Rate0.700.05 %Dec 31

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