Current Account in Australia
Australia - Current AccountGrowth was lackluster in the third quarter, restrained by feeble private domestic spending. Falling mining and dwelling investment, despite a loose monetary policy stance, caused fixed investment to dip in the quarter, while meagre wage growth and a higher saving ratio offset recent tax cuts and translated into anemic consumer spending. On the other hand, the external sector continued to support growth, powered by strong commodity exports, which led to a wider current account surplus in the quarter. Turning to Q4, jobs shedding, feeble retail sales in October and downbeat consumer confidence throughout the quarter all point to subdued household spending, while business surveys signal only limited improvements. Meanwhile, at end-November, S&P Global Ratings warned additional fiscal stimulus, encouraged by the Central Bank’s governor, would jeopardize its AAA credit rating. That said, the country’s fiscal metrics remain quite solid.
Australia - Current Account Data
|Current Account (% of GDP)||-3.2||-3.2||-4.7||-3.3||-2.6|
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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Australia: Pre-Christmas shopping and marketing promotions power sharpest jump in retail sales in two years
January 10, 2020
Nominal retail sales in November surged 0.9% over the previous month in seasonally-adjusted terms, following October’s 0.1% uptick and marking the strongest reading in two years.
December 19, 2019
Seasonally-adjusted employment jumped by 39,900 in November, following a revised 24,800 job shed in October (previously reported: -19,000).
December 12, 2019
The Westpac-Melbourne Institute consumer sentiment index dropped to 95.1 in December, from 97.0 in November.
December 12, 2019
The business confidence index produced by National Australia Bank (NAB) fell to plus 0.1 points in November, from plus 2.0 points in October.
December 5, 2019
Nominal retail sales in October were unchanged over the previous month in seasonally-adjusted terms, following September’s 0.2% uptick.