Current Account in Australia
Australia - Current AccountThe economy hit the brakes in the third quarter as falling house prices, tightening financing conditions and sluggish wage growth squeezed consumer spending. Nevertheless, according to available indicators, growth should regain some pace in Q4 given that retail sales accelerated, the labor market continued to add jobs in October, consumer confidence improved throughout the quarter, and given the sharp drop in oil prices since early October. Despite the weak showing in Q3, the IMF acknowledged in mid-November that the economy is successfully completing a rebalancing process which follows the end of the commodity price and investment boom, and praised the government’s responsible fiscal strategy. However, the Fund also highlighted household debt as a source of systemic risk and accordingly suggested that the cabinet further strengthens the financial sector’s regulatory framework.
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||2.27||1.47 %||Jan 16|
|Exchange Rate||0.72||0.05 %||Jan 16|
|Stock Market||5,894||0.08 %||Jan 16|
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January 16, 2019
The Westpac-Melbourne Institute consumer sentiment index fell from 104.4 in December to 99.6 in January.
January 11, 2019
Nominal retail sales growth in November came in at 0.4% over the previous month in seasonally-adjusted terms, following October’s 0.3% expansion.
December 20, 2018
Seasonally-adjusted employment increased by 37,000 in November compared to the previous month, following the revised 28,700 jobs added in October (previously reported: +32,800 jobs) and overshooting analysts’ expectations for a gain of 20,000.
December 12, 2018
The Westpac-Melbourne Institute consumer sentiment index inched up from 104.3 in November to 104.4 in December.
December 11, 2018
The business confidence index produced by National Australia Bank (NAB) declined to 3.2 points in November from October’s revised 4.5 points (previously reported: 4.2 points).