Current Account in Australia

Australia Current Account | Economic News & Forecasts

Australia - Current Account

Growth appears to have remained subdued in the second quarter, after feeble domestic demand weighed on the economy in the first quarter. Anemic retail sales, an uptick in the unemployment rate, and still-falling house prices point to continued weakness in private consumption, while survey-based data signals downbeat investment activity. That said, surging foreign shipments in April-May, propelled by soaring commodity exports, are a testament to the strength of the external sector. Moreover, in June, home prices in Sydney and Melbourne showed early signs of bottoming out. In the political arena, Prime Minister Scott Morrison scored a first victory, with the Senate passing the government’s tax cuts plan on 4 July. The tax rebates for low- and middle-income earners included in the bill should sustain consumer spending in H2 and alleviate pressure on the Central Bank to stimulate the economy.

Australia - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)-3.2  -3.2  -4.7  -3.3  -2.6  

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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

Bond Yield1.331.47 %Jul 11
Exchange Rate0.700.05 %Jul 11
Stock Market6,8060.08 %Jul 11

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