Current Account in Australia
Australia - Current AccountGrowth 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
|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||1.33||1.47 %||Jul 11|
|Exchange Rate||0.70||0.05 %||Jul 11|
|Stock Market||6,806||0.08 %||Jul 11|
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July 18, 2019
Seasonally-adjusted employment increased by a meagre 500 in June from the previous month, following the revised 45,300 jobs added in May (previously reported: +42,300 jobs).
Australia: Consumer sentiment plunges to near two-year low on worse short-term expectations at the outset of Q3
July 10, 2019
The Westpac-Melbourne Institute consumer sentiment index dived to a 23-month low of 96.5 in July from 100.7 in June.
July 4, 2019
Nominal retail sales in May inched up 0.1% over the previous month in seasonally-adjusted terms, swinging from April’s 0.1% dip.
July 2, 2019
At its 2 July monetary policy meeting, the Reserve Bank of Australia (RBA) trimmed the cash rate for a second consecutive month to a fresh all-time low of 1.00% from 1.25%.
June 13, 2019
Seasonally-adjusted employment increased by 42,300 in May from the previous month, following the revised 43,100 jobs added in March (previously reported: +28,400 jobs) and more than doubling analysts’ expectations of a gain of 17,500.