Current Account in Australia

Australia Current Account | Economic News & Forecasts

Australia - Current Account

Growth 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

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 Yield1.371.47 %Dec 31
Exchange Rate0.700.05 %Dec 31

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