Current Account in Australia
Australia - Current Account (billions of U.S. Dollars)Sequential GDP growth softened but beat market projections in the first quarter. Consumer spending slowed considerably due to a normalization of the pace of growth and the spread of the Omicron variant. Meanwhile, exports shrank at a sharper pace amid a less favorable external environment. Activity is seemingly expanding at a healthy pace in Q2. Consumer spending has likely continued to increase, supported by accumulated savings, as suggested by a tight labor market in April and May and retail sales growth in April. That said, plunging consumer sentiment throughout the quarter calls for caution. Moreover, falling business confidence in April and May indicates cooling business investment. Meanwhile, in a bid to address the country’s power crisis and avoid potential blackouts, authorities recently assumed emergency powers to block coal exports.
Australia - Current Account (USD bn) Data
|Current Account Balance (USD bn)||-58.2||-41.4||-35.4||-28.5||7.8|
5 years of economic forecasts for more than 30 economic indicators.
Australia Current Account (USD bn) 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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December 2, 2022
Retail sales fell 0.2% in month-on-month seasonally-adjusted terms in October, contrasting September’s 0.6% increase. Looking at the details of the release, department store sales, household goods retailing, and clothing and footwear sales contracted, as did cafes, restaurants and takeaway food services sales.
November 17, 2022
Seasonally-adjusted employment increased by 32,200 in October, following 3,800 jobs shed in September.
November 9, 2022
The Westpac-Melbourne Institute consumer sentiment index decreased to 80.0 in November from 83.7 in October.
November 9, 2022
The business confidence index produced by National Australia Bank (NAB) dropped to 0.2 in October from 4.5 in September.
November 4, 2022
Retail sales expanded 0.6% in month-on-month seasonally-adjusted terms in September, matching August’s increase. Looking at the details of the release, food retailing and clothing and footwear sales expanded, as did cafes, restaurants and takeaway food services sales.