Current Account in Australia
Australia - Current Account (billions of U.S. Dollars)
The economy likely took a hit in the third quarter due to the reinstatement of restrictions amid rising Covid-19 infections. Household spending seemed to deteriorate considerably, as suggested by a quicker decline in retail sales, falling employment levels and cooling consumer confidence. Moreover, a slump in business confidence spells trouble for investment. Activity should be regaining steam in the fourth quarter, thanks to a fast vaccine rollout and the easing of restrictions, with vaccinated citizens and residents allowed to enter the country without quarantine from 1 November. However, October saw a month-on-month drop in iron ore exports to China, as the Asian giant’s demand for the metal languished amid steel output curbs. In a bid to diversify export destinations, the country recently joined the Regional Comprehensive Economic Partnership, which will take effect on 1 January.Australia - Current Account (USD bn) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account Balance (USD bn) | -58.2 | -41.4 | -35.4 | -28.5 | 7.8 |
Australia Current Account (USD bn) Chart
Source: Australia Bureau of Statistics and FocusEconomics calculations.
Australia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.37 | 1.47 % | Dec 31 |
| Exchange Rate | 0.70 | 0.05 % | Dec 31 |
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Economic News
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Australia: RBA stands pat in December
December 7, 2021
At its monetary policy meeting on 7 December, the Reserve Bank of Australia (RBA) decided keep the cash rate unchanged at the all-time low of 0.10%, and stated it will continue purchasing government bonds at the rate of AUD 4 billion a week until at least mid-February next year, in order to maintain accommodative financing conditions. The decision was underpinned by moderate inflationary pressures, as well as the ongoing economic recovery amid a fast vaccine rollout.
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Australia: Economic growth slows less than expected in the third quarter
December 3, 2021
Economic activity dropped 1.9% on a seasonally-adjusted quarter-on-quarter basis in Q3, contrasting the previous quarter's 0.7% expansion.
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Australia: Retail sales growth jumps in October
December 2, 2021
Retail sales climbed 4.9% in month-on-month seasonally-adjusted terms in October, which followed September's 1.3% increase and benefited from easing Covid-19 restrictions.
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Australia: Lockdowns weigh on Australia’s labor market in October
November 11, 2021
Seasonally-adjusted employment fell by 46,300 in October, following 141,100 jobs shred in September.
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Australia: Business confidence jumps in October
November 11, 2021
The business confidence index produced by National Australia Bank (NAB) improved to 20.8 points in October from 9.6 points in September.
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