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Main Indicator: Current Account
Most Recent Release
|
Actual | Forecast | Previous | Revised Form | |
| -12.8B | -11.8B | -19.8B | -19.5B | ||
|
2nd Quarter
Australia's current account deficit shrank considerably in the 2nd quarter, falling from a downwardly revised A$-19.8B in the 1st quarter to A$-12.8B in the 2nd quarter. That figure disappointed forecasts, but it does bring the current account to its lowest level since the 4th quarter of 2006. Exports of minerals helped boost the trade deficit, as demand from China for coal and iron ore helped boost export income. The RBA has mentioned before how trade should continue to help support the economy due to increased demand and rising commodity prices. Domestically, consumers are facing tougher economic condition due to higher prices and high interest rates, so they are cutting back on imports and also domestic retail. A cut back in imports should serve to further help the trade balance and the current account in the 3rd quarter. |
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Table of Past Data
| 2/27 | 8/31 | 12/4 | 3/1 | 6/4 | 8/29 | 11/29 | 3/3 | 6/2 | 8/31 | ||
| Actual | -14.4 | -12.1 | -15.1B | -15.4B | -16.0B | -15.6B | -19.4B | -19.5B | -12.8B | ||
| Forecast | -13.0B | -14.0B | -10.6B | -14.0B | -14.8B | -15.6B | -16.3B | -18.0B | -20.5B | -11.8B | |
| Previous | -13.5B | -14.0B | -13.2B | -12.6B | -15.1bn | -15.6B | -16.0B | -16.4B | -18.7B | -19.8B | |
| Revised From | N/A | N/A | N/A | N/A | N/A | -15.4B | N/A | -15.6B | -19.4B | -19.5B | |
Past Releases
|
Actual | Forecast | Previous | Revised Form | |
| -19.5B | -20.5B | -18.7B | -19.4B | ||
|
1st Quarter
Australia's current account deficit widened in the 1st quarter as imports outpaced exports. The number was better than anticipated and also the 4th quarter numbers were revised to show a smaller deficit. Exports were sluggish as the value of the Australian Dollar rose and their were difficulties in transporting some orders. Businesses and consumers, despite high interest rates were still shopping abroad.
On May 5th, trade balance data for March showed an improvement as exports increased as a rsuly of larger shipments of iron ore, coal and wheat. Prices for those first two commodities have been steadily increasing and should provide a better balance in the trade of goods as 2008 continues. Domestic spending is likely to cool as well meaning imports may see a reduction. |
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Actual | Forecast | Previous | Revised Form | |
| -19.4B | -18.0B | -16.4B | -15.6B | ||
|
4th Quarter
Austrlia's current account deficit widened to a record A$19.35 billion in the fourth quarter. This news combines with lower than expected retail sales data and another interest rate increase from the central bank. It will be important to note if Australia will finally show signs of slowing down, as have most of the other developed nations around the world. |
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|
Actual | Forecast | Previous | Revised Form | |
| -15.6B | -16.3B | -16.0B | N/A | ||
| For 3rd Quarter. | |||||
|
Actual | Forecast | Previous | Revised Form | |
| -16.0B | -15.6B | -15.6B | -15.4B | ||
| The current account deficit widened in the June quarter by 3% to 16.0B(sa). The goods and services deficit rose by 7% to 3.8B, while the income deficit rose 2% to 12.1B. According to the Australian Bureau of Statistics, the increase in deficit in volume terms is likely to contribute -0.1% points to the June 2007 quarter volume measure of GDP. | |||||
|
Actual | Forecast | Previous | Revised Form | |
| -15.4B | -14.8B | -15.1bn | N/A | ||
| The Australian Bureau of Statistics also reported that: "Australia's net International Investment Position rose $18.0b to a net liability position of $623.9b. Net foreign debt was $532.4b, an increase of $6.6b. Net foreign equity increased by $11.4b to $91.5b." - ABS 5/06/2007 | |||||
|
Actual | Forecast | Previous | Revised Form | |
| -15.1B | -14.0B | -12.6B | N/A |
|
Actual | Forecast | Previous | Revised Form | |
| -12.1 | -10.6B | -13.2B | N/A |
|
Actual | Forecast | Previous | Revised Form | |
| -14.0B | -14.0B | N/A |
|
Actual | Forecast | Previous | Revised Form | |
| -14.4 | -13.0B | -13.5B | N/A |