Australia's current account deficit widened to AUD 10.7 billion in Q2 of 2024 from an upwardly revised deficit of AUD 6.3 billion in Q1, worse than market expectations of an AUD 5.9 billion gap. It was the largest current account deficit since the second quarter of 2018 due to a fall in the trade surplus and a rise in the net primary income deficit. The balance goods and services surplus slumped to AUD 11.8 billion in Q2 from AUD 15.9 billion in Q1, due to a continued fall in commodity prices. Simultaneously, the net primary account gap increased for the second consecutive quarter to AUD 22.5 billion in Q2 from AUD 21.9 billion in Q1, amid higher pay to non-residents, due to higher interest payments on Australia’s debt liabilities. Meanwhile, the net secondary income deficit narrowed to AUD 0.01 billion from AUD 0.25 billion in Q1. source: Australian Bureau of Statistics

Australia recorded a Current Account deficit of 10700 AUD Million in the second quarter of 2024. Current Account in Australia averaged -4511.95 AUD Million from 1959 until 2024, reaching an all time high of 22093.00 AUD Million in the third quarter of 2021 and a record low of -21612.00 AUD Million in the fourth quarter of 2015. This page provides - Australia Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Current Account - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.

Australia recorded a Current Account deficit of 10700 AUD Million in the second quarter of 2024. Current Account in Australia is expected to be 2200.00 AUD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Current Account is projected to trend around 3800.00 AUD Million in 2025 and 3200.00 AUD Million in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-06-04 01:30 AM
Current Account
Q1 A$-4.9B A$2.7B A$5.9B A$ 8.5B
2024-09-03 01:30 AM
Current Account
Q2 A$-10.7B A$-6.3B A$-5.9B A$4.5B
2024-12-03 12:30 AM
Current Account
Q3 A$-10.7B A$ 7.6B


Related Last Previous Unit Reference
Balance of Trade 4609.00 5284.00 AUD Million Sep 2024
Capital Flows 9247.00 9684.00 AUD Million Jun 2024
Current Account -10725.00 -6289.00 AUD Million Jun 2024
Exports MoM 40827.00 42645.00 AUD Million Sep 2024
External Debt 2452309.00 2425773.00 AUD Million Jun 2024
Foreign Direct Investment 45000.00 91400.00 AUD Million Dec 2023
Imports MoM 36219.00 37361.00 AUD Million Sep 2024
Terms of Trade 116.40 119.90 points Sep 2024
Tourist Arrivals 630700.00 658810.00 Sep 2024

Australia Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).
Actual Previous Highest Lowest Dates Unit Frequency
-10725.00 -6289.00 22093.00 -21612.00 1959 - 2024 AUD Million Quarterly
SA


News Stream
Australia Q2 Current Account Gap Largest in 6 Years
Australia's current account deficit widened to AUD 10.7 billion in Q2 of 2024 from an upwardly revised deficit of AUD 6.3 billion in Q1, worse than market expectations of an AUD 5.9 billion gap. It was the largest current account deficit since the second quarter of 2018 due to a fall in the trade surplus and a rise in the net primary income deficit. The balance goods and services surplus slumped to AUD 11.8 billion in Q2 from AUD 15.9 billion in Q1, due to a continued fall in commodity prices. Simultaneously, the net primary account gap increased for the second consecutive quarter to AUD 22.5 billion in Q2 from AUD 21.9 billion in Q1, amid higher pay to non-residents, due to higher interest payments on Australia’s debt liabilities. Meanwhile, the net secondary income deficit narrowed to AUD 0.01 billion from AUD 0.25 billion in Q1.
2024-09-03
Australia Unexpectedly Posts Current Account Gap in Q1
Australia unexpectedly posted a current account deficit of AUD 4.9 billion in Q1 of 2024, shifting from a downwardly revised surplus of AUD 2.7 billion in Q4 of 2023, missing market expectations of an AUD 5.9 billion surplus, due to a fall in the trade surplus and a rise in the net primary income deficit. The balance goods and services surplus plunged to AUD 17.7 billion in Q1 from AUD 23.9 billion in Q4, boosted by a rise in import of goods and declining in goods export prices led by metal ore prices. Simultaneously, the net primary account gap widened for the second time since Q2 of 2022 to AUD 22.3 billion in Q1 from AUD 20.8 billion in Q4, amid an increase in primary income debits due to higher profits on foreign direct investment. Meanwhile, the net secondary income deficit narrowed slightly to AUD 0.36 billion from AUD 0.39 billion in Q4.
2024-06-04
Australia Q4 Current Account Surplus Largest in 1-1/2 Years
Australia's current account surplus surged to AUD 11.8 billion in Q4 of 2023 from a revised surplus of AUD 1.3 billion in Q3, compared to market expectations of AUD 5.6 billion. It was the largest current account surplus since the second quarter of 2022, mainly due to a rise in the trade surplus and a decline in the net primary income deficit. The balance goods and services surplus jumped to AUD 31.4 billion in Q4 from AUD 24.2 billion, boosted by mining commodity exports. Simultaneously, the net primary account gap declined to the smallest deficit since Q3 of AUD 20.2 billion in Q4 from AUD 22.1 billion in Q3, amid a drop in primary income debits, with reduced profits on foreign direct investment. Meanwhile, the net secondary income deficit narrowed to AUD 0.4 billion from AUD 0.8 billion in Q3.
2024-03-05