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- Australia’s current account records first surplus in 44 years
Australia’s current account records first surplus in 44 years
The Australian
Bureau of Statistics (ABS) reported on Tuesday that Australia’s current account
turned to a surplus of AUD5.85 billion in the second quarter of 2019 compared
to a revised AUD1.12 billion gap in the prior quarter. That was Australia's
first current account surplus since the second quarter of 1975.
Economist
forecast a surplus of AUD1.4 billion.
According to
the ABS report, the goods and services surplus surged 34 percent q-o-q to AUD19.90
billion, while the primary income gap narrowed by 10 percent q-o-q to AUD13.93
billion and the secondary income deficit fell by 74 percent q-o-q to AUD 0.12
billion.
Australia's net
international investment position was $1.00 trillion at June 30, up from the
revised March 31 position of $992.3 billion. Its net foreign debt liability
position increased 2 percent q-o-q to AUD1.14 trillion, while its net foreign
equity asset position rose 8 q-o-q to AUD141.90 billion.
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