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Australia Current AccountAustralia reported a current account deficit equivalent to 5640.0 Million AUD in June of 2010. Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the form of liquefied natural gas and coal. Australia is a major importer of machinery and transport equipment, computers and office machines and telecommunication lasers. Its main trading partners are: Japan, China, The United States and New Zealand. This page includes: Australia Current Account chart, historical data and news.
| Year | Mar | Jun | Sep | Dec |
| 2010 | -16457.0 | -5640.0 | | |
| 2009 | -6482.0 | -12675.0 | -13789.0 | -18468.0 |
| 2008 | -20903.0 | -15406.0 | -10866.0 | -7269.0 |
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Australia Reports Trade Surplus of $1.71 Billion in July
Published:
9/5/2010 3:31:41 PM
By:
TradingEconomics.com, Bloomberg
Australia’s trade surplus narrowed by more than economists forecast in July as exports of coal and iron ore fell, while imports rose.
The surplus shrank to A$1.89 billion ($1.7 billion) from a revised A$3.44 billion in June, the Bureau of Statistics said in a report in Sydney today.
The weaker trade balance may help cool an economy that expanded last quarter by the most in three years as a record mining industry investment boom spills over into higher spending by households, which account for more than half of gross domestic product. Central bank Governor Glenn Stevens boosted borrowing costs six times from October to May to prevent inflation pressures building.
Exports fell 4 percent to A$25.4 billion in July, today’s report showed. Shipments of coal dropped 16 percent and iron ore declined 7 percent.
Imports rose 2 percent to A$23.5 billion in July. The gain included six Super Hornet fighter jets purchased by the Department of Defense.
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Australia Economic News
Australia Extends Rate Pause
Published: 9/7/2010 12:39:14 PM
By: TradingEconomics.com, RBA
Australia’s central bank extended its pause in raising interest rates “for the time being” as concern that the global economic recovery may falter trumped evidence of an accelerating expansion at home.
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Australia Reports Trade Surplus of $1.71 Billion in July
Published: 9/5/2010 3:31:41 PM
By: TradingEconomics.com, Bloomberg
Australia’s trade surplus narrowed by more than economists forecast in July as exports of coal and iron ore fell, while imports rose.
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Australian Economic Growth Accelerates
Published: 8/31/2010 11:04:57 PM
By: TradingEconomics.com, Bloomberg
Australia’s economy grew at the fastest pace in three years last quarter, stoked by China’s demand for iron ore.
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Australian Unemployment Rises in July
Published: 8/12/2010 11:35:20 AM
By: TradingEconomics.com, Bloomberg
Australia's unemployment rate rose to 5.3 percent in July as the number of people entering the work force outpaced growth in new jobs.
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Australia's Growth May Gain Momentum by the End of This Year
Published: 8/5/2010 5:48:34 PM
By: Anna Fedec, contact@tradingeconomics.com
In 2009, unlike many other major economies, Australia recorded year-over-year growth due to a strong banking system and successful monetary and fiscal policy. And although the pace of expansion in the first quarter of 2010 was weaker than expected, the recent surge in commodity prices, improving labor market and strong domestic demand are likely to support sustainable growth this year.
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Commodities Drive Record Australia Trade Surplus
Published: 8/4/2010 10:23:11 AM
By: AFP
Australia posted a record monthly trade surplus of 3.54 billion dollars (3.12 billion US) in June, as the resource-rich country enjoys a return to boom conditions.
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Australia Keeps Key Rate at 4.5%
Published: 8/3/2010 10:49:49 AM
By: TradingEconomics.com, RBA
Australia’s central bank kept interest rates unchanged for a third month after slower inflation and diminished financial risks abroad left officials with little need for any shift in policy.
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Australia Inflation Cools
Published: 7/28/2010 11:40:49 AM
By: TradingEconomics.com, Bloomberg
Australian consumer prices rose by much less than expected last quarter while core inflation slowed to its lowest in over three years, all but ruling out the need for an interest rate rise next week and possibly for the rest of the year.
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Australia's Trade Surplus Widens in May
Published: 7/6/2010 9:11:25 AM
By: TradingEconomics.com, Bloomberg
Australia’s trade surplus widened in May as exports of coal and gold climbed on demand from Asia, outpacing a gain in imports.
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Australia Keeps Interest Rate at 4.5%
Published: 7/6/2010 9:01:24 AM
By: TradingEconomics.com, RBA
Australia’s central bank paused in raising borrowing costs for a second month, and dropped a reference to the level of its benchmark being appropriate for the “near term,” citing concern about the global outlook.
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More news
Current Account Definition
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). The balance of trade is typically the most important part of the current account. This means that changes in the patterns of trade are key drivers in the current accounts of most of the world's economies. However, for the few countries with substantial overseas assets or liabilities, net factor payments may be significant.
Positive net sales to abroad generally contributes to a current account surplus; negative net sales to abroad generally contributes to a current account deficit. Because exports generate positive net sales, and because the trade balance is typically the largest component of the current account, a current account surplus is usually associated with positive net exports.
The net factor income or income account, a sub-account of the current account, is usually presented under the headings income payments as outflows, and income receipts as inflows. Income refers not only to the money received from investments made abroad (note: investments are recorded in the capital account but income from investments is recorded in the current account) but also to the money sent by individuals working abroad, known as remittances, to their families back home. If the income account is negative, the country is paying more than it is taking in interest, dividends, etc. For example, the United States' net income has been declining exponentially since it has allowed the dollar's price relative to other currencies to be determined by the market to a point where income payments and receipts are roughly equal
of trade forms part of the current account, which also includes other transactions such as income from the international investment position as well as international aid. If the current account is in surplus, the country's net international asset position increases correspondingly. Equally, a deficit decreases the net international asset position.
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