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AUSTRALIA CURRENT ACCOUNTAustralia reported a current account deficit equivalent to 8374 Million AUD in the fourth quarter of 2011. 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.
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). 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.
AUSTRALIA NEWS
Australia's Unemployment Down to 4.9% in April
Published: 5/10/2012 11:58:25 AM
By: TradingEconomics.com, ABS
Australia's unemployment rate decreased 0.2 pts to 4.9%. The male unemployment rate decreased 0.2 pts to 4.8% and the female unemployment rate decreased 0.2 pts to 5.1%.
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Australia Reports Trade Deficit for Third Month
Published: 5/8/2012 11:31:23 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, the balance on goods and services was a deficit of $1,587m in March 2012, a rise of $833m on the deficit in February 2012.
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Australia Cuts Rates to 3.75%
Published: 5/1/2012 11:30:40 AM
By: TradingEconomics.com, RBA
At its meeting on May 1st, the Board decided to lower the cash rate by 50 basis points to 3.75 per cent, effective 2 May 2012. This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.
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Australian Annual Inflation Down to 1.6% in Q1
Published: 4/24/2012 11:49:36 AM
By: TradingEconomics.com, ABS
The CPI rose 1.6% through the year to the March quarter 2012, compared with a rise of 3.1% through the year to the December quarter 2011.
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Australia's Unemployment Rate Steady at 5.2% in March
Published: 4/12/2012 11:31:07 AM
By: TradingEconomics.com, ABS
Employment increased 44,000 (0.4%) to 11,491,200. Full-time employment increased 15,800 (0.2%) to 8,080,400 and part-time employment increased 28,200 (0.8%) to 3,410,900.
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Australia Reports Trade Deficit in February
Published: 4/4/2012 11:03:26 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, the balance on goods and services was a deficit of $480m in February 2012, a fall of $491m on the deficit in January 2012.
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Reserve Bank of Australia Leaves Interest Rates Steady
Published: 4/3/2012 1:34:36 PM
By: TradingEconomics.com, RBA
The board of the Reserve Bank of Australia has left interest rates unchanged at 4.25 per cent at its monthly meeting.
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Australia Reports Trade Deficit in January
Published: 3/9/2012 11:40:09 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, Australia reported a trade deficit of $673m in January 2012, a turnaround of $1,998m on the surplus in December 2011.
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Australia's Unemployment Rate Up to 5.2% in February
Published: 3/8/2012 12:29:16 PM
By: TradingEconomics.com, ABS
Australia's seasonally adjusted unemployment rate increased 0.1 percentage points to 5.2 per cent in February.
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Australia's GDP Growth Slows in Q4
Published: 3/7/2012 11:15:41 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, GDP increased 0.4% in the December quarter; through the year GDP growth was 2.3%.
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