Australia Current Account2023 Data - 2024 Forecast - 1959-2022 Historical

Australia's current surplus widened to AUD 12.3 billion in Q1 of 2023 from a downwardly revised AUD 11.7 billion in Q4 of 2022, missing market expectations of AUD 15 billion, as a larger trade surplus was partly offset by a net primary income deficit. The goods and services account surplus rose to AUD 41.1 billion in Q1 from AUD 39.0 billion in Q4, with import prices falling more than export prices. The net secondary account gap narrowed to AUD 0.2 billion from AUD 0.4 billion in Q4. On the other hand, the net primary income gap increased to AUD 28.5 billion from AUD 27.0 billion, driven by income credits, which dropped to AUD 21.5 billion from a previous record high.

Australia's current surplus surged to AUD 14.1 billion in Q4 of 2022 from a revised AUD 0.8 billion surplus in Q3 and beating expectations of AUD 6.5 billion. This was the largest current account surplus since Q1 2019, boosted by both a widening of the trade surplus and a narrowing net primary income deficit. The goods and services account surplus climbed to AUD 40.9 billion from AUD 31.9 billion, amid a rise in exports and a fall in imports. At the same time, net primary income gap fell to AUD 26.4 billion from a record of AUD 30.4 billion, due to high operating profits on direct investment off the back of continued strength in commodity prices. Meanwhile, net secondary account gap edged up to AUD 0.4 billion from AUD 0.3 billion in Q3. "Australia’s current account surplus was supported by sustained high commodity prices over 2022, with the value of mining commodity exports reaching over $400 billion for the year.” Grace Kim, acting head of international statistics at the ABS, said.

Australia unexpectedly posted a current deficit of AUD 2.3 billion in Q3 of 2022, shifting from a downwardly revised AUD 14.7 billion surplus in Q2 and compared with market expectations of a AUD 6.2 billion surplus. This was the first current account gap since Q1 2019 dragged down by both a narrowing of the trade surplus and a widened net primary income deficit. The goods and services account surplus fell to AUD 31.2 billion from AUD 42.3 billion, amid a decline in exports prices and a rise in import prices. At the same time, net primary income deficit rose to AUD 33.2 billion from AUD 26.8 billion driven by strong dividend payments to non-residents on portfolio investment. Meanwhile, net secondary account gap dropped to AUD 0.3 billion from AUD 0.7 billion in Q2. " The current account deficit reflected a narrowing but robust trade surplus, which was offset by a record high income deficit in the September quarter.” Grace Kim, acting head of international statistics at the ABS, said