Australia’s current account surplus widened sharply to AUD 8.40 billion in the first quarter of 2020 from an upwardly revised AUD 1.72 billion in the previous quarter and beating market expectations of AUD 6.3 billion. This was the largest currrent account surplus on record, as the goods surplus jumped to AUD 19.30 billion from AUD 13.43 billion in the previous three-month period as imports dropped mostly due to February's supply chain disruption in China amid the coronavirus pandemic while exports rose. In addition, the primary income gap dropped to AUD 10.61 billion from AUD 11.43 billion in the prior quarter, and the secondary income deficit narrowed to AUD 0.18 billion from AUD 0.40 billion. Meantime, the services account posted a deficit of AUD 0.11 billion, swinging from an AUD 0.13 billion surplus in the previous period.
Current Account in Australia averaged -5267.28 AUD Million from 1959 until 2020, reaching an all time high of 8400 AUD Million in the first quarter of 2020 and a record low of -22279 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 July of 2020. source: Australian Bureau of Statistics
Current Account in Australia is expected to be 6000.00 AUD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Australia to stand at -2800.00 in 12 months time. In the long-term, the Australia Current Account is projected to trend around -5000.00 AUD Million in 2021 and -6000.00 AUD Million in 2022, according to our econometric models.