Australia’s Current Account Deficit Hits $10.7 Billion in June Quarter 2024

Australia’s current account deficit widened to $10.7 billion (US$7.2 billion) in the June quarter of 2024, according to the Australian Bureau of Statistics (ABS) on Sept. 3. This represents the largest deficit since June 2018, driven by declining commodity prices and increased income payments to non-residents. The balance on goods and services dropped by $3.9 billion, settling at $12.0 billion, while the net primary income deficit increased by $0.5 billion to $22.5 billion. A 4.4 percent decrease in goods exports, particularly lower prices for key exports like iron ore and coal, contributed significantly to the decline. Tom Lay, ABS Head of International Statistics, highlighted the factors contributing to this downturn....