Australia’s current account deficit is nudging $15 billion, as the nation’s current account balance rose in the March quarter.
The latest Australian Bureau of Statistics (ABS) data shows the seasonally-adjusted current account balance rose by $1.7 billion in the quarter to a deficit of $14.7 billion, despite a surge in gold exports to the United States.
ABS Head of International Statistics Tom Lay said the rise in the current account balance was led by a $1.9 billion reduction in the net income deficit, which was partly offset by a $0.2 billion fall in the goods and services surplus.
“Commodity price falls, notably coal, led to Australian mining businesses seeing lower profits flow to foreign direct investors, which reduced Australia’s income outflows,” Mr Lay said.
He said Australia’s terms of trade rose 0.1 percent from the December quarter 2024, the second quarterly rise in a row, but lower than the same time last year.
Mr Lay said exports of goods rose 2.9 percent, following a rise of 2.3 percent last quarter.
He said this was the first consecutive growth in exports since the June quarter 2022.
“The March rise was led by Non-monetary gold, with more gold being exported and prices continuing to rise from previous highs in the December quarter last year.
“The $4.8 billion rise in Non-monetary gold exports was the highest on record. It was led by Non-monetary gold exports to the USA, which was larger than the total combined value of Non-monetary gold exports to the USA over the past four years,” Mr Lay said.
