Balance of Payments

Australia’s seasonally adjusted current account balance rose by A$13,361m to +A$14,114m in Q4 2022, from the upwardly revised +A$753m in the previous quarter (originally -A$2,278m). The market consensus was for a much lower surplus, of A$5,800m. The rebound in the current account surplus in Q4 was driven by both a higher trade surplus and a narrower net primary income deficit.

Australia’s seasonally adjusted current account balance unexpectedly turned negative in Q3 2022, registering a deficit of A$2,278m against a surplus of A$14,745m in Q2 2022. The decline in the current account balance was driven by a A$11,088m drop in the trade surplus, coupled with a A$6,368m deterioration in the net primary income deficit.

Australia’s seasonally adjusted current account surplus rose to A$18,324m in Q2 2022, from the downwardly revised A$2,774m in the previous quarter.

Australia’s seasonally adjusted current account surplus narrowed to A$7,532m in Q1 2022, from the upwardly revised A$13,235m in the previous quarter.

Australia’s seasonally adjusted current account surplus narrowed to A$12,677m in Q4 2021, from the downwardly revised A$21,981m in the previous quarter. The decline in the current account surplus was driven by a lower trade surplus and, to a lesser extent, further deterioration in net primary balance.

Australia’s seasonally adjusted current account surplus widened to yet another record high of A$23.9b in Q3 2021. The rise in the current account surplus was driven by a surge in the trade surplus amid higher energy commodity prices.

Australia’s seasonally adjusted current account surplus widened to another record high of A$20.5b in Q2 2021. The widening of the trade surplus reflected an increase in the value of exports of goods, primarily metal ores and minerals.