Australia’s Quarterly Current Account Deficit Leaps 76% To $13.7 billion

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The Australian Bureau of Statistics (ABS) has just released the June quarter Balance of Payments data.

The current account deficit, in seasonally adjusted terms, was up 76% or $5.9 billion to $13.7 billion.

This reverses the March quarter pick up in exports which saw the current account deficit fall 52% to $5.7 billion.

Today’s decrease in the balance on goods and services surplus is expected to pull down GDP (Gross Domestic Product) by 0.9 percentage points, according to the ABS.

The June quarter 2014 GDP is due to be announced by the ABS tomorrow.

Exports of goods and services fell $6.227 billion (7%) and imports of goods and services rose $1.030 billion (1%).

Australia’s net International Investment Position was $864.2 billion at June 30, an increase of $16.5 billion from March 31.

Australia’s net foreign debt liability increased $17.2 billion to $865.5 billion. Australia’s net foreign equity increased $0.7 billion to $1.2 billion.