Current account deficit doubled to $96bn due to lower commodity prices net foreign debt falls below $1 trillion for the first time since december 2015 lower export commodity prices for the key exports of iron ore and coal were largely responsible for widening the deficit. The current account deficit for 2016-17 dropped to just $295 billion, down from more than $74 billion in fy 2016.
A current account deficit occurs when the total value of goods and services a country imports exceeds the total value of goods and services it exports.
Australia current account 1959-2018 | data | chart | calendar | forecast australia’s current account deficit widened to aud 13472 billion in the second quarter of 2018 from an upwardly revised aud 11678 billion gap in the previous quarter and higher than market expectations of a aud 1150 billion gap. I want to spend my time today talking about australia’s current account deficit and what it means for public policy chart 1 is a good place to start this discussion it shows the evolution of the current account deficit since 1980. Current account deficit decreases to $105 billion australia's current account deficit in seasonally adjusted tems decreased by more than $4 billion in the march quarter 2018 driven mainly by increased goods exports, according to latest figures from the australian bureau of statistics (abs. In trade terms, the australian economy has had persistently large current account deficits for more than 50 years one single factor that undermines balance of payments is australia's narrow export base  dependent upon commodities, the australian government has endeavoured to redevelop the australian manufacturing sector this initiative, also known as microeconomic reform, has helped australian manufacturing to grow from 101% in 1983-1984 to 178% in 2003-2004.
Australia's current account deficit doubled in the june quarter, blowing out to $96 billion.
The current account deficit, once thought of as australia's biggest economic challenge, will as good as vanish in the year ahead as income from exports exceeds spending on imports for the longest.
In the march 2017 quarter, australia’s current account deficit shrank to a$31 billion, or just 07 per cent of gdp  that’s not only the smallest deficit as a share of gdp recorded since the float of the australian dollar, it’s actually the lowest ratio since december 1979. Australia current account to gdp 1959-2018 | data | chart | calendar australia recorded a current account deficit of 310 percent of the country's gross domestic product in 2017 current account to gdp in australia averaged -324 percent from 1959 until 2017, reaching an all time high of 230 percent in 1961 and a record low of -730 percent in 2004.