Australia’s current account surplus widened sharply to AUD 7.86 billion in the third quarter of 2019 from a downwardly revised AUD 4.67 billion in the previous quarter and beating market expectations of a AUD 6.3 billion surplus. It was the largest current account surplus on record, as the goods and services surplus increased to an all-time high of AUD 21.07 billion from AUD 19.27 billion in the second quarter of the year. The goods surplus rose to AUD 21.42 billion from AUD 20.06 billion and the services deficit narrowed to AUD 0.35 billion from AUD 0.80 billion in the previous period. In addition, the primary income gap fell to AUD 13.03 billion from AUD 14.63 billion. Meanwhile, the secondary income shifted to a AUD 0.18 billion deficit from a AUD 0.03 billion surplus in the second quarter. Current Account in Australia averaged -5399.37 AUD Million from 1959 until 2019, reaching an all time high of 5900 AUD Million in the second quarter of 2019 and a record low of -22471 AUD Million in the fourth quarter of 2015. source: Australian Bureau of Statistics
Current Account in Australia is expected to be -5000.00 AUD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Australia to stand at -3000.00 in 12 months time. In the long-term, the Australia Current Account is projected to trend around -5000.00 AUD Million in 2020, according to our econometric models.