In Business

Australian Bureau Of Statistics (ABS)

Decrease In Current Account Deficit

Victor P Taffa

Latest ABS figures show that, in seasonally adjusted, current price terms, the current account deficit fell $10,817 m to $5,640 m in the June quarter 2010. Exports of goods and services increased $12,747 m (21%) and imports of goods and services increased $3,041 m (5%).

In trend current price terms, the current account deficit fell $9,463 m to $7,141 m in the June quarter 2010.

In seasonally adjusted chain volume terms, the deficit on goods and services fell $1,260 m (16%) from $7,694 m in the March quarter 2010 to $6,434 m in the June quarter 2010. This is expected to contribute 0.4 percentage points to growth in the June quarter 2010 volume measure of Gross Domestic Product.

Australia’s net International Investment Position (IIP) rose $4.2 b to a net liability position of $763.5 b in the June quarter 2010. Australia’s net foreign debt liability increased $14.1 b (2%) and Australia’s net foreign equity liability decreased $10.0 b (10%).

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