Australia records $14.1B current account surplus

Australia’s current account surplus increased by $13.4B to $14.1B in the recent December quarter, according to figures released today by the Australian Bureau of Statistics (ABS). 

The increase reflected a rise in the trade surplus, and a decline in the net primary income deficit, with the trade surplus reaching $40.9B, which is the second highest on record, and the net primary income deficit falling to $26.4B following the record high deficit of $30.4B in the September quarter.

The ABS says Australia’s current account surplus was supported by sustained high commodity prices over 2022, with the value of mining commodity exports reaching over $400B for the year.

Exports of goods and services increased 3% in the latest quarter, driven by rises in metal ores and minerals as constraints eased; and imports of goods and services declined 3.1%, with prices and volumes of fuels and lubricants down driving the decrease.