Economic Buzz: Australias Current Account Surplus Rises By $18.3 Billion

6 Sep 2022 , 10:54 AM

The Australian Bureau of Statistics has released the countrys balance of payments statistics on current, capital and financial transactions for June 2022 quarter. Australias current account surplus increased by $18.3 billion in the June 2022 quarter, recording the 13th consecutive surplus. The increase was driven by an increase in the balance on goods and services which rose by $16.3 billion to $43.1 billion, the highest level on record. The capital and financial account recorded a deficit of $18.9b during the June 2022 quarter driven by a financial account deficit of $18.7b. The deficit was driven by a net outflow in both Currency and deposits and Loans following increased foreign demand for Australian currency. Australias net IIP liability decreased $19.1b to $834.4b at 30 June 2022 driven by a net foreign equity asset position increase of $34.3b and partly offset by a net foreign debt liability position increase of $15.2b. Powered by Commodity Insights