Australia Has A$4.896 Billion Current Account Shortfall

(RTTNews) - Australia posted a seasonally adjusted current account deficit of A$4.896 billion in the first quarter of 2024, the Australian Bureau of Statistics said on Tuesday

That was well shy of estimates for a surplus of A$5.9 billion and down sharply from the downwardly revised A$2.667 billion surplus in the three months prior (originally A$11.8 billion).

The balance on goods and services in seasonally adjusted chain volume terms is expected to detract 0.9 percentage points from the March quarter 2024 GDP quarterly movement.

The terms of trade increased 0.2 percent to 94.9, up from 94.7 in December quarter 2023.