Australia’s current account surplus hits record high

The ABS today released current account data for the September quarter, with Australia’s current account surplus hitting a record high $23.9 billion. The result will contribute 1.0 percentage points to the September quarter GDP, which will be released tomorrow:

The current account surplus was driven by a $8.1 billion increase in the balance on goods and services surplus. Exports of goods and services rose $9.7 billion (8 per cent), while imports of goods and services rose $1.6 billion (2 per cent). The net primary income deficit rose by $7.7 billion to $14.3 billion in the September quarter 2021.

Head of International Statistics at the ABS, Andrew Tomadini, said: “Australia’s September quarter record current account surplus was driven by strong prices for exports of coal and other mineral fuels as well as greater volumes of agricultural exports. Import volumes fell this quarter as global supply chain pressures began to be felt in Australia. These falls were partially offset by rises in imports of processed industrial supplies n.e.s which saw large increases in imports of COVID-19 vaccines as the national roll-out gathered pace.”