In Q1 2024, Australia's current account balance unexpectedly slipped into a $4.9bn deficit due to declining export prices and a surge in imports.

Australia's current account balance unexpectedly slipped into a $4.9bn deficit in Q1 2024, significantly under the forecasted $5.1bn surplus. This is attributed to declining export prices, primarily for metal ores, and a surge in imports, driven by consumer goods like medicines, clothing and footwear. The deficit reduces the country's GDP, with net exports expected to subtract 0.9 percentage points from GDP in the period.