Australia's Q2 2024 current account deficit reached AUD 10.7bn, highest since 2018, due to falling commodity prices and rising non-resident payments.

Australia's current account deficit reached AUD 10.7 billion (USD 7.2 billion) in Q2 2024, the highest since June 2018. Factors include falling commodity prices and rising payments to non-residents. Goods exports dropped 4.4%, notably in iron ore and coal, while services exports rose 6%. The terms of trade fell by 3% from the previous quarter. This economic data presents challenges amid ongoing inflation and rising living costs for the government.

September 03, 2024
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