Current account surplus gives Australian economy breathing room, says Bank of America

Original article by Michael Janda
abc.net.au – Page: Online : 2-Jul-21

Data from the Australian Bureau of Statistics shows that the nation has posted a trade surplus of $9.68bn for May, slightly below the record $9.87bn surplus in January. Exports rose by 6.1 per cent in May, amid continued strong demand for commodities such as iron ore. The steel input has been a key driver of Australia’s trade surpluses. Tony Morriss from Bank of America notes that while the iron ore price is widely tipped to fall, the decline may not be as sharp as anticipated, as the massive infrastructure program in the US will help to offset any fall in demand from China as that nation’s stimulus measures are wound back.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, BANK OF AMERICA AUSTRALIA LIMITED

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