Original article by Patrick Commins
The Australian – Page: 2 : 4-Dec-19
Kristina Clifton of the Commonwealth Bank says high commodity prices were a big contributor to Australia’s $7.9bn current account surplus for the September quarter. Official data shows that government spending was also higher than forecast during the quarter. The figures have strengthened expectations that the latest national accounts data will show that the economy grew by at least 0.5 per cent in the quarter, and 1.7 per cent year-on-year. This would in turn reduce pressure on the federal government to pursue stimulus measures.
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Original article by Patrick Commins, Jonathan Shapiro
The Australian Financial Review – Page: 6 : 4-Sep-19
The Commonwealth Bank’s Richard Grace says the current account is unlikely to remain in surplus, citing the level of the nation’s net income deficit. However, he notes that the net income deficit – which is currently 3.4 per cent of GDP – will improve as superannuation funds increase their offshore holdings. Grace adds that factors such as a gradual reduction in the net income deficit and a structural improvement in the trade balance are likely to boost the Australian dollar over the longer-term.
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Original article by Adam Creighton
The Australian – Page: 1 & 2 : 4-Sep-19
The latest national accounts data is expected to show that Australia’s GDP growth slowed to about 1.5 per cent in the year to June, well below the federal government’s May 2019 Budget forecast of 2.25 per cent growth. Reserve Bank governor Philip Lowe has reiterated that economic growth will improve "gradually"; he notes that although new housing construction activity remains weak, there are signs of an upturn in the established housing market. The central bank’s decision to leave official interest rates on hold in September coincided with the release of data confirming a current account surplus of $5.9bn for the June quarter, the first since the 1970s.
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Original article by Matthew Cranston
The Australian Financial Review – Page: 8 : 5-Jun-19
Australia has posted a current account deficit of just $2.9bn for the March quarter, compared with $7.2bn in the previous three months. The trade surplus has risen to a record $13.6bn, with the value of goods and services exports rising by $4.24bn and imports falling by $514m. The trade surplus was bolstered by higher iron ore prices, although iron ore export volumes fell during the quarter. National Australia Bank and BIS Oxford Economics have upgraded their GDP growth forecasts for the March quarter.
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