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1.Market Observations, 2.Economic forecasts, 8.Was Sticky

4 Sept 2019 (AFR) – Surplus may signal a new era for the $A

(4 September 2019, AFR, p6, Patrick Commins and Jonathan Shapiro)

Current account balance (RBA, AFR)

Current account balance (RBA, AFR)

‘The prospect of a structural improvement in the country’s “chronic” net income deficit has the potential to recast foreigners’ views of the Australian economy and its currency, experts say. Official data released Tuesday morning confirmed a June quarter current account surplus of $5.9 billion – the first quarterly surplus since 1975. The widely expected but still larger than anticipated move in the current account was driven by a surging trade balance, which was equivalent to 3 per cent of GDP as at the March quarter, and itself the largest trade surplus since 1973.’

Read more at AFR.com (might need AFR login, or try: AFR.com/trial)

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