Australia Current Account

Australia's current account surplus surged to AUD 11.8 billion in Q4 of 2023 from a revised surplus of AUD 1.3 billion in Q3, compared to market expectations of AUD 5.6 billion. It was the largest current account surplus since the second quarter of 2022, mainly due to a rise in the trade surplus and a decline in the net primary income deficit. The balance goods and services surplus jumped to AUD 31.4 billion in Q4 from AUD 24.2 billion, boosted by mining commodity exports. Simultaneously, the net primary account gap declined to the smallest deficit since Q3 of AUD 20.2 billion in Q4 from AUD 22.1 billion in Q3, amid a drop in primary income debits, with reduced profits on foreign direct investment. Meanwhile, the net secondary income deficit narrowed to AUD 0.4 billion from AUD 0.8 billion in Q3.