March 23, 2024

SYDNEY (Reuters) – Strong domestic demand pulled in imports and miners paid more dividends overseas, pushing Australia‘s current account into deficit for the first time in three years last quarter. However, the impact on economic growth was less severe than initially expected. According to figures released Tuesday by the Australian Bureau of Statistics, the current account deficit widened to A$2.3 billion ($1.54 billion). It was much lower than the A$14.7 billion surplus recorded in the prior quarter and the A$6.2 billion surplus that had been anticipated. Grace Kim, acting head of international statistics at the ABS, said that the deficit

With people dipping into savings to shore up spending and a decline in property services, Australia’s economy slowed more than projected in the September quarter. Growth in gross domestic product slowed to 0.6% from 0.9% in the previous quarter and 0.7% from the last June quarter. The 5.9% annual rate was an improvement over the prior year when about half of the economy was locked down due to Covid. The new Springfield housing subdivision in Ipswich, Australia. The rise in the third quarter of 2018 was driven by consumer spending buoyed by higher incomes and reduced savings. The ABS said