September Current Account Set to Support Australia's Record GDP Growth Run as Foreign Debt tops $1 Trillion: CCIQ

Wednesday 5 December, 2018 | By: Dan Petrie

September Current Account Set to Support Australia's Record GDP Growth Run as Foreign Debt tops $1 Trillion: CCIQ

The September current account data from the ABS showed a narrowing in the nation’s deficit to $10.7 billion as stronger net exports passed expectations suggesting Australia’s record 27 year run of economic growth looks set to continue when the national accounts are released in Sydney tomorrow.

The Chamber of Commerce and Industry Queensland (CCIQ) notes the latest data comes on the back of a stronger mineral export performance in the three months to September whilst services exports over the same period also remain elevated.

CCIQ Chief Economist, Dr Marcus Smith said the current account report provides policy makers with an opportunity to assess the country’s overall quarterly trade performance along with Australia’s net debt position which rose to A$1.04 trillion over the same period.  

“Coking coal and iron prices remained elevated for most of the September quarter and it is important to note this report does not take into account the market volatility that dominated headlines throughout October.

“The level of foreign debt at a trillion dollars is a number in itself which often generate its own headlines, but it is largely reflective of the investment many foreign companies have made into Australia,” Dr Smith said.

Dr Smith said the GDP data will provide greater detail on how the nation is performing in the context of the wider economy as it reflects how productive the nation has been with its borrowings.

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