Australia’s current account entered a deficit of $27.1 billion in the March 2026 quarter, the first trade deficit since December 2017, according to the Australian Bureau of Statistics. The shortfall was driven by a 1.2 % decline in goods and services exports, led by falling iron ore and coal prices and disruptions from cyclones Koji and Mitchell. Exports of services fell 1.3 %, with education‑related travel services hardest hit by a smaller intake of international students. Imports rose 0.8 %, with record‑high data‑centre equipment and fuel imports, the latter boosted by a rebound in oil prices after the Strait of Hormuz closure. Net primary income widened to a $23.7 billion deficit, partly offset by higher foreign‑owned mining profits. The net international investment position reached its highest liability level since December 2023.
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This article is a summary of content originally published by the Australian Bureau of Statistics.
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