Australia's current account surplus hits record A$23.9b in Q3

[SYDNEY] Australia's current account surplus widened to a record in the third quarter courtesy of high prices and strong shipments for key commodity exports, providing a welcome economic cushion to coronavirus lockdowns at home.

Figures from the Australian Bureau of Statistics out on Tuesday showed the surplus rose to A$23.9 billion (S$23.4 billion) in the third quarter, from an upwardly revised A$22.9 billion the previous quarter. That still missed market forecasts of a A$27.8 billion surplus.

The ABS estimated net exports added around 1.0 percentage points to gross domestic product (GDP), a timely infusion given how lockdowns had hammered domestic demand in the quarter.

REUTERS