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AUSTRALIA'S current account deficit narrowed to a seasonally adjusted $8.5 billion in the first quarter of 2013 from the fourth quarter 2012 as a slowing mining-investment boom reduced the need for heavy equipment imports while the value of exports grew as iron-ore prices rebounded.
Net exports of GDP came in at 1.0 percent, also topping expectations for 0.8 percent after showing 0.6 percent in the fourth quarter of 2012. The trade balance was a seasonally adjusted surplus of A$367 million in the first quarter. Net primary income was up 7 percent, from a deficit of A$9.229 billion in Q4 to a shortfall of A$8.548 billion. Australia's net foreign debt rose 1 per cent in the first quarter from Q4 to $764 billion, the ABS also said today. The financial account balance came in at a surplus of A$9.62 billion, down from the revised surplus of A$16.35 billion in the three months prior.
As Australia's resources boom fades, economic policy makers are looking for an export surge to help power the economy in the years ahead with new mine and port capacity now coming on stream. The country's improved trade performance in the first quarter is expected to add 1 percentage point to gross domestic product, according to the Australian Bureau of Statistics figures.
Australia's central bank has cut rates seven times since November 2011, seeking to stoke domestic sectors of the economy such as retail sales, and building construction to help offset the end of the investment surge that has marked the last decade for Australia.
The Reserve Bank of Australia's policy-setting board met today and decided to leave the cash rate unchanged. The central bank last lowered rates at the start of May, since which time the Australian dollar has fallen about 6 per cent against the US dollar, taking some pressure off exporters.
Wondering your what is your opinion for a possible question for an in class essay on this article.
Net exports of GDP came in at 1.0 percent, also topping expectations for 0.8 percent after showing 0.6 percent in the fourth quarter of 2012. The trade balance was a seasonally adjusted surplus of A$367 million in the first quarter. Net primary income was up 7 percent, from a deficit of A$9.229 billion in Q4 to a shortfall of A$8.548 billion. Australia's net foreign debt rose 1 per cent in the first quarter from Q4 to $764 billion, the ABS also said today. The financial account balance came in at a surplus of A$9.62 billion, down from the revised surplus of A$16.35 billion in the three months prior.
As Australia's resources boom fades, economic policy makers are looking for an export surge to help power the economy in the years ahead with new mine and port capacity now coming on stream. The country's improved trade performance in the first quarter is expected to add 1 percentage point to gross domestic product, according to the Australian Bureau of Statistics figures.
Australia's central bank has cut rates seven times since November 2011, seeking to stoke domestic sectors of the economy such as retail sales, and building construction to help offset the end of the investment surge that has marked the last decade for Australia.
The Reserve Bank of Australia's policy-setting board met today and decided to leave the cash rate unchanged. The central bank last lowered rates at the start of May, since which time the Australian dollar has fallen about 6 per cent against the US dollar, taking some pressure off exporters.
Wondering your what is your opinion for a possible question for an in class essay on this article.