Thursday, March 6, 2008

.Mr Rennie said a disturbing feature of the current account was Australia’s growing reliance on debt funding.

Current account worst in 50 years

POOR exports and tumbling returns from Australia's overseas investments have dragged the current account deficit to 7 per cent of GDP, its worst level in at least 50 years. The deficit topped $20 billion in the December quarter. The trade deficit rose by $2billion to $6.9 billion because of poor sales of both rural and mineral commodities. aSome recovery in exports is expected in coming months, but the continuing blow-out in Australia's deficit resulting from dividend and interest payments is likely to get worse.

Posted by chris @ 12:22 AM (325 views)
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