Australia BoP Current Account Balance for Q2: AUD 5.9bn (expected AUD 1.5bn)

Australia Balance of Payments Current Account for the second quarter of 2019, a solid beat at 5.9bn AUD

• expected AUD 1.5bn, prior AUD -1.12bn, revised from -2.9bn

Net exports 0.6% of GDP for Q2

• expected 0.3%, prior 0.2%
• a good beat for this and will offset some of the poor results in the earlier partials that have been released. Exports are a bright spot for the Oz economy.

The headline surplus is the first in 35 45 years or so. Exports performing well, and on the other hand imports are slipping in what is perhaps not so strong a sign for the health of the economy.

Background:

• Some positive news expected from Australian data today on exports