Australia’s current account fell into deficit for the first time in three years last quarter as robust domestic demand sucked in imports and miners paid more dividends abroad, though the drag on economic growth was not as large as first feared. | Reuters
The income shortfall swelled to A$33.2 billion in the quarter, driven by bumper dividend payments to foreign investors.
The GDP data are due on Wednesday. Before Tuesday’s statistics were released, analysts forecast growth of 0.7% in the quarter, driven mainly by household consumption. Markets have recently lowered the expected peak for interest rates to between 3.35 percent and 3.6 percent, from above 4 percent, following a surprise slowdown in inflation in October.There is even speculation the RBA will choose to pause this week, given that the drastic tightening already delivered has yet to feed through fully to mortgage repayments.
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