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Australia’s current account deficit widened in the second quarter of 2026, but the increase was smaller than economists had forecast as stronger exports partly offset rising import costs.
The current account recorded a deficit of A$27.22 billion ($19.51 billion) in the June quarter, according to data released Tuesday by the Australian Bureau of Statistics. That compared with a revised A$25.45 billion deficit in the previous quarter and was better than analysts’ expectations for a A$29.7 billion shortfall.
Australia also posted a A$5.1 billion deficit in its balance of goods and services. Imports outpaced exports during the period, with elevated oil and gas prices contributing to a higher energy import bill.
Exports increased 3.9% during the quarter, supported by overseas demand for metal ores and fuels. However, imports climbed at a faster 6.9% pace, limiting the improvement from stronger export activity.
Net exports contributed 0.1 percentage point to Australia’s gross domestic product in the second quarter. That marked an improvement from the previous quarter, when net exports reduced GDP growth by 0.8 percentage point.
Financial flows also contributed to the wider current account deficit. Australia recorded a net outflow of A$38.9 billion from domestic markets during the June quarter, while debt-related inflows increased substantially.
The current account figures come ahead of Australia’s second-quarter GDP report due Wednesday. The positive contribution from net exports provides a modest boost to the economic growth outlook, although high fuel import costs are expected to have remained a drag on activity.
Economists expect resilient exports and domestic consumption to keep the Australian economy expanding despite pressure from energy costs. GDP is forecast to rise 0.3% quarter-on-quarter, matching the growth rate recorded in the previous quarter.
The Australian dollar showed little reaction following the data release. AUD/USD traded around 0.717, up approximately 0.03%, as investors awaited the GDP figures for further clues on the health of the Australian economy and the broader outlook for monetary policy.
