Australia’s Current Account Deficit Hits $10.7 Billion in June Quarter 2024

‘This quarter’s current account deficit reflects continued falls in bulk commodity prices and higher income paid to non-residents,’ ABS’s Tom Lay said.

Treasurer Jim Chalmers speaks to media during a press conference in Brisbane, Australia, on April 20, 2023. AAP Image/Jono Searle

Australia’s current account deficit widened to $10.7 billion (US$7.2 billion) in the June quarter of 2024, according to the Australian Bureau of Statistics (ABS) on Sept. 3.

This represents the largest deficit since June 2018, driven by declining commodity prices and increased income payments to non-residents.