Australia’s Deficit Surpasses $52 Billion as EVs Drive Imports Up

The December quarter ended with trade deficit of $12.5 billion, but positive retail spending data could push that figure even higher.

A Hyundai KONA Electric charges at a EV charge station in Sydney, Australia, on Jan. 19, 2021. Brendon Thorne/Getty Images

Australia ended 2024 with an annual current account deficit of $52.4 billion (US$32.8 billion), the worst result since 2016, according to the latest data from the Australian Bureau of Statistics (ABS).

This is despite the balance improving by $1.3 billion (seasonally adjusted, current prices) to a deficit of $12.5 billion in the December quarter 2024. This is the second consecutive improvement to the balance, which was at its worst point during the June quarter 2024 when it fell to a deficit of $16.3 billion.