Australian Q3 current account balance shows surprise deficit vs. a large surplus expected

<p>Australian balance of payments, current account balance for Q3 2023 has come in at a shock deficit of A$0.2bn</p><ul><li>vs. expected surplus A$3.2bn, prior $7.7bn</li></ul><p>Net exports contribution to Q3 GDP -0.6%, much worse than expected</p><ul><li>expected -0.2%, prior +0.8%</li></ul><p>Public demand will add 0.3% to Q3 GDP</p><ul><li>rising government spending and thus fiscal stimulus is playing havoc with the Reserve Bank of Australia's efforts to tame inflation</li><li>

Australia government spending rose 1.0% in the quarter </li><li>spending on operational items rose 1.1% in Q3</li><li>total investment in fixed assets by the government and
public enterprises rose 0.7%</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.