Australia posted a seasonally adjusted current account deficit of A$3.853 billion in the fourth quarter of 2016, the Australian Bureau of Statistics said on Tuesday.
That beat forecasts for a deficit of A$4.0 billion following the A$10.2 billion shortfall in the three months prior.
The primary income deficit surged A$1.843 billion (30 percent) to A$8.081 billion.
The surplus on goods and services rose A$700 million (49 percent) from A$1.424 billion in the third quarter to A$2.124 billion in the fourth quarter.
Net exports of GDP came in at 0.2 percentage points – in line with expectations after slipping 0.2 percentage points in Q3.
Australia's net IIP liability position was A$1,021.6 billion in Q4, down A$19.8 billion (2 percent) on the revised Q3 position of A$1,041.4 billion.
Australia's net foreign debt liability fell A$25.6 billion (2 percent) to a net liability position of A$1,023.1 billion.
Australia's net foreign equity asset was down A$5.8 billion (80 percent) to a net asset position of A$1.4 billion in Q4.
Also on Tuesday:
• The Reserve Bank of Australia said that private sector credit in Australia was up 0.2 percent on month in January. That was shy of expectations for an increase of 0.5 percent following the 0.7 percent increase in December.
On a yearly basis, credit advanced 5.4 percent – again missing expectations for 5.6 percent, which would have been unchanged from the previous month.
Housing credit was up 0.5 percent on month and 6.4 percent on year, while personal credit fell 0.2 percent on month and 1.3 percent on year and business credit lost 0.3 percent on month but gained 4.7 percent on year.
Broad money was up 1.0 percent on month and 7.0 percent on year.
• New home sales in Australia were down 2.2 percent on month in January, the Housing Industry Association said – following the 0.2 percent increase in December.
The number of building permits issued in December was down 1.2 percent, sliding for the fourth time in five months.
Over the past year, the number of permits issued has declined in seven months.
by RTT Staff Writer
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