Australian balance of payments, current account balance for Q3 2023 has come in at a shock deficit of A$0.2bn

  • vs. expected surplus A$3.2bn, prior $7.7bn

Net exports contribution to Q3 GDP -0.6%, much worse than expected

  • expected -0.2%, prior +0.8%

Public demand will add 0.3% to Q3 GDP

  • rising government spending and thus fiscal stimulus is playing havoc with the Reserve Bank of Australia's efforts to tame inflation
  • Australia government spending rose 1.0% in the quarter
  • spending on operational items rose 1.1% in Q3
  • total investment in fixed assets by the government and public enterprises rose 0.7%