ECONOMICS
BALANCE OF PAYMENTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a deficit on current account and surplus on capital and financial account
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a deficit on cpaital account and a surplus on current account
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deficits on both current account and capital account
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surpluses on both current account and capital account
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Detailed explanation-1: -The September quarter 2022 current account balance was revised from a $2.3 billion deficit to a $0.8 billion surplus.
Detailed explanation-2: -Balance of Payments components. Australia recorded a $2.3 billion current account deficit in the September quarter 2022, following 13 consecutive quarters of a current account surplus.
Detailed explanation-3: -It is calculated by subtracting the value of the goods and services Australia buys from overseas from the value of the goods and services we sell to other countries. As of January 2023, Australia’s trade balance was $11, 688 million (seasonally adjusted).
Detailed explanation-4: -The current account balance can be in surplus (have a positive value), be equal to zero, or be in deficit (have a negative value). Australia has generally had a current account deficit, reflecting attractive investment opportunities in the economy that exceed our capacity to fund via domestic saving.