ECONOMICS
BALANCE OF PAYMENTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A reduction in overseas economic growth.
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A rise in global economic growth
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A rise in economic growth in Australia’s major trading partners.
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A fall in economic growth in Australia’s major trading partners.
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Detailed explanation-1: -For the 2022 full year, the trade surplus widened to AUD 139.50 billion from AUD 118.72 billion in 2021. Australia has posted monthly trade windfalls for 4-1/2 years, buoyed by robust sales of iron ore and natural gas.
Detailed explanation-2: -GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2022, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of-6.70 percent in the second quarter of 2020.
Detailed explanation-3: -Australia has recently recorded a current account surplus for the first time since 1975 thanks to higher volumes of Australian resources exports and higher prices.
Detailed explanation-4: -In the last five years, the U.S. has kept a trade surplus with Australia.