Australia's Current Account Deficit Widens Sharply in Q1, Net Exports Slash GDP

Australia's current account deficit ballooned to A$27.1 billion ($19.41 billion) in the March quarter, the Australian Bureau of Statistics reported on June 2, 2026, far exceeding the A$23.2 billion forecast and the revised A$23.0 billion prior quarter. The trade balance swung to its first shortfall since 2017, amplifying external drags on the economy. Net exports will subtract 0.8 percentage points from first-quarter gross domestic product, a heavier blow than the 0.5-point drag analysts had expected. The weaker trade performance reflects deteriorating export values amid global headwinds, pressuring Australia's growth outlook.