Australia slides into deficit, despite govt boost

Negative territory: A container ship at the Port Botany terminal in Sydney. Australia’s current account falls to a deficit of US$104mil as exports are pulled down by falling prices for coal and LNG, while imports of oil climb and more Australians travel abroad. — Bloomberg

SYDNEY: Australia’s current account slides into deficit in the September quarter as prices for some commodity exports fall and locals spend more money abroad, leaving trade as a drag on the economy overall.

Other data from the Australian Bureau of Statistics (ABS) yesterday showed government spending was surprisingly strong in the quarter, helping offset the drag.