[Sydney 3 Reuters]-The Australian Bureau of Statistics announced the second quarter's current account balance of A $ 5.9 billion, surplus since June 1975, and the surplus is expected by analysts Surpassing A $ 1.4 billion, the largest ever. Increased prices of the main resources of iron ore and coal contributed.
This means that net exports increased GDP growth in the second quarter by 0.6 percentage points. The Australian economic growth rate for the quarter announced on the 4th is expected to be 0.5%.
On the other hand, Australian retail sales in July announced separately decreased 0.1% from the previous month. The expected median of 19 economists was up 0.2%. Sales of clothing, footwear, accessories, and department stores were sluggish.
The central bank is expected to keep interest rates unchanged at the board meeting on the 3rd. However, the financial market fully incorporates the third rate cut after June by November.
“There are many indications that economic activity will soften, but monetary policy is not immediately effective.” The central bank takes further action, says Kerry Craig, global market strategist at JP Morgan Asset Management. Earlier, this means that we are trying to determine if the 50 basis point rate cut this year will boost growth in the second half of the year. "