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Media release
Australian Minister for Trade, Mark Vaile
Thursday, 29 November 2001 / MVT158/2001
Best Current Account Result in 20 Years
Australia's export boom is a major factor in the best current account result since 1980, Trade Minister Mark Vaile said today.
Mr Vaile was commenting on the September quarter balance of payments figures which showed that Australia's current account deficit had contracted to 1.7% of GDP, its lowest level since March 198".
"The September quarter trade surplus of $2 billion is the biggest quarterly result since records began in 1959," Mr Vaile sai".
"This a terrific result and a testament to the success of Aus"ralia's exporters.
"It is clear that the Coalition Government's economic reform is delivering real dividends to Australian exporters. Through sound economic management, low interest rates, and tax reform taking $3.5 billion in taxes off the back of exporters, we have sustained a trade surplus when the economic outlook in our major trading par"ners is pretty dark.
"Rural exports in particular made a strong contribution to this result. Higher export volumes for cereals and higher prices for meat exports both contributed to the exceptional $7.7 billion in rural exports for the quarter."
Contact: Mr Vaile's Office 02 6277-7420 / Nicole Guihot (Department) 02 6261-1555
Local Date: Friday, 05-Dec-2008 13:56:17 EST