Updated December 06, Australia's current account deficit has narrowed sharply thanks to surging coal and iron ore prices. Australia's terms of trade — the ratio of export prices to import prices and measure of a nation's purchasing power and wealth — continued to strengthen, rising 4. Rural exports rose by 3 per cent, with larger wheat and grain shipments more than offsetting weaker prices.

In a separate set of figures published by the ABS, government consumption and investment also fell in the September quarter putting the chances of a positive GDP result under even more pressure. In seasonally adjusted terms, total government consumption expenditure fell by 0. NAB economist Tapas Strickland said both sets of data increased the likelihood of the economy shrinking by around 0.

Despite the weak batch September quarter data, the RBA is expected to leave rates on hold at its meeting today.

First posted December 06, If you have inside knowledge of a topic in the news, contact the ABC. Confused about everything going on with the resignation of Uber's chief executive Travis Kalanick? Here's a quick guide to how it all unfolded. By Farz Edraki and Lucy Fahey for This Is About.

If you are one of almost half a million Australians working in the nation's hotels, restaurants, cafes, bars and shops, you just lost out again. This service may include material from Agence France-Presse AFPAPTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Open Sites menu ABC Home News iview TV Radio Kids Shop More. News Home Just In Australia World Trump's America Business Sport Science Ig markets forex hebel Analysis Programs More.

By business reporter Stephen Letts.

Rural exports rose by 3 per cent, with larger wheat sell stock loss tax implications grain shipments.

Australia at risk of negative GDP after business investment fall.

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