Report published September 1, 2026
Australia Balance of Payments: Net Exports and Public Inventories Boost 2Q2026 GDP Tracking
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Andrew Boak, Will Maher, Oscar To
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Australia's 2Q2026 current account deficit widened to -A$27.2bn, beating consensus expectations, while net exports added 0.1ppt to GDP growth. Consequently, Goldman Sachs lifted its 2Q2026 GDP tracking estimate by 20bp to 0.2% qoq.
Key Takeaways
- 1.Australia's current account deficit widened to -A$27.2bn in 2Q2026, which was narrower than consensus and GS expectations.
- 2.Net exports added 0.1ppt to real GDP growth in 2Q2026, outperforming Goldman Sachs' forecast of a 0.1ppt drag.
- 3.Public demand contributed 0.1ppt to 2Q2026 GDP growth, with public inventories adding 20bp.
Table of Contents
- Disclosure Appendix
- Reg AC
- Disclosures
- Global product; distributing entities
- General disclosures
Report data
Exhibit 2: Key Data - Balance of Payments Details ($million)
| Metric | Estimate | Context |
|---|---|---|
| Current Account Balance | -27.2 A$ bn | Australia 2Q2026 balance of payments |
| Net Exports Contribution to GDP | 0.1 ppt | Contribution to 2Q2026 real GDP growth |
| Public Inventories Contribution to GDP | 20.0 bp | Contribution to 2Q2026 real GDP growth |
| GDP Tracking Estimate (qoq) | 0.2% | Goldman Sachs tracking estimate ahead of National Accounts |
| Terms of Trade | -1.6 % qoq | Export prices rose 1.9% qoq offset by 3.5% qoq rise in import prices |
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Authors / Editors
Reported Data Context
- Current Account Balance: -27.2 A$ bn (2Q2026) · Source: ABS
- Net Exports Contribution to GDP: 0.1 ppt (2Q2026) · Source: ABS
- Public Inventories Contribution to GDP: 20.0 bp (2Q2026) · Source: ABS
- GDP Tracking Estimate (qoq): 0.2 % (2Q2026) · Source: Goldman Sachs Global Investment Research
- Terms of Trade: -1.6 % qoq (2Q2026) · Source: ABS
Themes
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