From an all-time high surplus of A$2,717 million in June 2010, the balance has slipped into deficit recently due to falling export values and rising capital imports.
In August the trade deficit was A$815 million.
20. Terms of trade
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This reflects the amount of imported goods an economy can purchase per unit of exported goods. Hence the higher the better.
Australia's level was 91.5 index points in the second quarter of 2013, down from the all time high of 106.5 in 2011, but well up on 77.9 when Labor took office.
So that's the economy the Coalition has inherited. Yes, it has its weaknesses. But fewer than in any earlier period.
Using these variables to compare countries reveals Australia as clear global leader.
The top twelve economies at June 2013 were:
1. Australia
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2. United Arab Emirates
3. Singapore
4. Switzerland
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About the Author
Alan Austin is an Australian freelance journalist currently based in Nîmes in the South of France. His special interests are overseas development, Indigenous affairs and the interface between the religious communities and secular government. As a freelance writer, Alan has worked for many media outlets over the years and been published in most Australian newspapers. He worked for eight years with ABC Radio and Television’s religious broadcasts unit and seven years with World Vision. His most recent part-time appointment was with the Uniting Church magazine Crosslight.
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