Australian August 2025 trade balance +1825mn, for a big miss
- expected +6500mn, prior +7310mn
Exports -7.8% m/m
- prior +3.3%
- big drop in gold exports (47% drop in non-monetary gold) after a run of strong months
Imports +3.2% m/m
- consumer goods, aircraft, and telecom equipment all higher on the month
- prior -1.3%
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In other data, August household spending +0.1% m/m (very weak, but the fourth increase in a row)
- from +0.4% the previous month
- spending on services +0.5% (airline travel and accommodation)
- spending on goods fell 0.2%
- +5% y/y (expected +5.2%, prior +5.3%)
The Reserve Bank of Australia said stronger consumer spending was one factor behind its decision to hold rates steady this week, but noted that a slowdown in consumption would strengthen the case for a future cut.
