Economics Essay Since the 1980s, Australia has had a persistently large current account deficit (CAD). The current account is a record of all non-reversible transactions of imports and exports of goods and services, income and current transfers. The capital and financial account (KAF) records the reversible transactions of borrowing, lending, sales and purchases of assets between Australia and the rest of the world. Together the CA and KAF make up the Balance of Payments (BOP). When there are more debits than credits in the current account, this is known as a current account deficit. According to Graph 1, Australia's CAD is -3.2% of its GDP (as of 2008-09). Issues and Causes Associated with Australia's Persistent CAD Issue 1: Australia's Narrow Export Base Australia has a narrow export base, meaning that what Australia produces to export it heavily weighted to very few industries, with Australia's being heavily weighted towards primary industry commodities (around 60%). Fluctuations in the economy result in a change in price for commodities. During times of slow economic g......

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