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Concerning the balance of payments, the current account and the capital and financial account are related and are essentially
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Introduction In open economy, there are international transactions between countries. These transactions involve an exchange in goods, services or assets by government, individuals or business of one country to those of another (Carbaugh, 2002, p. 341). The international transaction, is involved to the international trade, is related to balance of payment. Balance of payment will present and record the economic transactions between Australia and the rest of the world. Current account is one of the four types of economic transactions in the balance of payment. It engages with transaction in goods and services, investment income and unilateral transfer (Carbaugh, 2002, p. 344; Balance of payment, Australia, 2003). The purpose of this paper is to analyse why Australia has current account deficit. Mainly, it is divided into two parts. Firstly, The situation of Australia current account deficit from 1970's until 2003 is presented, and then the paper focuses on the variety of factors...
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