What was Australia's Current Account Deficit (CAD) in 2016?

Australia's Current Account Deficit (CAD) in 2016 was approximately -$72.8 billion. This figure represents the difference between the value of goods and services Australia imported and exported, alongside income payments and transfers to and from foreign entities. A CAD indicates that a country is spending more on foreign trade than it is earning and often needs to borrow from foreign lenders to pay for this deficit.

Understanding the CAD is crucial in the context of Australia's economy, as a high deficit may suggest weaknesses in domestic demand or competitiveness. In 2016, Australia experienced significant trade deficits driven by various factors, including a reliance on imported goods over exports. The figure of -$72.8 billion is consistent with the recorded data for that year, reflecting the ongoing economic patterns and international trade dynamics Australia faced at the time.