Australia’s current account deficit widened to AUD 27.2 billion in the second quarter of 2026 from a downwardly revised AUD 25.4 billion in the previous quarter, below market expectations of an AUD 30 billion shortfall. It was the largest current account deficit on record, as the goods and services deficit increased sharply to AUD 5.1 billion from AUD 2.9 billion in Q1, due to a sharp rise in imports amid rising oil prices, as the ongoing conflict in the Middle East tightened global supply and output.