The Australian Bureau of Statistics released its current account data on Tuesday. Australia's current account deficit widened to A$10.7 billion in the first quarter from a deficit of A$10.2 billion in the fourth quarter, beating expectations for a rise to a deficit of A$10.8 billion.

The fourth quarter's figure was revised down from a deficit of A$9.6 billion.

Net exports of GDP rose 0.5% in the first quarter, after a 0.7% increase in the fourth quarter.

The balance on goods and services plunged 37% to a deficit of A$3.701 billion.

Net foreign equity dropped 26% to a deficit of A$76.296 billion, while net foreign debt increased 3% to a surplus of A$954.672 billion.