The Australian Bureau of Statistics (ABS) reported on Tuesday that Australia’s current account turned to a surplus of AUD5.85 billion in the second quarter of 2019 compared to a revised AUD1.12 billion gap in the prior quarter. That was Australia's first current account surplus since the second quarter of 1975.

Economist forecast a surplus of AUD1.4 billion.

According to the ABS report, the goods and services surplus surged 34 percent q-o-q to AUD19.90 billion, while the primary income gap narrowed by 10 percent q-o-q to AUD13.93 billion and the secondary income deficit fell by 74 percent q-o-q to AUD 0.12 billion.

Australia's net international investment position was $1.00 trillion at June 30, up from the revised March 31 position of $992.3 billion. Its net foreign debt liability position increased 2 percent q-o-q to AUD1.14 trillion, while its net foreign equity asset position rose 8 q-o-q to AUD141.90 billion.