The Australian Bureau of Statistics released its current account data on Tuesday. Australia's current account deficit narrowed to A$20.8 billion in the first quarter from A$22.6 billion in the fourth quarter, missing expectations for a decline to a deficit of A$19.5 billion. The fourth quarter's figure was revised down from a deficit of A$21.1 billion.

The seasonally adjusted deficit on goods and services rose to A$12.6 billion in the first quarter from A$7.8 billion in the fourth quarter, which was 1.1% of gross domestic product.

Australia's net foreign debt climbed 1% in the first quarter.