Rental vacancies hit tragic new low

Surplus returns

As expected, Australia's current account surplus surged back up to record a solid surplus $11.5 billion in the final quarter of 2023. 

We can thank the strength of the mining sector, with exports rising +2.8 per cent, and imports falling -2.6 per cent over the quarter. 

We haven't yet seen a full recovery in tourism to Australia. 

It looks as though GDP growth for the quarter will be positive after all, boosted by government spending and mining export volumes. 

It's good to see that net foreign debt levels have eased somewhat since 2019, and all the more so as compared to the size of the economy (back down from 60 per cent of GDP to around 50 per cent of GDP).

Australia has a lot to thank the mining sector for as the revenues and profits continue to flow!

In other news rental vacancies fell to another all-time low in February, at just 0.7 per cent.

Domain reported record low vacancy rates in Sydney, Melbourne, and Perth, with Adelaide also close to a record low. 

The rental crush is front page news in Brisbane today, as a new tent city has emerged in the northern suburbs.

Domain's full rental report is here. 

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