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Surprise blowout in Australia trade deficit
Australia recorded its widest trade deficit since March 2008 as coal exports dropped, sending the dollar to the lowest level in almost a month. Imports exceeded exports by $2.03 billion in August, from a revised $1.53 billion shortfall in July that initially was reported as a $556 million deficit, the Bureau of Statistics said in a report today. Economists had expected the trade gap to come in at $685 million. The data add to pressure on Reserve Bank governor Glenn Stevens to extend interest-rate reductions after he resumed lowering borrowing costs yesterday, cutting to 3.25 per cent, as commodity prices decline on ... (full story)
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