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Australia Is About to Run a Surplus at Precisely the Wrong Time

  • Current account on track for its first surplus since mid-1970s
  • RBA would probably prefer that firms, government are spending
Daily Life In Sydney As Economic Challenges Loom For Australia's Next Government
Photographer: David Gray/Bloomberg
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Australia is on track to close twin deficits that were once seen as the Achilles heel of its small and open economy. Yet the dramatic turnaround is probably not what the Reserve Bank is after.