Open trading account 
Australia’s current account deficit narrowed to A$3.108 billion last quarter from A$3.511 in 4Q16, A$10.201 billion last third quarter, and A$15.943 billion in 2Q16. In leaving Australia’s Official Cash Rate at a record low of 1.5%, the Reserve Bank of Australia Board flagged a slowdown of growth last quarter when imports are greater than exports, a deficit is created. On the global economy, the RBA continued to state that the "broad-based pick-up" in the global economy has continued, but also noted the recent drop in commodity prices, particularly for iron ore and coal On the housing market, the RBA's guidance was broadly unchanged, but it noted that lenders in Australia have recently increased mortgage rates for investors and interest-only loans.
