Graph 1  4  BIS central bankers’ speeches  From the early 1990s until 2007, Australia recorded a current account deficit which averaged around 4¼ per cent of GDP (Graph 1).
10 There were cycles around that level, with the current account narrowing to 2 per cent of GDP in 2001 in the aftermath of the Asian crisis and widening to around 6 per cent of GDP in 2007. At the same time, there was reasonable stability in the major components of the capital account.