AUSTRALIA

Record Trade Deficit Posted: The country’s December current account figure widened to $3.15 billion from a revised $2.69 billion for November, the Bureau of Statistics reported. The nation showed a merchandise trade deficit of $1.62 billion, contrasted with a revised deficit of $746 million in November. The figures are adjusted for seasonal variations. The result is in line with market expectations. The government promised to cut back the budget deficit in the next fiscal year to cool the economy and to try to bring imports down. The government also reported that retail sales and building approvals slumped in December.