"Net exports will provide a significant tailwind to GDP growth in tomorrow’s national accounts data, but the numbers also highlight the underlying weakness in domestic demand."

Consumption goods fell $529 million or 2 per cent while the purchase of capital goods fell $47 million or 0.2 per cent. These are key indicators of consumption and business capital investment.

In volume terms, imports fell 1.5 per cent with a 2.9 per cent fall in consumption goods.

Historically, the current account has been a deficit for 133 of the past 159 years. Commonwealth Bank chief economist Michael Blythe said the result was unlikely to last.

"Any run of current account surpluses will be short lived in the near term. Commodity prices will revert to more normal levels as supply returns and demand responds to the risks from the US‑China trade war."

ANZ economists Hayden Dimes and Felecity Emmett said the surpluses would actually continue albeit at much smaller levels.

"We anticipate further solid trade surpluses going forward, but the third quarter looks likely to be a little lower given the fall in commodity prices," they said.

AMP Capital's Shane Oliver said that as iron ore and coal prices had fallen since the collection of this trade surplus data "we will likely see a return to deficit but at far smaller levels than seen in the past."


"It all means that Australia is becoming far less dependent on foreign capital."

Separately on Tuesday, government finance figures were released showing that general government final consumption expenditure increased by $2.4 billion or 2.7 per cent, and is expected to contribute 0.5 percentage points to growth in the June quarter GDP figures released tomorrow.

Of note however, was the decrease in public gross fixed capital formation which fell $541 million or 2.3 per cent, and is expected to subtract -0.1 percentage points from growth in the June quarter GDP figures.

Dr Oliver said that while trade and solid public spending should help “save” June quarter GDP growth and help offset weakness in consumer spending, dwelling and business investment and inventories, the overall growth figure was still likely to be weak.

A reading of 1.3 per cent year on year would be the lowest since December 2000 following the introduction of the GST.

NAB economists finalised their forecast for second quarter GDP at 0.2 per cent and 1.4 per cent for the year on year, well below the RBA’s forecast of 0.8 per cent and 1.7 per cent respectively.