Australia has run a large Current Account Deficit for decades due to high interest payments on foreign debt (Net Income) and frequent trade deficits. In 2019, Australia experienced a Current Account Surplus for the first time in decades. Below is a chart that plots the Current Account Balance as a percentage of GDP with values below zero (the red line) representing a Current Account Deficit.

2 0 -2 -4 -6 -8 1968 1980 1992 2004 2016 Source: Trading Economics