Australia’s current account deficit reached $27.2 billion in the June quarter, narrower than the $34.6 billion market forecast but accompanied by a sharp deterioration in the trade balance. The goods and services deficit widened to $5.1 billion from $2.4 billion in March, marking only the second quarterly trade deficit since 2017. Goods imports rose 4.0% and services imports increased 6.9%, driven by record fuel and passenger-vehicle purchases. Higher coal, lithium and gas prices, along with a decline in Australians’ overseas travel, offset some of the pressure. Separate Australian Bureau of Statistics data showed company gross operating profits rose 1.8% quarter on quarter, below the 2% forecast and down from 3.2% growth in March. The data arrived before the June-quarter GDP release, with net trade expected to add about 0.1 percentage point to growth. Economists said falling public investment and weaker business capital expenditure suggested the economy had barely grown, while softer activity could reduce pressure for further Reserve Bank of Australia rate increases from 4.35%.