Australia has recorded its 21^st consecutive monthly trade deficit under the Abbott-Turnbull Liberal Government with the value of exports during December falling $3.5 billion below the cost of imports, according to the Australian Bureau of Statistics.
That represents a 30 per cent blow-out in the monthly trade deficit as Australias export earnings slumped by 5 per cent during the month, led by a 9.3 per cent decline in the value of rural goods exports.
The latest deficit took Australias cumulative trade deficit for 2015 to a massive $32.7 billion, more than double the deficit recorded under this Governments watch in 2014.
Weak iron ore prices are hurting export earnings, but the Turnbull Liberal Governments economic policies are also damaging Australias trade performance.
Despite all his overblown rhetoric about trade deals, the Minister for Trade and Investment, Andrew Robb, has now presided over three of the four highest monthly trade deficits on record in Australia and has no plan for helping to manage the economys transition from the mining export boom.
Mr Robb needs to map out a clear strategy for improving Australias export performance in areas of such as food, advanced manufacturing and services in the light of the unwinding of the mining boom.