For the three months up-to September end, Australia's current account gap widened on the back of falling iron ore and coal exports and rising imports.

For the third-quarter, the "shortfall on goods, services and investment" climbed to A$16.18 billion ($14.8 billion), from a much lower figure of A$13.1 billion recorded for the second-quarter. The figures have been confirmed by the Bureau of Statistics. The gap has been in-line with the expectation of analysts polled by Bloomberg, who estimated the gap to be A$16.7 billion.

"We did see a significant drop in exports and a lot of that was owing to lower prices for commodities. That’s going to have a huge impact on GDP estimates for the third quarter", said Helen Kevans, an economist at JPMorgan Chase & Co., Sydney.

The country's GDP for the third-quarter grew by 0.5%, and the Australian Dollar traded at 91.63 US cents at around 12:23 pm in Sydney. Also, the yield on the 2 year Government bond rose by 1 basis point to 4.46%.

Net foreign debt of the country now stands at A$637.52 Billion.