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Figures from the Australian Bureau of Statistics out on Tuesday showed the balance of goods and services improved by more than A$8 billion to reach a surplus of A$4.7 billion. Miners also managed to ship more product in the quarter adding 0.2 percentage point to real economic growth. Government spending on infrastructure added another 0.3 percent. DODGING A DOWNGRADE Scott Haslem, an economist at UBS reckons that, with prices for iron ore holding strong, Australia could actually record its first current account surplus since 1975 in this quarter. That should lessen the risk of the country losing its triple A credit rating given S&P Global Ratings cited a reliance on foreign funding as one reason it might downgrade. "The extent and duration of the spike of commodity prices, and subsequent material improvement of Australia's trade and external position, was largely unexpected," said Haslem. He noted that when S&P warned about the rating, it had forecast a current account deficit of around doctor home mortgage loan Oak Laurel 4 doctor home loan calculator Oak Laurel 0430129662 oaklaurel.com.au percent of GDP this year. Now it was more likely to be 1 percent. The flood of cash from exports was also a big boost to measures of national income and nominal growth.