Current account deficit narrower in Q1 as iron ore prices rebound AUSTRALIA'S current account deficit narrowed to a seasonally adjusted $8.5 billion in the first quarter of 2013 from the fourth quarter, as a slowing mining-investment boom reduced the need for heavy equipment imports while the value of exports grew as iron-ore prices rebounded. Economists had expected a deficit of $9.0 billion. The fourth quarter deficit was revised to $14.8 billion from the $14.7 billion initially reported.