This is an accounting record of all monetary transactions between a country and the rest world. It's the most common form of balance of international payments. If the earnings exceed the payments, the current account is considered to have a surplus; if the country pays more than it earns, its current account has a deficit. The balance of payments reflects all the country's foreign economic operations in monetary terms.
It is the sum of the balance of trade, factor income and cash transfers. Publication of data on balance of payments has a significant impact on the Australian dollar, the market gives high importance to this indicator.