Australia recorded its highest account surplus over the June quarter on the back of iron ore exports while domestic economic activity also increased. The Australian Bureau of Statistics (ABS) released figures on Tuesday that said Australia’s current account surplus increased by $1.5 billion (U.S.$1.1 bn) to a record $20.5 billion (U.S.$15 bn) in the June quarter—the ninth and longest consecutive quarterly accounts increase. The account surplus was driven by a trade surplus that was led by sky high prices and demand for iron ore and other minerals from China. The three months to June, the value of exports for goods and services increased by 6 percent while the value of imports increased by 4 percent. In the month of June alone, Australia exported a record high $15 billion of ore to the Chinese communist regime. While the value of exports increased, the volume of exports actually decreased due to shipping …