Here's an interesting factoid I came across, while poking around in the trade data (here):
Australia has had a a current account deficit in 48 out of the 50 years since 1960. 
These aren't small deficits, either: They average 3 percent of GDP. And yet, where's the pressure to increase net exports? Where's the currency crisis, where's the collapse of the Australian dollar? (In fact, it's at its highest level in more than 30 years, per the BIS.) Where's the unsustainable debt? I know nothing about the Australian economy, but it's hard not to wonder, if a big current account deficit is sustainable for 50 years, why not 100? Why not indefinitely?
It's a question that people who think that current account balance is the master key to the macroeconomy, really ought to think about.
 The exceptions are 1972 and 1973.