1. Nation A is running a small current account deficit and its private domestic sector is saving overall. Nation B has a smaller external deficit (relative to its GDP) but its private domestic sector is balancing its spending and income. The governments in both Nations have to be running deficits.

2. One consequence (perhaps an advantage) of the government issuing bonds to the non-government sector to match its deficit over the alternative of not issuing any new debt, is that the non-government sector is immediately wealthier as a consequence.

3. The wage share in national income in Australia fell below 50 per cent in the June-quarter 2020. This means that the real wage fell.