Energy cartel continues to make out like bandits

Tuesday, 6 June 2023

If you want proof of why soaring gas and coal prices are a ‘profitless boom’ for Australians, look no further than the Q1 current account data from the Australian Bureau of Statistics.

As shown in the next chart from IFM Investors chief economist, Alex Joiner, Australia recorded $41.1 billion in goods and services exports in the March quarter.

However, the primary income deficit remained at historically high levels, widening to $28.5 billion:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.