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The RBA has released its commodity price index for March, which registered no change in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 0.5% rise in Australian dollar terms:
Preliminary estimates for March indicate that the index was unchanged (on a monthly average basis) in SDR terms, after increasing by 3.7 per cent in February (revised). An increase in the price of iron ore was offset by a lower coal and oil prices. The rural subindex increased slightly in the month, while the base metals subindex decreased slightly. In Australian dollar terms, the index increased by 0.5 per cent in March.
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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.
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