Within today’s dump of balance of payments data that feeds into tomorrow’s June quarter national accounts release was the important news that Australia’s terms-of-trade has fallen (as expected), down by 6.0% in seasonally adjusted terms over the quarter but continuing to rise by 2.0% in trends terms:
Over the year, the terms-of-trade rose by 14.9% in seasonally adjusted terms and by 20.9% in trend terms.