At around one-third of total exports, iron ore is not quite Chile’s copper or Norways’s oil at roughly half their exports, but it’s mighty big:
It gets close to half if you add coking coal, which is the same trade.
Given everything else to China is going to shrink hence, the steel bulk commodity’s share may remain uncomfortably high too.
Rent tax and sovereign wealth fund anyone?
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Latest posts by David Llewellyn-Smith (see all)
- Mirabile dictu: Beijing cuts cord on international students - February 26, 2021
- Taper tantrum 2.0 begins as markets catch hysteria virus - February 26, 2021
- Australian dollar dislocates from greenback amid dirt frenzy - February 26, 2021
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And our glorious PM wants WA borders to open to interstate and international travel?!? What a f’n troglodyte he is!
Can you imagine the consequences of a lockdown in WA port towns if Covid runs away up there? Mining can’t even continue if that happens as there is very limited capacity to stockpile ore. Once all active pits are laden with blasted stocks, that is it. We come to a complete halt.
Unbelievable!
Can’t open international borders until all state borders are open.
Are the consequences that Gina, Twiggy and the 80% foreign shareholders don’t get dividends ?.
Might also put a halt on French CEO’s and London-based boards blowing up sacred sites in outback Australia with narry a care.
Hi China, that’s a nice blue water navy you got there.
How safe is Perth Mint Gold/Silver?
Australia also exported about $50 billion of natural gas in 2019-20 (almost as much as coal), yet we dont charge royalties for the privilege granted to Santos and co for making bank off our natural resources. It’s a multi-billion dollar heist.
There’s a reason why Norway and Qatar etc are far more wealthy than Australians are, or have vastly superior services. They don’t let multinationals pilfer their resources. They certainly don’t celebrate it like Australians seems to.
Why do we have local gas shortages? Why are we not taxing these multinational companies appropriately? We could probably halve income taxes if we did it correctly.