Yesterday, the ABS release terms-of-trade data for the March quarter, which surged another 7.4% over the quarter to be sitting at its second highest level on record:
Second biggest terms-of-trade boom on record.
Yesterday evening, the Reserve Bank of Australia (RBA) also released its commodity price index for May, which surged another 5.9% over the month in SDR terms (the closest correlation to the terms-of-trade) to be up a whopping 11.2% over the quarter:
Commodity price moonshot.
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This suggests that the June quarter’s terms-of-trade will register another strong rise.
The unprecedented iron ore price boom continues to deliver for Australia.
