Today, the ABS recorded the largest trade surplus in Australia’s history.
In June, Australia’s trade surplus rose to $17,670 billion, up 66% year-0n-year:
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As expected, Australia’s giant surplus was driven by LNG and coal exports, which both soared to record highs:
This follows a gigantic rise in prices owing to the Russia-Ukraine war:
Sadly, the profit spoils are going to foreign owned resource companies, while Australians are left paying higher prices for gas and electricity.
It is, therefore, a negative boom for most Australians.