Australian budget Australian Economy Commodities

Commodity price index highlights need for super profits taxes

Wednesday 5 October 2022

The Reserve Bank of Australia’s (RBA) index of commodity prices fell 0.2% in September in SDR (currency-weighted) terms after decreasing by 6.9% in August:

The index is down 17.0% over the September quarter, which also happened to be the peak.

Nevertheless, over the past year, the commodity price index has increased by 30.6% in SDR terms, led by higher LNG, coking coal and thermal coal prices.

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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.