Case for energy super profits taxes has never been stronger
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Earlier this month, the Reserve Bank of Australia (RBA) released its September index of commodity prices, which fell 17.0% over the September quarter from June’s peak, portending a fall in Australia’s terms-of-trade when the September quarter national accounts are released in December:
On Thursday, the Australian Bureau of Statistics (ABS) released the September quarter import/export price indices, which implies a 6.4% decline in Australia’s terms-of-trade in the September quarter:
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According to the ABS, the quarterly decline in export prices was driven by iron ore and coal, specifically:
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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.