Case for energy super profits taxes has never been stronger

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:

According to the ABS, the quarterly decline in export prices was driven by iron ore and coal, specifically:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

Share

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.