NGDP...
With coking coal already having enjoyed a bonanza at $200/tonne and the lower dollar boosting export prices, now it's the turn of iron ore to go on a surge on the expectation of Chinese stimulus measures.
The spot price jumped 2.5 per cent to $71.14/dry tonne (62% Fe Fines) during today's trade.
That's the highest spot price close since March 15, for a 7-month high.
And with the Aussie dollar down at 71 US cents, this puts the price in Aussie dollar terms back above $100/tonne...something we haven't been able to say for a long while.
With LNG exports also smoking records by the month here are further signs that we're heading for an income boom, ultimately to be translated through into wages growth.
