Aussie dollars trapped of home
Another thumping seasonally adjusted trade surplus of $6.8 billion was recorded in December, taking the cumulative trade surplus over the calendar year of 2020 to an epic $72 billion.
Exports have been seriously strong at more than $37 billion, while imports have plunged.
While gas and coal prices have fizzled, the value of iron ore exports exploded to an unprecedented heights in December.
Imports, on the other hand, have dropped by more than 40 per cent year-on-year, as border closures continue hurt.
Outbound leisure travel has collapsed to virtually zero, in turn trapping Aussie dollars at home.
With an unprecedented stimulus combined with early superannuation release filling up household bank accounts with tens of billions of dollars in cash, Bullish for Australian retail, housing, and new vehicle sales; not so good for Balinese holidays.
