Mining boom phase 3
A couple of interesting observations from the latest international trade data.
Firstly, the dollar value of Australia's gas exports ripped to a new record high in June, while coal exports have delivered a vast and unprecedented A$67 billion windfall over the year to date.
Exports exploded to a record high of $61½ billion in June, and almost A$600 billion over the financial year.
This is the 3rd phase of Australia's resources boom: the exports super-boom.
And the trade surplus surged to a record high, turning almost vertically to $17.7 billion in the month.
The value of exports is massively outpacing sluggish imports.
Aussies travel overseas
There's been a huge surge in outbound travel over recent months, with tens of thousands of Aussies gallivanting currently around Europe.
This is reflected in a trade services deficit.
Most of these Aussies will be back Down Under for the busy summer, though, I expect.
Meanwhile, the government is simultaneously focussing on reducing the massive backlog of visa applications, including a record high 42,700 students visa applications received in the past month alone.
In a few months time Australia will probably start to feel rather congested as everything opens up but struggles to cope with the surge in arrivals.
