Commodity prices soar
There were a great many surprises in 2016, and not all of them were bad!
The spot prices of Australia's bulk commodities soared by 145 per cent last year on the back of Chinese speculation, supply disruptions, and infrastructure spending.
Spot prices took off earlier in the year, particularly from July onwards, but the good news is that this is now filtering through into the export prices received by Aussie miners.
In turn, preliminary estimates for the Reserve Bank's Index of Commodity Prices backed up a revised 11.8 per cent gain in November with another thumping 8.1 per cent gain in December.
This puts the index up by 45.5 per cent in 2016.
It's been a bit of a smoother ride in Aussie dollar terms, with the A$ index up by 9.3 per cent in December to be 39.7 per cent higher over the year.
Using spot prices for the bulk commodity prices the index was up by a thunderous 68 per cent over the year in SDR terms.
Gosh, what a bonus!