Gold exports windfall
The ABS released its latest export and import trade prices indexes, which showed moderate signs of import prices being a source of inflation.
Much of the inflation we do have seems to be more homegrown, as was seen in the consumer price inflation figures earlier in the weak.
The import price index rose by 0.9 per cent over the December 2025 quarter, to be 3 per cent higher over the year to December.
However, the Aussie dollar has surged considerably higher over the past month to trade at above 70 US cents, which will in turn change the dynamics for imports in 2026.
Export prices were modestly lower over the year, but jumped 3.2 per cent higher over the December quarter.
No prizes for guessing what drove the increase - the gold export price index comfortably now having doubled since 202 - with the gold price rising dramatically over the past year and turning almost vertical in recent weeks.
Not much to add here that hasn't already been said on the gold price, except that the price action has been absolute extraordinary, with speculators piling in lately and the volatility at the highest level since the lockdowns era.
There was an epic 'flash crash' tonight for precious metals tonight, before the uptrend quickly resumed apace.
The gold price erased US$3 trillion in market cap in about 20 minutes, before rising again.
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