Australia extended its record run of trade surpluses in May as stellar prices fo...
SYDNEY - Australia extended its record run of trade surpluses in May as stellar prices for the country’s top export earner, iron ore, showered the government with more cash to revive a slowing economy even as it pursues fiscal discipline.
The government will have more cash to burn thanks to strong demand and prices for Australian goods, mainly iron ore and coal, which has allowed Morrison to forecast the nation’s first budget surplus in more than a decade. Still, analysts say Morrison is unlikely to ditch his promise of surplus even though growth in the country’s A$1.9 trillion economy has slowed to the weakest since the global financial crisis.
A long downturn in the property market and anemic household consumption are the biggest reasons the RBA has embarked on an easing cycle. The impact on Australia is hugely amplified because the local dollar is down at $0.7000 compared with more than $0.9000 back then. As a result, the amount a miner receives in Australian dollars for a tonne of ore has doubled over the past year to around A$176, not far from all-time highs.
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