International Trade Price Indexes, Australia

The main contributors to the rise were:

• Metalliferous ores and metal scrap (+5.4%), driven by the rise in iron ore prices in response to economic data from China and the announcement of further Chinese government economic stimulus measures. Additionally, decreased Chinese inventories and weather-related Australian supply disruptions also contributed to higher prices, and
• Gold, non-monetary (+12.4%), due to growing global uncertainty, resulting in ongoing strength in demand for gold as a safe haven asset and continued building of gold reserves by central banks. Also, expected easing of monetary policy globally increased the attractiveness of gold as a non-interest-bearing asset.

The main offsetting contributors were:

• Coal, coke and briquettes (-6.6%), driven by falling thermal and metallurgical coal prices. Thermal coal prices fell as milder winter temperatures in North Asia lowered demand for coal generated electricity, adding to already high inventories in that region. Weak global demand and increased supply from Australia and China for metallurgical coal further eased overall coal prices, and
• Gas, natural and manufactured (-2.5%), prices fell this quarter driven by falls in petroleum gases, where long-term contracts linked to oil prices with a 2 to 6 month lag have put downward pressure on LNG prices. 

Through the year, the Export Price Index fell 4.7%. The main contributors were:

• Coal, coke and briquettes (-28.1%), and
• Metalliferous ores and metal scrap (-6.2%).

The main offsetting annual contributors were:

• Gold, non-monetary (+44.3%), and
• Meat and meat preparations (+18.9%).

The main contributors to the rise were: 

• Petroleum, petroleum products and related materials (+8.2%), prices rose with the depreciation of the AUD and tighter US sanctions on Russian and Iranian crude oil early in the year, and
• Gold, non-monetary (+11.7%), driven by ongoing strength in demand for gold as a safe haven asset and continued building of gold reserves by central banks. Additionally, expected easing of monetary policy globally, increased the attractiveness of gold as a non-interest-bearing asset. 

The main offsetting contributor was: 

• Road vehicles (-0.7%), driven by older model cars being imported in at lower prices. This was partially offset by the depreciation of the AUD. 

Through the year the Import Price Index rose 3.2%. The main contributor was: 

• Gold, non-monetary (+44.4%).

The main offsetting annual contributors was:

• Petroleum, petroleum products and related materials (-4.8%).

Import Price Index

Export Price Index

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Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).

Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.