Australia's export billions go missing, statisticians suspected [Reuters]
FORTESCUE METAL GRP S/ADR (FSUGY)
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Source: Reuters
Australia's export billions go missing, statisticians suspected - Reuters 6 Min Read SYDNEY (Reuters) - Australia’s export earnings are booming as resource prices surge but a statistical quirk means tens of billions of dollars go missing from main measures of growth, making the economy seem weaker than it actually is. The cash is still coursing through the country - boosting profits, dividends, share prices and tax receipts. It’s just written off as “inflation” and stripped from the real measures of gross domestic product (GDP) that dominate media coverage. This is standard practice worldwide and usually makes perfect sense. After all, if GDP rose 10 percent but only because prices rose by 10 percent, then most people would be no better off. But in Australia’s case it is foreign buyers that pay the higher prices, not locals, while domestic inflation has slowed to its lowest pace in two years. “It is unusual, but then Australia is unique in the breadth of commodities it exports, most o
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