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Thursday 22 Feb 2018 | 14:23 | SYDNEY
Thursday 22 Feb 2018 | 14:23 | SYDNEY

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7 December 2010 10:03

When the terms of trade are high, the international purchasing power of our exports is high. To put it in very (over-) simplified terms, five years ago, a ship load of iron ore was worth about the same as about 2,200 flat screen television sets. Today it is worth about 22,000 flat-screen TV sets– partly due to TV prices falling but more due to the price of iron ore rising by a factor of six.

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