Australia's export commodity prices edged higher in August, the second rise in a row, following a run of four monthly falls.

The main contributors to the monthly rise in the Reserve Bank of Australia's foreign currency commodity price index were iron ore and gold.

Base metals prices also increased, although the prices of many rural commodities declined in the month, the RBA said.

Commodity prices peaked in July 2011 and are still down by 22 per cent, despite the minor rises in July and August.

In Australian dollar terms, the index rose by 2.7 per cent in August to be 12 per cent lower than in July 2011, with falls in the value of the Australian dollar partly offsetting the drop in prices in foreign currency terms.

Falling commodity prices have helped to spur the RBA's interest rate cuts and to foster expectations that interest rates will stay low for a while.

The RBA said in August that commodity prices were likely to fall further.

"While commodity prices overall remain at historically high levels, the prices of those commodities for which there has been significant investment in capacity in Australia and globally are projected to decline gradually over the coming years," the RBA said in its quarterly monetary policy statement last month.

This outlook has also helped to reduce support for the Australian dollar.

The foreign currency price index is measured in terms of special drawing rights (SDRs), an average of four major currencies - US dollar, euro, Japanese yen, and British pound.


Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.




If you have any questions or concerns please email us on


  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.