By Dr Andreas Chai, Director, Economic Policy & Analysis Program, Griffith Business School
1999 was a great year to be alive in Australia. Apart from Prince hitting the airwaves again, Powderfinger were still playing and topped the Hottest 100, the first Matrix movie was released, and you could still get a flat white for under three dollars. In terms of the Federal Budget, 1999 marked the start of a remarkable period in which the Federal Budget accumulated approximately $90 billion dollars between 1999-2008.
2018 is starting to look a lot like 1999, at least in terms of international commodity prices. While global growth remains sluggish and domestic business investment is stuck in a low gear, the underlying cash balance of the Federal Government is projected to reach surplus in the coming quarters thanks to the strong performance in commodity prices, such as an iron ore.
Rising iron ore prices drive up earnings in
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