Local miners have recorded the largest quarterly decline in profitability since the global financial crisis as falling thermal coal and gas prices hit resource sector earnings and government budgets.
Slowing economic growth and falling inflation underpin market expectations the cash rate will almost certainly be left on hold at 4.1 per cent at outgoing Reserve Bank of Australia governor Philip Lowe’s final board meeting on Tuesday. “We are earning just pure cream, and so every little bit of prices is one-for-one eating into profits right now.”
“A China slowdown is more an issue for the commodity exporters than it is for the world as a whole,” Mr Richardson said.
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