Australia's terms of trade are now approaching the once-in-a-century peak reached during the resources boom a decade ago (Graph 10). There has been a lot of focus on the price of iron ore, but the prices of many agricultural commodities have also increased substantially (Graph 11).
Since the start of 2019, wheat prices have increased by 15 per cent, beef prices are up by 20 per cent and lamb prices are up by 25 per cent. The prices of canola, sugar and cotton have also increased sharply over the past year.