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Author Message  hilarius Member Username: hilarius Post Number: 695 Registered: 04-2004 Rating:  Votes: 2 Friday, April 22, 2005 - 03:59 pm:     Good Afternoon It appears that Monsignor Rederob has been secretly writing the background briefings for the RBA and may soon receive an official offer to join the Board I am sure you recognise his clear thinking in the latest RBA announcement, reported in The Age this morning :- "The Reserve Bank predicts commodity prices will remain high for years to come, kicking the economy along despite the sharp slowdown in output growth. The Reserve's April Bulletin estimates the huge increases in recent contract prices for iron ore and coal will lift its commodity price index by 24 per cent, and raise Australia's export prices in 2005 by 10 per cent. The price rises for those two commodities alone will lift Australia's real income by 2 per cent, the bank argues. And two-thirds of that will stay in Australia. While the paper does not refer to interest rates, its analysis builds support for another rate rise, despite slowing demand. Its central point is that while commodity prices will eventually fall from their 2005 highs, much of the rise in 2004 and 2005 is likely to stick. While shortfalls in supply will vanish as new mines open, the Reserve says prices were abnormally low in the '90s and beyond, China's growth will give a lasting lift to demand, and the rising concentration of resource ownership reduces the risk of overinvestment. Higher resource prices will fuel Australian demand through higher investment in new mines, dividends to shareholders and tax revenue, it says. Foreigners own half Australia's mining industry, but the tax take means two-thirds of the gains stay here." Well done Father Rederob ... may your influence extend not only to Canberra but to Rome and the Holy See With Best Wishes Hilarius I come in peace to share my thoughts and to shine my candle light on possible long term opportunities

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