Never mind the volumes, feel the prices! Australia as a microcosm of the world economy

Plus, the rebound in cross-border M&A; the 12 economists’ letter on the review of the RBA; and #NFPguesses

Australia’s Q1 national accounts were in many respects a microcosm of the global economy. The terms of trade rose to record levels, exceeding even the wool boom of 1950-51, while net exports were the…