The results confirm what the profession’s lobby group, the Australian Institute of Geoscientists, has suspected for some time – employment prospects for their membership are highly leveraged to prevailing minerals commodity prices.
As commodity prices dip, job prospects for geoscientists plummet – with little or no lag time between one outcome following the other.
However the level of the index has increased substantially since the end of the 1990s, rising from a low of 88.1 in May 1999 to a high of 128.2 in September 2001(on a base of 1994-95 = 100.0). The Reserve Bank of Australia (RBA) developed the commodity price index to provide an early indication of trends in Australia’s export prices.
To make the index easier to understand and more relevant the RBA made the following changes to the index in 1998: There are 17 commodities included in the index representing approximately 75% of Australia's commodity exports.
Past performance is not an indication of future performance.
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