Australia’s commodity index changed its basket in April 2026
The RBA updated export-value weights and reset the index base. An index-level comparison needs the same methodology before it can support an AUD narrative.
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WFN QUICK BRIEF · UNDER 1 MIN
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What the primary record establishes
On 1 April 2026, the RBA announced new commodity-index weights based on average export values in 2023/24 and 2024/25. The index was rebased so that the 2024/25 average equals 100. Nickel returned to the basket. RBA — Commodity price index weights, 1 April 2026 ↗
What the distinction changes
A currency discussion that calls the basket simply an iron-ore gauge discards other exposures. Conversely, a rise in one constituent cannot establish the change in the whole index without the remaining prices and the aggregation method.
What to check before drawing a conclusion
Use one consistent historical series rather than splicing a downloaded old-base observation to a new-base level. Keep the release vintage and weighting period with the chart. Do not read a constituent’s percentage weight as its percentage contribution to that month’s movement.
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Original WFN vector illustrationWFN · 18 October 2026
Editorial noteSource-based explanation with original WFN analysis. Historical records retain their dates; numerical examples are illustrative. The original vector illustration is conceptual and is not documentary evidence.
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What is on the record?
Primary-source explainer
Primary-source explainer
Primary record / reference periodRBA reweighting announcement of 1 April 2026
The linked source supports the documented record; WFN interpretation and illustrative examples are separate.
The RBA updated export-value weights and reset the index base. An index-level comparison needs the same methodology before it can support an AUD narrative.
01 · VERIFIED RECORD
What the primary record establishes
On 1 April 2026, the RBA announced new commodity-index weights based on average export values in 2023/24 and 2024/25. The index was rebased so that the 2024/25 average equals 100. Nickel returned to the basket. RBA — Commodity price index weights, 1 April 2026 ↗
The published table assigns iron ore a 30.9% weight, LNG 16.3% and gold 9.8%. The RBA notes that rounded commodity weights may not sum exactly to rounded subindex weights. These are basket weights, not annual price changes. RBA — Commodity price index weights, 1 April 2026 ↗
02 · WFN EDITORIAL ANALYSIS
What the distinction changes
A currency discussion that calls the basket simply an iron-ore gauge discards other exposures. Conversely, a rise in one constituent cannot establish the change in the whole index without the remaining prices and the aggregation method.
Rebasing alone changes the unit in which an index level is displayed. It does not create an export windfall. Reweighting is a separate operation: it changes how constituents contribute. Confusing the two can manufacture a dramatic but economically empty comparison.
03 · REVIEW POINTS
What to check before drawing a conclusion
Use one consistent historical series rather than splicing a downloaded old-base observation to a new-base level. Keep the release vintage and weighting period with the chart. Do not read a constituent’s percentage weight as its percentage contribution to that month’s movement.
For AUD analysis, add evidence on realised export receipts, volumes and other currency drivers. WFN regards the index as one measure of commodity-price exposure. It cannot by itself establish an executable exchange rate, a company’s revenue or the next Reserve Bank decision.
