They paper over all manner of blemishes in the Australian economy and help recession-proof the “lucky country” further over the horizon.

On Treasury figures, a $US10 rise above the (currently) conservative estimate of $US55/tonne, nominal GDP could be boosted by around $25 billion this year and the already stronger budget position will have $4 or $5 billion head start even before the next tax year begins.

That’s a significant boost to the national income, which in turn lifts living standards.

Superannuants and investors benefit not only from the rising tide of the big miners’ share prices, but also the dividends they are shovelling out.

The current dividend yields of BHP and Rio Tinto of around 6 or 7 per cent line up favourably against the big banks, and more than favourably against the near zero return you get for lending your “hard-earned” to the banks (which lend it back to you at higher rates).