Summary: Four factors are boosting earnings. Lower commodity prices are here to stay, and will support non-mining earnings. Lower crude oil prices also look structural. Wages are low, but as the population ages over coming decades, workers will be in short supply. Low interest rates are also structural.
Key take-out: Lower input costs (other than low wages) are here to stay and should provide a tailwind to corporate earnings.
Key beneficiaries: General investors. Category: Economy.