The Albanese government is bracing for a potential major blow to the economy following analysis which signals bad news for Australia's top export.
The Labor government is sweating after analysis regarding Australia's largest trading partner China revealed figures which could spell bad news for the country's economy.The Albanese government is bracing for a potential major blow to the economy following analysis which signals bad news for Australia's top export.
Iron ore prices reached their lowest level since November 2022 on August 15, sitting at US$81.80 a tonne, below the Treasury's estimate for the same date which was US$83/tonne. The price for iron ore fell under 7.5 per cent in total over the past week. “Softness in the Chinese economy and the recent fall in iron ore prices are another reminder that we are not immune from volatility and uncertainty in the global economy,” Mr Chalmers said in a statement.
“We’re following these developments very closely because of their potential impact on our economy and our budget,” he said. Western Australia's Treasurer Rita Saffioti told reporters on Monday she was"not feeling great" about lower prices, but in a positive sign she said the WA budget was well-equipped to deal with the problem on the back of a successful few years for the iron ore industry in the state.
"We should not rule out the possibility that this is another temporary dip like we have seen in the past, but if it endures this time then it undoubtedly makes Australia a bit less well-off because our terms of trade will be lower," he told SkyNews.com.au.
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