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Australia: Falling iron ore prices may shrink revenue by $19 billion

  • Australia has said that it expects the falling prices of iron ore to shrink the country's revenue forecasts by $19 billion over the next four years.

    Australia treasurer Joe Hockey was quoted as saying that the May budget will be based on the expected iron ore price falling further.

    Currently, iron one is trading at $47 per tonne compared to $120 per tonne in 2013. Part of the reason for the drop is the reduction in demand in China.

    Tagged as: Australia, iron ore, revenue forecasts, Australia Treasurer, Joe Hockey, Australia economy, business news