Australian iron ore and coal exports will add $29.5 billion to the bottom line over the next four years if booming commodity prices continue for another 12 months.
Australian iron ore and coal exports will add $29.5 billion to the bottom line over the next four years if booming commodity prices continue for another six months, Treasurer Josh Frydenberg said.
continued the Coalition’s cautious approach to forecasting the price of key exports, and iron ore and coal prices are assumed to drop markedly to their long run averages by the end of September.For iron ore, that would mean the price more than halving from $US134 a tonne to $US55 a tonne, and thermal and metallurgical coal prices free-falling from $US512 and $US302 a tonne to US$130 and $60 respectively.
In a pre-budget speech outlining the government’s fiscal strategy, Mr Frydenberg made clear high commodity prices would not be assumed in long-term forecasts to ensure equivalent spending was not baked in.in revenue this financial year and the next of more than $6.5 billion. “Under this analysis, an increase in iron ore export prices leads directly to higher export prices and higher terms of trade,” Treasury said.Key risks to the outlook include further disruptions to commodity supply from Russia, which have been the primary driver of higher oil and gas prices since Russian troops invaded Ukraine last month.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rio Tinto’s African pact brings Simandou a step closerA big new African iron ore province could be exporting within three years after Rio and other miners struck a pact with Guinea’s military junta.
Read more »
Multi-billion-dollar cost-of-living package to be the centrepiece of federal budgetJosh Frydenberg's fourth federal budget will forecast an improved bottom line, with deficits expected to shrink by tens of billions of dollars, and unemployment predicted to reach 50-year lows.
Read more »
WA surplus set to nudge $8b as Commonwealth, states flounder in sea of deficits, ratings giant saysWA is set to post an eye-popping surplus of almost $8 billion this year as the state rakes in windfall gains from the iron ore boom and record gas prices, according to ratings giant S&P.
Read more »
Iron Chef is coming back: Adam Liaw celebrates Japan’s cult classic cooking showKnown for its flamboyant dubbing, costumes and absurd premise, Iron Chef transformed cooking into entertainment. Liaw remembers a show he loved as a teenager – and how it has influenced his own
Read more »
Will Smith apologizes to Chris Rock, Academy and viewers for onstage slapActor says attack was ‘out of line’ and calls violence of all kinds ‘poisonous and destructive’
Read more »
The Brisbane boom: Queensland capital grows faster than Melbourne, SydneyPopulation growth in regional Queensland has also been strong, new Bureau of Statistics figures show.
Read more »