A surge in iron ore exports is holding up the federal budget and delivering record revenue to the nation's miners but there are fresh warnings both could be hit with a downturn in the next financial year | swrighteconomy
A surge in iron ore exports is holding up the federal budget and delivering record revenue to the nation's miners but there are fresh warnings both could be hit with a downturn in the next financial year.
Iron ore exports are tipped to reach a record $84 billion this year before falling to $66 billion in 2020-21.Total resource exports in 2019-20 are now expected to reach a record $280.8 billion, a slight downgrade from the department's September quarter forecasts. Metallurgical coal exports are now expected to be worth $36 billion this year, a near 20 per cent drop on 2018-19 due to a fall in prices. Thermal coal exports are tipped to drop by almost 25 per cent this year to $21 billion and edge down further to $19 billion next year.
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