Australia warns of $2bn budget hole as iron ore slumps on China woes
SYDNEY -- Australia's Treasury has warned the country faces a potential 3 billion Australian dollar ($2 billion) hole in its budget as iron ore prices slump faster than forecast amid concerns about China's economy.
An analysis released on Sunday by Treasurer Jim Chalmers noted spot prices for Australia's most valuable export had fallen 38% since the start of the year and 7.5% in the past week, to $81.80 per tonne late last week.
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