Chanticleer
We’re still the iron ore lucky country. It won’t last forever
A surging iron ore price is driving Australia’s post-pandemic budget repair. But the lucky country’s resources luck shouldn’t be taken as a given.
At its heart, the mid-year economic and fiscal outlook (MYEFO) is a story of the lucky country getting lucky again.
While the Albanese government says the $39.5 billion improvement in the budget bottom line over the next four years is the “result of the government’s fiscal restraint and continued focus on reprioritisations and savings” that amount to $9.8 billion, the real story is an unlikely Chinese miracle – the resilience of the iron ore price amid tepid economic growth inside Australia’s biggest trading partner.
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