There's one forecast Josh Frydenberg will be pleased the team at the Treasury have got wrong – the iron ore price.
Having pencilled in the price of Australia's largest export to end the June quarter at $US55 a tonne in December's mid-year economic and fiscal outlook, the surge in the active iron ore contract to $US108 a tonne on Monday was rare good news for a Treasurer poised to make history by delivering the biggest budget deficit ever.
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Robert writes on companies and markets. He is a former New York and Shanghai correspondent, and has worked in Hong Kong. Email Robert at robertguy@afr.com.au
