Iron ore and coal exports will see nominal GDP $30 billion better than expected over the next two years.
MYEFO assumed US73 cents for exports, but already the February average is US71.44c.
MEYFO assumed iron ore price at US$55 per tonne but the February average is US$88 per tonne.
A weaker Australian dollar and persistently stronger iron ore and coal prices will see the federal budget $9.2 billion better off over the next two financial years than Treasury forecasts, according to modelling from EY.
Iron ore will be the major boost for federal budget coffers over the next two years - much better than Treasury expected. Erin Jonasson
