Original article by Patrick Commins
The Australian – Page: 2 : 28-Sep-21

Chris Richardson of Deloitte Access Economics says the sharp fall in the iron ore price has major implications for the federal and Western Australian budgets. He says the 2021-22 budget forecasts of both governments may not have been conservative enough in the wake of the price crash. The fall in the iron ore price has been attributed to factors such as the Chinese government’s environmentally-driven restrictions on steel production and the financial problems of property developer Evergrande. Surging commodity prices saw overall tax revenue from the mining sector top $30bn in 2020-21, compared with just $12bn in 2015-16.

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