Australia fears Aus$3 bn hit from China slowdown
Sydney (AFP) Aug 19, 2024
Australia warned Monday that the "softness" of China's economy and tumbling iron ore prices could leave a multibillion-dollar hole in the nation's budget. Troubles in China's massive construction sector have seen iron ore prices drop about 30 percent since the start of the year - and the ripple effects are now being felt Down Under. Australia is the world's largest producer of iron ore
Australia warned Monday that the "softness" of China's economy and tumbling iron ore prices could leave a multibillion-dollar hole in the nation's budget. Troubles in China's massive construction sector have seen iron ore prices drop about 30 percent since the start of the year - and the ripple effects are now being felt Down Under. Australia is the world's largest producer of iron ore