Business
Iron ore and JobKeeper help bring deficit under $200b – The Australian Financial Review
The high iron ore price and a sharper than expected decline in demand for JobKeeper payments will help trim the government’s budget deficit by $10 billion.
The budget outlook will continue the tradition of the Coalition government in opting for conservative estimates of the iron ore price.
The October budget forecasts the free on board price to decline to $US55 per tonne by the end of the March quarter next year.
Today’s update will extend that by one quarter by assuming the free on-board price will fall from its current four-week average of more than $US150 to $US55 by the end of the September quarter 2021.
The effect would be a $25 billion boost…
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