Australia cuts export earnings forecast by A$13bn
Australia has slashed A$13bn from its expected export earnings in the current fiscal year as a result of lower commodity prices. Approximately half of this downgrade is down to iron ore where the country has reduced its forecast export earnings by A$7.2bn to $65bn.
Overall resource and energy export earnings have been revised down by 6% to A$202bn for the 2017/2018 fiscal year. Expected earnings are even lower for the following year at A$200bn. All the figures have come from Australia’s Department of Industry, Science and Innovation.