Treasurer Jim Chalmers lines up Beijing visit as iron ore, met coal slump threatens $4.5bn budget hit

[Pelican Press 0]

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Treasurer Jim Chalmers lines up Beijing visit as iron ore, met coal slump threatens $4.5bn budget hit

Treasurer Jim Chalmers will hold crucial economic talks in Beijing later this month as China’s property slump threatens to punch a much ******* ***** in the Federal Budget than expected.

Treasury is now predicting the faster-than-expected drop in iron ore and metallurgical coal prices could cost the Budget $4.5 billion – up from the $3 billion hit forecast just three weeks ago.

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