Australian mining industry dips in revenue, with iron ore costing the government $9 billion
The Australian Bureau of Statistics (ABS) released new industry revenue statistics before the weekend last week, which showed that 10 out of 13 industries were operating at an increase.
While the ABS operates in a lag for information and this data is for February, the stats showed that the Australian mining industry recorded a 9.6% drop in revenue compared to last month, and 13.8% down compared to last year.
If you have been following the mining market, then this might not come as a surprise due to the up and down movements of commodities. Especially iron ore.
Reported by the Canberra Times, Jim Chalmers, emphasised the impact dipped iron ore prices will have on the Australian economy:
"To give you a sense of what that means for the budget the difference between $130+ and in the low $90s is something like $9 billion in revenue in the budget."
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