Shredded
Just days out from the federal Budget, and the shredder in the Treasurer's office must be working overtime.
The iron ore spot price lost another 5.3 per cent to $61.73/tonne.
How you make a Budget forecast for a commodity that can lose more than 10 per cent in 48 hours is anyone's guess, but the chart looks very ugly!
Although less prominent than it once was, iron ore still accounts for just under 30 per cent of Australia's Index of Commodity Prices updated annually by the Reserve Bank.
Budget papers are out Tuesday night, stay tuned!
