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WA Treasurer flags revenue fears after iron ore price plummets

Mr Mike Nahan West Australian Treasurer has refused to rule out tougher budget measures as the Government deals with a period of low iron ore prices.

Australia’s most lucrative export commodity hit just over USD 93 per tonne last week, about USD 30 less than what the WA Treasury used to calculate expected revenue for this financial year.

Dr Nahan said that In June, the price of iron ore dropped to USD 89 per tonne and despite a slight recovery. The period of low prices was posing a threat to state revenue. The Government may have to make some tough decisions to combat any revenue loss.

He said that “Our mid erm review, will, if the price hasn’t improved write down a substantial decline in our iron ore forecast, and iron ore represents 20% of our income. I guarantee I look at the price every day, and it’s something we’re going to have to address.”

He added that the Government was looking at ways to tackle the problem, but refused to speculate on areas of Government spending where the axe could fall if prices did not pick up. Those are issues we’re going have to deal with. The commitment the Premier made at the Liberal Party state conference was that we will achieve a surplus.

Source – ABC

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