China’s property bust becoming Australia’s iron ore headache | The Business | ABC News
Beijing’s attempts to ‘fire up’ its post-covid economy with a building boom have led to an oversupply of property and the steel used in construction. China’s property problems have become Australia’s headache with the price of iron ore plunging by around thirty per cent this year.
Federal Treasury analysis has revealed the budget will take a $3-billion hit over four years if prices continue to tumble.
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Credit to : ABC News (Australia)
