Australia Policy Potency Sharpens as Iron Ore, Jobs Cut Deficit

Australia Policy Potency Sharpens as Iron Ore, Jobs Cut Deficit
Apr 23 2021, 6:38 AM
April 23 2021, 12:30 AM
April 23 2021, 6:38 AM
(Bloomberg) --
(Bloomberg) --
The Australian central bank’s bond-buying program is set to become more influential as 10-year high iron ore prices combined with a hiring spree narrow the budget deficit and reduce government debt financing needs.
Iron ore was trading over $180 a ton this week, reflecting China’s massive demand as its economy leads the global recovery from Covid-19. The Australian government based its revenue projections on expectations prices would to fall to $55 a ton by the end of September. Unemployment was expected to average 7.25% over the fiscal year, yet in March it had already fallen to 5.6%.

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