Australian gov't says budget deficit to weaken with iron ore price in doldrums

December 15, 2015 3:44 AM

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SYDNEY – Australia's government says its budget deficit is expected to worsen by 2.3 billion Australian dollars ($1.7 billion) due to the plunging price of iron ore, a key export.

The government released its mid-year budget review on Tuesday. It predicts an AU$37.4 billion deficit for the financial year ending June 30, 2016. That's a jump from the $35.1 billion predicted earlier this year.

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