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.
14:14 Ford expects $2B net income drop due to pension change15
15:02 U.S housing starts surge in December; jobless claims near 43-year low13
23:10 Tim Raines, Jeff Bagwell, Pudge Rodriguez elected to Baseball Hall of Fame18
16:50 Goldman Sachs, Citigroup earnings confirm Trump effect on banks18