Revenue Loss

: Four months ago, Mr Hockey was trying to balance the budget with revenue based on iron ore at around $US60-a-tonne, itself a downgrade from $US95 in last year budget, according to Nine News Australia. But now he is factoring in a price of just $US35-a-tonne, a potential $A25 billion revenue loss over four years. After a tough year selling his first budget, the treasurer next effort on May 12 will be challenged by a steep fall in the iron ore price, a commodity he says has no apparent floor in sight. And the pain might not stop there. New figures released on Monday also showed China imports fell 12.3 per cent in the past year. The World Bank predicts a further economic slowdown in China - Australia No.1 trading partner and main buyer of iron ore for steel making - over coming years. (news.financializer.com). As reported in the news.