Group Executive News
Discover the latest news and updates from Hancock Prospecting Group.
THE IRON GIANT
Booming iron ore exports are supercharging Australia’s pandemic recovery, helping to deliver the Federal Government a company tax windfall this year that’s almost $9 billion higher than forecast.
Read moreNews Australia’s iron ore boom: Investors profit as global economy recovers
It is one of the most isolated major cities on earth, boasts some of the world’s finest beaches and is mercifully Covid-19 free. But Perth – which straddles the banks of the Swan River on the shores of the Indian Ocean – has another key attraction. The sun-drenched city is the capital of Western Australia, the world’s largest supplier of iron ore.
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Iron ore is saving Australia’s trade with China. How long can it last?
Now, one commodity is almost single-handedly keeping the trade relationship afloat: iron ore.
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IRON ORE GIVES BUDGET BOOST
Australia’s Budget bottom line is recovering faster than expected, driven largely by the strength of WA’s iron ore sector, with analysts now suggesting it could be back in surplus within four years.
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Iron ore boom to bolster Frydenberg’s war chest by $36b
Roy Hill founder Gina Rinehart made an early start on the dividend bonanza with a $1.35 billion first-quarter distribution to shareholders this month, while Fortescue is tipped to pay a total of $9.5 billion of dividends in the year to June 30.
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Budget driven by WA
The sector is not only pumping royalties and taxes into government coffers and wages into the pockets of its workers and related occupations, it is also a big part of employment growth.
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Iron ore gives Budget boost
Australia’s Budget bottom line is recovering faster than expected, driven largely by the strength of WA’s iron ore sector, with analysts now suggesting it could be back in surplus within four years.
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Iron ore price boom expected to send more royalties into WA’s coffers as year end approaches
WA’s budget surplus is climbing towards $4 billion as iron ore stretches its unexpectedly strong run into the last quarter of the financial year, potentially pumping another $800 million into government coffers.
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RESOURCES SECTOR CONTINUES TO LEAD
WA’s booming resources sector reported record sales of $174 billion in 2020, underpinned by a $116b contribution from the State’s thriving iron ore industry .
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Iron ore boom, strong labour market ease budget woes
Australia is set to reap a budget windfall from booming iron ore prices and a stronger than expected economy and labour market, with a leading economist predicting a massive improvement over the government’s forecasts in its Mid-Year Economic and Fiscal Outlook in December.
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Mine export surge holds up economy
A record $296 billion in forecast resources and energy exports this year is turbocharging Australia’s economic rebound from the COVID-19 downturn and will help offset the withdrawal of the federal government’s JobKeeper wage subsidy.
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RESOURCES HIT $296B RECORD
Australia’s resources sector will again break export earnings records this financial year, underpinned by another record high in annual income from WA’s powerhouse iron ore industry.
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Iron ore to drive $136bn windfall
Booming iron ore exports on the back of a global economic rebound linked to stimulus measures and supply shortages following the COVID-19 pandemic are expected to drive Australia’s resources and energy exports to a record $136bn.
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World’s richest woman warns of iron ore crash
Gina Rinehart’s right-hand man is on the hustings with a stark warning:
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Australia’s economy is more reliant on iron ore than ever
Article by Greg Jericho courtesy of the Guardian: It is great for our economy, but it also means Australia’s economic base has become very narrow.
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Western Australian’s budget outpaces rest of the world
Western Australia has recorded the best budget performance in the world through the pandemic, underpinned by a boom in mining royalties that have shielded the state’s bottom line from the worst recession in nearly a century.
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