Australia Trims Outlook for Commodities Peak as Prices Weaken
(Bloomberg) -- Australia’s earnings from mining and energy exports are projected to peak by the middle of next-year, though weaker raw materials prices and waning demand have trimmed the forecast high, according to the Department of Industry, Innovation and Science.
- Earnings in the year ending June 30, 2020 are now forecast at A$281.6 billion ($190 billion) from A$279.3 billion a year earlier. The figure compares to a forecast published July 1 for A$284.6 billion
- A global slowdown in industrial output means commodities prices have retreated from recent highs, and the sector will need to contend with softer demand and rising supply, the department said in a report published Monday
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