Australian Treasurer Chalmers: Tumbling iron ore prices, softening labor market have hit government revenue

After presenting his Ministerial Statement on the economy on Wednesday, Australian Treasurer Jim Chalmers said, "tumbling iron ore prices and a softening labor market have hit government revenue.”

He discussed Australia's tough fiscal outlook due to weakened trading partner China and a softening job market.

Additional quotes

Leaving a “sliver” of the revenue windfalls that supported the Budget bottom line for the past two years.

“Confident, not complacent” that the worst of the inflation storm had passed.

Market reaction

AUD/USD is unaffected by these comments, keeping its range play intact near 0.6530, as of writing.

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