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Australia Cuts Commodity Export Outlook Despite Gold Price Gain
Australia cut its forecast earnings from commodity exports, as a meteoric rise in gold prices fails to offset weakness in iron ore and natural gas.
Total resource and energy export earnings fell about 7% to an estimated A$385 billion ($252 billion) in the 12 months through June, the Department of Industry, Science and Resources said in a quarterly report released Monday. Income is set to fall further in the next two years because of rising trade barriers, weaker global economic growth and declining prices, it said.
