Don’t say you weren’t warned, from David Uren:
The Turnbull government fears the midyear budget update could be the catalyst for Australia losing its AAA credit rating, with Treasury sources confirming that the tripling of coal prices will not bring a budget bonanza.
The economic parameters in the midyear budget update, now being prepared, will be little changed from the May budget, according to Treasury, which is largely “looking through” the spike in the coal price.
