Budget commodity woes are all self-inflicted

Treasury is bracing for a pasting. The downgrading of the budget performance has been such a constant since the economy first emerged from the global financial crisis in late 2009 that every budget update is assailed by economists, commentators and the political opposition for its excessively optimistic predictions.

…Big and unexpected spikes in the coal and iron ore prices should start boosting mining company profits and tax payments by the end of the financial year, while there will be some spillovers to the rest of the economy.