Budget fantasy unravels day one as iron ore crashes

Dalian is open and the Australian Budget is collapsing on day one:

That’ll be roughly $56.78 tomorrow at this stage, $3-4 below the Budget outlook. That’s roughly $1bn down.

Of course, I don’t know where it will go every hour, but I do have a pretty good idea over months:

At $20 below it cuts $5bn from the Budget outlook per annum directly. But given this Budget relies upon the absurd assumption that income growth is going to rocket while the terms of trade crashes, the write downs from the ongoing crash are going to be much, much deeper:

Well done, sir!