Hockey says ‘no’ to new taxes to recoup iron ore losses

TREASURER Joe Hockey says the Federal Government will not impose new taxes to recover lost revenue from falling iron ore prices.

He is expected to release the budget next month.

Mr Hockey is in the United States for the G20 Finance Ministers and Central Bank Governors meeting.

He said there was no doubt falling iron ore prices had an impact on the budget because the commodity had been Australia's biggest export.

"When we came to government it was hovering around $100 a tonne," he told ABC.

"Now, it's close to $40 a tonne.

"But we are not going to chase the fall in revenue associated with falling iron ore prices down. We're not going to be imposing new taxes in order to try and recover that lost revenue."


Track closure a ‘mark of respect’ after Olympian’s death

Premium Content Track closure a ‘mark of respect’ after Olympian’s death

A safety audit is being undertaken following a fatal crash

Businesses are looking away from China to bolster profits

Premium Content Businesses are looking away from China to bolster profits

Business NSW has welcomed focus on supporting diversity

‘Artists chronicle our times’: gallery ready for Archibald

Premium Content ‘Artists chronicle our times’: gallery ready for Archibald

Two local artists are among finalists whose works will be exhibited