Like California depending on Silicon Valley capital gains tax revenue, the boom times are almost unimaginably good but...the bust....
From Global Construction Review, August 28:
Australia warns of $3bn ore slump as China’s boom reverses
Australia’s economic policy chief, Treasurer Jim Chalmers, has warned that falling iron ore prices linked to a major slowdown in China’s construction output could lead to a A$3bn hole in previously expected tax receipts.Prices for iron ore, needed to produce steel, have fallen by around 31% since the start of this year amid shrinking demand in China.
One measure of China’s construction output is residential construction.
As a result of its real estate crisis, residential construction starts in China have tumbled from their 2019 peak of 1,675 million square metres to just 693 million square metres last year, a level of output not seen since 2006, Statista records....
....MUCH MORE
