Can the economy dig itself out of an iron ore slump?

While strong iron ore export volumes will underpin real GDP growth over the coming years, a decline in the commodity's value will weigh on income growth, consumption and investment.

A softer outlook for the resource sector presents a considerable challenge for the Australian economy. Of particular note is the fall in iron ore prices, which will prove problematic for the federal government and is set to weigh on spending and employment across Australia.

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