Treasury needs a better crystal ball on China

Australia’s top forecasting agencies have a poor record of predicting economic growth in China and developments in the commodities market. Let's hope they get it right this time.

When Treasurer Joe Hockey releases his first budget tomorrow, all eyes will be on his spending cuts. But don’t forget to look at Treasury’s forecast on the Chinese economic growth rate and the demand for iron ore -- the single most important commodity for the health of federal budget revenue.

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