Australian economy in serious trouble

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Iron ore’s price has plummeted and there are warnings Australia’s economy could be on the brink of disaster, due to China’s influence.

It’s the first time the iron ore price has dipped below the $US100 tonne mark in 14 months.

Australia’s most valuable export has seen its price haemorrhage more than 60 per cent from a record high in May when it hit close to $US240 a tonne.

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The collapse in price caused $50 billion to be wiped off the ASX, closing 2.1 per cent and 155.5 points lower on Monday afternoon and hitting a two month low.


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