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.

Iron ore’s price has experienced a staggering fall to $US90 a tonne causing shockwaves in the share market, as experts warn Australia’s economy is in a worse position than any other nation.

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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