Why this rock could push the budget into the black

Iron ore miners are set to deliver billions more to the government coffers in the coming months, economists predict, pushing a forecast budget deficit back into the black. The mid-year economic and fiscal outlook (MYEFO), published in mid-December, revealed a $39.6bn boost to the budget bottom line over the four year forward estimates period, as soaring commodity prices helped bolster tax collections above previous estimates. However, the budget improvements are likely to be far higher than anticipated, as Treasury downplays expectations of higher company tax collections, which have already surged to almost $65 billion since May…