Australia flags risks to commodities price projections from Ukraine, China

The Australian government said on Tuesday the Ukraine war presented significant upside risks to price assumptions for its coal and liquefied natural gas exports while China's slowing economy carried downside risks for iron ore prices.

The risks were presented in the government's budget for the fiscal year ending June 2023, which assumes prices of Australia's key export commodities will return to long-term fundamental levels by the end of March next year and for the terms of trade to fall in 2023/24.