Australia cuts commodity earnings estimate as prices weaken

SYDNEY — Australia’s government expects earnings from the nation’s resource exports to drop by 10% this financial year amid weaker prices for commodities such as iron ore and coal, although it says the latest round of economic stimulus in key customer China could buoy demand for key minerals.

In its quarterly commodity outlook released on Monday, the Department of Industry, Science and Resources predicted the country would earn $372 billion Australian dollars ($258 billion) from commodity exports in the year ending next June — down a touch from its estimate of AU$380 billion three months ago.