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The price of Australia's most significant export has fallen in recent weeks.

Ore fall a big dent to budget

The dramatic fall in the price of iron ore since the start of March could punch a $1.4 billion hole in the state’s finances in the next financial year.

With an overnight price of $US63.20 per tonne this morning, the steelmaking commodity is trading at a level around $US18/t lower than at the end of March, when it was $US81.78/t.

See the BNiQ iron ore price chart. 

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