TREASURER Joe Hockey says the Federal Government will not impose new taxes to recover lost revenue from falling iron ore prices.
He is expected to release the budget next month.
Mr Hockey is in the United States for the G20 Finance Ministers and Central Bank Governors meeting.
He said there was no doubt falling iron ore prices had an impact on the budget because the commodity had been Australia's biggest export.
"When we came to government it was hovering around $100 a tonne," he told ABC.
"Now, it's close to $40 a tonne.
"But we are not going to chase the fall in revenue associated with falling iron ore prices down. We're not going to be imposing new taxes in order to try and recover that lost revenue."
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