Australia cut its forecast earnings from commodity exports, as a meteoric rise in gold prices fails to offset weakness in iron-ore and natural gas. Total resource and energy export earnings fell about 7% to an estimated A$385-billion in the 12 months through June, the Department of Industry, Science and Resources said in a quarterly report released Monday. Income is set to fall further in the next two years because of rising trade barriers, weaker global economic growth and declining prices, it said. Iron ore continues to be Australia’s biggest income earner, at about 30% of the total. While shipments will rise, ... (full story)