Commodity slump erodes Australia's revenue: treasurer

Plunging commodity prices are weighing heavily on Australia's government revenue, Treasurer Joe Hockey warned Sunday, but said a mid-year budget update next week would serve as a "shock absorber" for the resources-driven economy. Australia is struggling to transition away from mining-led growth amid an expected fall-off in resources investment after an unprecedented boom. Meanwhile, sharp declines in commodity prices have had a huge impact on government revenue in a country where