On Morgan Stanley's calculations, the 17 per cent fall in iron ore prices in March sliced about $8 billion off Australia's export receipts. That translates into about 0.5 per cent of Gross Domestic Product (GDP). That is another big chunk out of an already faltering economy. Morgan Stanley's current house view about the Australian economy is about the gloomiest in the market with a GDP forecast of 1.9 per cent, compared to the consensus figure of 2.5 per cent and the RBA's 2.25 per cent. It will be interesting to see what the latest round of GDP revisions deliver in light of the collapse of the nation's biggest ... (full story)