Your maths is correct, but...
I think a world where Australia's cut its interest rates to 1% and its exchange rate is 50c would be a pretty ugly place to be in terms of growth, particularly in China. You're envisioning deflation, low growth, probably a recession in China, and iron ore oversupply - I doubt the IO price would be as high as US$60, probably more like $US40 to $US30.
Stand back from FMG, says Argonaut's Irvin, page-4
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