Tony Abbott says a parliamentary inquiry into iron ore would do more harm than good.
The prime minister last week expressed support for an inquiry in the wake of iron prices diving and government revenues collapsing, but has now rejected it.
"We talked to the various people in the sector and came to the conclusion ... that a parliamentary inquiry was going to generate more heat than light, so we've decided not to go ahead with it," Mr Abbott told reporters in Ulverstone on Friday.
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