Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Australia plans to halve budget deficit within 3 years
CANBERRA, Australia – Australia’s government says it plans to reduce its budget deficit by more than half in three years while maintaining momentum in a sluggish economy with personal and business tax cuts.
Treasurer Scott Morrison revealed on Tuesday that the deficit for the current fiscal year that ends on June 30 is expected reach 39.9 billion Australian dollars ($30.7 billion). That is AU$4.8 billion worse than was forecast a year ago as the Australian economy has been buffeted by China’s slowing demand for iron ore and coal.
In its latest economic blueprint, the government plans to reduce Australia’s deficit to AU$37.1 billion next year and to AU$15.4 billion by 2018-19.
Net debt would peak at a 19.2 per cent of GDP in 2017-18.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
