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Australian Govt upholds budget surplus promise
The Gillard government has upheld its promise to return the federal budget to surplus in fiscal 2013, in the largest budget turnaround in over 50 years, despite a larger than expected deficit forecast for the current year. The government expects the deficit for the current year to reach $44.4 billion, or 3 per cent of gross domestic product (GDP), up from $37.1 billion forecast in November’s mid-year outlook. The deficit is expected to swing to a thin surplus of $1.5 billion in fiscal 2013, or 0.1 per cent of GDP -- in line with its previous forecast – before growing to a surplus of $2 billion in fiscal 2014. ... (full story)
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