Australia revises budget deficit sharply higher
[SYDNEY] Australia's government forecast its budget deficit would balloon to A$40.4 billion (US$33.2 billion) in the year to June as falling prices for key resource exports had opened a gaping hole in tax revenue.
Releasing his midyear economic and fiscal outlook on Monday, Treasurer Joe Hockey predicted the shortfall for 2015/16 would be A$31.2 billion. The deficit for 2014/15 had been forecasted at A$29.8 billion in the May budget, while the 2015/16 shortfall had been seen at A$17.1 billion.
The release was delayed for over an hour as the government reacted to a hostage seige in Sydney.
REUTERS
More:
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons