Morrison guns for growth, distances Australia from surplus goal
Govt says deficits would be A$26.1 billion wider over the next four years
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AUSTRALIAN Treasurer Scott Morrison is reframing the government's economic narrative towards growth and jobs and away from austerity, bowing to the fiscal reality of plunging commodity prices and recession-level wage growth.
The government's chief economic minister on Tuesday pushed out an expected return to surplus in a mid-year update of the May budget and announced deficits would be A$26.1 billion (S$26.50 billion) wider over the next four years. He also downgraded the forecast price for Australia's biggest export, iron ore, by almost 20 per cent as supply surges and growth in key trading partner China slows.
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