Turnbull goes for growth, calls budget fix 'long-term project'

Sydney

AUSTRALIA is prioritising growth over deficit reduction in its economic programme, Prime Minister Malcolm Turnbull says, signalling he expects to close the gap through rising tax receipts from faster expansion.

The prime minister, a month out from the budget, signalled no plans to try to accelerate a return to the black - despite eight years of deficits and a projected four more to come. His comments also imply a rejection of a panel of senior economists and former high-ranking officials who last Tuesday put forward a strategy to return to surplus in three years.