Australia fires dual fiscal-monetary shots to support economy

Sydney

AUSTRALIA injected a double-dose of stimulus as the government handed down an expansionary budget hours after the central bank eased policy for the first time in a year.

Treasurer Scott Morrison forecast a A$37.1 billion (S$38 billion) deficit in the 12 months through June 2017, wider than he predicted six months ago. His plan for growth: cut company taxes, boost infrastructure spending and provide income-tax relief. That's assuming he remains in office following an expected July 2 election.