Swan Says Australia Budget Surplus Unlikely This Fiscal Year
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Australia’s government said it’s unlikely to deliver a pledged budget surplus this fiscal year as weaker growth and a strong local currency curb tax receipts, a setback for Prime Minister Julia Gillard before an election due in late-2013.
“What we’ve seen is a sledge hammer hit our revenues,” Treasurer Wayne Swan said during a news conference today in Canberra. Rather than find spending cuts that further slow the economy, Swan said the government would try to support job growth.