Australia Set for Budget Savings Amid Sturdy Economy, Swan Says

Australia is set to announce “significant” savings in a budget review today to meet its goal of returning to surplus as Treasurer Wayne Swan said the nation’s “sturdy fundamentals” allow for fiscal discipline.

The nation has “low unemployment, contained inflation, strong business investment and a triple-A credit rating,” Swan said yesterday in his weekly economic note. “The toughest conditions in the global economy in generations have cut a swathe through traditional sources of revenues,” Swan wrote. “This will require more savings to be found. The savings will be significant.”