Abbott Austerity to See Spending Cuts in Australia Budget
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Australian Prime Minister Tony Abbott’s government delivers its first budget today since winning office in September, aiming to rein in a record fiscal deficit through spending cuts and new revenue measures.
Reduced family-welfare payments, cuts to government services and asset sales are expected in the annual budget, to be delivered by Treasurer Joe Hockey at 7:30 p.m. in Canberra. He’ll announce a A$30 billion ($28 billion) deficit for 2014-15 after recording a A$46 billion shortfall this fiscal year, according to the median estimate of 10 economists surveyed by Bloomberg News.