Arab Today, arab today australia cuts growth and surplus forecasts
Last Updated : GMT 04:30:15
Arab Today, arab today
Arab Today, arab today

Australia cuts growth and surplus forecasts

Arab Today, arab today

Arab Today, arab today Australia cuts growth and surplus forecasts

Sydney - AFP

Australia on Monday cut its growth and budget surplus forecasts as worsening global conditions hurt revenues in the mining-driven economy. In a mid-year economic review, Treasurer Wayne Swan said real GDP growth was forecast at 3.0 percent this fiscal year -- from 3.25 percent predicted in May -- while the surplus will shrink to Aus$1.1 billion (US$1.13 billion). \"It\'s pretty obvious to all that ... this mid-year review has been put together amid storm clouds which are hanging over the global economy,\" Swan told reporters. \"This lower global growth outlook has had another very big whack at government tax revenues and has made it harder to deliver a surplus.\" Swan said Australia, which avoided recession during the global financial crisis, remained on track to return a modest surplus ahead of all other major advanced economies, thanks in part to more spending cuts. The centre-left Labor government of Prime Minister Julia Gillard has pledged to drag the books back to the black while the mining boom remains in flight, clawing back the Aus$43.7 billion deficit from fiscal 2011-12. Swan announced some Aus$16.4 billion in savings over four years would be made to protect the 2012-13 surplus, which is forecast to grow in subsequent years, reaching Aus$2.2 billion in fiscal 2013-14. \"This puts us on a responsible middle course between those who say we should cut hard in the budget and don\'t worry about the impact on growth and jobs, and... those who say don\'t cut at all, don\'t worry about the surplus,\" he said. Decisions taken to balance the books were \"difficult but critical at a time of falling revenues and ongoing global headwinds\", Swan added in a statement on the Mid-Year Economic and Fiscal Outlook. \"Global volatility and substantial revenue writedowns have made returning the budget to surplus in 2012-13 much harder but the government remains on track to deliver a surplus,\" he said. Swan said global growth had slowed in recent months, with the recession in the euro area and a subdued recovery in the United States weighing on growth in Australia and the region. \"The weaker global outlook and lower-than-expected commodity prices, along with the general easing of price pressures in the economy, are again slowing the recovery in tax revenue,\" he said. Australia has lost Aus$160 billion in tax revenues over the five years since the start of the global financial crisis, and a further writedown in tax receipts of close to Aus$22 billion over the next four years would occur. This will include a Aus$4 billion writedown for the financial year ending June 30, 2013, Swan said, with the budget surplus now forecast to be well down on the Aus$1.5 billion estimated in the May budget. Unemployment was forecast to remain at 5.5 percent over the next two years. But the Treasurer insisted Australia\'s public finances were in good health, with net debt peaking at 10 percent of GDP in 2011-12 and now falling. \"With Australia\'s strong set of economic fundamentals, it is hard to find a country that is better placed to deal with uncertain times in the global economy,\" he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia cuts growth and surplus forecasts Arab Today, arab today australia cuts growth and surplus forecasts

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday