http://www.ibtimes.com/articles/20090512/australia-budget-estimates-record-deficit-in-2009-10
Australia Budget Estimates Record Deficit In 2009/10
12 May, 2009 @ 10:05 am ET | written by RTT News
The Australian government in its annual budget forecast a record deficit for 2009/2010 as measures to stimulate the contracting economy raised government spending.
The budget deficit is set to rise to A$57.59 billion for 2009/2010 from A$32.11 billion shortfall in fiscal 2009. Treasurer, Wayne Swan said the budget would turn into surplus by 2015/16 with economic recovery.
He forecast the fiscal deficit to rise to A$53.1 billion in 2009/2010, representing a 4.5% of GDP. Further, this is expected to reach A$56 billion in 2010/2011, equivalent to 4.6% of GDP. Swan said the global recession has stripped nearly A$210 billion from expected tax receipts over the next four years.
The budget forecast the economy to contract 0.5% in 2009/2010 before growing 2.25% in 2010/2011. Meanwhile, the unemployment rate is seen at 8.25% in 2009/2010.
In his budget speech, Swan said, "Not since the Great Depression has Australia confronted a more difficult set of global economic conditions
Australia Budget Estimates Record Deficit In 2009/10
12 May, 2009 @ 10:05 am ET | written by RTT News
The Australian government in its annual budget forecast a record deficit for 2009/2010 as measures to stimulate the contracting economy raised government spending.
The budget deficit is set to rise to A$57.59 billion for 2009/2010 from A$32.11 billion shortfall in fiscal 2009. Treasurer, Wayne Swan said the budget would turn into surplus by 2015/16 with economic recovery.
He forecast the fiscal deficit to rise to A$53.1 billion in 2009/2010, representing a 4.5% of GDP. Further, this is expected to reach A$56 billion in 2010/2011, equivalent to 4.6% of GDP. Swan said the global recession has stripped nearly A$210 billion from expected tax receipts over the next four years.
The budget forecast the economy to contract 0.5% in 2009/2010 before growing 2.25% in 2010/2011. Meanwhile, the unemployment rate is seen at 8.25% in 2009/2010.
In his budget speech, Swan said, "Not since the Great Depression has Australia confronted a more difficult set of global economic conditions
