Australia to erase budget deficit by 2018

Source: Bloomberg
© Scanpix/Reuters
The government of Australia announced a series of spending and tax reforms, in order to decrease negative budget gap and turn it to surplus by 2018. The negative balance will decline from A$49.9 billion this year to $A29.8 billion by June 2015. Among fiscal measures, the spending on public services, welfare and and will be cut, while the tax on highest paid will be introduced.
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