Australia to cut budget by $6.7bn

Note: This section contains information in English only.
Source: Bloomberg
Australian government is going to implement budget cuts worth A$6.8 bn ($6.7 bn) in order to decrease spending and meet PM's Julia Gillard's oath to provide a budget surplus, as European debt problems fold economic growth. The surplus is forecast to reach A$1.5 billion. Australia holds the highest AAA grade received from all main rating agencies. Wayne Swan, a treasurer, pointed out that Australia is a good example of robust economic fundamentals.
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