Penny Wong News
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Australia’s government is wooing voters with increased infrastructure, health and education spending while charting a path to a budget surplus as it seeks to restore economic credibility four months before an election.
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Prime Minister Julia Gillard faces a A$17 billion ($17.4 billion) revenue shortfall in next week’s budget and will scrap plans to boost help for low-paid families as her Labor party trails in polls before the election.
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Australia’s chances of delivering a budget surplus are diminishing as the government’s revenue is being curbed amid a period of weakness in the economy, Finance Minister Penny Wong said.
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Australia’s national budget fell further into deficit in February due in part to the effects of the high local dollar, taking the total shortfall to A$23.6 billion ($24.9 billion) for the first eight months of the financial year, according to Treasury figures.
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Australia’s finance minister may need to reprise the toughness she showed in overcoming racial abuse and gaining control of a university political club to succeed in her new role.
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Australia’s economy will recover faster than anticipated from last quarter’s contraction driven by a record mining boom, and the government won’t relent to pressure to scrap new taxes, Finance Minister Penny Wong said.
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Australia will see a “tough budget” this year as recent natural disasters, slower consumer spending and a strong local dollar take their toll on the nation’s economy, Finance Minister Penny Wong said.
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Australia will get its fiscal settings right by returning the budget to surplus, improving its sustainability in the face of global economic woes, Finance Minister Penny Wong said.
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Australia’s Finance Minister Penny Wong said this week’s budget was aimed at boosting jobs growth as the government stays committed to returning the country’s finances to a surplus.
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Australia faces a “massive hit” to government revenue, pushing the nation further into deficit ahead of an election in September, Treasurer Wayne Swan said.
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