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Australian PM says to return budget to surplus in 3 years

07-15-2010 14:28 BJT

CANBERRA, July 15 (Xinhua) -- Australian Prime Minister Julia Gillard reiterated her government's intention to return the budget to surplus in three years' time, when addressing the National Press Club in Canberra on Thursday.

Gillard said that anyone expecting a "spend-up" election campaign from Labor Party can forget it, adding that the government would sustain the discipline it had brought to the budget throughout an election campaign.

"Any commitments made in the upcoming campaign will not add a single cent, not a cent, to the budget bottom line," she said in her first speech as prime minister to the National Press Club.

Lifting productivity was crucial to the nation's future, Gillard said, adding that improving education standards would play a key role in Labor's second term agenda.

Gillard said she would hold fast to Labor policy on issues of macroeconomic management. "Once the budget returns to surplus we will still maintain spending constraint until we deliver strong surpluses of 1 percent of Gross Domestics Product (GDP)."

The prime minister promised the government would remain committed to an inflation goal between 2 percent and 3 percent, saying it was the responsible approach to macroeconomic management.

Editor:Jin Lin |Source: Xinhua

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