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Australian Treasurer: Seek spending cuts

11-07-2011 14:38 BJT

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Australian Treasurer Wayne Swan says the country's Labor government will be looking for ways to cut spending, as both revenues and growth slow.

The Reserve Bank of Australia cut its outlook for economic growth to around 3.3 percent from 4 percent for the next fiscal year, weaker than forecast in the government's May budget.

A man views the statistics of stock market at Australian Stock Exchange in Melbourne,
Australia, Aug. 2, 2011. Despite recent strong inflation data, the Reserve Bank of
Australia (RBA) on Tuesday announced the cash rate remained unchanged at 4.75 percent.
(Xinhua/Bai Xue)

Swan says tough decisions need to be made in the context of the budget. But with growth slowing, Swan says the government is determined to bring the budget back to surplus in the 2012 to 2013 financial year.

And he emphasised the importance of having a clear and consistent fiscal policy.

People draw money from automated tell machines in Melbourne, Australia, Aug. 2, 2011.
Despite recent strong inflation data, the Reserve Bank of Australia (RBA) on Tuesday
announced the cash rate remained unchanged at 4.75 percent. (Xinhua/Bai Xue)

 

 

Editor:Zhang Rui |Source: CNTV.CN

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