Australian budget to stay in surplus despite crisis-minister
Australia's government said on Sunday that it still expected to deliver a budget surplus for the current financial year, despite the ongoing financial turmoil.
By Agencies |
SYDNEY: Australia's government said on Sunday that it still expected to deliver a budget surplus for the current financial year, despite the ongoing financial turmoil.
Finance Minister Lindsay Tanner said in a television interview that revised projections showed that the government budget would remain in surplus for the year to June 30, 2009 and the following financial year should also be in surplus. "The revised projections for growth will have some degree of impact on that, we still expect the budget to be in healthy surplus, and we would also be aiming for a budget outcome for the following financial year of healthy surplus," Tanner told Channel Ten.
Canberra has announced a bank guarantee scheme in the hope of stabilising the markets, in which the government has guaranteed all deposits in Australian banks, although it has imposed a fee for deposits of over A$1 million ($620,000). Australian shares closed at a four-year low on Friday and the Australian dollar also fell sharply.
Finance Minister Lindsay Tanner said in a television interview that revised projections showed that the government budget would remain in surplus for the year to June 30, 2009 and the following financial year should also be in surplus. "The revised projections for growth will have some degree of impact on that, we still expect the budget to be in healthy surplus, and we would also be aiming for a budget outcome for the following financial year of healthy surplus," Tanner told Channel Ten.
Canberra has announced a bank guarantee scheme in the hope of stabilising the markets, in which the government has guaranteed all deposits in Australian banks, although it has imposed a fee for deposits of over A$1 million ($620,000). Australian shares closed at a four-year low on Friday and the Australian dollar also fell sharply.
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