It Looks Like The Australian Government Will Announce A Huge Budget Deficit Tomorrow And Blame Labor

Tony Abbott, Joe Hockey, bearPhoto: Getty Images

Australian Prime Minister Tony Abbott has foreshadowed a significant budget deficit in the MYEFO due out tomorrow.

Media reports ahead of the release of the “mini-budget” are predicting Australia will be $50 billion in the red for this financial year.

Abbott also said returning to surplus in 2016-17 was unrealistic: “We said we would return the budget back to surplus at least as quickly as Labor had proposed.

“What we are discovering the more we dive deeply into the budget is the extent of Labor’s fiscal disaster,” he said.

The PM promised in October to restore the budget to surplus in 2016-17 when the Labor Party had predicted it would be able to.

Meanwhile, according to reports a suite of infrastructure projects are set to be announced today, with $1 billion to be spent across four states.

There’s more here.

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