Australia budget deficit will reach 35.1 billion AUD

Noam Stiekema

Australia budget deficit will reach 35.1 billion AUD (27.96 billion USD) for the financial year 2015-2016. The market expected for Australia budget deficit were of about 41 billion AUD for the same period. During a parliamentary speech in connection with the budget, the Australian Finance Minister Joe Hockey has promised 5.5 billion AUD to small […]

Audstralian budget deficit

Audstralia budget deficitAustralia budget deficit will reach 35.1 billion AUD (27.96 billion USD) for the financial year 2015-2016. The market expected for Australia budget deficit were of about 41 billion AUD for the same period. During a parliamentary speech in connection with the budget, the Australian Finance Minister Joe Hockey has promised 5.5 billion AUD to small businesses. It was presented family package worth 4.4 billion AUD to “reform the childcare system” and help parents to return to work.

Recently, Australian economy slowing, now can not rely so much on the mining industry. Hockey described as a difficult transition to a “broad-based growth”. The data from the budget indicate that the deficit is expected to drop to 7 billion AUD by the end of financial year 2018-2019.

“The budget is a responsible, well-calculated and fair”, said Hockey. “We create opportunities for job seekers, young and old. We take care of the most vulnerable. We reserve the safety and security of the country. This is a budget for the people of small businesses who want to innovate and grow”, he said.

The budget for last year was criticized for being unfair, but the government said it should “put an end to the days of borrowing and spending”. Government budget for 2015-2016, the present projected revenues and expenses for the next fiscal year and fiscal policy for several years. In December the government said it expected the national deficit to grow to 40.4 billion AUD for the 12 months to June. At the same time leaders claimed that the decline in the prices of major export goods negatively affects the economy.

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<