Australia budget deficit will reach 35.1 billion AUD

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 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.