Australia’s prime minister said the global recession and slackening Chinese growth would result in a A$115bn ($73bn) tax shortfall over the next four years, forcing the government into a budget deficit for the first time since the 2001-02 fiscal year.
Speaking in advance of an expected one percentage point cut in the official interest rate today and publication of a fresh government fiscal stimulus package, Kevin Rudd said six of the country’s top 10 export markets, including Japan and the US, were in recession.
He said the downturn would affect government finances and lead to a “temporary budget deficit”.
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