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Australia on target for surplus next fiscal year
Australia on target for surplus next fiscal year despite $20 billion a year revenue shortfall
By The Associated Press

CANBERRA, Australia (AP) ' The Australian government says it remains on target to return the budget to surplus in the next fiscal year despite the European debt crisis slashing revenue by 20 billion Australian dollars ($20 billion) a year.

The government announced in its midyear budget update on Tuesday that the deficit in the current fiscal year which began on July 1, 2011, will be a higher than expected AU$37 billion. When the budget was released in May, the deficit was forecast to reach AU$22.6 billion.

Treasurer Wayne Swan said that with new saving measures, the government will deliver a narrow surplus of AU$1.5 billion in the next fiscal year ' AU$2 billion less than forecast in May.



THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

CANBERRA, Australia (AP) ' The Australian government says it remains on target to return the budget to surplus in the next fiscal year despite the European debt crisis slashing revenue by 20 billion Australian dollars ($20 billion) a year.

The government announced in its midyear budget update on Tuesday that the surplus in the current fiscal year which began on July 1, 2011, will be a higher than expected AU$37 billion. When the budget was released in May, the deficit was forecast to reach AU$22.6 billion.

Treasurer Wayne Swan said that with new saving measures, the government will deliver a narrow surplus of AU$1.5 billion in the next fiscal year ' AU$2 billion less than forecast in May.

(This version Corrects 'surplus' to 'deficit' in 2nd graf)


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