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Australian Deficit Climbing Without Fiscal Reform

by Mary Swire, Tax-News.com, Hong Kong

04 February 2015


The Australian Government is spending AUD100m (USD78.1m) more each day than it receives in taxes, Treasurer Joe Hockey has said.

Hockey told a press conference on February 3 that "there is only one way to fix that [imbalance] and that is to get your spending down, otherwise you have to increase taxes." He said that the Government is "constantly focused" on achieving its dual goals of a balanced budget and establishing an environment where jobs are created.

Hockey added that the Government is delivering on its economic plan, despite the economic headwinds. This plan has included "getting rid of the carbon tax, getting rid of the mining tax, unshackling business, [and] getting the budget on a credible path back to surplus," he explained.

TAGS: tax | business | mining | budget | Australia | tax rates | carbon tax | tax reform

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