Australian government warns of tough budget
Published on May 4, 2014 3:40 PM
SYDNEY (AFP) - The Australian budget later this month will involve "tough decisions" to put the economy back on track, a senior minister said on Sunday as a poll revealed a voter backlash against any new tax to cut debt.
Australia has enjoyed more than 20 years of annual growth, sidestepping the worst of the global financial crisis due to a mining boom fuelled by Asian demand.
But the government elected in September has said it is facing a deficit of A$47 billion (S$54.6 billion) this fiscal year due to the previous Labor administration, and that the debt will only mount in coming years.
House Leader Christopher Pyne refused to comment on whether a new tax reportedly under consideration to plug the deficit - on workers earning more than A$80,000 a year - would be unveiled as part of the budget on May 13.
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