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Australian Treasurer Says Budget Surplus Unlikely

12/20/2012 12:29 AM ET

Australia Treasurer Wayne Swan on Thursday admitted that the government is unlikely to deliver its promised budget surplus in this fiscal year due to lower tax revenues.

It is not because of government's increased overspending, he told reporters in Canberra. Swan said reducing expenditure to achieve a surplus would harm job growth.

In October, the government had forecast a budget surplus of A$1.1 billion for the full year 2012-13.

by RTT Staff Writer

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