Australian government hopes newest budget plan address deficit concerns

Global Business

The Australian government is hoping its latest budget plan will help address the country’s growing fiscal deficit, one that’s been fueled by the loss of tens of billions of dollars in revenues from declining iron ore prices. Greg Navarro filed this story from Sydney. 

Australian government hopes newest budget plan address deficit concerns

Australian government hopes newest budget plan address deficit concerns

The Australian government is hoping its latest budget plan will help address the country's growing fiscal deficit, one that's been fueled by the loss of tens of billions of dollars in revenues from declining iron ore prices. Greg Navarro filed this story from Sydney.

Highlights:

  • The latest budget includes cuts to family benefits, an increase in national security spending, and a tightening of pension rules. Prime Minister Tony Abbot’s government hopes the budget will be better received than the administration’s first attempt last year. Much of that budget was rejected by the Senate – and almost cost Abbot his job.
  • The government also announced what is being billed as a world-leading tax crackdown on about 30 international companies, including Google and Microsoft. The treasurer said the companies were taking their earnings from Australia outside of Australia without paying their fair share of taxes.