Australian Government's commitment to provide a budget surplus for the current fiscal year has been blown out of a 19.4 billion Australian dollars ($ 1.94 billion) deficit as a decline of the mining boom coupled with a booming Australian dollar U.S. economic slowdown. Expected deficit in the 12 months ended June 30 is included in the government's economic blueprint for the coming year, released on Tuesday, including increases in defense spending, foreign aid, care and education for people with disabilities. Treasurer Wayne Swan (Wayne Swan) in the sixth annual budget is likely to be the last for his center-left Labour government, is widely expected to be defeated in the election on September 14. The budget forecasts smaller Au deficit of $ 18 billion in the fiscal year ending in June 2014, net debt peak of $ 191.6 billion - 11.4% of gross domestic product (GDP) - 2014-15. Was finally published in the 2015-16 balance and AU $ 800 billion surplus. The surplus will be expanded to a surplus of $ 6.6 billion in the next year. A year ago, Swan announced the end of the budget deficit in the aftermath of the global financial crisis, and predict a surplus of $ 150 million Australian dollars in the current fiscal year. Swan on Tuesday defended his government decided not to make deeper spending cuts to balance the government's earlier books. "Cut to the bone, Australia jobs and economic risks, the Labour government will not accept something," Swan told parliament. "These people led us to embark on the road of savage austerity in Europe, I said, is Australia's social damage, with cutting too much, too hard, too fast," he said. Must be approved by Parliament in the budget in the next two years, if you want to implement. Business groups have largely reacted negatively to the budget, and questioned its assumptions too optimistic on the growth prospects of the Australian economy. Australian Chamber of Commerce and Industry chief executive Peter Anderson said in a statement: "This is a missed opportunity, because it makes handcuffed years of deficits and high cost structure, weakening the competitiveness of enterprises and innovative national . Since 2009-10, the government revenue has been increasing every year. Tax revenue is expected to rise 7.4% to $ 376 billion in the next fiscal year. However, the government has been trying to control spending, since its initial splurge on the peak of the global financial crisis, to keep the economy out of recession and stimulate consumption. Economic growth forecast again to speed up the pace slowed from 3% in 2012-13 to 2.75% in the middle of next year. Most economists are surprised when Australia's unemployment rate dropped from 5.6% in March to 5.5% in April. The budget is expected that the next two years, the unemployment rate will rise to 5.75% down to 5% in 2015-16. Despite the withdrawal of Australian troops from Afghanistan, East Timor and the Solomon Islands of the calendar year in defense spending will increase. Defense allocation within four years from AU $ 103 billion dollars spread swollen AU $ 113 billion dollars in last year's Budget in the latest budget of more than four years. The latest budget includes AU $ 3 billion U.S. dollars to buy 12 new Boeing EA-18G Growler electronic warfare fighter jets to compensate for the Lockheed Martin F-35 Joint Strike Fighter delivery delayed for more than nine years. In the current fiscal year, a new funding model for the school costs will increase to $ 17,700,000 from AU $ AU $ 5.32 billion, next year. The government plans to introduce a new levy raised within three years from July 2014, AU $ 11.6 one billion to improve the care of persons with disabilities severe Australians. Confirmed that Foreign Minister Bob Carr's budget announced on Monday that foreign aid will be increased by 9.6% on the year AU $ 5.7 billion U.S. dollars next year. China's iron ore and coal demand for raw materials helps to keep Australia out of recession in the global economic crisis. But the mining boom is expected to peak this calendar year and outside of the resources sector business is not growing fast enough to make the miners are expected to retreat. The government introduced a 30% tax, which is supposed to raise $ AU $ 300 million profit in its first year more than the set threshold in the current fiscal year, iron ore and coal miners. The latest estimate is that the tax will raise only 200 million Australian dollars in the current fiscal year, as commodity prices fell sharply and AU $ 700 million next year. In the current fiscal year the government also introduced by Australia's most serious industrial pollution carbon gas emissions, a carbon tax of $ 23 per metric ton. Most families a higher cost of living due to tax cuts and increased welfare tax compensation. The latest budget scraps plans more tax breaks promised to replace a carbon emissions trading scheme in 2015-16, when the carbon tax plan. Australia plans will be linked to the European emissions trading scheme, experienced a decline due to the economic downturn in the price of carbon. While last year the price of carbon is expected to be A $ 29 a ton in the 2015-16 budget forecast of $ 12 a ton, which will not increase the cost of living. Last week, the Reserve Bank of Australia cut its key interest rate by a quarter of a percentage point to a record low 2.75%, to efforts to stimulate economic growth and drive down the currency failed to trail the decline in commodity prices. Australian bonds as a haven for international investors' interests in the global market turmoil, helps to maintain the buoyancy of the currency. Australia remains stable AAA credit rating, one of only eight countries of the world's three major rating agencies.


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