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Strong Australian Dollar Hits Government Revenue
Source: radioaustralianews.net.au
Source Date: Tuesday, November 09, 2010
Country: Australia
Created: Nov 15, 2010

The Australian government will on Tuesday release a budget update showing a $US10 billion revenue shortfall caused by the strong Australian dollar.

The Government will also use its mid-year economic and fiscal outlook to unveil a range of spending cuts to help the budget return to surplus.

The Government says it is still determined to return the budget to surplus by 2012-13.

Treasurer Wayne Swan is also expected to announce $US3.4 billion in cuts, most of which were revealed in the election.

But Opposition finance spokesman Andrew Robb says the Government needs to drastically rein in spending.

"They have to start showing some courage so we are living within our means," he said.

He says it is a big test for the Government.

"I can't recall one hard political decision this Government has made," he said.

"Today is the opportunity where they can take pressure off interest rates, help families and help small businesses. The cuts need to be serious and they need to be politically difficult."

Mr Robb says Labor cannot blame the high Australian dollar for falling revenue.
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