Australia abandons budget plans as tax take tumbles

Australia’s government abandoned a long-held pledge to return its budget to surplus, blaming a painfully high local currency, lower export earnings and lower company profits for blowing a massive hole in tax takings.

Treasurer Wayne Swan said cutting spending further to achieve its pledge of a small surplus in the fiscal year to end June 2013 would threaten economic growth and be ”self-defeating”.

via Business feed http://www.scmp.com/business/economy/article/1109068/australia-abandons-budget-plans-tax-take-tumbles