RealNews

Australia plans big cuts in spending

Australia’s new Labor government is to make deeper-than-expected spending cuts after lifting next year’s budget surplus target on Monday to 1.5 per cent of gross domestic product. The move is designed to help rein in the growing threat of inflation. In his first big policy address on the economy since taking office last November, Kevin Rudd, the prime minister, said that fighting inflation was the “central challenge” facing the economy. Full Story

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