Australia press: $100bn hit to deepen budget debt crisis

Dhwani Mehta FXStreet

The Australian press carried a story this Friday, noting that Australia’s budget could be hit by $ 100bn if the budget predictions go wrong and the Turnbull government fails to win full support for saving and spending measures.

Key Quotes:

“Australia's debt could blow out by more than $100 billion if the budget is wrong in its prediction that the economy will return to pre-crisis growth and the Turnbull government is unable to win Senate support for all of its outstanding savings measures”

"Consistently since 2011, Australia has budgeted that things wouldn't get worse in China and that there would be enough bipartisanship to pass things in the Senate"

"In practice, neither of those two things has come to pass and the risk is that it stays that way. China has disappointed and so has bipartisanship"

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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