It’s official, Treasurer Joe Hockey has all but raised the white flag on the Budget, conceding that the deficit has blown-out and the promised return to surplus by 2017-18 is no longer achievable. From The Australian:
Mr Hockey said the government was “very focused” on how the slump in iron ore prices would hit the mid-year economic and fiscal outlook. “Now, the truth is, iron ore prices are between 30 and 40 per cent less than they were when we first made our forecast in the budget,” he said…
