Australia yesterday vowed to be the first advanced economy to return its budget to surplus after the global financial crisis, saying it will be “back in the black” within two years.
Treasurer Wayne Swan is set to release an austere, belt-tightening budget Tuesday evening to haul in a reported Aus$50 billion (US$54 billion) deficit, in part created by stimulus spending during the worldwide slump.
“Tonight’s budget will get us back in the black,” Swan told reporters, saying that forward estimates would show a return to surplus in 2012/13.
“We will come back to surplus before any other major advanced economy.”
Resource-rich Australia, with its strong banking system and wealth of natural minerals, survived the crisis better than most and was the first advanced economy to lift interest rates in its wake.
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