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An aerial view shows damaged buildings in Mariupol amid Russia’s ongoing invasion of Ukraine. This handout picture taken with a drone released on Sunday.

25 Apr 2022, 12:00 am0

Australia budget deficit blows out on commodity price hit

Slumping commodity prices and lower tax receipts will see Australia’s budget deficit balloon to Aus$37.4 billion (US$27.2 billion) this year, Treasurer Scott Morrison said Tuesday as he downgraded economic growth forecasts. Australia’s resources-driven economy has enjoyed more than 20 years of growth but it is now transitioning out of an unprecedented mining investment boom, and the going has been bumpy with revenues under pressure. The conservative government’s mid-year economic update showed the deficit this financial year will blow out from...

16 Dec 2015, 12:00 am