PERTH, Dec 14 (Reuters): Australia will take budget measures to cushion an economy facing its worst decline in terms of trade in more than half a century, Treasurer Joe Hockey said on Sunday, with the government poised to unveil large cuts to services and spending.
The budget cuts are expected to be announced on Monday alongside a mid-year economic outlook that will factor in the heavy hit Australia's resource-dependent economy has taken from a sharp fall in commodity prices in recent months.
"If we don't use the budget as a shock absorber for this extraordinary fall in the terms of trade, then Australians will lose jobs, and we'll lose our prosperity," Hockey told reporters in Sydney.
Australia asked to take budget steps to absorb exports shock
FE Team | Published: December 15, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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