Spending cuts to ensure savings and budget surplus

The Federal Government has announced billions of dollars in spending cuts and savings to meet its pledge to return to budget surplus by 2012/13 after the global economic turmoil.

The deficit figures have blown out from the May prediction of $22.6 billion to $37.1 billion in the current fiscal year.
Savings will come from public sector spending cuts, access to dependent spouse tax benefits restrictions, baby bonus cuts and a crackdown on tax breaks for foreign workers.

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