The announcement will coincide with the Mid-Year Economic and Fiscal Outlook (MYEFO) report due out before the end of the year, news.com.au reports.The cuts are part of the Government's bid to deliver a Budget surplus in 2012-13 as well as assist the Reserve Bank in keeping interest rate down.
The Government revealed last week that it has cut $100 billion in spending over four Budgets and that "tough decisions will have to be made" when looking for further savings in the budget.
"While the long-term outlook for Asia remains positive, the clear message from my APEC meetings was that every economy in our region is feeling the impact of events in Europe," said Swan in an Economics Note released yesterday."It's hitting the region's financial markets, unsettling businesses and consumers, and dampening trade. Obviously, this flows through to Government revenues, and will add to the $130 billion in revenue write-downs we've seen since the global financial crisis first struck. Read More