Keating all but removes deficit
NZPA Sydney The Australian Treasurer, Mr Paul Keating, exceeded financial market expectations last night by bringing down a balanced . Budget tfiat virtually wipes out Australia’s fiscal deficit. . The deficit for 1987-88 is estimated to be only sAust27 million ($3l million), compared with sAust2.7 billion ($3.1 billion) for the year ended June 30 and is the lowest shortfall relative to gross domestic product for more than 30 years. •>» “This monumental achievement has been accomplished while keeping to our election commitments not to increase taxes and not to make major additional spending cuts,” Mr Keating said.
He said Australia was successfully responding to its most adverse external economic difficulty since the Great Depression.
“We have turned the corner and the big gaps in the trade accounts have begun to close,” he said.
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Press, 16 September 1987, Page 8
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135Keating all but removes deficit Press, 16 September 1987, Page 8
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