Budget forecasts smaller FY15 deficit of $30bn

The budget forecasts shrinking deficits in coming years, due in part to cuts in health and social spending and higher taxes.

Deep and previously unannounced cuts to health and social services spending are expected to improve the fiscal position of the federal budget compared with the government’s mid-year forecast, with the government now expecting a deficit of $29.8 billion in the 2014-15 financial year.

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