It's not all fiscal doom and gloom for Hockey

Despite delivering a gloomy set of numbers, Joe Hockey's upbeat tone suggests Australia's fiscal headwinds could be offset by some positive external influences.

Given the collapsing terms of trade, the $10.6 billion blowout in the budget deficit over the past six months was to be expected. What may have surprised is how relatively sanguine Joe Hockey appears to be about his rapidly deteriorating bottom line.

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