Joe Hockey faces $60bn budget hole

Savings of more than $60bn a year will have to be found by 2023-24 for govt to reach surplus target.

Savings of more than $60 billion a year will have to be found by 2023-24 for the Abbott ­government to reach its surplus target, according to the Commission of Audit, which presented a bleaker outlook for tax revenue than was contained in the midyear budget update.

The commission’s pessimism is understood to be based both on a further downgrade in tax revenue growth and on its belief that it is not realistic to assume there will not be any personal income tax cuts over the next 10 years.

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