“Australia has lost A$7.5 billion ($7.7 billion) in revenue since the October mid-year budget review due to its strong currency and lower terms of trade, worsening its budget position, Treasurer Wayne Swan said.
“We’ve been hit in Australia with a high dollar, lower terms of trade, which has had a dramatic impact upon the profitability of companies and prices more generally in the economy,” Swan said in an interview on the Australian Broadcasting Corp.’s ‘Insiders’ program yesterday. That’s caused “a sledgehammer to revenues in the budget since the mid-year update of something like A$7.5 billion.” …”
If you enjoy the content at iBankCoin, please follow us on Twitter
