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Mar 29

Swan threatens to axe Govt spending

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AAP

The opposition has challenged Treasurer Wayne Swan's warnings of yet another tough federal budget, saying his pre-budget statements often give notice of painful cuts that don't come about.

Mr Swan on Thursday said federal government programs will be cut or cancelled to offset further revenue falls in the upcoming budget to meet Labor's commitment to deliver a surplus in 2012/13.

While those cuts won't be "slash and burn" reductions, the treasurer said there won't be a lot of new spending either as he tries to make up the fiscal gap created by significant writedowns to revenue, historically low tax levels and longer-term structural changes in the economy.

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"The reality is that we need to cut and cancel existing programs if we are to meet our targets, and we'll need to redirect some spending to where it is needed most," he told an Australian Business Economists' function in Sydney.

In the mid-year budget update released last November, Treasury forecast a $1.5 billion surplus for 2012/13, after a $37.1 billion deficit in this financial year.

Mr Swan remains determined to deliver the surplus, although the final outcome won't be known until late in calendar 2013.

Opposition treasury spokesman Joe Hockey said on Thursday the outcome was never what was promised and the government was "addicted" to spending.

"Before each budget he promises Armageddon," he told ABC Radio.

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Swan threatens to axe Govt spending

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