Australia Flags $13.3 Billion Savings as Budget Pressures Mount
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Australia will book A$20 billion ($13.3 billion) in savings in Wednesday’s mid-year budget update as the government works to offset rising spending pressures, Treasurer Jim Chalmers said.The update “won’t be a mini budget,” but will show the government is “all about delivery, responsibility and restraint,” Chalmers told reporters Sunday. The budget faces “about A$35 billion” in extra costs — roughly A$25 billion once Australia’s goods-and-services tax is removed — due to natural disasters, the age pension, veterans’ payments and military retirement expenses.