Australia cuts defense, aid to hit budget surplus
World BusinessMay 9, 2012
CANBERRA (AP) ― Australia’s government said it will rein in defense spending and scale back promised increases in foreign aid as it tries to become the first major developed economy to balance its books after the global economic crisis.Treasurer and Deputy Prime Minister Wayne Swan on Tuesday outlined big spending cuts to achieve a 1.5 billion Australian dollar ($1.5 billion) budget surplus in the fiscal year beginning July 1.The budget deficit for the current year has almost doubled from the le