The Australian federal government is expected to announce $6.3 billion in budget savings today

  • The Australian Financial Review reports (article is here but it may be gated)

Business Insider have an ungated summary report on what is expected

You may recall the fears about credit rating threats in the wake of the close election result and the perceived difficulties about getting budget savings/tax measures through parliament. I wouldn't be taking these developments today to the bank just yet, but it's a positive sign. Still plenty of work to be done though.