In the Australian press overnight (The Australian) - Treasury secretary John Fraser warned the government AAA-credit rating is in jeopardy
Unless urgent efforts are made to cut spending
Fraser spoke in Sydney overnight
Said:
weaker-than-expected revenues, falling commodity prices and forecasting errors were no excuse for not taking tough decisions about the nation's budget deficit
"Going forward, the more we can do to limit net new policy spending, the better," he said.
Governments could not rely on a bounce in Australian or global economic growth to repair the budget
"We need to look at substantial structural savings across the board ..."
The article is not fresh, it hit about 8 hours ago or so. the Australian is often gated, but the article is also available here
