The notes from Australian Treasurer Wayne Swan’s speech were released early:

  • Weaker revenue making surplus ‘much harder to achieve’, global turmoil had ‘big impact’
  • Calls surplus ‘vital objective’
  • More revenue write-downs seen in 2012-13
  • Govt to seek ‘substantial savings’ in next budget

Sounds like he’s in Europe not at the center of the biggest mining boom in 100 years. AUD is slumping but it’s well-within the scope of broad USD buying.