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Australian government sees AUD19.4 billion deficit in 2012/13

FXstreet.com (Barcelona) - The Australian government released it annal federal budget today, in which it presents the economic plan for the coming year.

According to the document, in the current fiscal year a AUD19.4 billion deficit is expected. The country's deficit is estimated to reach AUD18 billion in the fiscal year ending June 2014.

The Australian government explains in the release that the lack of expected surplus is a result of a high Australian dollar and a decrease in commodity prices, which caused a dramatic fall in company profits.

GDP is expected to grow by 3% in 2012-13, by 2.75% in 2013-14 and by 3% in 2014-15. Unemployment is projected to reach 5.75% 2013-14 and 5.75% in 2014-15 .

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