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Australia forecasts budjet deficit in 2012/13

AUD/USD renewed the 11-month low at $0.9925 after the release of the Australian budget. Australian government now predicts A$19.4 bln 2012/13 budget deficit vs. A$1.1 bln surplus seen in October. 2013/14 budget deficit is seen at A$18 blnn vs. A$2.2 bln surplus seen in October. The government is blaming a stubbornly high Australian dollar and lower commodity prices for a dramatic fall in revenues.

Projected Australian GDP growth rate in 2012/13 is 3.0%. Forecast for 2013/14 is a 2.75% growth rate. Unemployment in 2013/14 is seen at 5.75%. 

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