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Bank of America Merrill Lynch economist Saul Eslake predicted an AU$20 billion deficit in the current fiscal year. He doubted whoever governs for the next three-year term after the elections would deliver a surplus without big spending cuts. "It will be difficult to credibly forecast a budget surplus during the life of the next parliament without drastic policy action," Eslake told Australian Broadcasting Corp. radio. Shane Oliver chief economist of investment company AMP Capital said the AU$12 billion tax shortfall was in line with his predictions of a deficit between AU$10 billion and AU$15 billion. The International Monetary Fund director for Asia and the Pacific, Anoop Singh, said Australia's weaker government finances were not a concern because of the country's low debt at just 10 percent of gross domestic product. Australia is one of a few countries with a triple-A sovereign debt rating from the major credit rating agencies.
[Associated
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