| By chief political correspondent Emma Griffiths The FederalĂ‚ Government has released its election-eve budget update, revealing massive revenue write-downs since the May budget, deeper budget deficits for the next three years and $17.4 billion worth of cuts and savings measures. The Government has blamed the $33.3 billion revenue black hole on a number of factors, including lower wages growth and faster-than-expected falls in commodity prices. Treasurer Chris Bowen says the budget update sets out the Labor's economic plan that it will take into the federal election campaign. But the Opposition has seized on the dire budget figures to bolster its argument that Labor cannot manage the economy. More » |
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