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NewsMail Afternoon Edition Tue 17 Dec, 2013 Top Stories More Top Stories » Hockey warns spending cuts to come as deficit blows out by billions By chief political correspondent Emma Griffiths The Abbott Government's first budget statement has revealed an economy in dire trouble with historically deep deficits, more people out of work, slower wage growth and massive revenue write-downs. Treasurer Joe Hockey has unveiled the Mid-Year Economic and Fiscal Outlook, warning that wasteful spending will have to be "eliminated" but that Australians will also wear some hip-pocket pain. "Much of the projected growth in spending is from social programs, including welfare, education and health," Mr Hockey said in his speech at the National Press Club. "Spending reform will inevitably require difficult choices about the policies that Australians need now and in the years to come. The Opposition says the Government has painted the bleakest picture possible, in a "cheap trick" to justify widespread cuts in the May Budget. More » The Ashes: Third Test day five, Australia v England at the WACA live blog Live MYEFO reaction: Joe Hockey unveils budget update Switkowski says NBN cannot guarantee promised speeds Abbott sides with Turnbull over Bernardi gay marriage ultimatum Ambrose and Xavier Clarke sentenced to minimum 18 years' jail over Perth businessman's murder Mother who left child in hot car committed to stand trial for manslaughter More Analysis » No more pretend surpluses: budget pain is coming Treasurer Joe Hockey has bashed Treasury into some dour forecasts for the Mid Year Fiscal and Economic Outlook, below those of the RBA and way below private forecasters. There are no more pretend surpluses. Instead, Australia's growth forecast has been slashed and there are big deficits as far the eye can see. And if Joe Hockey responds with deep spending cuts in May as flagged, growth will take a second hit. More » The Coalition's budget decisions are all its own Irresponsible opposition is holding the economy back How the PM can make his next 100 days better Islam's forgotten animal welfare tradition Australia's failure to stay at the cutting edge What will the environment get for Christmas? A weak-Tea Party, anyone? Is the Queen really the unifying symbol of Australia? The only way is Pup Just In More Just In » Boston Globe reporter relays inspirational teen's story in tweets A Boston Globe reporter was so moved by George Huynh's story, he told Twitter about it 140 characters at a time. 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More » Pleas for New Zealand to take obesity seriously Klitschko picks Ukraine politics over boxing title NSA phone data snooping probably unlawful, judge rules World's largest statue of Mandela unveiled UN launches biggest ever appeal to help victims of Syrian war Business More Business » Hockey warns spending cuts to come as deficit blows out by billions By chief political correspondent Emma Griffiths The Abbott Government's first budget statement has revealed an economy in dire trouble with historically deep deficits, more people out of work, slower wage growth and massive revenue write-downs. Treasurer Joe Hockey has unveiled the Mid-Year Economic and Fiscal Outlook, warning that wasteful spending will have to be "eliminated" but that Australians will also wear some hip-pocket pain. "Much of the projected growth in spending is from social programs, including welfare, education and health," Mr Hockey said in his speech at the National Press Club. "Spending reform will inevitably require difficult choices about the policies that Australians need now and in the years to come. The Opposition says the Government has painted the bleakest picture possible, in a "cheap trick" to justify widespread cuts in the May Budget. More » Reserve Bank hints at more interest rate cuts to come Switkowski says NBN cannot guarantee promised speeds Markets brace for US stimulus decision Politics More Politics » Live MYEFO reaction: Joe Hockey unveils budget update The Federal Government has confirmed a budget deficit of $47 billion this year, up from the $30 billion that was forecast just months ago. More » Hockey warns spending cuts to come as deficit blows out by billions Switkowski says NBN cannot guarantee promised speeds Abbott sides with Turnbull over Bernardi gay marriage ultimatum Coalition shelves Indonesia asylum boat buy-back plan Sport More Sport » Third Ashes Test, day five: live blog By Cameron Leslie England are 6 for 332 at lunch with Ben Stokes on 117 and Tim Bresnan 7 defying Australia's quest to win the Ashes. More » Sharks fined $1m, Flanagan banned over supplements Australia five wickets away from winning the Ashes Klitschko picks Ukraine politics over boxing title Simunic to miss World Cup for fascist chants Spurs sack manager Villas-Boas Science and Technology More Science and Technology » Study links junk food to memory loss By Lucy Carter A team of researchers from the University of New South Wales has uncovered a link between junk food and memory loss. More » China to launch next lunar probe in 2017 after successful mission China lands rover on moon White House says no plans to split NSA, Cyber Command Australian Nobel Prize winner John Cornforth dies Environment More Environment » Kerry returns to Vietnam's Mekong Delta to address climate change issues United States secretary of state John Kerry has returned to Vietnam's Mekong Delta, which he navigated as a wartime gunboat skipper, to highlight its vulnerability to climate change. More » Bailed Greenpeace activists not able to leave Russia Environment approval 'one-stop shops' given go-ahead by COAG Forestry industry urges Abbott Government to honour peace deal Japanese whaling fleet preparing to leave Japan: Sea Shepherd About this email You received this email because you are subscribed to ABC News email alerts. 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