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NewsMail Morning Edition Tue 17 Dec, 2013 Top Stories More Top Stories » Hockey set to reveal $120b budget deficit over forward estimates By political reporter Latika Bourke, staff Treasurer Joe Hockey is expected to unveil combined deficits worth more than $120 billion when he releases the Mid-Year Economic and Fiscal Outlook today. The ABC has been told that the budget update will show a deficit of close to $50 billion - a significant blowout from the $30 billion forecast during the election campaign - and $120 billion of deficits over the forward estimates. Despite the blowout in the budgetary position the update is not anticipated to show any drastic spending cuts, although some "reprioritisation" of education spending is expected to cover the extra $1.2 billion for school funding. The ABC also understands today's mid-year budget update will map out 10 years of deficits if Labor's policies were kept in place. But Opposition Leader Bill Shorten has singled out the Prime Minister's "signature" paid parental leave scheme as something that needs to go, saying the policy is a "joke Australia can't afford". More » Video evidence of alleged police attack destroyed by witness Australia five wickets away from winning back Ashes Sydney man shot dead after answering front door Melbourne police clash with East West Link protesters Australians falling behind on home loans despite low rates UN launches biggest ever appeal to help victims of Syrian war More Analysis » How the PM can make his next 100 days better Immediately after the election of Tony Abbott as Prime Minister, I wrote in The Drum that the more people see of him, the more that they will like him. Post-election opinion polls suggest this isn't happening. But Labor's newfound two-party preferred poll lead is not a positive endorsement; rather, it indicates uneasiness about the Government's direction and performance. 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More » World's largest statue of Mandela unveiled UN launches biggest ever appeal to help victims of Syrian war Police raids in France, Spain in new horse meat scandal China to launch next lunar probe in 2017 after successful mission Vigils for India's gang rape victim a year on from horrific attack Business More Business » Hockey set to reveal $120b budget deficit over forward estimates By political reporter Latika Bourke, staff Treasurer Joe Hockey is expected to unveil combined deficits worth more than $120 billion when he releases the Mid-Year Economic and Fiscal Outlook today. The ABC has been told that the budget update will show a deficit of close to $50 billion - a significant blowout from the $30 billion forecast during the election campaign - and $120 billion of deficits over the forward estimates. Despite the blowout in the budgetary position the update is not anticipated to show any drastic spending cuts, although some "reprioritisation" of education spending is expected to cover the extra $1.2 billion for school funding. The ABC also understands today's mid-year budget update will map out 10 years of deficits if Labor's policies were kept in place. But Opposition Leader Bill Shorten has singled out the Prime Minister's "signature" paid parental leave scheme as something that needs to go, saying the policy is a "joke Australia can't afford". More » Emirates rules out buying stake in Qantas Toyota seeking 30 cuts to employee entitlements Brindabella Airlines put in receivership, 140 staff stood down Foreign workers may fill oil and gas skills shortage, report warns Politics More Politics » Combet to lead car industry taskforce By politics reporter Nick Harmsen Former federal Labor minister Greg Combet is to oversee the SA Government's response to Holden's plan to stop manufacturing in Australia. More » Hockey set to reveal $120b budget deficit over forward estimates Court refuses application to release AWU evidence Natasha Stott Despoja named Australia's Ambassador for Women and Girls Bernardi issues quit ultimatum to Turnbull over gay marriage stance Sport More Sport » Out with the old and in with the new for England's batsmen As English greats question Kevin Pietersen, praise flows in for Ben Stokes. 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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. This message was sent to you at starnewsposting@gmail.com Please add newslists@your.abc.net.au to your email address book to see images by default and stop the email being treated as spam. This email address is not monitored - Please don't reply to this email. Manage your preferences | Unsubscribe | Contact Us   This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Australian Broadcasting Corporation, 700 Harris Street, Ultimo NSW 2007 © 2013 ABC | Conditions of Use | Privacy Policy | Discover other ABC Email newsletters