Australia’s Prime Minister Julia Gillard might want to start putting her resume together. Australia fiscal outlook was revised downward substantially today, and it’s bad news for Gillard and the ruling Labor party. The AP reports:
Australia’s government said Monday that its tax revenue has continued to fall in recent months as company profits declined and the mining boom that kept the nation out of recession cools.Prime Minister Julia Gillard said revenue for the fiscal year ending June 30 will be 12 billion Australian dollars ($12.4 billion) less than the Treasury Department forecast in October when a slender budget surplus of AU$1.1 billion was predicted.
The struggling PM was already facing a tough fight as her party, riven by internal struggles, trailed its opposition in the polls. This news won’t help; tax revenue from the mining industry is falling, leaving Oz to face a budget deficit and some spending cuts. This is not what you want to tell the voters as the election approaches.[Julia Gillard image courtesy of Getty Images]