From the Sydney Morning Herald:
- Prime Minister Julia Gillard to reveal on Monday that lower company profits will put the federal budget $12 billion in deficit this financial year
- Gillard faces an election on September 14
Gillard will be speaking from 1pm local time (0300GMT)
Loss blows $12b hole in budget
While the news may turn into a political football, expectations for a budget deficit have been well telegraphed to the markets. AUD/USD is little changed from Friday’s close, 1.0279/84 at present.
