Australia's Turnbull says he has no plan to "slash and burn" services in next budget

Aussie PM out on Bloomberg from a speech in Canberra

• challenge is expenditure as % of GDP is high

No further details/comments but will update if we get them

Be aware the RBA dep gov is speaking in London at 10.20 GMT

Update 09.35 GMT

• Budget deficit will shrink when economy grows faster than expenditure
• budget has been in deficit since 2008
• propsed tax reform programme won't result in higher tax burden

Nothing price changing AUDUSD 0.7254