More for AUD traders - mid year budget government review due today

The Australian government will release its the Mid-Year Economic and Fiscal Outlook (MYEFO) today

It will contain downgrades, cuts ... but a few boosts as well (mainly to the deficit :-D )

To the outlook on commodity prices (iron ore expected to be cut from $48 to $38 or thereabouts)
To the forecast for gross domestic product (this will be cut by up to 0.5%)
2.75% growth forecast for 2015-16 expected to be reduced to 2.5%
3.25% forecast for 16/17 expected around 3%
Forecast of 3.5% for 17/18 & 18/19 expected to be downgraded to 3%
Will show a slower return to surplus
Budget deficit for this financial year expected around $38 billion (from $35 billion forecast in May)