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Australian budget surplus nearly double forecast for 2002/03.
(From Agence France Presse)
The Australian government reported a 7.5 billion dollar (5.1 billion US) budget surplus for the past fiscal year, nearly double earlier forecasts of a 3.9 billion dollar excess.
Treasurer Peter Costello said the better-than-expected outcome for the year to June 30 was due mainly to higher revenues from company taxes and lower spending on family and community services and education.
The final budget surplus for the 2002-2003 fiscal year was also boosted by delays in some contracted health expenditures which would now figure in the 2003-2004 budget, he said.
"The higher than estimated outcome was caused predominately by increases in company tax, with increases in company taxes around 2.0 billion dollars higher than forecast at budget (in May)," Costello said.
He said this was "principally the result of stronger than forecast company profits (and) confirms what you've seen in the recent reporting season, that ...
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