Mr. Swan has cited the longstanding strength of the Australian dollar and falling commodity prices as factors that have eroded government tax revenues, contributing to a weakening of the budget's bottom line.
HIGH-PROFILE stockbroker Charlie Aitken has weighed into the debate around the Australian dollar, saying that a wave of hedge funds could be set to short the currency and the biggest winners would be industrial stocks, not resources.
Australia's dollar declined toward an 11-month low after a private report showed business confidence slid amid bets that the Reserve Bank will cut interest rates further to curb the currency's strength.
Mr. Swan revealed a sharp deterioration in budget finances, saying revenues had slid steeply over the last year due to a high Australian dollar and falling export prices. He equated the decline in revenue in the last year to that witnessed during the ...