Treasurer Joe Hockey
Treasurer Joe Hockey AAP Image/Daniel Munoz

Foreign aid cut as Joe Hockey faces budget blow-out

TREASURER Joe Hockey will slash foreign aid and reveal a massive blowout in this year's deficit when he hands down his mid-year budget update today.

The ABC's AM program understands the aid budget will be reduced to Howard-era levels and more than $3 billion will be cut over the next four years.

The cuts in today's Mid-Year Economic and Fiscal Outlook (MYEFO) come on top of a $7.6 billion cut to the aid budget in May.

Some of the money will be redirected to fund new spending decisions, such as a $630 million boost to national security and the deployment of troops to the Middle East.

This year's budget deficit, which was forecast to be $29.8 billion in May, is now set to exceed $40 billion as "global headwinds" continue to batter the Australian economy.

Read more at ABC News

 



Man who allegedly stole from mourners at funeral denied bail

premium_icon Man who allegedly stole from mourners at funeral denied bail

Moras faced six charges of stealing and committing offences

Meninga calls for Australia to change national anthem

premium_icon Meninga calls for Australia to change national anthem

'We do need a change to be more contemporary'

Car and cash stolen in two knife point robberies overnight

premium_icon Car and cash stolen in two knife point robberies overnight

A QPS spokeswoman couldn't confirm if the robberies were connected