Australia's Swan Maintains Forecast For Budget Surplus By 2016

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Australia's budget balance would return to a surplus in 2015-16 despite a surge in population, treasurer Wayne Swan said Friday, maintaining the government forecast.

"We have committed to achieve that objective largely by implementing spending restraint," he said in a speech in Sydney.

He noted that managing rising population and to grow the economy through improved labor productivity and participation are two big challenges the country is facing.

Australia's population is projected to grow by 65% to reach over 35 million people in 2049, up from around 21.5 million people now.

"It is a particularly daunting challenge when it comes to Government finances," he said.

Australia's budget balance would return to a surplus in 2015-16 despite a surge in population, treasurer Wayne Swan said Friday, maintaining the government forecast. (Market News Provided by RTTNews)