(Updates with comment from Swan in the seventh paragraph).
April 10 (Bloomberg) - Australia will be a "tough budget" this year, as the recent natural disasters, slower consumer spending and a strong local dollar make their ravages on the economy of the country, the Finance Minister Penny Wong said. "We had some softness in the short term - which is a number of factors, floods, cyclone, but also a careful consumer, and Australian dollar strong,"Wong said today on the program of the Australian Broadcasting Corp. "Insiders". "We also look to the long term, a very large wave of investment." We have space for it. "Prime Minister Julia Gillard has pledged to return to budget surplus by the year ending June 30, 2013, after recording a deficit of a 54.8 billion (58 billion dollars) last year that reflect expenditures to avoid a recession in the global financial crisis. The budget will be presented to Parliament on May 10. Gillard announced a unique tax to fund at least one $ 5.6 billion in spending on reconstruction of the flooding, saying: it does compromise the objective of the Federal Government budget. A cyclone in the northeast of the State of Queensland, earlier this year and two months of flooding will be likely cost the economy on a 9 billion, Treasurer Wayne Swan said last week.The Australian dollar reached a record from its American counterpart. Consumer spending was overcome as well as stronger the currency lower some charges and a mining boom raises others, Philip Lower, Deputy Governor of the Bank of Australia reserve, declared March 9 mining InvestmentThe Government expects a a decrease of 3 billion dollars in tax of company revenues and a drop of intake of the tax on the income of one billion of $Wong said today.Total tax receipts have fallen on a 4.5 billion over the eight months of the fiscal year, Swan wrote a memo sent today. "Losing large slabs of income like this, makes of course, even more difficult to return to surplus, as expected, but we are determined to make difficult decisions to meet this commitment,"he says.Mining investment this year will reach a 55 billion in a 35 billion last year and will hit next year to $ 75 billion, Wong said. "The private sector will to employ more people to use more resources," she said.Unemployment of RateAustralia jobless rate fell to 4.9% in March as employers extended Unattractive record hirings. Less than 5% of unemployed cause work labor shortages that lead to inflationary pressures, according to government officials.While the unemployment rate of 4.9% in March is a "terrific feat", the economy still has "soft patch" and is in need of change to boost competitiveness, said Swan.Labor Party of Gillard has lost its majority in the national election August 2010, the closest in the 1970s and relies on the support of four EU legislators to pass legislation.The Government will continue to honour the commitments made to the independent for their support, Wong said. "We have taken very public commitments for the independent and some of them, we already delivered,"she said." "And we will offer more commitments for the self-employed in the budget."Tropical cyclone Yasi February tore through areas of production of sugar and bananas, following two months of flooding in Queensland which killed 36 people, closure of mines and wiped out crops. The State produces 80% of exports of coal coking of the Australia, the biggest provider in the world and grows more of 30% of fruit and vegetables of the nation.Coal ProductionLost coal production will represent a third of the estimated a cost of 9 billion to the economy, Swan said on April 3. Crop damage would add a 2 billion and lost tourism $ 400 million, he said.Economists have estimated that the damage caused by floods can reach $ 20 billion, or about 1.5% of the economy of 1.3 trillion dollars in Australia, while the cost of reconstruction after Cyclone Yasi may be a 2 billion.In addition, stronger earthquake of the Japan in history March 11 is estimated to have begun the demand for goods in bulk of the Australia by almost a 2 billion in this fiscal year, less than a quarter of a percentage of GDP point shaving, according to the Treasury Board.-Editors: Paul Tighe, Jim McDonald
To contact the reporter on this story: Nichola Saminather in Sydney on nsaminather1@bloomberg.net
To contact the editor responsible for this story: Paul Tighe at the ptighe@bloomberg.net
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