Hockey outlines budget hit-listPUBLISHED: 8 hours 11 MINUTES AGO | UPDATE: 0 hour 0 MINUTES AGO
Treasurer Joe Hockey used a speech in Sydney to forecast that reducing real spending growth to 1.75 per cent will eradicate the budget deficit in five years, achieve a small surplus in 2019-20, and a surplus equivalent to 1 per cent of gross domestic product by 2023-24.
Citing findings of the Commission of Audit, which makes 86 recommendations and will be released next Thursday, Mr Hockey identified pensions, health, welfare, education and defence as targets because they are the fastest-growing areas of expenditure.
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