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The Australian Treasury Ministry released its Mid-Year Economic and Fiscal Outlook on Tuesday. The Australian budget deficit is expected to expand to A$37.4 billion in 2015-16, up from a deficit of A$35.1 billion estimated in May. The rise was driven by a drop in commodity prices, weak wage growth and subdued economic outlook.
The Australian economy is expected to grow at 2.5% in 2015-16, down from a 2.75% rise estimated in May.