Australian Treasurer crossing the wires on MYEFO

FXstreet.com (Bali) - Australian Treasurer Joe Hockey is crossing the wires with some additional comments related to the Mid-Year Economic and Fiscal Outlook report.

Australian Treasurer Joe Hockey main headlines

"Transition to non-resource sector slower than expected"

"Spending reform will require difficult choices."

"Deterioration in budget not just a short term problem."

"Recent fall in A$ and low rates should ease pressure."

"Softening economic outlook has resulted in significantly lower nominal GDP."

"Driven the reduction in tax receipts by more than A$37 billion over the forward estimates"

“The softer economic outlook, coupled with changes in demand-driven programmes, has also increased payments across the forward estimates.”

“The fall in resources investment is expected to be sharper than previously forecast, the recovery in the non-resources sector is expected to be more gradual.”

"Real GDP is forecast to grow at 2.5% in 2014-15, compared to 3% in the 2013 PEFO."