Indeed, industry is looking to the Federal Government's first Budget to encourage and facilitate the efforts of large sectors of the economy as they undergo transition and adapt to the winding down of the mining boom. While the substantial fiscal policy challenge over the rest of this decade is to move federal, state and territory budgets out of structural deficit positions, the reality is that the economy at present is very unlikely to withstand big aggregate spending cuts or tax increases in 2014-15 without provoking slower growth and lower revenue collections.
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