Australian Treasurer Wayne Swan will eschew European-style austerity as a stronger currency slows growth, wagering the government can win a Sept. 14 election fought on jobs and absorb the political pain of a broken surplus promise.The underlying cash deficit will be A$18 billion in the 12 months to June 30, 2014, Swan said in Canberra today. The A$19.4 billion shortfall this fiscal year is 1.3 percent of gross domestic product, compared with a projected A$1.1 billion surplus released in the government’s mid-year review seven months ago.
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