Australia budget: Government likely to announce tax cuts

Australia's Treasurer Josh Frydenberg will unveil a budget for the year starting July 1 later today, which is expected to include tax cuts and cash handouts worth AUD 9 billion.

Even after that pre-election splurge, there’s set to be a forecast budget surplus, which would end the longest stretch of deficits since at least 1970, according to Bloomberg. 

It is widely believed that tax cuts may provide a smaller boost to the economy than lifting government spending.