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Australia's painful choices in economic slowdown

2014-12-07 20:06:00| Energy - Topix.net

Resources firms in Australia spent the past decade plowing billions of dollars into new mines and gas projects that promised to make budget deficits a thing of the past. Sharp falls in prices of commodities from iron ore to crude oil are shrinking the windfall that Australia's government hoped would support spending on new infrastructure and some of the most generous social welfare plans in the world.

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