SA: Crisis to plunge SA further into deficit

AAP General News (Australia)
02-06-2009
SA: Crisis to plunge SA further into deficit

ADELAIDE, Feb 6 AAP - South Australia's budget will plunge further into deficit because
of the global financial crisis.

Treasurer Kevin Foley confirmed on Friday that the downturn would wipe another $880
million from the state's expected tax revenues over the next four years, taking the total
forecast damage to more than $1.5 billion.

Mr Foley said it was a "huge hit" for the SA economy.

"Our budget will be going into deficit in this financial year and for the next few
financial years as we work our way through this incredibly sharp downturn," …