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Federal Treasurer Joe Hockey’s first budget update has revealed a massive blowout to the bottom line and a warning of a decade of deficits ahead.

The government’s Mid-Year Economic and Fiscal Outlook (MYEFO) reveals a deficit for 2013/14 of A$47 billion, with deficits in subsequent years adding up to A$122.7 billion.

With a A$37 billion...

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The Conversation