00:00Accelerating defence spending.
00:05The Deputy Prime Minister bringing forward a billion dollars to boost Australia's military
00:10capability in tomorrow's budget.
00:14The acceleration of the one billion is really there to ensure that the very ambitious timelines
00:20that we have in relation to all of this are going to be met.
00:24Under pressure from US President Donald Trump to increase defence spending, who's also slapped
00:31tariffs on steel and aluminium exports from Australia.
00:35All feeding the projected deficit this financial year, estimated to be 27 billion dollars.
00:42The budget is in structural deficit, so effectively we've been playing our luck with commodity
00:49prices for years.
00:51That luck is running out.
00:53There's other unforeseen pressures too, like propping up the Wyala steel mill in South
00:58Australia and underwriting the future of regional airline wrecks.
01:03But don't expect any major tax reform in this budget.
01:06Instead, the government has spelled out five key priorities.
01:10Supporting the recovery from ex-cyclone Alfred, strengthening Medicare, investing in education,
01:17making the economy more competitive, dynamic and productive, and helping with the cost of living.
01:23We've seen a big improvement in the budget and in lowering the debt and lowering the
01:28interest on our debt because we have been so responsible in our budgets where we've
01:32had upwards revisions, we've paid down debt, we've banked that, we haven't spent it.
01:37The nation's finances will be revealed tomorrow, with voters getting their chance to decide
01:43on Australia's future in May.
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