Cuts to social services and increased tax revenue deliver reduced budget deficit

Treasurer Scott Morrison says 'cautious and wise' approach to finances is helping Australia maintain its credit rating

A multibillion-dollar cut to spending on social services and higher-than-expected tax revenue have helped the government deliver a smaller budget deficit than forecast for 2016-17.

The treasurer, Scott Morrison, said the smaller deficit illustrated the Coalition had been taking a "cautious and wise" approach to the nation's finances, helping Australia maintain its credit rating.

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