Australia's budget deficits to blow out by $47bn over four years, modelling shows

Falling commodity prices will push budget deeper into the red unless savings measures, such as changes to superannuation tax concessions, are adopted, says Deloitte Access Economics

Australia's boom is heading for bust, with deficits over the next four years blowing out by $47bn in just the past six months due to plummeting commodity prices and the rejection of last year's budget savings, new forecasts show.

But as cabinet prepares to sign off on the 2015 budget on Tuesday, the Abbott government is refusing immediate consideration of alternative cuts to generous superannuation concessions, despite new modelling showing they are skewed towards the richest Australians even more than previously thought and despite the political "cover" of Labor's modest plan to cut super tax breaks.

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