With its popularity falling since its election nine months ago, Australia's minority Labor government has staked its economic credibility on a promise to return the budget to surplus by 2013, when it is due to face voters again. But the budget for 2011-12 that Wayne Swan, the treasurer, presented on May 10th revealed just how tough that job will be.rnThanks mainly to one of the biggest resources booms in its history, Australia survived the global downturn better than other rich countries. The Australian dollar has soared in value; the terms of trade are the most favourable in 140 years.
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