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Australia forecasts faster return to surplus

Australian treasurer Wayne Swan on Tuesday forecast the government’s budget to return to surplus three years sooner than expected and before any other major advanced economy, helped by global demand for its key commodity exports.

Australia’s terms of trade, or the value of imports divided by the value of exports, are expected to rebound by about 25 percent by mid-2010 – injecting AUD30 billion (USD27.09 billion) into the economy.