Australia’s PM Turnbull: Budget trajectory still not good enough

Australia’s PM Malcolm Turnbull crossed the wires last hour, via Reuters, speaking at the Australian Financial Review Business Summit.

Headlines:

Flagged fresh spending cuts in the May budget

Warned that the trajectory of the Coalition's budget is still not robust enough to create a significant fiscal buffer against any major economic downturn or market collapse

Fixing the budget cannot be achieved by "simply raising taxes and ignoring spending"

Need to ensure tax payer's dollars are spent most efficiently and most effectively