The IMF has an ominous warning for Joe Hockey about his budget

"Australia has the dubious honour of having the fastest budget deterioration of 29 advanced economies tracked by the IMF… The IMF says that the Government needs to find at least $50 billion in cuts to the net deficit…by 2020 if it is going to be able to keep Australia’s debt position at a ‘safer level’. Interestingly though, when so many countries round the world have debt to GDP ratios at or near 100% or more, the IMF says this safer level is an almost comically low 4.7% of GDP."

Also: Unemployment in shock fall to 5.8% (Glenda Kwek, Sydney Morning Herald)