This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Australia To Slow Increase In Foreign Aid Spending


CANBERRA, Australia (AP) â¿¿ Australia will slow a projected increase in foreign aid spending as a cost-cutting measure in the new annual budget plan to be revealed Tuesday.

Foreign Minister Bob Carr said Monday that Australia's long-standing pledge to increase its foreign aid spending to 0.5 percent of gross national income by 2015-16 would be postponed by two years.

The pledge already was delayed for the current fiscal year that ends June 30.

Carr said Australia's foreign aid budget would increase by around 500 million Australian dollars ($499 million) to AU$5.7 billion in the next fiscal year â¿¿ a 9.6 percent increase on the current year. That would lift the aid budget to 0.37 percent of gross national income.

He said the 24 wealthy nations in the Organization for Economic Cooperation and Development, which includes Australia, had reduced foreign aid spending by an average of 4 percent last year.

"We are going to be increasing our aid, but not at the rate we had hoped in economically more buoyant times," Carr told reporters.

"The alternative would be to borrow money to spend on overseas development assistance and that's simply not sustainable," he added.

Overseas aid groups were critical of the decision to earmark AU$375 million of the foreign aid budget in the next fiscal year to accommodate asylum seekers in the Australian mainland or on island detention camps.

The Australian Council for International Development (ACFID), the peak body for Australia's overseas aid and humanitarian charities, said AU$375 million had already been taken from the foreign aid budget since December last year when the government decided to pay asylum seeker costs from aid coffers.

The council's executive director Marc Purcell said Australia had become one of the biggest recipients of its own aid, rivaling Indonesia, which receives around AU$500 million a year, and Papua New Guinea, which receives more than AU$490 million.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs