Australia plans to balance books

The Australian government has introduced a plan to balance the budget year as it prepares for a general election and pay off all debt within a decade.

Treasurer Josh Frydenberg on Tuesday outlined a strategy to deliver a 7.1 billion Australian dollar ($5 billion) surplus in the financial year beginning July 1 while asserting tax cuts and cash handouts to many Australians.

Prime Minister Scott Morrison hopes voters, whom he’ll inquire to re-elect his coalition to get a third long-term term will favorably receive the funding. Morrison is expected to announce that an election is he held on May 11 or May 18.

The funding plan needs to be endorsed by Parliament to become law.