Treasurer Joe Hockey: 'Faster and deeper' problems behind budget deficit of $40.1b

By Gareth Hutchens and James Massola
Updated December 16 2014 - 6:51am, first published December 15 2014 - 10:09pm
Treasurer Joe Hockey and Finance Minister Mathias Cormann on Monday. Photo: Alex Ellinghausen
Treasurer Joe Hockey and Finance Minister Mathias Cormann on Monday. Photo: Alex Ellinghausen

The federal government's budget deficit will hit a staggering $40.4 billion this year, Treasurer Joe Hockey says, with the budget to return to surplus one year later than expected in 2019/20.