 Before the budget's release Treasurer Joe Hockey signalled the budget would contain widespread spending cuts in response to what he described as an unsustainable growth in government expenditure.In August 2013, in a budget update before the forthcoming federal election, the Australian Treasurer under the Second Rudd Government forecast a $30.1 billion deficit for 2013/14.In December 2013, the Australian Treasurer under the Abbott Government forecast a $47 billion deficit for the same period, due to the new government's decision not to implement savings and revenue measures put forward by the Rudd Government before the election, and an unexpected injection of $8 billion into the Reserve Bank.