THE NEWS WRAP: Federal budget deficits set to blow out

Federal budget deficits for the next four years are set to double to more than $100 billion, with the federal government expected to sign off on forecasts of a $50 billion deficit this year and $30 billion the next.

Prime Minister Tony Abbott has signalled that the timetable to bring the budget back into surplus will be revised.

“We said we would get the budget back to surplus at least as quickly as Labor had proposed,” he said.

The federal government is also due to commit to funding a number of road infrastructure projects costing $1 billion.

Mining construction jobs to collapse

Mining construction jobs are set to collapse over the next four years, according to a study released by the Australian Workforce and Productivity Agency.

The report says the sector is predicted to shed more than 78,000 jobs by 2018 as the resources boom slows.

It says the fall in construction jobs will only be partially offset by a rise in mine operation jobs.

Brindabella Airlines in receivership

New South Wales regional carrier Brindabella Airlines has been placed in receivership.

The airline, which had a licence from the NSW government to provide flights between Sydney and Mudgee, Cobar, Narrabri and Moree and winter-only services to Cooma, failed to recover after eight of its 10 planes were grounded because of overdue maintenance checks.

David Winterbottom of receiver KordaMentha said on Sunday the airline would no longer accept bookings and all flights would be suspended indefinitely.

Overnight

The Dow Jones Industrial Average closed up 0.1% Friday at 15755.36. The Australian dollar is down to US89.62 cents.