Taoiseach Brian Cowen has said there is unlikely to be further cuts requested by Europe despite the continuing financial difficulties among the community.

Today, Mr Cowen also ruled out an early budget and said Europe did not expect Ireland to produce more than the €3 billion in cuts it had already asked for.

Mr Cowen said the Government would be in touch with the European Commission “in due course” to indicate the broad outline of its financial strategy.

Also this morning, the Minster for Trade and Commerce Billy Kelleher has announced €15m in new business for Irish companies after an Australian trade mission by the minister.

Mr Kelleher said the new contracts and agreements were concluded by Enterprise Ireland client companies during this week’s trade and investment mission which took place down under.

Speaking at the conclusion of the mission Minister Kelleher said: “I am pleased to announce €15m in new business in Australia for the companies that participated on this important trade mission. These successes endorse Ireland’s global reputation as a source of high quality products and services.

"We see significant future potential across many of Ireland’s key exporting sectors in Australia and will continue to focus our efforts on ensuring Irish exports continue to grow in this exciting market.”

The deals included a a €3.5m deal with Sony Australia to reduce the number of mobile handsets that end up in landfill, Galway company Health Care securing a €200k deal with The Royal Children’s Hospital Melbourne and Louth e-learning company Learnosity securing a €100k contract with Queenland’s Association of Independent Schools.

(DW/GK)