Remember the Labor Government’s record $51.5 billion deficit in 2010-11?
They are on track to do it again this year too.
According to the RBA, Labor has racked up a $30.26 billion loss for the first half of 2011-12:
That’s just $3 billion less than the record deficit they racked up for the first half of 2010-11:
Now, it is worth recalling that in the November MYEFO budget update, Wayne had to revise his original May budget “estimate” for a $22.6 billion deficit this year. He told us it would blow out to $37.1 billion.
Just four weeks after that new claim from the World’s Greatest Treasurer, RBA records show that he had already managed to achieve a $30 billion headline loss for the first half of this financial year.
But he is going to deliver a $1.5 billion surplus next financial year.
Honest he is.