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:
Source: RBA Statistics - E1 Australian Government Budget - Monthly | Click to enlarge
That’s just $3 billion less than the record deficit they racked up for the first half of 2010-11:
Budget Surplus/Deficit Compared - First half 2010-11 vs 2011-12 | Click to enlarge
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.
Barnaby Is Right 
One of these days, Wayne is going to wake up and smell what he’s shovelling…..
So our Goose is really a turkey
What else is new?
I think Wayne will fiddle a surplus next year, but the deficit the year after will be huge.
No Bob.
Swan will fiddle a surplus Budget forecast in May for next financial year … but come June 2013, there is not a snowflake’s chance in hell that a surplus will have been realised.
Nevertheless, stand by for the May budget announcement/forecast, and the lamestream media trumpeting of a return to surplus in 2012-13 “as promised” … neglecting to mention that it is only a forecast, and that Labor have not come within a bull’s roar of achieving one of their forecasts yet.
Didn’t Penny Wong say without a carbon tax, they won’t reach surplus? Now the hard nosed former Premier of NSW is in the mix. You reckon he won’t try and replace Gillard. Don’t you think this would be a waste of time, unless the labour and greens start singing a better song? And if they do, will people believe them?