Now where have I heard this before?
From The Age, 30 March 2012:
“[In the November 2011 Mid-Year Economic and Fiscal Outlook] the government predicted a deficit of $37.1 billion in the current year to June.
That deficit forecast is toast. The fall in the tax take since the mid-year report implies an additional loss of revenue of about $18 billion a year.”
So, about $55 billion, give or take a few billion?
From barnabyisright.com, 5 November 2011:
Brace yourself.
Not for a “return to surplus” (ie, a balanced budget, in one year only).
But for new record deficits.
In just 5 months, the Green-Labor 2011-12 budget is already shot to hell.
From barnabyisright.com, 1 March 2012:
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.
From barnabyisright.com, 12 March 2012:
If company tax receipts perform as poorly in the June half year as they did in the December half, the government will face a deficit this year approaching $50 billion.
It would be beyond the reach of the creative accounting evident in last November’s budget update to turn this into a 2012-13 surplus.
$22.6 billion deficit, forecast in May.
$37.1 billion, forecast in November.
$5? billion deficit actually achieved, at the end of June.
But never mind all that.
We are all going to believe the headlines, and the TV sound bites, and the rants in Question Time, when Wayne and Co. loudly proclaim that much-promised “return to surplus” in the May budget.
Even though it will be nothing more than a forecast.
With even less credibility than all four of their previous #epicFAIL budget forecasts.
There are only two chances of Labor achieving anything like a surplus in 2012-13.
Buckley’s. And none.
Barnaby Is Right 
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