Tag Archives: finance ministers

Swan’s Pot Is Slowly Boiling Dry

20 Apr

From Yahoo!7 News:

Get budgets in order, Swan tells Europeans

Treasurer Wayne Swan will tell his European counterparts at this weekend’s Group of 20 meeting in Washington they must continue to adopt the reforms needed to boost economic growth and get their budgets under control.

Ahead of the meeting, Mr Swan said Australia not only needed to get its policy settings right but would do everything it could to help the world avoid a repeat of the “devastation” caused by the global financial crisis.

“There is a difficult road ahead for many advanced economies, and we shouldn’t be surprised to see bouts of instability continue for some time to come,” Mr Swan said in a statement on Friday.

“That’s why I will first and foremost be making clear to European finance ministers the need to continue putting in place the reforms needed to lift economic growth and get their budgets in order.”

From the 2008-09 Budget forecast:

Total Revenue (estimate) – $319.464 billion
Total Expenditure (estimate) – $292.470 billion

From the 2008-09 Final Budget Outcome:

Total Revenue – $298.933 billion ( -$20.53 billion)
Total Expenditure – $324.569 billion ( +$32.09 billion)

Deficit – $51.44 billion

From the 2009-10 Budget forecast:

Total Revenue (estimate) – $290.612 billion
Total Expenditure (estimate) – $338.213 billion

From the 2009-10 Final Budget Outcome:

Total Revenue – $292.767 billion ( +$2.15 billion)
Total Expenditure – $339.239 billion ( +$1.02 billion)

Deficit – $46.472 billion

From the 2010-11 Budget forecast:

Total Revenue (estimate) – $321.822 billion
Total Expenditure (estimate) – $354.644 billion

From the 2010-11 Final Budget Outcome:

Total Revenue – $309.89 billion ( -$11.93 billion)
Total Expenditure – $356.10 billion ( +$1.45 billion)

Deficit – $50.5 billion

From the 2011-12 Budget forecast:

Total Revenue (estimate) – $349.961 billion
Total Expenditure (estimate) – $365.817 billion

From the 2011-12 Mid-Year Economic and Fiscal Outlook (November updated estimate):

Total Revenue – $344.11 billion ( -$5.85 billion)
Total Expenditure – $371.747 billion ( +$5.93 billion)

Deficit – $43.38 billion

Oh yes.

By the way.

We will not bother to mention the tens of billions in spending on such things as the NBN, and the Clean Energy Finance Corporation, that are not included in the budget.

Because they are hidden Off Balance Sheet.

Wayne. Europe.

Pot. Kettle.

Both slowly but steadily boiling dry.

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