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Swan dumps budget surplus

Posted by: 2UE | 20 December, 2012 - 3:52 PM
Treasurer Wayne Swan hints of unpopular budget cuts ahead

Treasurer Wayne Swan says government revenues have been hit by "sledgehammer", and it's unlikely the government will deliver a budget surplus in 2012/13. The Opposition says it has become all too hard.

Mr Swan has dumped the government's repeated commitment to returning the budget to surplus in 2012/13 following the release of the latest statement of cash receipts showing revenue down $4 billion on expectations.

The budget at the end of October was running at a deficit of $12.3 billion.

The government had forecast a surplus of $1.1 billion for 2012/13.

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The Coalition has jumped on The Gillard Government's decision to dump it's much-promised budget surplus describing it as humiliating and embarrassing.

A 4 billion dollar fall in tax revenues on the back of lower commodity prices and the high Australian dollar has forced the Treasurer to concede a surplus is now unlikely.

Opposition Leader Tony Abbott says it's another sign the government can't be trusted.


Businesses groups have welcomed the Gillard Government's backdown on its promise to deliver a budget surplus.

The Government is out this morning defending it's credibility - saying weak commodity prices and low exports have taken a toll on the nation's finances.

The Coalition is attacking the Prime Minister for another broken promise.

But Scott Thompson from the Business Council of Australia says they're breathing a sigh of relief.


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Blog comments Your Say

  • @David posting - you are 200% correct. I would just add they all present with stiff upper lips, thin skinned and weak, bloody week right through to their plastic backbones. What we need now is a complete new political party to replace these dopes!

    Samuel Kyrikos Sunday 30 December, 2012 - 8:05 PM
  • @Danny Dix I agree. The now defunct labor party is moving its so called 'headquarters' - (the base from where all the shonky activities are planned) is moving itself from Sydney to Melbourne. I say good riddance to the rotten bastards. What we now need in Australia is another politial party to be born to replace this pack of abject rotten fools, dunces and clowns.

    Rakesk Friday 28 December, 2012 - 9:40 PM
  • @Terrence, mate you are one brainwashed Dhead, I have only seen people like you on the "get up" blogs. Take a deep breath amd smell the roses mate, it ain't smelling as sweet as you always say.

    Craig Thursday 27 December, 2012 - 11:15 PM
  • Mario P. thanks for mentioning Greece which has been all but destroyed by mismanagement, corruption and ideological obsession of right-wing governments. Australia must ensure we don't hand ourselves over to tea party like nuts to make Greece out of us. Let's look at the better performing ones like the Scandinavian countries in Europe who are ruled by centre-left parties.

    Franco Thursday 27 December, 2012 - 9:48 AM
  • @Franco bankrupt Greece and other like minded bankrupt, gnashing at the teeth, failed socialist countries want your distorted lying hypocrite ilk, not Australia. It is quite clear that you dislike Australians, what a damned shame. Like yourself, the insulting comments you make are worthless and totally unsubstantiated usual Labor lies.

    Mario P. Wednesday 26 December, 2012 - 10:38 AM
  • Hardly surprising that LIEberal party stooges want to talk about Gillard and Swan! Their Abutt has nothing to talk about. Good thing that businesses have welcomed abandoning the pursuit of surplus.

    Abutt's failures:-

    - run out of steam on Craig Thomson
    - spectacular failure in opposing carbon pricing
    - personal attacks on PM backfired
    - Slipper conspiracy (to bring down the govt) specatacularly collapsed
    - no substantial policies or programmes with less than a year to go

    How does this goof even expect to be considered?

    Franco Tuesday 25 December, 2012 - 9:35 AM

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