Treasurer Wayne Swan continues to promise to deliver a surplus. But look at his record.
In his first budget on 13 May 2008, Swan promised a surplus in 2008-09 of $21.7 billion. In the Final Budget Outcome for 2008-09, Swan delivered a deficit of $27.1 billion.
In his second budget on 12 May 2009, Swan promised a deficit in 2009-10 of $57.6 billion. The FBO showed a deficit of $54.8 billion for 2009-10.
In his third budget on 11 May 2010, Swan promised a deficit in 2010-11 of $40.8 billion. The FBO showed a deficit of $47.7 billion for that year.
In his fourth budget on 10 May 2011, Swan promised a deficit in 2011-12 of $22.6 billion. This was updated to a deficit of $44.4 billion in his fifth budget on 8 May 2012. The FBO for 2011-12 will be released at the end of September 2012.
In his most recent budget on 8 May 2012, Swan promised a surplus in 2012-13 of $1.5 billion. We will not know the outcome until late September 2013, by which time the is likely to be an Abbott Government in power.
Wayne Swan will never deliver a surplus – what do you think?