Pictures and Stats

The budget deficit for this financial year: $19.4 billion
The budget deficit for the coming financial year: $18 billion

Swan’s accumulated deficits to date: $191.7 billion
Costello’s accumulated surpluses: $97.4 billion

Swan Budget 2013 1

The dashed lines are the 1996 – 2017 averages for Receipts and Payments.

Here is a comparison of the budget balance as reported in the MYEFO in October and the Budget figures from tonight.

Swan Budget 2013 2

Astonishingly, Rob Oakeshott has just said “figures don’t don’t lie” on Sky News. So how does he explain the difference shown in the graph above?

How is that sledgehammer to revenue going?

Swan Budget 2013 3

This entry was posted in Budget. Bookmark the permalink.

39 Responses to Pictures and Stats

  1. JohnA

    For this FY the deficit is “actual” rather than “budget”. Or, at most, a “forecast”.

  2. Ant

    Say no more. Labor = crap. Come September you can vote for common sense or you can vote for crap.

  3. Ant

    Swan: “Since 2010-11, Labor has paid $5.7 billion to the states to support disaster relief.”

    Labor has paid , huh?

    There we have mentality right there. These bastards take our money, pretend it’s theirs to piss away, demand praise for pissing it away and then scurry around looking for others to blame when there’s nothing left.

  4. H B Bear

    I wish I could take a revenue hit like that.

  5. boy on a bike

    “Since 2010-11, Labor has paid $5.7 billion to the states to support disaster relief.”

    Really? So I don’t have to pay the $1300 flood levy that I was whacked with last year?

  6. H B Bear

    How can the Treasury Secretary expect to keep his job after allowing those MYEFO numbers to be published less than 3 months ago?

    The Liberals will need a major clean-out.

  7. Andrew

    Swan was depressed during the speech. He knows it is all over.

    The past 6 budgets shows that Keynesian economics is flawed. Spending your way out of economics crises solves problems and can lead to paying off debt in the long term did not work in Japan and won’t in Australia.

  8. stevo

    I would love to see the same set of graphs as they would have looked just after goose swansteen announced each of his budgets over the years.

  9. jupes

    goose swansteen

    I never was a big Springsteen fan, but now I will never be able to listen to him again without needing mental bleach to rid my mind of images of Swan.

  10. Bazza

    I just saw a clip of Question Time. Gillard looks like she mentally and physically past it. She looked ratshit.

  11. Just A View

    Why didn’t the Sky News bloke challenge Oakshott’s baloney?

    When is a journo going to ask Oakshott and Winsor if they’re proud of giving us the worst Australian Government?

  12. Leigh Lowe

    Figures just don’t lie ……. Labor Pollies do, though.

  13. Bill

    If you weren’t so funny you would just be plain sad. Thanks for the laugh.

  14. SteveC

    Sinclair,
    you need to do the last graph with a log scale. From 97 to 08 revenue more than doubled (150b increase). From 08 to 17 the forecast increase is 50% (but the same 150b). I would expect an economist to know that.

  15. Tom

    There we have mentality right there. These bastards take our money, pretend it’s theirs to piss away, demand praise for pissing it away and then scurry around looking for others to blame when there’s nothing left.

    Exactly right, Ant.

  16. Tom

    you need to do the last graph with a log scale.

    Translation: you need to trick it up so it doesn’t look like what it actually is. Always the same garbage from the big government tax-eating parasites.

  17. Sinclair Davidson

    Steve c – not sure why I’d want to show growth rates rather than the actual dollar amounts.

  18. Splatacrobat

    Swan; “This is a budget about consistency”

    Consistent deficit and debt.

  19. wal1957

    6 budgets…6 Fails… perfect record for the Goose.

    Note to all parents….find out which University this Goose went to, and cross it off the list to send your children. It obviously only produces bulltish!

  20. Bill

    Exactly Steve C He wouldn’t want to show want actually happened. That would be silly and would defeat the purpose of this blog. Sinclair your doing a great job…this is the funniest blog I’ve read in a long time. Where do you get your material, Vomitoria Catchment?

  21. Pizzaskase

    Sinc, my tip last week was $22B deficit. Bullseye announced $19.4 but still 6 weeks to go. Don’t pay that sweep out yet.

  22. The first graph does at least show that, in proportional terms, Labor’s spending after the big 09/10 spike is within pretty close to exactly the same range as the Coalition’s from about 01 to 05 (between 24 and 25%GDP).

    Given that the population has grown from 2007 to 2013 by about 2 million, and there has been at least some need for extra money to be spent on natural disasters of wide extent in 2011 – 13, this seems a reasonably good performance.

    As for the big revenue fall: it would be good to see on the same graph the forecasts for revenue from Treasury for the same period.

  23. JamesK

    The first graph does at least show that, in proportional terms, Labor’s spending after the big 09/10 spike is within pretty close to exactly the same range as the Coalition’s from about 01 to 05 (between 24 and 25%GDP).

    No, it does not

  24. Rabz

    Sinc, my tip last week was $22B deficit. Bullseye announced $19.4 but still 6 weeks to go. Don’t pay that sweep out yet.

    Agreed, I’ll stick with my $23 billion tip.

  25. Rabz

    As for the big revenue fall: it would be good to see on the same graph the forecasts for revenue from Treasury for the same period.

    What “big revenue fall” you, moron?

    And as has been noted on numerous occasions here, treasury’s performance has been so woeful that anyone at EL1 level or above there should be sacked immediately after whacking day.

    Although I agree with Skuter’s plan to parade them down Northbourne Avenue in clown suits while being pelted with rotten fruit and vegetables by disgruntled taxpayers, flown in from across the country for just this occasion. The parade of shame would of course, be headed by the goose, Henry and Parkinson.

  26. Robbo

    Well I forecast a deficit of $20 billion last week but it really doesn’t matter what figure is forecast because the hopeless incompetency of Swan and Gillard will ensure that this latest number will be too low, just like all the others. We may never know the truth of just how bad things really are because these bastards will continue to fiddle the books right up until election day. I would like to think that Abbott as a first priority after becoming PM will give us all the truth. the full truth, about just how bad the finances of the country are, but unfortunately that might not happen. No doubt we’ll be given some news but it will more likely be a political spin rather than unvarnished facts. I hope I’m wrong.

  27. .

    The first graph does at least show that, in proportional terms

    No, it doesn’t.

  28. Cold-Hands

    “Since 2010-11, Labor has paid $5.7 billion to the states to support disaster relief.”

    Really? So I don’t have to pay the $1300 flood levy that I was whacked with last year?

    Has the Flood levy money been audited? The money went into General Revenue but Queensland was refused reimbursement of some reconstruction costs. Is there any way to determine if the levy money went towards what it was supposed to or is it just another tax?

  29. It was just another tax grab, coldhands.
    The money is gorne…

  30. Mark of Lilyfield

    I love this blog, it has re-kindled an old interest in economics – thanks. In looking at The Drum this morning (silly perhaps) – I am finding it difficult to reconcile their graph showing revenue and expenditure since 96 with the graph on this blog showing receipts over the same period. Revenue and receipts are different? Please explain someone!

    [Receipts is the term the Budget Papers use. In this context Receipts and Total Revenue are the same thing. Sinc]

  31. Can people kindly explain how I am misreading the graph instead of saying “no it does not”.

    I am comparing the red line from about 10/11 to the end to the red line from 00/01 to about 05/06.

  32. .

    Because Steve, you are a persistent and prolific pathological liar.

  33. I take that as meaning you can’t justify your original claim.

  34. crocodile

    All these lovely charts to look at.
    Doesn’t change the fact that the $M revenue is still well below trend. Why are you camparing in absolute terms.

  35. Leo G

    So, the accumulated difference between the budget balance in Treasurer Swan’s October fiscal outlook statement and this week’s Budget Statement outlook is about $60 Billion (to 2016 when the balance predictions converge).
    How much of that is due to policy changes since October?

  36. .

    I take that as meaning you can’t justify your original claim.

    As a persistent and prolific pathological liar that you are – of course you do.

  37. Pingback: Smile. The local government Smile Spies are watching : Hey… what did I miss? | Institute of Public Affairs

  38. SteveC

    Steve c – not sure why I’d want to show growth rates rather than the actual dollar amounts.

    Because a log scale would be the easier way to show growth in real dollars. Of course you could adjust for actual inflation, but that’s more work. 150b in 2007 is worth a lot less than 150b in 1997

Leave a Reply

Your email address will not be published. Required fields are marked *