Receipts and spending.
So lets zoom into the past decade. The unbroken blue line is Receipts and the unbroken red line is Payments. The dashed blue line is the average receipts over the period 1970 to 2019 and that dashed red line is the average payments over the period 1970 to 2019.
That is not a good picture – even before we got to the COVID-19 crisis. The fact of the matter is that for most of the past decade federal government spending was at or above the 50 year average of spending. For the brief few months that the budget was in surplus, that is because receipts (mostly taxation) had risen to met spending.
So all those people worried that we’re going to be seeing some sort of austerity in the coming years need not worry – the Liberals were incapable of cutting spending in the past 7 years, there is no reason to believe that they will suddenly do so in the near future.