Catallaxy examines the truth of the Treasurer's claim..
At the centre of our challenges we face in this year’s Budget is the huge hit to government revenues we’ve taken since the global financial crisis.
Over the past 5 Budgets and the recent mid-year review we’ve put in place more than $150 billion in saves, many targeted at addressing the structural challenges in the budget.
So what is the net effect of all that? The underlying cash balance – showing the expected $20 billion deficit for this year instead of the $1 billion surplus reported in the MYEFO. (The data in the two graphs above show the original, now discredited, data from the last MYEFO).
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