The budget deficit of $49.4b last financial year, that all the liberal fans love to harp on about, has dropped to $47.7b this financial year.
Not a bad effort despite the drop in revenue and spending.
So the opposition can go on and on about the spending and deficit (which is standard practise for federal governments) but it’s pissing in the wind.
To put some perspective on this here are some facts from the below report:
- Percentage of GDP is 3.4% for Australia
- In countries such as the United States and the UK it’s over 10%.
- Tax income was $1.7b lower than estimated in May
- Taxes on wages and companies was down
- Net Government debt was $84.6b or 6.1% GDP
Mr Swan and Senator Wong said “This is dramatically lower than the level across major advanced economies, which averaged a net debt of 75.3%”
“(It) shows that despite the major impact on Budget revenues from the global financial crisis, recent natural disasters and a strong Australian dollar, Australia’s public finances remain amongst the strongest in the developed world,” Treasurer Wayne Swan and Finance Minister Penny Wong said in a joint statement today.