A deficit of budget surplus sense

Behind all the blathering about a government spending spree, both budget numbers and the broader economic environment show spending-to-GDP ratios are clearly well contained.

It has been three and a half months since Treasurer Wayne Swan delivered the 2012-13 budget. That was the one where Swan was forecasting a return to surplus in 2012-13 ($1.5 billion) and then small, but rising, budget surpluses out to 2015-16.

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