BUDGET 2013: Seven-year deficit itch

A return to budget surplus after seven years would be in line with previous periods of deficit – no more and no less.

Recessions and global economic funk are bad news for Australia’s budget position. Over the past four decades or so, each time Australia has been hit with a global slump or a domestic recession, there has been a budget deficit for either five, six or seven years.

The current figuring has Australia in budget deficit for seven years, if Treasury is right this time and there is a return to budget surplus in 2015-16.

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