Swan, Stevens and the budget botch-up

Wayne Swan's latest budget forecast could be prematurely negative, but if the Reserve Bank had cut rates by an extra 50 basis points this year a deficit may not have been on the cards at all.

It looks like the Gillard government will retain its status as the lowest taking government since the 1970s with news that a major revenue shortfall will likely see the 2012/13 budget slip into deficit.

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