The budget deficit is just a stone in the shoe

The view that high government spending is to blame for the upcoming budget deficit is wrong. In fact, real government spending cuts in 2012-13 are the largest on record.

When Former Treasurer Peter Costello revealed the budget outcome for 2001-02, he announced a budget deficit of 0.2 per cent of GDP*. This was a slippage from the budget surplus he was forecasting when he delivered the budget more than a year earlier. The change in the budget bottom line was largely the result of lower tax receipts, particularly for withholding and company tax. 

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