The Treasurer Mon 24.9.2012, released details of the 2011-12 Final Budget Outcome. He said the Australian Government general government sector recorded an underlying [??] cash deficit of 3% of GDP ($43.7bn) for 2011-12.
Total taxation receipts for 2011-12 were around $290m higher than forecast in the 2012-13 Budget. However, there was a “hefty fall” of $876m in company tax receipts due largely to lower corporate profits. Mr Swan said tax receipts remain low as a proportion of GDP by historical standards, with accumulated losses suffered during the global downturn “continuing to flow through the tax system”.
Source: Treasurer’s press release No 089, 24 September 2012
[FJM Comment: The Labor Government has delivered 4 deficits of about this magnitude since assuming office in late 2007 – amounting to a lot of debt.]
[LTN 186, 25/9]