Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Hansard source

Today, in this debate on Appropriation Bill (No. 1) 2010-2011 and cognate budget appropriation bills, Appropriation Bill (No. 2) 2010-2011 and Appropriation (Parliamentary Departments) Bill (No. 1) 2010-2011, I want to talk about the third Swan budget—the budget for the 2010-11 financial year. I make that seemingly obvious point because, to date, the vast amount of commentary out of the Labor Party about this budget has been about what it thinks the budget will be in 2012-13. The government’s spin has all been about the possibility of a surplus two years hence rather than the outcome of this budget, which will of course be the second highest peacetime deficit this nation has ever seen, at $40.8 billion. That deficit will come straight after the highest peacetime deficit we have ever seen, $57.1 billion, which is expected this financial year. That will follow a deficit in the first Swan budget double any number our country has previously seen.

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